Brent Lewin/Bloomberg
UPDATE: This article includes additional information from BMO’s call with analysts.
BMO Financial Group’s credit performance was worse than expected during fiscal year 2024, and the bank warned that impaired loan losses may still be a headwind in the new year.
The Toronto-based bank, which has been plagued by credit challenges for several months, set aside 1.5 billion Canadian dollars ($1 billion) for potential loan losses during its fourth quarter, which ended Oct. 31. That’s more than three times what it set aside in the year-ago period and marks the fourth consecutive time BMO has
During BMO’s fourth-quarter earnings conference call on Thursday, executives told analysts that provisions will probably remain elevated for the time being, although the fourth quarter was likely the high point and the amount set aside for souring loans should begin to moderate sometime in 2025.
“Credit performance deteriorated more than we anticipated [and] impaired loss rates exceeded our historical range, impacting our overall results,” CEO Darryl White said on the call.
Still, “we do believe that our credit is contained,” he said.
At least one analyst indicated that BMO needs to show, not tell. In a research note following the call, Jefferies analyst John Aiken wrote that “until BMO can demonstrate that … its provisions will decline materially, we anticipate that its relative valuation will be mired by a pessimistic outlook.”
In August, Aiken downgraded BMO from “buy” to “hold” in response to the company’s third-quarter results. He maintained that position on Thursday.
BMO, the third-largest Canadian bank by assets, wasn’t alone in boosting provisions during the quarter. Its peers TD Bank Group and Royal Bank of Canada increased provisions for potential credit losses during the three-month period, while Scotiabank’s provisions fell year over year.
Despite the added provisions, BMO’s net income was CA$2.3 billion, up from CA$1.7 billion in the year-ago period. At the same time, earnings per share totaled CA$2.94, falling short of analysts’ expectations of CA$3.44, according to S&P Capital IQ.
Analysts spent part of Thursday’s call peppering White and Chief Risk Officer Piyush Agrawal with credit-related questions. Gabriel Dechaine, an analyst at National Bank Financial, wanted to know how BMO expects its impaired loss ratio to play out in 2025.
The ratio, which measures provisions to impaired loans to average net loans, was 0.66% during the fourth quarter, up from 0.25% in the year-ago period. It was 0.47% for the full fiscal year.
The company said it is forecasting a ratio in the high 40% range for fiscal year 2025, similar to the recently completed fiscal year.
Agrawal said the bank “has done a granular review” of the loan portfolio and he, too, has looked at the “top watchlist” as well as the top impaired loans.
“It gives me confidence as we go into 2025 that [the impaired loss ratio] should be climbing down from where we were at the end of” the fourth quarter, he said.
Much of BMO’s future success will depend on how its U.S. operations perform. White said the company has been hampered for the past two years by a “weaker banking environment” in the U.S. that resulted in “lower-than-expected business activity and balance sheet growth.”
Loan growth has been muted stateside. But “since the election, we’ve seen pretty broad-based optimism in our client base,” White said.
The U.S. business, which expanded with the
Average loans in the U.S. were about CA$205 billion, down from $208.5 billion in the year-ago quarter.
Still, with an improving environment, “revenue synergies are on track and building,” White said.
BMO said on Thursday that it plans to repurchase as many as 20 million common shares for cancellation. The deal must be approved by the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange, the company said.
When the buybacks happen and how many shares are repurchased depend on regulatory approvals and management discretion based on market conditions and capital levels, BMO said.
In another boost for shareholders, BMO increased its first-quarter dividend by 5% from a year ago to CA$1.59.
As of midday Thursday, BMO shares were up about 2.9% on the New York Stock Exchange.
Brent Lewin/Bloomberg
This news is developing. Please check back here for updates.
BMO Financial Group on Thursday reported another quarterly surge in provisions for potential loan losses and announced plans to repurchase up to 20 million shares of its common stock.
The Toronto-based bank’s provisions for credit losses totaled $1.5 billion Canadian dollars ($1 billion) during its fiscal fourth quarter, more than three times what it set aside in the same quarter last year.
BMO’s “overall results were impacted by elevated provisions,” but the bank expects provisions “to moderate through 2025 as the business environment improves,” CEO Darryl White said in a press release.
In a research note, analyst John Aiken of Jefferies wrote that “provisions came in significantly higher than expectations as BMO appears to be trying to clear the decks.”
