Latest news with #PaulHolden
Cision Canada
24-07-2025
- Business
- Cision Canada
Great-West Lifeco President and CEO David Harney to hold virtual fireside chat with CIBC Capital Markets Français
TORONTO, July 24, 2025 /CNW/ - Great-West Lifeco Inc. (TSX: GWO) announced today that David Harney, President and Chief Executive Officer, Great-West Lifeco will join CIBC Capital Markets analyst, Paul Holden in a virtual fireside chat to discuss the company's second quarter 2025 financial results, on Thursday, August 7, 2025 at 11:00 a.m. ET. The webcast replay will be available following the event on Great-West Lifeco's website, and will be accessible until November 5, 2025. About Great-West Lifeco Inc. Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. We operate in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together we provide wealth, retirement, workplace benefits and insurance and risk solutions to our over 40 million customer relationships. As of March 31, 2025, Great-West Lifeco's total client assets exceeded $3 trillion. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corporation group of companies. To learn more, visit SOURCE Great-West Lifeco Inc.
Mint
21-05-2025
- Business
- Mint
Canadian banks brace for trade uncertainty with more loan loss provisions in second quarter
Loan loss reserves expected to rise amid trade uncertainty BMO, TD expected to show net income decline Slower loan growth, lower investment banking activity in focus TORONTO, May 21 (Reuters) - Canada's big banks are expected to have shored up loan loss reserves in the second quarter, with four of the big six banks putting aside over C$1 billion to shield against potential loan defaults in a time of trade uncertainty. Large loan loss provisions take away from earning potential, a problem the banks have faced in the past few years as a high interest rate environment made it increasingly more difficult for consumers and businesses to repay loans and borrow money. Two of the big six Canadian banks - Bank of Montreal and TD Bank - are expected to show a fall in profit while for the other four banks earnings are expected to grow 7.9% on average, according to Reuters calculations. A series of rate cuts by the central bank had left investors hopeful of a better lending environment, but U.S. President Donald Trump's tariff policies have shocked financial markets and sent a wave of uncertainty through the global economy. "Q2 was a particularly tumultuous quarter as changing messages, and policy, from the U.S. administration on tariffs and trade have made forecasting especially challenging," CIBC analyst Paul Holden wrote. Themes for the quarter would be higher provisions, slow loan growth and lower investment banking activity, Holden said. Bay Street analysts expect allowances on regularly repaid loans to increase dramatically at the banks, when they report from May 22 to 29, reflecting the deterioration in the economic outlook from three months ago. Provision for credit losses, a keenly watched metric that indicates the extent of souring loans, is expected to have grown between 14.5% and 79% at the big six Canadian banks in the second quarter ended April 30, according to LSEG data. To be sure, the reserve builds are still lower in magnitude than during the COVID-19 pandemic, analysts said. BMO is expected to show a 49% jump in provisions and report a 7.6% fall in earnings, according to analysts polled by LSEG. BMO is also expected to see some impact due to its large exposure to commercial lending as businesses pull back on expenses. The only other bank expected to report a fall in profit is TD Bank, which has said it is making progress on its anti-money laundering remediation. Credit loss provisions at the bank are also expected to grow 22%. Royal Bank of Canada, the country's largest lender, is likely to show the biggest rise in net income of 11% as it benefits from its scale and the absorption of HSBC Canada. The capital markets business has been a boon for the banks at a time when personal and commercial banking segments faced challenges as it is largely fee-driven, keeping margins elevated. Investment banking activity is expected to remain muted as companies navigate the uncertainty. Market volatility helped drive trading volumes in both the Canadian and U.S. banks' first-quarter results and the trend is expected to continue in the second quarter. "As we saw with U.S. bank results, trading can overwhelm weaker results elsewhere," Holden said. (Reporting by Nivedita Balu in Toronto; Editing by Andrea Ricci)
Business Insider
21-05-2025
- Business
- Business Insider
Analysts Offer Insights on Financial Companies: Toronto Dominion Bank (TD) and Cleanspark (CLSK)
There's a lot to be optimistic about in the Financial sector as 2 analysts just weighed in on Toronto Dominion Bank (TD – Research Report) and Cleanspark (CLSK – Research Report) with bullish sentiments. Confident Investing Starts Here: Toronto Dominion Bank (TD) In a report released yesterday, Paul Holden from CIBC maintained a Buy rating on Toronto Dominion Bank, with a price target of C$94.00. The company's shares closed last Tuesday at $64.80, close to its 52-week high of $64.91. According to Holden is a 5-star analyst with an average return of 9.2% and a 63.7% success rate. Holden covers the Financial sector, focusing on stocks such as National Bank of Canada, Royal Bank Of Canada, and Bank Of Nova Scotia. Currently, the analyst consensus on Toronto Dominion Bank is a Moderate Buy with an average price target of $65.23, implying a 0.8% upside from current levels. In a report issued on May 12, Canaccord Genuity also maintained a Buy rating on the stock with a C$96.00 price target. Chardan Capital analyst James McIlree maintained a Buy rating on Cleanspark yesterday and set a price target of $20.00. The company's shares closed last Tuesday at $9.70, close to its 52-week low of $7.02. KBW also maintained a Buy rating on the stock with a $15.50 price target.
Yahoo
05-04-2025
- Business
- Yahoo
CIBC analyst upgrades RBC, downgrades BMO and National as tariffs negate U.S. preference
A CIBC Capital Markets analyst has upgraded Royal Bank of Canada ( and downgraded Bank of Montreal ( BMO) and National Bank of Canada ( in response to this week's U.S. tariff announcements. In a note to investors published Thursday, analyst Paul Holden writes that U.S. President Donald Trump's tariffs have prompted a change in CIBC's 'thesis for U.S. over Canada' in terms of the banks' exposure to different markets. He also adjusted those banks' price targets, nudging RY up to $168 from $167 and lowering BMO ($141 from $152) and NA ($115 from $127). 'Given the breadth and magnitude of tariffs applied to the rest of the world, it is expected that the U.S. economy will face a challenging economic transition in the near term,' Holden wrote. 'Global tariffs with a relatively lower average rate being imposed on Canadian exports is not a positive story for the Canadian banks, but it does change our view that overweighting banks with more U.S. earnings is the best defence.' All three lenders' shares were down Friday on the Toronto Stock Exchange as at 10:45 a.m. ET, with Royal Bank dropping over 2.5 per cent and BMO and NA falling more than 4.5 per cent. CIBC upgraded Royal Bank to 'Outperformer' from 'Neutral,' with Holden arguing that the lender 'typically performs better in down markets.' He notes that RBC's revenue mix — with a lower proportion generated through net interest income — leaves it less vulnerable to slower loan growth, tightening margins and bad credit. 'Earnings and balance sheet diversification are positive attributes when economic conditions worsen.' In downgrading National Bank from 'Neutral' to 'Underperformer,' Holden points to the lender's ABA Bank business in Cambodia, which has been hit with a 49 per cent tariff rate. That rate 'is likely to have a material impact on the economy given its dependence on U.S. exports,' Holden notes, and although ABA Bank's exposure to manufacturing is minimal, 'second-order impacts through GDP growth and unemployment have the potential to be significant.' BMO, downgraded from 'Outperformer' to 'Neutral,' generates the highest proportion of earnings from its U.S. businesses of all the Canadian banks, Holden says. 'We no longer view that as an advantage, at least not in the near term,' he wrote. BMO generates a greater proportion of revenue from net interest income, and the bank's earnings are also relatively more sensitive to a worsening credit environment, Holden says. John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android. Sign in to access your portfolio
