Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, three of Canada's five biggest banks, reported second-quarter profits that missed analysts' estimates.
Royal Bank, the country's largest bank by assets, said profit for the period ended April 30 was C$1.33 billion ($1.26 billion), or 88 cents a share. CIBC, the fifth-largest bank, reported net income of C$660 million, or C$1.59 a share. Both Toronto lenders had losses in the year-earlier quarter. Toronto-Dominion's profit more than doubled, to C$1.18 billion, or C$1.30 a share.
Earnings at Royal Bank and CIBC fell short of estimates because of "weak" capital markets revenue, said Barclays Capital analyst John Aiken. Toronto-Dominion's U.S. business was hurt by a stronger Canadian currency.