HEADLINES
Canada PM Carney to Hold 'Brief' Meeting With Trump Friday
Canadian Prime Minister Mark Carney expects to have a "brief meeting" with President Trump in Washington on Friday while the two leaders attend the World Cup draw at the Kennedy Center, a spokeswoman said.
No further details were immediately available. A meeting would be a first after Trump terminated trade talks between the U.S. and Canada in October, with Ottawa seeking relief on hefty tariffs on certain key sectors such as steel and aluminum.
Carney's spokeswoman added the Canadian leader would also meet Mexico's President Claudia Sheinbaum during the FIFA event.
TD Bank Pushes Up Dividend After Underlying Earnings, Revenue Beat Expectations
Toronto-Dominion Bank lifted its dividend payout 2.9% after logging quarterly growth in fee and trading income and domestic-banking volume, which helped counter a hit from restructuring and other charges.
Shares climbed 2% to settle at C$120.09.
The big Canadian lender said fiscal fourth-quarter net income fell to C$3.28 billion, or C$1.82 a share, in the three months to Oct. 31 from C$3.64 billion, or C$1.97, a year earlier.
On an adjusted basis, TD said its net income rose to C$3.91 billion from C$3.21 billion on a similar basis last year. Adjusted fourth-quarter per-share earnings came in at C$2.18, beating the C$2.01 mean estimate of analysts polled by FactSet.
Overall revenue was little changed at C$15.49 billion for the three months to Oct. 31 from C$15.51 billion last year, but was well above the C$13.92 billion expected.
Bank of Montreal Raises Dividend After Quarterly Adjusted Earnings Rise
Bank of Montreal nudged up its dividend 2.5% after benefiting in the fourth quarter from a strong capital position and a drop in credit-loss provisions, with underlying earnings and revenue for the period coming in stronger than expected.
The big Canadian lender's net income dipped to just under C$2.3 billion, or C$2.97 a share, for the fiscal quarter from C$2.3 billion, or C$2.94, a year earlier.
The C$9 million decrease was primarily due to the reversal of a legal provision in the prior year, the write-down of goodwill related to the planned sale of branches in certain U.S. markets and higher amortization of acquisition-related intangible assets. That offset a lower provision for credit losses.
CIBC Raises Dividend After Rise in Quarterly Profit
Canadian Imperial Bank of Commerce joined other big Canadian lenders in lifting its dividend after earnings in the fiscal fourth quarter were buoyed by growth in capital markets activities and commercial banking and wealth management operations.
Shares gained nearly 4.2% to end at C$126.30.
CIBC recorded net income of C$2.18 billion, or C$2.20 a share, for the three months ended July 31, against C$1.88 billion, or C$1.90, a year earlier.
On an adjusted basis that strips out amortization of intangible assets and other items, per-share earnings increased to C$2.21, beating the C$2.08 mean estimate of analysts polled by FactSet.
CIBC declared a dividend of C$1.07 a share for the coming quarter, an increase of C$0.10, or 10%.
Descartes Systems Group Reports Increased Earnings, Revenue
Descartes Systems Group shares were higher after the company reported third-quarter earnings and revenue that rose compared with last year.
The stock jumped 14.4%, settling at C$132.45.
The packaged software company reported quarterly earnings of $43.9 million, or 50 cents a share, compared with $36.6 million, or 42 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $40.5 million, or 46 cents a share.
Revenue for the quarter was $187.7 million, compared with last year's $168.8 million and the $184.4 million analysts were looking for.
MDA Space Secures C$44.7 Million Canadian Government Contract
MDA Space said it secured a C$44.7 million contract with the Canadian Space Agency.
The Canadian aerospace and defense company's shares rose 9.8%, ending at C$25.34.
MDA Space said has been awarded a contract by Public Services and Procurement Canada on behalf of the Canadian Space Agency to supply key parts for a new RADARSAT satellite, with plans for MDA to also build, test, and launch the satellite once the full mission contract is finalized in 2026.
RADARSAT satellites are Canadian Earth--observation satellites that use advanced radar to capture images of the planet's surface.
BRP Raises Annual Targets as Quarterly Revenue, Profit Grow
BRP raised its fiscal 2026 outlook following strong revenue and earnings growth, driven by off-road vehicles market share gains and healthier inventory levels.
The Canadian manufacturer of powersports vehicles and marine products said that it now expects revenue to come in at C$8.3 billion, which was at the top end of its previous guidance range of between C$8.15 billion and C$8.3 billion, and above Wall Street expectations of C$8.22 billion, according to FactSet.
