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    Mike Rizvanovic

    Senior Analyst at Scotiabank

    Mike Rizvanovic is a Senior Analyst at Scotiabank, specializing in Canadian banking sector equity research. He covers major publicly traded banks such as EQB Inc., BMO, Royal Bank, National Bank, CIBC, TD Bank Group, and Scotiabank itself, frequently issuing ratings and price targets; his calls have been notable for timely forecasts regarding sector earnings volatility and loan growth trends. Rizvanovic has maintained strong bench-marked sector performance with accurate quarterly earnings predictions, contributing to market consensus and investor decision-making since joining Scotiabank in the early 2010s after prior experience in financial research. His professional credentials include relevant securities licenses and regulatory registrations standard for Canadian sell-side analysts, underpinning his expertise and recognition in the field.

    Mike Rizvanovic's questions to ROYAL BANK OF CANADA (RY) leadership

    Mike Rizvanovic's questions to ROYAL BANK OF CANADA (RY) leadership • Q3 2025

    Question

    Mike Rizvanovic asked about the drivers behind the recent outperformance in discretionary and travel spending on credit cards, given the context of tariff risks and a softening labor market.

    Answer

    Group Head of Personal Banking Erica Nielsen attributed the strength to the resilience and confidence of the core RBC client. She also highlighted the bank's success in using AI and advanced modeling to achieve deeper penetration within its existing client base, which is driving growth in both card balances and purchase volumes.

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    Mike Rizvanovic's questions to ROYAL BANK OF CANADA (RY) leadership • Q2 2025

    Question

    Mike Rizvanovic questioned the deterioration in the mortgage book's gross impaired loan (GIL) ratio, asking if it was related to the HSBC acquisition and if RBC's high-quality client narrative still holds. He also requested an estimate of the mortgage business's revenue contribution.

    Answer

    Chief Risk Officer Graeme Hepworth confirmed the GIL trend is not HSBC-related, attributing it to market-specific payment pressures while affirming the portfolio's overall high quality. Group Head of Personal Banking, Erica Nielsen, stated that mortgage profitability is improving but has not returned to historical levels, and she offered to discuss the specific revenue contribution offline.

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    Mike Rizvanovic's questions to ROYAL BANK OF CANADA (RY) leadership • Q2 2025

    Question

    Mike Rizvanovic of Scotiabank asked about the deterioration in the mortgage book's GIL ratio, questioning if it was related to the HSBC acquisition, and also requested the approximate revenue contribution from the mortgage business.

    Answer

    Chief Risk Officer Graeme Hepworth stated the GIL increase was not HSBC-related but driven by market challenges in areas like the GTA. Erica Nielsen, Group Head of Personal Banking, noted that mortgage profitability is improving from recent lows but has not returned to historical levels, offering to discuss specific figures offline.

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    Mike Rizvanovic's questions to CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) leadership

    Mike Rizvanovic's questions to CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) leadership • Q2 2025

    Question

    Mike Rizvanovic of Scotiabank asked for an update on the all-bank net interest margin (NIM) excluding trading and the outlook for the bank's hedging program. He also questioned the current revenue contribution from the mortgage business, referencing prior guidance of around 17% of segment revenue.

    Answer

    Robert Sedran, Senior EVP & CFO, maintained the 'flat to gradually higher' NIM guidance, attributing the Q2 flatness to business mix but confirming the positive underlying trend. Hratch Panossian, Group Head of Personal & Business Banking, stated that mortgages are now a significantly smaller revenue contributor than the historical 17% figure, as the bank prioritizes deeper, multi-product client relationships.

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    Mike Rizvanovic's questions to CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) leadership • Q2 2025

    Question

    Mike Rizvanovic asked for an update on the all-bank net interest margin (NIM) momentum, excluding trading, and the outlook for the bank's hedging strategy. He also inquired about the mortgage business's revenue contribution, asking if prior guidance of around 17% of segment revenue was still a valid proxy.

    Answer

    Robert Sedran, CFO, maintained the 'flat to gradually higher' guidance for all-bank NIM, attributing the recent flat performance to business mix but expecting the hedging strategy to continue delivering benefits. Hratch Panossian, Head of Personal and Business Banking Canada, stated that the mortgage business is now a 'significantly smaller' contributor to revenue than the 17% figure from a couple of years ago, as the bank prioritizes deeper, multi-product client relationships.

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    Mike Rizvanovic's questions to BANK OF MONTREAL /CAN/ (BMO) leadership

    Mike Rizvanovic's questions to BANK OF MONTREAL /CAN/ (BMO) leadership • Q2 2025

    Question

    Mike Rizvanovic of Scotiabank asked for clarity on the outlook for Non-Interest Revenue (NIR) following a sequential decline and inquired about mortgage growth and potential spread pressure in the broker channel.

    Answer

    CFO Tayfun Tuzun expects NIR to be stronger in the second half, noting the Q2 decline was amplified by fewer days in the quarter, which alone accounted for over $200 million in total revenue impact. Ernie Johannson, Head of North American P&B Banking, stated that while the mortgage market has slowed, the broker channel is performing as expected and that competitive pressure exists across all channels, not just the broker market.

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    Mike Rizvanovic's questions to VersaBank (VBNK) leadership

    Mike Rizvanovic's questions to VersaBank (VBNK) leadership • Q1 2024

    Question

    Inquired about the capacity for new point-of-sale (POS) partnerships in Canada, the near-term pipeline for such deals, and the potential risks that could prevent the Stearns acquisition from being approved.

    Answer

    The executive stated there is still capacity for new POS partnerships in Canada, but the larger opportunity lies in the U.S. where many partners are lined up. The company is currently working on some U.S. partnerships even before the license is approved. Confidence in the Stearns acquisition closing is extremely high (99.9%), as the product offers a unique benefit to the U.S. economy and there are no known impediments.

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