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25/08/2009 -
In the latest indication that the recession may be starting to lift, Bank of Montreal (BMO) reported this week that its net income in the third quarter of 2009 was 6.9 percent higher than in the third quarter of 2008, exceeding analysts' expectations.In the third quarter, BMO reported a net income of $557 million and an earnings per share of $0.97 - two cents above analysts' predictions, the Globe and Mail reported.
The newspaper also reported that loan performance improved in the third quarter, which is expected to boost the performance of other Canadian banks.
"Given the credit experience reported by BMO, we may have actually seen the peak in retail credit in the second quarter," analyst John Aiken of Dundee Securities told the Globe and Mail. "While we retain our reservations regarding commercial and corporate lending in future quarters, valuations for the sector are likely to benefit from a near term rosier outlook."
As this and other encouraging news continues to mount, consumers will likely become more confident in the economy and their finances, and will start to increase their spending. This makes it even more important for merchants to have payment processing capabilities for cash, credit cards, debit cards and even prepaid cards, to make the most out of the forecasted increased spending.