Normalized earnings, an adjusted figure an adjusted figure which excludes exceptional items and one-off costs, is now expected to be C$5.00 a share, above previous guidance of between C$4.25 to C$4.75 a share.
BRP Gets TSX Approval to Buyback Up to 10% of Public Float Raised Guidance Improves Visibility Into 2027
Orla Mining Initiates 1.5 Cent Quarterly Dividend
Orla Mining initiated a 1.5 cent per share quarterly dividend, equal to 6 cents per year.
The board's decision to start paying a dividend is based on the company's financial strength, confidence in its long-term growth strategy, and a commitment to returning capital to shareholders, Orla said.
Based on the company's latest closing share price of $13.35, the new dividend represents a yield of about 0.4%.
The dividend will be payable on Feb. 10 to shareholders of record at the close of business on Jan. 12. The company said the total amount to be paid in February is expected to be about $5.1 million.
EQB to Buy PC Financial From Loblaw for About $573.5 Million
EQB Inc. entered into an agreement to acquire President's Choice Bank, PC Financial Insurance Brokers and other affiliated entities from Loblaw.
The company said it would buy PC Financial for 1.15 times book value at closing, excluding certain excess capital, for consideration of about 800 million Canadian dollars (US$573.5 million), subject to adjustment.
EQB said it will issue 7.2 million common shares to one or more subsidiaries of Loblaw, and make up any remainder in cash. EQB said it plans to finance the cash consideration with current balance-sheet resources.
TALKING POINT
Equitable Bank Deal for PC Financial Adds Heft to Compete With Canada's Big Banks
By Adriano Marchese
EQB Inc.'s acquisition of the financial arm of Canadian grocer Loblaw gives the mid-sized lender the scale and national reach it has long lacked to take on Canada's dominant banks, EQB Chief Executive Chadwick Westlake said.
"This solidifies us as the challenger in Canadian banking," Westlake said Thursday. "It gives us the scale now to reach millions of customers and the financial means, scale and products to bring real competitive change."
EQB on Wednesday agreed to buy President's Choice Bank, PC Financial Insurance Brokers and other affiliated entities, collectively known as PC Financial, from Loblaw for about C$800 million. The deal also gives EQB exclusive rights to operate PC Financial and integrate its products, payments systems and loyalty program into Equitable Bank, the company's operating subsidiary.
Westlake said the deal adds a mature payments platform and expands EQB's customer base to 3.5 million. It also brings into the fold a loyalty-rewards program with 17 million active users, which Westlake said offers important customer data and analytics that would have been nearly impossible to build organically.
The deal emerged from nearly a year of discussions between EQB and Loblaw, where Westlake, then EQB's chief financial officer, began working on the deal with former CEO Andrew Moor.
After Westlake briefly took on the head role at software company Open Text, he returned in August following Moor's death in June, and worked to see the deal through.
"Coming back, this was the single best thing that we could do on strategy and so I reignited the whole thing," Westlake said.
He said that the deal fulfills work he began with Moor to build out EQB's presence in Canada's banking landscape which is dominated by six large national banks.
"There's the Big Six, and there's us," Westlake said.
Write to Adriano Marchese at [adriano.marchese@wsj.com]
Expected Major Events for Friday
00:01/UK: Nov BRC-Sensormatic IQ Footfall Monitor
05:00/JPN: Oct Indexes of Business Conditions - Preliminary Release
07:00/GER: Oct Manufacturing orders
07:00/GER: Oct Manufacturing turnover
07:00/UK: Nov Halifax House Price Index
07:45/FRA: Oct Industrial production index
07:45/FRA: Oct Foreign trade
07:45/FRA: Oct Balance of payments
09:00/ITA: Oct Retail Sales
09:30/UK: 3Q Bank of England external business statistics
13:30/US: Sep Personal Income and Outlays
13:30/CAN: Nov Labour Force Survey
15:00/US: Dec University of Michigan Survey of Consumers - preliminary
20:00/US: Oct Consumer Credit
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
Bio-Path Holdings Inc $(BPTH)$ is expected to report for 3Q.
Brand House Collective Inc $(TBHC)$ is expected to report $-0.46 for 3Q.
Laurentian Bank of Canada (LB.T,LRCDF) is expected to report $0.76 for 4Q.
Sonder Holdings Inc $(SONDQ)$ is expected to report for 3Q.
Spire Global Inc $(SPIR)$ is expected to report $-0.46 for 3Q.
Victoria's Secret & Co $(VSCO)$ is expected to report $-0.60 for 3Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
December 04, 2025 16:29 ET (21:29 GMT)
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