2 Canadian Bank Stocks to Buy at a Discount
2 Canadian Bank Stocks to Buy at a Discount
Rising interest rates triggered a downturn for the entire bank sector in 2022 and 2023. Investors worried that the sharp jump in interest rates in Canada and the United States would cause a recession and unleash a wave of defaults.Canadian retirees and other dividend investors are wondering which TSX stocks still trade at attractive prices for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio focused on dividends and total returns.
加拿大退休人員和其他分紅派息投資者正在思考哪些TSX股票仍然以具有吸引力的價格交易，以便爲專注於分紅和總回報的自助式免稅儲蓄賬戶（TFSA）或註冊退休儲蓄計劃（RRSP）投資組合提供選擇。
In the Canadian bank sector, the story in 2024 has been mixed, with some stocks hitting new record highs while others are still trying to catch up to their 2022 peak or even falling to multi-year lows. In the case of the laggards, there is an opportunity to pick up decent dividend yields right now with a shot at good upside over the long run.
在加拿大銀行板塊，2024年的故事呈現出一種混合的狀態，一些股票創下了新紀錄，而另一些則仍在努力追趕2022年的峯值，甚至跌至多年低點。就落後者而言，現在正是獲取不錯的分紅派息收益的機會，並有望在長期內實現良好的上漲。
TD Bank
TD銀行
TD (TSX:TD) trades for close to $75 per share at the time of writing. The stock recently dipped to $73, hitting a level not seen since January 2021. TD was actually as high as $108 in early 2022 but has since trended lower.
TD（TSX:TD）在撰寫時每股交易接近75美元。該股票最近下跌至73美元，達到了自2021年1月以來的最低水平。TD在2022年初曾高達108美元，但此後一路下行。
Rising interest rates triggered a downturn for the entire bank sector in 2022 and 2023. Investors worried that the sharp jump in interest rates in Canada and the United States would cause a recession and unleash a wave of defaults.
利率上升導致2022年和2023年整個銀行板塊出現下滑。投資者擔心加拿大和美國利率的急劇上升會導致經濟衰退，並引發一波違約潮。
Provisions for credit losses (PCL) at TD and the other banks moved higher as more borrowers ran into trouble, but the economy has held up well. As soon as the central banks signalled they were done raising interest rates late last year, most banks rallied and delivered big 2024 gains for investors.
隨着更多借款人遇到困難，TD和其他銀行的信用損失準備金（PCL）有所增加，但經濟狀況保持良好。去年底，中央銀行一旦發出停止加息的信號，大多數銀行便上漲，併爲投資者帶來了2024年的豐厚收益。
TD, however, is down 12% in 2024. The reason lies in its troubles with U.S. regulators, who hit TD with fines of more than US$3 billion this year and placed an asset cap on the American business as penalties for not having adequate systems in place to protect against money laundering.
然而，TD在2024年下跌了12%。原因在於它與美國監管機構之間的麻煩，監管機構對TD處以超過30億美元的罰款，並對其美國業務施加了資產上限，以作爲缺乏足夠反洗錢系統的懲罰。
TD's new chief executive officer (CEO), who will take over in 2025, now has to pivot the bank to drive growth. Investors will need to be patient, but TD should eventually get things sorted out. In the meantime, investors can pick up a decent 5.6% dividend yield.
TD的新首席執行官（CEO）將在2025年接任，現在必須調整銀行以推動增長。投資者需要耐心，但TD最終應該會解決這些問題。與此同時，投資者可以獲得5.6%的不錯分紅派息收益。
Bank of Nova Scotia
豐業銀行
Bank of Nova Scotia (TSX:BNS) has enjoyed a nice run in the past 12 months, rebounding about 25% to the current price near $78 per share. That's still below the $93 the stock reached in early 2022 at the peak of the first post-pandemic rally.
豐業銀行（TSX:BNS）在過去12個月中表現良好，股價反彈約25%，目前接近每股78美元。儘管如此，這仍低於該股票在2022年初疫情後首次反彈時達到的93美元。
Bank of Nova Scotia put a new CEO in place last year in an attempt to shake up the bank to get better returns for investors. In the past five years, Bank of Nova Scotia's stock price is only up about 6% compared to much larger gains at BMO, Royal Bank, and CIBC.
豐業銀行去年任命了一位新CEO，試圖改變銀行的運作，以便爲投資者獲得更好的回報。在過去五年中，豐業銀行的股價僅上漲了約6%，相比之下，BMO、皇家銀行和CIBC的漲幅要大得多。
Bank of Nova Scotia's high PCL is one reason the stock has trailed some of its peers. The reason for the longer-term underperformance, however, is largely due to the big bets made on Latin America over the past few decades. Bank of Nova Scotia spent billions of dollars to buy banks and credit card portfolios in Mexico, Peru, Chile, and Colombia.
豐業銀行的高撥備貸款比率（PCL）是該股票落後於一些同行的原因之一。然而，長期表現不佳的主要原因在於過去幾十年在拉丁美洲進行的大規模投資。豐業銀行在墨西哥、秘魯、智利和哥倫比亞耗資數十億美元收購銀行和信用卡組合。
The four countries have a combined population of more than 230 million that is largely underbanked compared to Canada, so there is an argument for growth potential as the middle class expands. Economic and political turbulence, however, make investors nervous when it comes to these emerging markets.
這四個國家的總人口超過23000萬，與加拿大相比，銀行服務覆蓋率仍然很低，因此隨着中產階級的擴大，存在增長潛力的 argumento。然而，經濟和政治動盪讓投資者對這些新興市場感到緊張。
Bank of Nova Scotia's new strategy involves deploying growth capital to opportunities in the United States and Canada. It will take time for investors to see the benefits, but the current 5.4% dividend yield pays you well to wait.
豐業銀行的新策略是將增長資本投入到美國和加拿大的機會中。儘管需要時間才能讓投資者看到收益，但目前5.4%的分紅派息收益率讓你有理由耐心等待。
The bottom line on cheap TSX bank stocks
關於廉價的TSX銀行股票的底線
TD and Bank of Nova Scotia pay good dividends with attractive yields. If you have some cash to put to work in a contrarian portfolio, these TSX bank stocks deserve to be on your radar.
TD和豐業銀行提供豐厚的分紅和吸引人的收益率。如果你有一些現金可以投入到反向投資組合中，這些TSX銀行股票值得在你的雷達上。
譯文內容由第三人軟體翻譯。