Net income for the quarter, which ended Oct. 31, was CA$2.3 billion, up from CA$1.7 billion in the year-ago period. Earnings per share were CA$2.94, falling short of analysts’ expectations of CA$3.44, according to S&P Capital IQ.
On an adjusted basis, which includes acquisition and integration expenses and other items, earnings were CA$1.90 a share, below analysts’ expectations of CA$2.39 a share according to S&P Capital IQ.
Full-year 2024 provisions totaled CA$3.8 billion, up from CA$2.2 billion in 2023.
White warned on a conference call in August that the company had
BMO’s U.S. business, which expanded with the
Revenue for business south of the border was impacted by lower net interest margins and higher provisions of potentially souring loans, primarily in commercial banking, the bank said.
BMO also announced Thursday that it would establish a normal course issuer bid to buy back as many as 20 million common shares. The deal, which would allow BMO to buy the shares for the purpose of cancellation, must be approved by the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange, the company said.
When the buybacks happen and how many shares are repurchased depend on regulatory approvals and management discretion based on market conditions and capital levels, BMO said.
In another boost for shareholders, BMO increased its first quarter dividend by 5% from a year ago to CA$1.59.
Overall, revenue was almost CA$9 billion, up from CA$8.3 billion a year ago and beating analysts’ expectations of CA$8.4 billion, according to S&P Capital IQ. The gains came in part from the reversal of accrued interest on a fiscal 2022 legal provision.
“Revenue increased in Canadian [Personal and Commercial Banking] and BMO Wealth Management, and decreased in Corporate Services, BMO Capital Markets and U.S. P&C,” BMO said.
Net interest income rose 10% from a year ago to CA$5.4 billion, while noninterest revenue gained 4.2% to CA$3.5 billion.
BMO’s Common Equity Tier 1 ratio rose to 13.5% from 12.5% a year ago.
BMO shares were down 1.4% to $93.89 in premarket trade on the New York Stock Exchange.
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Published Dec 05, 2024 • 4 minute read
TORONTO, Dec. 05, 2024 (GLOBE NEWSWIRE) — ABERDEEN INTERNATIONAL INC. (“Aberdeen” or the “Company”) (TSX: AAB F:A8H, OTC:AABVF) is pleased to announce the appointment of Dev Shetty as Chief Executive Officer of the Company and as Executive Chairman of the Company’s board of directors (the “Board”), effective immediately. Mr. Shetty’s appointment follows Mr. Fred Leigh’s resignation as Chief Executive Officer of the Company, though Mr. Leigh will remain on the Board.
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The appointment of Mr. Shetty is part of the Board’s strategy to revamp the Company’s investment strategy and to establish a new investment platform focused on identifying and acquiring assets in energy transition metals, precious metals, base metals, and gemstones. As part of this new strategy, Mr. Shetty intends to onboard an executive team with extensive experience acquiring and managing mining assets.
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Mr. Shetty is a chartered accountant and has extensive experience in private equity, mining, and corporate turnarounds. His expertise includes direct hands-on management of all phases of diverse mining projects and he has a particular expertise in acquiring, and transforming and monetizing mining projects into valuable assets.
In private equity, Mr. Shetty has successfully acquired and revitalized key mining assets, including a manganese and platinum mine in South Africa and an iron ore mine in Australia. As founder and former CEO of Fura Gems Inc. (previously listed on the TSXV Venture Exchange), (“Fura Gems”) he transformed the Fura Gems into the only company with all three major colour gemstones in its portfolio and turned mines in Colombia, Mozambique, and Australia into revenue-generating operations. He is credited with the turnaround of Gemfields Group Limited, where he was instrumental in developing the world’s largest emerald mine in Zambia and the world’s largest ruby deposit in Mozambique. Mr. Shetty joined the Board of Prospect Resources Ltd (“Prospect”) in 2020 and collaborated with the management and board to create a new strategy for the company. In 2022, Prospect announced the sale of its Arcadia Lithium in Zimbabwe at a total valuation of AUD528 million and a 1,500% share price appreciation over 6 years for Prospect shareholders.
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Mr. Shetty commented on his appointment: “I am excited about this appointment, and with my team of mining talent, we look forward to building Aberdeen into a significant force in the mining sector. We are currently evaluating some exciting opportunities where attractive valuations are available, given where the resource sector is positioned. With the talent pool we are building, we will support portfolio companies with the operating talents required to create value for the Company. I want to thank the Board of Aberdeen and Mr. Leigh for this appointment.”
