NEW YORK, NY -- (Marketwire) -- 06/19/12 -- The Canadian Banking Industry has continued to prove itself as among the world's strongest. Bloomberg Markets' second annual world's strongest bank rankings had four Canadian banks in the top 10. Also Canada has recently received Moody's Investors Service top AAA credit rating. Five Star Equities examines the outlook for companies in the Canadian Banking Industry and provides equity research on Canadian Imperial Bank of Commerce (NYSE: CM) (TSX: CM.TO) and Toronto-Dominion Bank (NYSE: TD) (TSX: TD.TO).
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During the most recent quarter Canada's five biggest banks posted profits of $6.55 billion, a four percent jump from the $6.28 billion a year prior. The Bank of Canada, in a recent semi-annual report, stated that Canadian banks' exposure to European debt is "limited." In the report it shows the total holdings of debt from Greece, Ireland, Portugal, Spain, and Italy of Canadian banks is approximately only eight percent of Tier 1 capital levels.
"The direct exposure of Canadian banks to the affected European countries is limited," the bank noted in its report. "However, should the crisis worsen and spread further across Europe, the impact on the Canadian financial system could be significant."
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Canadian Imperial Bank of Commerce reported net income of $811 million for the second quarter ended April 30, 2012, compared with net income of $767 million for the same period last year, an increase of six percent. Reported diluted earnings per share (EPS) were $1.90, compared with reported diluted EPS of $1.80 a year ago. "CIBC was ranked as the strongest bank in North America and the third strongest bank in the world by Bloomberg Markets Magazine, the second year we have been recognized among the world's strongest banks," stated Gerry McCaughey, President and Chief Executive Officer.
Toronto-Dominion Bank saw second quarter profits jumped nearly 21 percent to $1.69 billion. "While we expect the second half of 2012 to remain challenging due to slowing loan growth, persistent low rates and regulatory headwinds, we're still working to deliver adjusted EPS growth in the 7-10% range this year," said Ed Clark, Group President and Chief Executive Officer.
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