NEW YORK, NY--(Marketwire -03/09/12)- Despite rocky share price performances for some of the country's money center banks, Canada's financial sector continues to be ranked as one of the world's safest. Six of Canada's banks rank among the top 25 most credit worthy banks in the most recent list compiled by Global Finance Magazine. The Paragon Report examines the outlook for companies in Canada's Banking Sector and provides stock research on Toronto-Dominion Bank (NYSE: TD - News) (TSX: TD - News) and Royal Bank of Canada (NYSE: RY - News) (TSX: RY - News). Access to the full company reports can be found at:
London-based BrandFinance, which releases an annual bank brand survey, said four Canadian banks were among the five global bank brands which gained the most value last year. The consultancy put Toronto-Dominion Bank second, with year-on-year brand value growth of $1.9 billion, followed by Bank of Nova Scotia, Royal, and BMO. The four banks trailed only American Express.
With Canadian banks representing stability, the country's financial firms believe the strength of the Canadian brand can help them close foreign expansion deals and win over Europeans and Americans who have lost faith in local lenders, Reuters reports.
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TD bank recently boosted its quarterly dividend four cents to 72 cents per share and reported earnings ahead of expectations. TD earned a first-quarter profit of $1.48 billion or $1.55 per share, down from $1.56 billion, or $1.67, a year ago. Revenues grew to $5.64 billion from $5.46 billion. Earnings adjusted for one-time costs totalled $1.76 billion or $1.86 per share, up from $1.61 billion or $1.73 per share a year ago, and 10 cents better than then average analyst expectation, according to those surveyed by Thomson Reuters.
Also boosting shareholder return, Royal Bank of Canada raised its dividend six per cent, as it reported profits fell in the first quarter, affected partly by dramatically lower earnings in its capital markets division. Royal Bank's net income fell five per cent to $1.86 billion, or $1.21 per share, versus $1.95 billion or $1.27 per share, at the same time last year.
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