Shares for Debt Settlement
The Company is also pleased to announce that the Company has entered into shares for debt settlement agreements with a service provider of the Company to settle an aggregate amount of approximately C$678,000 of accrued debt obligations and accrued fees owing to such service provider of the Company (the “Debt“) by issuing common shares of the Company (the “Debt Shares“) at a price of C$0.05 per Debt Share for a total of 13,560,000 Debt Shares (the “Debt Settlement“).
The Company believes that the Debt Settlement will strengthen its balance sheet by reducing its liabilities as well as further align the interests of its creditors with the shareholders of the Company. The Debt Settlement is subject to the acceptance of the Toronto Stock Exchange.
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ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals and renewable energy sectors.
For additional information, please visit our website at www.aberdeen.green
For further information, please contact:
Dev Shetty
Executive Chairman and Chief Executive Officer
Aberdeen International Inc.
Dev.Shetty@aberdeen.green
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the investment portfolio of the Company; the appointment of directors and officers; the Debt Settlement and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.aberdeen.green. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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Published Dec 05, 2024 • 5 minute read
For Repurchase of up to 5% of its outstanding shares over 12 months
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MISSISSAUGA, Ontario, Dec. 05, 2024 (GLOBE NEWSWIRE) — Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix®) (“Microbix” or the “Company”), a life sciences innovator, manufacturer, and exporter, announces the initiation of a Normal Course Issuer Bid (“NCIB”) program for the repurchase and cancellation of outstanding common shares.
Specifically, the NCIB enables Microbix to repurchase up to 6,726,560 Common Shares (“Shares“), that number being approximately five percent (5%) of the 134,531,203 Shares outstanding as at November 30, 2024. Repurchases will be made through the facilities of the Toronto Stock Exchange (“TSX”) and alternative trading systems over a 12-month period starting on December 9, 2024 and the NCIB will end on December 8, 2025 or such earlier date as the Company completes its purchases pursuant to the NCIB or provides notice of termination. The actual number of Shares which may be repurchased pursuant to the NCIB will be determined by management under applicable rules and policies.
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The NCIB has been approved by Microbix’s Board of Directors and will be conducted in accordance with the applicable rules and policies of the TSX and Canadian securities laws, including TSX approval of Microbix’s notice of intention to conduct a NCIB. Under the NCIB, Shares may be repurchased in open market transactions on the TSX, or by such other means as may be permitted by the TSX and applicable Canadian securities laws. Microbix will pay the prevailing market price at the time of its Share repurchases.
Pursuant to TSX rules and policies, the maximum number of Shares that may be repurchased in one day via the NCIB will be 12,373, that being 25% of the average daily trading volume (“ADTV”) of the Shares on the TSX for the most recently completed six calendar months. That daily maximum may be exceeded via certain prescribed exceptions, such as periodic block trades. The ADTV on the TSX for six calendar months ended November 30, 2024 is 49,493. Microbix conducted a prior NCIB for the 12-months from December 8, 2023 under which it sought and obtained approval to purchase on TSX and alternative trading systems up to 6,827,518 shares and under which it repurchased a total of 4,013,317 shares (2.94%) with a volume weighted average price of $0.339.
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Microbix has entered into a pre-defined automatic securities purchase plan with its NCIB broker, Ventum Financial Corp., to allow for the repurchase of Shares at times when it ordinarily would not be active in the market due to Microbix’s internal trading blackout periods, insider trading rules, or otherwise. Such plans will be conducted in accordance with applicable Canadian securities laws. Outside of such restricted periods, the timing of repurchases will be determined by Microbix management. Decisions regarding repurchases will be based on market conditions, Share price, best uses of available cash, and other factors. The funding for any repurchases pursuant to the NCIB will be financed from working capital and all Shares will be repurchased for cancellation. Microbix may also use its NCIB to acquire Shares pursuant to the exercise of stock options to offset the dilutive effect of options that have been exercised.
The Board of Directors believes Microbix’s underlying value is not reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes that the repurchase of Shares is an appropriate use of corporate funds and in the best interests of Microbix and its shareholders. Furthermore, the NCIB is expected to benefit persons who continue holding Shares by increasing their proportionate equity interest in Microbix as the repurchased Shares are cancelled.
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A copy of Microbix’s notice of the NCIB to the TSX may be obtained by any shareholder without charge, by contacting Jim Currie, the Company’s Chief Financial Officer.
