Business

Canadian consumer debt tops $2 trillion: Equifax Canada – BNN

Published

4 years ago

November 30, 2020

Consumer debt in Canada topped $2 trillion this fall, driven largely by increased demand for mortgages and car loans, according to Equifax Canada.

In its latest quarterly report, Equifax found total consumer debt rose 3.8 per cent to $2.041 trillion in the third-quarter of 2020 compared to the same period last year.

“Homebuyers are largely the reason why we’ve crossed over the $2 trillion threshold,” Rebecca Oakes, assistant vice president of advanced analytics at Equifax Canada, said in a release Monday.

“Car sales have also rebounded in the last few months. With manufacturer and auction house shutdowns there has been a temporary shortage of vehicle availability in some areas.”

Mortgage balances rose 6.6 per cent year-over-year, while new car loans increased 11.7 per cent compared to the same period last year. Meanwhile, average credit card spending returned close to pre-pandemic levels, according to Equifax.

While the 90-day delinquency rate for non-mortgage debt fell to 0.98 per cent, the lowest level since 2014, Equifax noted some worrying signs.

“The low delinquency rates we’re currently seeing are likely being masked by deferral programs,” Oakes said, adding deferral programs saw uptake from over three million consumers since the start of the pandemic.

“There are some warning signs in early-stage delinquency on credit cards where consumers have missed one or two payments that we’re closely monitoring.”

According to Equifax, 12 per cent of new credit products in the third-quarter were opened by consumers who took advantage of a deferral program.

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

8 hours ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

8 hours ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

8 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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