Manulife quarterly profit rises 26%

Article Abstract:

Manulife Financial Corp., on the verge of becoming Canada's largest publicly traded company, reported on April 26, 2004, a 26-percent increase in first-quarter profit as its wealth management operations continued to benefit from improving stock markets. The insurer closed its $15-billion takeover of Boston-based John Hancock Financial Services Inc. on April 28, 2004, a deal that would keep it ahead of Royal Bank of Canada as the biggest member of the Toronto Stock Exchange.

Sales, profits & dividends, INSURANCE CARRIERS, Insurance industry, Company sales and earnings, Company earnings/profit, Manulife Financial Corp., MFC

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CIBC's solid profit overshadowed by woes

Article Abstract:

Canadian Imperial Bank of Commerce (CIBC) has taken a $50-million charge to fund a possible settlement over its alleged role in the US mutual fund trading scandal. The chief executive of CIBC, John Hunkin acknowledged at CIBC's annual meeting that the bank's well-documented troubles with US regulators over Enron Corp. and the mutual fund investigation have stained its public image.

Commercial Banks, Legal issues & crime, Legal/Government Regulation, Banking industry, Company legal issue, Cases, Investigations, Canadian Imperial Bank of Commerce, Securities trading

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