Last year, TD reported
TD says adjusted net income should work out to about
Canaccord Genuity analyst
Lee said key takeaways for the year from
"In terms of cross-border read-throughs, we expect the Canadian banks to see similar trends in capital markets and loan growth but do not necessarily expect to see the same level of [net interest margin] pressure as mortgage renewals help to offset increasing deposit costs."
Lee said BMO and RBC should benefit the most from improvements in
"Canadian consumers and businesses will continue to get pressured as more loans continue to reprice at much higher rates as they mature."
Expense control has been a big focus across the banking sector, including Citigroup announcing last week it plans to cut 20,000 jobs over the next two years.
De Souza said that while Canadian banks have already taken steps to reduce expenses, including layoffs, he expects cost control to continue to be a focus and is not ruling out more cuts.
"I wouldn't say they're totally done, but what happens is also heavily dependent on how the economy plays out, how credit quality plays out, you know, unemployment and those macro variables play out, because there's still a lot of uncertainty with respect to the macroeconomic environment."
This report by The Canadian Press was first published
Companies in this story: (TSX:TD)
Note to readers: This is a corrected story. A previous version had an incorrect percentage for the drop in earnings.
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