SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Aug 31, 2012) - In the face of a global economic slowdown Canada's financial sector continues to be seen as one of the world's safest. The nation's banks have been recently ranked as the world's soundest by the World Economic Forum. The Paragon Report examines investing opportunities in the Canadian Banking Industry and provides equity research on Canadian Imperial Bank of Commerce (NYSE: CM) (TSX: CM) and Toronto-Dominion Bank (NYSE: TD) (TSX: TD).
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Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce have all increased their dividends after reporting strong third quarter earnings. Four Canadian banks are ranked among the world's six strongest banks according to Bloomberg Magazine. The average dividend yields of Canadian Banks are more than double those of U.S. banks.
"The balance sheets of banks in Canada are relatively healthy and they are very profitable entities, and that's what dividend increases show you," said Todd Johnson, a portfolio manager at BCV Asset Management. "It's going to be a lot slower growing business going forward, but it doesn't mean it's not a healthy industry."
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CIBC reported a net income of $841 million for the third quarter ended July 31, 2012, compared with net income of $591 million for the same period last year. The Board of Directors approved an increase in CIBC's quarterly common share dividend from $0.90 per share to $0.94 per share for the quarter ending October 31, 2012.
TD Bank for the third quarter of 2012 posted a net income of $1.703 billion, compared to a net income of $1.49 billion in the third quarter 2011, an increase of 14 percent. TD Bank also increased their dividend for the quarter ending October 31, 2012 from $0.72 to $0.77, an increase of 7 percent.
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