Bank of Montreal, Scotiabank both beat expectations, are optimistic about 2021

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Canada’s 3rd- and 4th-biggest lenders said economic recoveries driven by vaccinations will boost performance

Bank of Montreal and Scotiabank both kicked off first-quarter results from Canada’s big banks on Tuesday by beating expectations.

Both banks said economic recoveries driven by the rollout of coronavirus vaccines will boost performance into the year, though BMO executives also said that U.S. clients are benefiting from a faster vaccine rollout compared with Canada.

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