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The country’s six largest lenders release their fiscal year-end earnings this week.Christopher Katsarov/The Canadian Press
Canada’s biggest banks are reporting their earnings for the fiscal year-end, covering the three months that ended Oct. 31.
Bank of Nova Scotia kicked off the year-end earnings season on Tuesday, followed by Royal Bank of Canada and National Bank of Canada on Wednesday. Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce will wrap up earnings week on Thursday.
Analysts predicted that Canada’s big banks would post a boost in earnings even as the U.S. trade war and economic uncertainty weigh on borrowing among consumers.
Analysts also predicted a growth in provisions for credit losses – the funds banks set aside to cover loans that may default – and higher fee-based income that would prop up profits after a year of strong financial markets and share price volatility.
Here’s a breakdown of the big banks’ fourth-quarter earnings so far.
Bank of Nova Scotia (Scotiabank)
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Scotiabank reported fourth-quarter earnings of $2.2-billion, or $1.65 per share, on Monday.Andrew Lahodynskyj/The Canadian Press
- Earnings Q4 2025: $2.2-billion ($1.65 per share)
- Earnings Q4 2024: $1.69-billion ($1.22 per share)
- Adjusted EPS: $1.93 per share
- Analysts’ expectations: $1.84 per share (adjusted)
- Dividend: $1.10 per share
Bank of Nova Scotia BNS-T reported higher fourth-quarter profit that beat analysts’ estimates as activity in capital markets and wealth management surged, offsetting a restructuring charge aimed at cutting costs.
Scotiabank earned $2.2-billion, or $1.65 per share, in the three months ended Oct. 31, compared with $1.69-billion, or $1.22 per share, in the same quarter last year.
Adjusted to exclude certain items, including a restructuring charge and severance provisions, the bank said it earned $1.93 per share. That edged out the $1.84 per share analysts expected, according to data from S&P Capital IQ.
The bank kept its quarterly dividend unchanged at $1.10 per share.
In the quarter, Scotiabank set aside $1.1-billion in provisions for credit losses and included $71-million against loans that are still being repaid, based on models that use economic forecasting to predict future losses.
In the same quarter last year, Scotiabank set aside $1.03-billion in provisions.
Total revenue rose 15 per cent in the quarter to $9.8-billion. But expenses increased 10 per cent to $5.8-billion, which the bank said was driven by higher personnel costs, technology and business development.
Royal Bank of Canada (RBC)
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Profit at RBC jumped 29 per cent year-over-year to $5.4-billion, or $3.76 per share, in the three months ended Oct. 31.Maria Collins/The Globe and Mail
- Earnings Q4 2025: $5.4-billion ($3.76 per share)
- Earnings Q4 2024: $4.2-billion ($2.91 per share)
- Adjusted EPS: $3.85 per share
- Analysts’ expectations: $3.55 per share (adjusted)
- Dividend: $1.64 per share
Royal Bank of Canada RY-T posted higher fourth-quarter profit that beat analysts’ estimates on a boost in capital markets and wealth management activity.
Profit at RBC jumped 29 per cent year-over-year to $5.4-billion, or $3.76 per share, in the three months ended Oct. 31.
Adjusted to exclude certain items, the bank said it earned $3.85 per share. That topped the $3.55 per share analysts expected, according to S&P Capital IQ.
The bank raised its quarterly dividend by 10 cents to $1.64 per share.
RBC also raised its target on return on equity – an industry metric that measures profitability – to 17 per cent or more after surpassing the 16-per-cent goal the bank set at its investor day in March.
In the quarter, RBC set aside $1-billion in provisions for credit losses. That included $984-million against loans that the bank believes may not be repaid, based on models that use economic forecasting to predict future losses.
In the same quarter last year, RBC set aside $640-million in provisions.
Total revenue climbed 14 per cent in the quarter to $17.2-billion. But expenses rose 4 per cent to $9.4-billion, which the bank said was driven by foreign exchange and higher market-driven share-based compensation.
