Canadian Capitalist

The big five Canadian banks reported earnings in the past two weeks and here’s how they fared compared to the same period in the previous year:

• Bank of Montreal (TSX: BMO) - $1.24 vs. $1.16
• Royal Bank (TSX: RY) - 85¢ vs. 69¢
• TD Bank (TSX: TD) - $1.01 vs. 86¢
• Scotia Bank (TSX: BNS) - 89¢ vs. 81¢
• CIBC (TSX: CM) - $1.63 vs. $1.20

All the banks are solidly profitable and sport decent yields but they are all trading at the high end of their historic range in terms of their price-to-book value.

Dividends: BMO increased its dividends by 9¢ to 62¢ and also announced an increase in the target payout range to 45-55% from its previous range of 35-45%. BMO now yields 3.97%. Scotia Bank also increased its quarterly dividend by 3¢ to 39¢ and yields 3.47%. CIBC hiked its dividend payout by 2¢ to 70¢ and now yields 3.5%. Royal Bank (Yield - 3.11%) and TD Bank (Yield - 2.92%) maintained their dividends.

Links to earnings reports: BMO, Royal Bank, TD Bank, Scotia Bank, CIBC.

[Full Disclosure: I own shares in TD and BNS]

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