Net income from US P&C saw a 43% growth during the quarter, helped by lower costs, tax benefits, and higher revenues. In the Canadian P&C segment, net income increased $1 million to $647 million. Growth in this unit was hampered by higher provision for credit losses and more expenses.
Total provision for credit losses was $137 million, a decrease of $4 million from the prior year.
Meanwhile, the Wealth Management segment saw its income decline to $239 million from $266 million reflecting weaker global market conditions. Net income from the Capital Markets fell 6% to $255 million.
Return on equity (ROE) was 13.6%, up from 9.4% in the same quarter last year.
The stock ended its last trading session up 0.2% on Monday. The shares have gained 13.6% since the start of this year.
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