Soaring capital market earnings alleviated the economic impact of COVID-19 pandemic; as a result, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported that third-quarter results topped analysts’ estimates.
In the 3 months through July, both Toronto based lenders benefited from higher investment banking fees and an increase in trading.
Toronto-Dominion Chief Financial Officer Riaz Ahmed said: “Client activity in both Canada and the U.S. has been particularly strong, and that, taken together with very active markets, has really driven additional flows into the business, We’ve seen not only record levels of debt underwriting, but we also had good performance in equity underwriting and particularly in fixed-income markets.”
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