Canadas 2 big banks earnings surprise

Date: Friday, August 29, 2008
Author: Associated Press

TORONTO -

Royal Bank of Canada has reported higher-than-expected earnings and Toronto-Dominion Bank experienced a boost of its quarterly dividend in outcomes that contrast with the banking sector in the United States.

Royal Bank said Thursday its third-quarter net income was $1.26 billion Canadian dollars ($1.2 billion). The bank says its net income was down 10 percent from a year ago as write-downs and provisions for bad loans offset gains in RBC's domestic banking market.

TD's quarterly dividend rose to 61 Canadian cents from 59 cents per common share, an increase of 3.4 percent.

The results boosted the shares Thursday of Canada's two biggest banks.