CM And BNS Falling Amid Selloff

Stocks of Canada's top banks seem to be  facing a selloff situation as investors   remain concerned about mounting inflationary  pressure. Amid these worries, the possibility   of a recession has also cropped up, which could  further impact investors' behaviour in general. Stocks of Bank of Nova Scotia (TSX: BNS) have  fallen by over 14 per cent so far in 2022,   while Canadian Imperial (TSX: CM) saw its stock  slip by nearly 15 per cent year-to-date (YTD). Let us take a look at these two  TSX financial stocks and evaluate their   overall performance to determine if they are worth  exploring at their current discounted prices. Canadian Imperial Bank of Canada (TSX: CM) One of Canada's big lenders, Canadian Imperial,  said that its quarterly net profit decreased   to C$ 1.52 billion in Q2 2022 from C$ 1.86  billion in the previous quarter. Popular as CIBC,   this lender held a return on  equity (ROE) of about 16 per cent,   representing its profitability calculated by  dividing net profit by shareholders' equity. In the past 12 months, CM stock plunged  by over 11 per cent and recently clocked a   52-week low of C$ 62.07 on June 23. According  to Refinitiv findings, CM appears to be on a   bearish trend with a Relative Strength  Index (RSI) of 32.8 on June 28.  Bank of Nova Scotia (TSX: BNS) Also known as Scotiabank,  this C$ 91-billion market   cap lender posted an increased  net profit of C$ 2.74 billion in   Q2 2022 compared to C$ 2.45 billion  in the second quarter a year ago. BNS scrip lost more than four per cent in 52  weeks. As per Refinitiv data, BNS breached its May   month support levels and dropped to a  new 52-week low of C$ 75.37 on June 24.   BNS's RSI value was approximately 32.13 on June  28, slightly up from the oversold territory. Now that you’re up to speed, hit  the bell icon to stay up to date 

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