Need To Know News

National Bank released its Q4 financial results today reporting a net income of C$70mln for Q4 after seeing a net loss of C$175mln for Q4 of 2007.The bank’s net income for fiscal 2008 was C$776mln, up from C$541mln in fiscal 2007. Diluted EPS increased 45% to C$4.67 this fiscal year, from C$3.22 the year prior.

The S&P/TSX is up 1.0% this morning currently at 8368. Top Gainers for today are Loblaws (up 9.28%) and New Gold, up 12.77%. CIBC is 4.30% higher currently at C$47.25.

S&P/TSX opened in the green today with a 1.4% rise led by Consumer Discretionary (up 1.40%). Financials are down 0.32% and Energy dropped 0.61%. Materials are up 1.07% and Industrials rose 0.41%.

TD bank released its Q4 financial results today reporting a net income drop to C$1014mln from C$1094mln in Q4 a year prior. Adjusted net income fell by C$356mln to C$665mln from C $1021mln a year prior. Diluted EPS dropped 19% to C$1.22 from C$1.50 whereas adjusted EPS plunged 44% to C$0.79 (from C$1.40).

“On the whole, we’re proud of what we’ve accomplished in 2008. Our retail businesses are performing very well and, even though TD Securities had a tough year and a particularly tough fourth quarter, we’re pleased that its strategic positioning has protected our investors from the worst of the current turmoil,” said Ed Clark, TD Bank Financial Group President and Chief Executive Officer.

Bombardier’s Q3 profits are up 169% as a result of paying less tax. Revenues increased by 8% to $4.6bln.
Net income increased by $154mln to $245mln, compared to $91mln last fiscal year.
EPS increased to $0.14/share from $0.05/share a year earlier.
“Finally, Bombardier Transportation should be less impacted as governments, through public entities, often increase spending on infrastructure projects during economic downturns,” said Pierre Beaudoin, CEO of Bombardier.