Record mortgage income, better mix in funding, and growth in commercial and industrial loans help Regions Financial (NYSE:RF) report net income of $301 million ($0.21 per share) for its third quarter compared to $284 million ($0.20 per share) in the previous quarter. Mortgage revenue rose to a record of $106 million, up 18% over the previous quarter. Net interest margin, however, was down to 3.08% compared to 3.16% in the previous quarter. Tier 1 capital ratio was 11.5% as at the end of the quarter.
Ally Financial Inc sells its Canadian auto finance and deposit business to Royal Bank of Canada (NYSE:RY) for a total consideration ranging between $3.1 billion to $3.8 billion. “Ally Canada will add significant scale to our existing consumer and commercial auto financing business and will strengthen RBC’s position as a leader in the Canadian auto finance industry,” said Dave McKay, group head, Personal & Commercial Banking, RBC.
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According to a report on Bloomberg, Canada is likely to present China with a list of quid pro quos as a precondition for approval of Cnooc’s (NYSE:CEO) $15.1B bid for Nexen (NYSE:NXY). Likely concessions that Canadian PM Stephen Harper may ask for include permission by China to proposed investments by Manulife Financial Corp. and Bank of Nova Scotia.
Supervalu (NYSE:SVU) is down approximately 8.5% as likely profit booking cools some of the enthusiasm generated by the report yesterday that Cerberus Capital Management would likely bid for the retailer.
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