Please wait...
GulfBase Live Support
- Qatar's digital payments hit QR16.1bn in July: QCB
- QNB first bank in GCC to launch Commercial Unified Digital Wallet Integration using Mastercard Gateway
- QFC records 64% year-on-year growth in H1 2025 registration
- Commercial Bank partners with Project Management Institute to drive project excellence in region
- UK Inflation Rises to 3.8% in July
- Bahrain All Share Index, Islamic Index close higher
- Batelco by Beyon expands reward offering for customers
- Al Zorah set to open doors to Ajman luxury beach resort
- CBO announces auction results of 76th GDB issue
- Bapco Energies inks concession deal with US oil group EOG Resources
06/06/2009 00:00 AST
At least two brokerages upgraded Canadian Western Bank (CWB.TO), citing improved credit quality and margin expansion outlook for the bank.
On Thursday, Canadian Western Bank reported a 15 percent fall in quarterly profit, but said margin improvement was seen in the latter part of the second quarter and it expected that trend to continue through 2009.
Dundee Capital Markets upgraded the bank to "neutral" from "sell" and said it expects the regional banks to perform much stronger than the "Big 5" over the next 12 months.
"We believe that margins are likely to experience expansion over the coming quarters," the brokerage said.
It also raised its price target on the stock to C$15 from C$12.50.
BMO Capital Markets upgraded Canadian Western to "outperform" from "market perform," saying that while credit would continue to challenge the bank in coming quarters, the bank should be able to move spreads higher in 2010.
The brokerage also raised its price target on the stock to C$17 from C$10.50.
Genuity Capital Markets raised its price target on the stock to C$19 from C$18, saying it was comforted by the banks benign credit trends to date and a much improved outlook for margin expansion.
Shares of the Edmonton, Alberta-based bank were up 83 cents to $15.52 Friday on the Toronto Stock Exchange.
Reuters
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
21/08/2025
British consumer price inflation increased to 3.8% in July from 3.6% in June, official data showed on Wednesday.
The Bank of England had forecast headline inflation would rise to 3.8% while
Asharq Al Awsat
21/08/2025
Japan's Prime Minister Shigeru Ishiba on Wednesday proposed an economic zone connecting the Indian Ocean to Africa as the country seeks to play a greater role in the African continent while America's
Asharq Al Awsat
21/08/2025
Britain's FTSE 100 clinched a fresh record close on Wednesday with consumer-related stocks leading the gains, while investors digested an inflation report that diminished hopes for a near-term Bank o
Reuters
20/08/2025
S&P Global on Monday affirmed its "AA+" credit rating on the US, saying the revenue from President Donald Trump's tariffs will offset the fiscal hit from his massive tax-cut and spending bill.
Reuters
15/08/2025
Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favorable US legislation and a rise in US equities. The cryptocurrency rose above its previous July re
AFP
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia