Two more banks announce profits increase

CIBC and TD Bank are the latest mortgage lenders to announce their profits for the third quarter and they are following the trend of higher profits.

CIBC profits were up 6% from the same period last year to reach $978 million.

Meanwhile, TD Bank announced a 7.5% rise in profits to $2.3 billion.

Both banks saw stronger performances from their retail businesses, including mortgage lending.

RBC, BMO and National Bank have also reported strong profits this week and Scotiabank’s results are due Friday.

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