Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 23, 2006, Winnipeg, Manitoba Winnipeg repress. Com strength in numbers the Winnipeg free press is read by 57% of Winnipeg adults every saturday. Thatus # 1 in Canada among major newspapers. $ 5.00 off present this Coupon and with a minimum of $ 20.00 before taxes receive a five Dollar discount off your order. Some restrictions apply not to be combined with any other offer. One Coupon per visit. Offer expires August 31, 2006. 115 Pembina Hwy. 1150 Nairn ave. 2025 Corydon ave. B8 business Winnipeg free 23, 2006 by Rita Trichur t Oronto the Bank of Montreal tax boo kicked off the big Banks third Quarter earnings season with a record High profit of $ 710 million up 30 per cent from last year As its Cornerstone retail banking division led the Way with Strong growth. Canadas fourth largest Bank which continues to revel in tip top credit Quality also lowered its annual loan loss forecast yesterday saying it now expects specific provisions for credit losses will total $ 250 million or less. Thatus below the target of $ 400 million or less established at the beginning of the year and the $ 325 million estimate at the end of the first Quarter. During the Quarter provisions for credit losses totalled $ 42 million versus $ 73 million a year ago. These Are the Best of times in the Economy said Brenda Lum a financial services analyst with Dominion Bond rating service. I think it is challenging to maintain this level going Forward into 2007. Toronto based a mods profit for the Quarter ended july 31 amounted to $ 1.38 per diluted share and compared with year earlier earnings of $ 547 million or $ 1.07 a share. On a Cash basis earnings per share improved 27 per cent to $ 1.40. That came in Well above the average analyst forecast for $ 1.20 per share compiled by Thomson financial. Revenue increased 6.7 per cent to $ 2.6 billion. Ism delighted with our performance this Quarter and our record net income ceo Tony comper said in a statement. All of our client operating groups achieved Strong year Over year growth and weave continued to invest in strategic initiatives to bolster our future growth. On a segmented basis the retail personal and commercial client groups net income increased by 22 per cent to a record $ 376 million. Its Canadian retail operations which contribute the bulk of that amount benefited from volume growth a Low effective tax rate and a $ 38 million gain on the Mastercard initial Public offering in the United states. The division also enjoyed an eight basis Point improvement to its net interest margin the difference Between interest earned and expended from last Quarter. I thought it was a Nice up tick Lum said. I think their other focus with respect to growing products in High margin businesses As Well As a better interest rate environment is also helpful. In fact retail net interest margin pressure is expected to ease slightly for All Canadian Banks this Quarter Given the Bank of Canadas recent pause on interest rate hikes. U. S. Retail profits from Chicago based subsidiary Harris Bank improved by $ 1 million to $ 31 million but its productivity ratio deteriorated. I continue to remain sceptical about Harris Bank said Tom Kersting a financial services analyst with brokerage Edward Jones. They ave spent a lot of Money building up Harris Bank. You just see very Little growth in Bottom line net income. Boo has previously said it is scouting for deals Worth up to $ 2 billion for its u. S. Subsidiary but Many analysts believe the prospects for such a big u. S. Acquisition have diminished. Its private client group net income increased 35 per cent to $ 85 million while robust trading Revenue fuelled a nine per cent profit improvement in its investment banking group to $ 201 million. Canadian press Bank sees record $ 710 m profit in third Quarter retail division leads Way ;