Scotiabank (BNS, $73.26) beats fiscal Q1 earnings expectations
The Bank of Nova Scotia (operating under the name Scotiabank ) reported its first quarter 2022 earnings that surpassed analysts’ expectations.
The banking behemoth’s adjusted earnings came in at C$2.15 a share in the quarter, beating analysts’ expectations of $2.05. The figure is also higher than year-ago quarter’s $1.88.
The Canadian banking segment adjusted earnings climbed +32% year-over-year, to C$1.2 billion, on the back of solid loan and mortgage growth.
International banking business experienced a +38% growth in its adjusted earnings to C$552 million, on strong demand for mortgage and commercial loans growth.
The global wealth management and global banking and markets division’s earnings grew from the year-ago quarter to C$419 million and $561 million, respectively.
BNS's Stochastic Oscillator is staying in oversold zone for 2 days
Be on the lookout for a price bounce soon.
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Notable companies
The most notable companies in this group are JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), HSBC Holdings PLC (NYSE:HSBC), Citigroup (NYSE:C), Barclays PLC (NYSE:BCS).
Industry description
Major banks are among the biggest companies in the world, often times with global reach and market capitalizations in the multi-billions. Large banks often have multiple arms spanning different disciplines, from deposits, to investment banking, to wealth management and insurance. The biggest banks often have key competitive advantages over smaller players in the industry in terms of brand recognition, cost of capital, and efficiency. Think J.P. Morgan, Bank of America, Wells Fargo, and Citigroup.
Market Cap
The average market capitalization across the Major Banks Industry is 89.36B. The market cap for tickers in the group ranges from 191.41M to 573.02B. JPM holds the highest valuation in this group at 573.02B. The lowest valued company is MSL at 191.41M.
High and low price notable news
The average weekly price growth across all stocks in the Major Banks Industry was -0%. For the same Industry, the average monthly price growth was 4%, and the average quarterly price growth was 20%. BACHF experienced the highest price growth at 7%, while ANZGF experienced the biggest fall at -9%.
Volume
The average weekly volume growth across all stocks in the Major Banks Industry was -20%. For the same stocks of the Industry, the average monthly volume growth was -1% and the average quarterly volume growth was -15%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 48
P/E Growth Rating: 42
Price Growth Rating: 45
SMR Rating: 4
Profit Risk Rating: 54
Seasonality Score: -20 (-100 ... +100)