Bay Street Cheers Bank Earnings -- Canadian Commentary

(RTTNews) - Canadian stocks rose Tuesday, supported by another round of strong earnings from the nation's largest banks.

Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO) posted stronger-than-expected quarterly earnings as their Canadian businesses thrived despite a slowdown in housing.

Scotiabank said said quarterly earnings per share increased to C$1.6m from C$1.54 a year earlier, and hiked its dividend. Toronto's Air Canada Centre will be renamed Scotiabank Arena in an $800 million deal.

Bank of Montreal reported EPS of C$2.05, up from C$1.86 a year ago.

Home Capital (HCG.TO) has named former Canaccord exec Brad Kotush as CFO.

"This is an important time for Home Capital and its depositors, borrowers and brokers, as the Company forges and executes a plan to enhance and grow the business," Kotush said in a press release.

Toronto's Air Canada Centre will be renamed Scotiabank Arena in an $800 million deal.

The TSX Composite Index added 30.67 points to 15,082.70.