Inside
Executive summary 2
Initiating coverage –
a look back, a look forward 4
Rising credit costs a material
EPS headwind 13
Slowing loan demand will limit growth
in net interest income 25
Pockets of strength for
market-sensitive fees 31
Increased management of capital
ratios a sign of the times 37
Bank of Montreal 42
Bank of Nova Scotia 49
Canadian Imperial Bank of Commerce 56
Canadian Western Bank 63
Laurentian Bank of Canada 70
National Bank of Canada 77
Royal Bank of Canada 84
Toronto-Dominion Bank 92
Canaccord Capital Inc. 99
GMP Capital Trust 104