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Mortgage lending lifts Canada bank earnings

Canadian banks continue to gain international attention as the banking system remains among the most stable in the world. As reported by the Financial Times, five of the country's largest banks--Royal Bank of Canada, Toronto-Dominion, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce--have seen "unexpectedly robust first-quarter earnings".

"Canada's five big banks have again shown their mettle with unexpectedly robust first-quarter earnings driven by strong growth in mortgage lending and other domestic business."

"The Canadian banks are among the least scarred by the credit crisis, thanks to conservative lending practices and minimal exposure to subprime mortgages. Apart from liquidity support, they have survived without government bail-outs; all have maintained their dividends."

"We're feeling pretty good," Ed Clark, TD's chief executive, said in an interview. "We took a view when the downturn hit that we were going to aggressively lend into this crisis. We had a business opportunity and a moral obligation to show what a functioning bank could do."

"TD, which also reported record profits from Canadian operations, doubled its net income to C$1.3bn over the quarter."

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original source the Financial Times
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