About Microbix Biosystems Inc.
Microbix Biosystems Inc. creates proprietary biological products for human health, with over 100 skilled employees and sales now targeting over C$ 2.0 million or more per month. It makes a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Its antigens drive the antibody tests of approximately 100 diagnostics makers, while QAPs are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of 10 international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.
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Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots, and viral transport medium (DxTM™), to stabilize patient samples for lab-based molecular diagnostic testing. Microbix is traded on the TSX and OTCQX, and headquartered in Mississauga, Ontario, Canada.
Forward-Looking Information
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of the NCIB and its goals and processes, the TSX and related rules, regulations, or laws, Microbix’s business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced in its corporate presentation, regulatory compliance and approvals, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
For further information, please contact Microbix at:
| Cameron Groome, CEO (905) 361-8910 |
Jim Currie, CFO (905) 361-8910 |
Deborah Honig, Investor Relations Adelaide Capital Markets (647) 203-8793 ir@microbix.com |
Copyright © 2024 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix Biosystems Inc.
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Welcome to a roundup of some of our financing, exploration, and development stories on Theassay.com over the last week. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
European Lithium Limited (ASX: EUR | FRA: PF8 | OTC: EULIF) has announced it has completed the acquisition of 100% of the issued share capital of LRH Resources Limited, which holds 100% of the rights, title and interest in the Leinster Lithium Project in Ireland from Technology Metals plc in an all-script transaction.
Tony Sage, chairman of EUR, commented, “The acquisition shows our commitment to continue expanding in the European lithium sector and illustrates our capability to identify, secure and build in highly prospective lithium provinces, leveraging our world class exploration and project development expertise. This development is strategic for the European Union to establish the sustainable supply chains of the critical minerals essential for the transition to low carbon emission economy. By using our shareholding in CRML to purchase this asset demonstrates the value of our investment in Critical Metals Corp.”
Also, Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has announced it has filed on SEDAR+ an independent technical report and updated mineral resource estimate (MRE) titled “Santa Fe Project Technical Report,” effective 9 October 2024, and dated 27 November 2024, for Lahontan’s Santa Fe Mine gold and silver project, Santa Fe District, Nevada.
The technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supports the disclosure made by the company in its 15 October 2024 news release announcing the updated mineral resource estimate.
There are no material differences in the technical report from the information disclosed in the 15 October 2024 news release. The Technical Report is available for download under the company’s profile on SEDAR+ and is also available on the company’s website.
Asian Battery Metals (ASX: AZ9) has announced a significant expansion of its Oval Cu-Ni-PGE Project in Mongolia’s Gobi-Altai region, with the discovery of additional massive sulphide mineralization 500m northwest of its previous high-grade intercept.
The latest diamond drill hole, OVD025, has intercepted an impressive 3.6m zone of massive sulphide mineralization from 48.2m depth, containing substantial concentrations of valuable minerals: 12% chalcopyrite, 10% pentlandite, 65% pyrrhotite, and 6% pyrite. This intercept is particularly significant as it sits within a broader 12.4m zone of mineralization starting from 44.6m depth.
What makes this discovery particularly exciting is its location relative to the company’s previous high-grade intercept in hole OVD021, which returned exceptional grades of 8.8m @ 6.08% Cu, 3.19% Ni, 1.63g/t E3, and 0.11% Co. The presence of two massive sulphide zones 500m apart suggests the potential for additional discoveries within the mineral system.
Meanwhile, Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has announced positive drill results from the first six drill holes of its maiden drill programme at the Eagle gabbro, located within the MM copper/nickel project in southeastern Manitoba.
Dr. Dave Peck, P. Geo., Grid’s vice president of exploration, stated “Grid has embarked on an ambitious drill programme targeting the 4km-long Eagle gabbro with the dual objectives of establishing the existence, grade and potential continuity of near-surface disseminated sulphide Cu/Ni mineralization and discovering localized, higher grade massive Cu-Ni sulphide deposits. The Eagle gabbro is the easternmost part of the 20km long Mayville – Eagle Complex, which hosts Grids’ pit-constrained 32Mt Mayville Cu-Ni sulphide resource. With a successful drill programme, we will demonstrate the potential for the Eagle gabbro to host large additional tonnage of near surface copper-rich resources.”
Finally, Desert Metals Limited (ASX: DM1) has appointed non-executive director, Patrick Flint, as chairman.
