FRC was featured on BNN Bloomberg’s “Notable Calls” segment today!

FRC was featured on BNN Bloomberg’s “Notable Calls” segment today, Jon Erlichman looks at notable analyst calls for the trading day. See the 0:55 mark for the FRC mention. The Open’s co-hosts Amber Kanwar and Jon Erlichman put a spotlight on the stocks and stories expected to move the markets, then switch to minute-by-minute coverage throughout the trading day in Canada and the U.S. Equity Report: Canadian Banks (TSX: RY / TD / BNS / BMO / CM) Q1-2021 Beat Forecasts / TD and BMO Have the Highest Expected Return.

The Big Five’s Q1 earnings beat our estimates primarily due to lower-than-expected provisions for loan losses. On average, net income was 9% higher than our projections. We expect earnings to improve across the board, mainly due to improving loan growth, and lower provisions.

The Big Five’s U.S. businesses are showing strength amid positive developments from the rollout of vaccines. More upside in earnings is anticipated towards the tail end of FY2021, as Canada ramps up vaccinations. We expect 50% of the U.S. population to be vaccinated by August 2020. The B.C. government announced today, that all eligible adults will get their first dose by the end of July.