The Daily Chase: Loan losses mount as bank earnings continue

Here are five things you need to know this morning.

A Bank of Montreal building in the financial district of Toronto, Ontario, Canada. Photographer: Chloe Ellingson/BloombergScotiabank beats on retail strength:Scotiabank beating analyst expectations on strength from its core Canadian retail banking unit

. Adjusted profit came in at $1.63 per share, just ahead of the $1.62 expected. Earnings at the core domestic retail banking unit came in at $1.1 billion, an increase of six per cent. That’s a good sign that recessionary fears for the Canadian economy may be unwarranted. On the downside, the bank continues to set aside more money to cover bad loans. Provisions for credit losses came in at $1.

, but loan loss provisions were especially notable. BMO set aside $906 million during the quarter. That’s well ahead of the $745 million that analysts were forecasting. Adjusted earnings came in at $2.64 a share for the period. That’s below the $2.75 that analysts were forecasting.The owner of 7-Eleven is lobbying the Japanese government to require prior notification of any share purchase of more than 10 per cent, a move that if granted would present a major.

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