Desert Metals explains that Mr Flint brings extensive experience and significant corporate expertise to the board. He is a qualified accountant and a member of the Australian Institute of company directors. He has been involved in the resources sector for 25 years as a director or company secretary of ASX and Toronto Stock Exchange listed companies with mineral projects in Australia, Africa, and Asia.
Additionally, he has significant experience with project acquisition, exploration and development, joint venture negotiation and management, fundraising and corporate management, and governance. Mr Flint joined the board of Desert Metals earlier this year.
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Canada’s main index of stocks hit a new record on Wednesday. This was largely due to the performance of technology and financial companies, as well as investors’ assessment of strong quarterly earnings by two major domestic lenders.
The Toronto Stock Exchange S&P/TSX Composite Index was up 28.72, or 0.11% at 25,664.45, but was still trading below its record high.
Angelo Kourkafas is an investment strategist with Edward Jones Investments.
I would say that the market is showing some hesitation in light of last month’s significant gains.
TSX’s heavyweight financial sector gained 0.2%. Royal Bank of Canada gained 1.2% after exceeding analyst expectations for its fourth-quarter profits, thanks to its acquisition of HSBC’s domestic business in this year, and strong wealth division.
RBC still set aside more money than anticipated for possible soured loans. This indicates that clients have struggled to pay off their credit cards and mortgages despite numerous rate cuts across Canada.
National Bank of Canada reported an increase in its quarterly profit due to its wealth management division, despite its stock falling 3.4%.
Bitfarms led the sector with a 5.3% increase after Alliance Global Partners began coverage of the blockchain farm operator. The rating was “buy”.
Dollarama’s 4.3% decline in sales pushed down consumer discretionary by 1% despite Dollarama reporting higher third-quarter profits and sales.
Energy sector dropped by 1.1%. Baytex Energy fell over 5% as two brokerages reduced their target prices.
The headline Canadian business activity index increased to 51.2 in November from 50.4, its highest level since the beginning of April 2023.
The focus south of the border shifted towards Fed Chair Jerome Powell’s comments made later that day, and the November monthly employment report on Friday for further clues about the U.S. Federal Reserve’s interest rate path.
The traders now assign a 72.7% probability of a cut in the Fed’s policy on December 17-18. (Reporting and editing by Nikhil Sharma, Ragini Mathur)
(source: Reuters)
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Shares of NexGen Energy Ltd. (TSX:NXE) saw a 4% increase on Wednesday morning following the company’s announcement of securing its first uranium sales contracts. These contracts, which are for the sale of 5 million pounds of uranium, have been made with major US utilities.
The company, which trades on the Toronto Stock Exchange (TSX:NXE), New York Stock Exchange (NYSE:NXE), and Australian Securities Exchange (ASX:NXG), highlighted that the contracts are in line with its marketing strategy, featuring market-related pricing mechanisms at the time of delivery. This approach aims to leverage the strengthening uranium market to maximize value.
The sales agreements mark a significant step for NexGen Energy, establishing it as a new reliable source of nuclear fuel from the Western world. The company’s Rook I Project in Saskatchewan, Canada, is recognized for its high standards in technical, environmental, and social practices.
NexGen provided a table indicating the expected gross sales revenue from these contracts, based on various assumed spot prices for uranium, ranging from $80 to $175 per pound. The deliveries, scheduled from 2029 to 2033, are set to occur annually at a volume of 1 million pounds of U3O8.
Leigh Curyer, the Chief Executive Officer of NexGen, expressed that these contracts with leading US utilities are a pivotal moment for the company. Curyer emphasized the importance of diversifying supply sources and the alignment of the contract terms with market-related pricing at the time of delivery. He also pointed out the growing energy demand and the need to expand nuclear infrastructure, highlighting the significance of having a secure uranium supply.
The Rook I Project, supported by a NI 43-101 compliant Feasibility Study, is poised to become a major environmentally sustainable uranium operation. NexGen continues discussions and negotiations with other utilities across the US, Europe, and Asia.
NexGen Energy is focused on developing its flagship Rook I Project into a leading low-cost uranium mine, with a commitment to exceptional environmental and social governance. The company’s experienced team aims to deliver a project that sets a benchmark in the mining industry, providing long-term benefits to various stakeholders.
The announcement of these contracts underscores NexGen’s strategic vision and its role in the global nuclear fuel supply chain, as the company works towards addressing key global challenges such as decarbonization and energy security.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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