Its turning out to be a good day for a couple of Canadian bank stocks that trade on the NYSE. Both CIBC and TD Bank reported better than expected earnings. TD revenues were helped by growth in its retail banking business while CIBC said it grew revenues despite an increase in provisions for bad loans to the oil and gas sector and write-offs in its personal lending portfolios.
Canadian Imperial Bank Of Commerce (NYSE: CM) hit a new 52-week high of $104.30 Thursday on the TSX. CIBC today announced its financial results for the second quarter ended April 30. The bank reported net income was $941 million, compared with $911 million for the second quarter a year ago, and $982 million for the prior quarter.
The bank also announced it is boosting its quarterly dividend by three cents to $1.21 per share, payable July 28.
Toronto-Dominion Bank (NYSE: TD) hit a new 52-week high of $57.73 Thursday on the TSX. TD Bank Group announced its financial results for the second quarter ending April 30, reflecting growth in retail earnings on both sides of the border. The bank reported net income was $2,052 million, compared with $1,859 million.
Other stocks hitting 52 week highs include:
Wi-LAN Inc. (NASDAQ: WIN) hit a new 52-week high of $3.71 Thursday. No news announcements today.
Open Text Corporation (NASDAQ: OTEX) hit a new 52-week high of $75.64 Thursday. No news announcements today.