Here are five things you need to know this morning:
BMO misses on higher loan losses: Bank of Montreal missed estimates after setting aside far more loans in danger of going bad. The bank earned $1.90 per share on an adjusted basis last quarter, well below the $2.38 that analysts were looking for. A big reason for that was the lender setting aside $1.52 billion worth of provisions for credit losses. That’s much more than the $1.05 that analysts were looking for.
CIBC beats as profit rises 24%: It was the opposite trend at Canadian Imperial Bank of Commerce, where Canada’s fifth-largest lender set aside $419 million for credit losses. That’s much less than the $547 million analysts were expecting. CIBC earned $1.91 per share on an adjusted basis, higher than the $1.79 forecast.
TD misses despite revenue surge: It was a mixed bag over at TD Bank where the lender reported adjusted earnings per share of $1.72 in the fourth quarter, below the $1.83 expected. Credit losses came in at $1.11 billion, up 26 per cent but slightly below the $1.12 billion forecast. The company’s revenue rose 18 per cent to $15.51 billion and the bank raised its dividend by almost three per cent.
Air Canada adds fees for carry-on: Starting in January, Air Canada says it plans to add fees for travellers on basic economy fares who wish to bring carry-on bags, starting at $35 for the first and $50 for a second. The fees are not new in the airline industry, but the decision by an airline as large and ubiquitous as Air Canada is getting a bumpy landing from passengers. Transport Minister Anita Anand told CTV News the government is not pleased with the decision and is exploring its options, noting that the government provided a nearly $6 billion bailout to the airline in the pandemic and still owns a roughly six per cent stake in the company’s equity.
Bitcoin tops US$100,000: The price of the world’s dominant cryptocurrency topped US$100,000 for the first time on Wednesday as incoming U.S. President Donald Trump named Paul Atkins to head up the Securities and Exchange Commissions. Bitcoin was up by as much as 6.1 per cent on Wednesday, rising as high as $103,801 at one point.