Latest news with #ChristinneMuschi
Toronto Sun
2 days ago
- Business
- Toronto Sun
RBC misses estimates as bank prepares for souring loans
Published May 29, 2025 • 2 minute read A RBC Royal bank is seen in Montreal on Thursday, April 28, 2022. Photo by Christinne Muschi / Bloomberg Royal Bank of Canada missed estimates after setting aside more money than expected to cover possible loan losses amid a faltering economy even as income rose across most business lines. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Canada's No. 1 lender earned $3.12 per share on an adjusted basis in its fiscal second quarter, according to a statement Thursday, falling short of the $3.18 average estimate of analysts in a Bloomberg survey. Provisions for credit losses totaled $1.42 billion for the three months through April, more than the $1.26 billion analysts had forecast. As the Canadian economy weakens in the face of U.S. tariff uncertainty, the country's big banks are preparing by putting aside more money for loans that are still in good standing. Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce which have reported results over the past week, all increased their provisions for performing loans compared with the first quarter. This advertisement has not loaded yet, but your article continues below. Royal Bank's provisions for performing loans totaled $568 million in the second quarter, up from $68 million in the first three months of the fiscal year. Provisions for impaired loans declined to $852 million from $985 million in the first quarter. 'In a quarter hallmarked by macroeconomic uncertainty and market volatility, Team RBC continued to step up for our clients with the advice, insights and experiences they expect from us,' Chief Executive Officer Dave McKay said in the statement. The lender said Thursday it's increasing its quarterly dividend by six Canadian cents to $1.54 per common share and announced plans to buy back as many as 35 million common shares. Royal Bank, the last of the country's large lenders to report quarterly results, acquired HSBC Holdings Plc's Canadian assets in early 2024, and that's expected to generate about $740 million in annual cost savings by early next year. The combination of the two firms is also forecast to produce about $300 million in revenue synergies by 2027, Royal Bank said at an investor day in March. The lender didn't unveil any major changes in strategy at that time, saying it would keep pursuing growth in Canada, look to expand fee-based revenue from its capital-markets and wealth-management businesses, and keep investing in technology, including artificial intelligence. Sunshine Girls Toronto & GTA Sunshine Girls Columnists Tennis
CTV News
5 days ago
- Climate
- CTV News
Environment Canada issues frost alerts and heat warnings on Monday
Maria Preizio from Montreal pick tulips in Laval, Que., on Wednesday, May 14, 2025. THE CANADIAN PRESS/Christinne Muschi From frost advisories to heat warnings, Environment Canada issued several weather alerts on Monday. The heat warnings cover a huge swath of northeastern Alberta, including Fort McMurray and Wood Buffalo National Park. Daytime temperatures in the region are expected reach 29 C on Monday before dropping to near 14 overnight. 'Monitor for symptoms of heat stroke or heat exhaustion, such as high body temperature, lack of sweat, confusion, fainting, and unconsciousness,' Environment Canada said. 'Heat warnings are issued when very high temperature conditions are expected to pose an elevated risk of heat illnesses, such as heat stroke or heat exhaustion.' While not as extreme, temperatures on Monday are also expected to be hot and summer-like in western cities like Edmonton, Calgary, Saskatoon and Winnipeg. Hot conditions are expected to persist in the region for much of the week. Weather forecast A graphic from Environment Canada shows weather advisories in effect as of 8 a.m. ET on Monday, May 26, 2025. Frost in Nova Scotia While Western Canada sizzles, a large part of Nova Scotia is under a frost advisory, including all of Halifax and Cape Breton Island. According to Environment Canada, frost is expected to form Monday night and Tuesday morning as temperatures hover around freezing. 'Cover up plants, especially those in frost-prone areas,' Environment Canada advised. 'Frost advisories are issued when temperatures are expected to reach the freezing mark during the growing season, leading to potential damage and destruction to plants and crops.' Wildfire smoke Wildfires have led to numerous air quality warnings and statements in northern Saskatchewan, northern Manitoba, and areas of Manitoba and Ontario between Kenora and Winnipeg. 'Smoke from local wildfires is causing poor air quality and reduced visibility,' Environment Canada said. 'Limit time outdoors. Consider reducing or rescheduling outdoor sports, activities and events.' Warm and dry conditions are expected to support wildfire activity throughout the week. Fog advisories Parts of southern Ontario around Lake Huron, Georgian Bay, Muskoka and the Saint Lawrence River were under fog advisories Monday morning, including Gravenhurst, Brockville, Huntsville, Tobermory and Parry Sound. 'Areas of dense fog have developed and will dissipate later this morning,' Environment Canada said. 'If travelling, be prepared for areas of near-zero visibility.' Wind warnings Several remote communities along Quebec's northern coast are being warned about wind gusts that could reach strengths of up to 100 km/h. Affected communities include Salluit, Kangiqsujuaq and Kangirsuk. 'Loose objects may be tossed by the wind and cause injury or damage,' Environment Canada said. 'Wind warnings are issued when there is a significant risk of damaging winds.' This is a developing news story. Check back for more information.
CTV News
6 days ago
- CTV News
Possible arson in Rivière-des-Prairies
A shoulder badge of the Montreal police (SPVM) on an officer's uniform in Montreal on Aug. 29, 2024. (The Canadian Press/Christinne Muschi)
CTV News
22-05-2025
- Business
- CTV News
Lightspeed takes non-cash goodwill charge, reports US$575.9M Q4 loss
Lightspeed offices are seen in Montreal, Thursday, Jan. 18, 2024. THE CANADIAN PRESS/Christinne Muschi MONTREAL — Lightspeed Commerce Inc. reported a fourth-quarter loss of US$575.9 million as its revenue rose 10 per cent compared with a year ago. The Montreal-based company, which keeps its books in U.S. dollars, says the loss amounted to US$3.79 per diluted share for the quarter ended March 31 compared with a loss of US$32.5 million or 21 cents per diluted share a year earlier. Lightspeed says its most recent quarter included a non-cash goodwill impairment charge of US$556.4 million. On an adjusted basis, Lightspeed says it earned 10 cents US per share in its latest quarter, up from an adjusted profit of six cents US per share a year earlier. Revenue for the quarter totalled US$253.4 million, up from US$230.2 million in the same quarter last year. Transaction-based revenue in the quarter amounted to US$157.8 million, up from US$139.0 million a year ago, while subscription revenue totalled US$87.9 million, up from US$81.3 million in the same quarter last year. Hardware and other revenue was US$7.8 million, down from US$9.9 million. This report by The Canadian Press was first published May 22, 2025.
CTV News
22-05-2025
- CTV News
Vehicle fire outside Montreal hotel classified as potential arson
A surveillance camera is seen beside an SPVM logo on a detention centre in Montreal, Thursday, Aug. 29, 2024. (THE CANADIAN PRESS/Christinne Muschi)
