Scotia Capital Preview of Cdn Banks Q2 2006 Earnings

Scotia Capital, 18 May 2006Earnings Growth 11% YOY - Led by RY and TD� Our second quarter earnings estimates are highlighted in Exhibit 1. Second quarter bank earnings are expected to be up 11% year over year but down 5.4% sequentially from a very strong first quarter. RY and TD are expected to lead in earnings growth at 15% and 13%, respectively, driven by the strength of their retail and wealth