2023 Investor Day Live
I think it’s #[2] #[2]
Wall Street doesn't take risks - They use your money to take risks.
Scotiabank earnings highlights:
Q1 net income (adjusted): $2.37 billion (-14% Y/Y)
Earnings per share: $1.85
- The total portfolio of residential retail mortgages rose to $302 billion in Q1, up from $289 billion a year ago.
- 27% of the bank’s residential mortgage portfolio is insured (down from 28% in Q4). Of the uninsured balances, the average loan-to-value of this portfolio is 52% (up from 49%).
- Residential mortgage volume was up 7% year-over-year.
- Net interest margin in Q1 in Canadian Banking was 2.26%, up 7 bps from a year ago, “due to higher deposit spreads, reflecting the 425 basis points of Bank of Canada rate increases,” said Raj Viswanathan, Chief Financial Officer.
- Mortgage loans that were 90+ days past due rose to 0.11%, up from 0.9% in the previous quarter but still below the 0.12% reported in Q1 2022.
- Scotia raised its provisions for credit losses to $638 million in the quarter, up from $222 million a year ago. Provisions are funds allotted to cover any loan losses that may arise.
Conference Call
“Overall, the performance of our loan portfolios remains strong, and we are seeing a continued normalization of credit trends as customers adjusted to higher inflation and borrowing costs,” said Phil Thomas, Chief Risk Officer.
“Despite variable-rate mortgage customers seeing higher payments with a cumulative 425 basis point rate increase, given the structure of our variable rate product, deposits for this group remain above pre-pandemic levels,” Thomas added. “Variable rate mortgages remained stable at 37% of our total mortgage portfolio.”
Thomas added that Canadian Banking head Dan Rees’s “vision of diversifying [Scotiabank]’s revenue mix beyond mortgages and autos is the right one and will pay dividends over time.”
“Mortgage growth has slowed down. And that’s a market, it’s a market we all live in,” said Raj Viswanathan, Chief Financial Officer. “I think we know it quite well. Rate increases have been a big component of the slowdown in the RWA [risk-weighted assets] growth in the loan growth and therefore RWA growth.”
What is the best Nostr/Bitcoin friendly long-form video alternative to Youtube? Rumble?
First tick up on the Accumulation/Distribution monthly chart historically signals sideways and up or 'up and to the right'.
Carbon tax is not an effective way to reduce greenhouse gas emissions, as it only targets a small percentage of emissions and can be easily passed on to consumers
Trudeau's anti-energy policies have hurt Canada's resource sector - Job losses and reduced investment in the country's energy infrastructure.
Opportunity cost is a cost. Trudeau costs Canada more and more every day he is in office.
When do we see MAX pain in Ontario so the tides can change?
That’s what I am thinking too.
How about DXY?
Beak down under 100 or Breakout over 105?
ISM Manufacturing PMI FEB out at 10am.
Previous 47.4
Forecast 48
⚡️
I’d agree. Does not mean it can’t retest it or go back down to 18k/19k but I think it’s in.
What happens first for #Bitcoin?
$25,000 break out
or
$21,000 break down
The Infinite Banking Concept provides a way to build wealth and access cash reserves that can be used to fund investments, start businesses, or pay for unexpected expenses.
#InfiniteBankingConcept #IBC #BecomeYourOwnBanker #Bitcoin #Interest #Taxes #RealEstate #CashFlow #Inflation #plebchain #nodestrich #Canada #Ontario #Austrian #libertarian
Potential strike looms for Canada Revenue Agency workers.
Extortionists be extortioning
https://globalnews.ca/news/9514803/submit-tax-returns-early-potential-cra-strike/
Fed will put an end to this.