National Bank of Canada
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National Bank of Canada reported strong fourth-quarter results on Wednesday.Paul Chiasson/The Canadian Press
- Earnings Q4 2025: $1.1-billion ($2.57 per share)
- Earnings Q4 2024: $955-million ($2.66 per share)
- Adjusted EPS: $2.82 per share
- Analysts’ expectations: $2.62 per share (adjusted)
- Dividend: $1.24 per share
National Bank of Canada NA-T reported a jump in fourth-quarter profit that topped analysts’ estimates on a spike in capital markets and wealth management earnings, even as the lender booked costs related its acquisition of Canadian Western Bank.
National Bank’s profit rose 11 per cent to $1.1-billion, or $2.57 per share, from a year prior in the three months ended Oct. 31.
Adjusted to exclude certain items, including acquisition and integration charges related to the lender’s takeover of CWB, the bank said it earned $2.82 per share. That edged out the $2.62 per share analysts expected, according to S&P Capital IQ.
The bank raised its quarterly dividend by 6 cents to $1.24 per share.
On Tuesday, National said that it will purchase Laurentian Bank of Canada’s retail and small-and-medium-sized enterprises banking books, as well as its syndicated loan portfolio. Fairstone Bank of Canada will acquire all common shares of Laurentian at $40.50 per share, a premium of 20 per cent over the price of the stock’s close on Monday.
In the quarter, National Bank set aside $244-million in provisions for credit losses. That included $211-million against loans that the bank believes may not be repaid, based on models that use economic forecasting to predict future losses.
In the same quarter last year, National Bank had set aside $162-million in provisions.
Total revenue rose 26 per cent in the quarter to $3.7-billion. But expenses increased 31 per cent to $2.1-billion, which the bank said was driven by the integration of CWB and higher compensation costs.
Toronto-Dominion Bank (TD Bank)
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TD Bank expects to take a final charge of $125-million related to its anti-money-laundering remediation efforts in the first quarter of 2026.Spencer Colby/The Canadian Press
- Earnings Q4 2025: $3.3-billion ($1.82 per share)
- Earnings Q4 2024: $3.6-billion ($1.97 per share)
- Adjusted EPS: $2.18 per share
- Analysts’ expectations: $2.01 per share (adjusted)
- Dividend: $1.08 per share
Toronto-Dominion Bank TD-T booked fourth-quarter earnings that topped analysts’ estimates as the lender posted a boost in capital markets activity and continued to adjust its U.S. business.
TD’s profit slumped 10 per cent to $3.3-billion, or $1.82 per share, in the three months ended Oct. 31. Adjusted to exclude certain items, including restructuring costs, the bank said profit rose 22 per cent and it earned $2.18 per share. That beat the $2.01 per share analysts expected, according to S&P Capital IQ.
The bank increased its quarterly dividend to $1.08 per share, up from $1.05 per share.
TD reached its 10-per-cent asset-reduction target as part of its U.S. balance sheet restructuring efforts, which included selling loans to stay under the regulatory asset cap levied on its U.S. retail bank. As of Oct. 31, the total assets in its U.S. business were US$382-billion, well under the US$434-billion asset cap levied by regulators.
In October, The Globe and Mail reported that TD was laying off staff and staggering its four-day return-to-office mandate as the lender cut costs to address remediation efforts stemming from its anti-money-laundering failings.
The bank took a restructuring charge of $190-million in the quarter, and expects to complete the program with a final charge of $125-million in first quarter of 2026.
Expenses rose 9 per cent to $8.8-billion, which the bank said was driven by higher employee-related expenses, as well as governance and control investments related to the bank’s anti-money-laundering remediation efforts.
Bank of Montreal (BMO)
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BMO is the fifth major Canadian bank to report earnings that topped profit estimates for the fiscal fourth quarter.Chris Wattie/Reuters
- Earnings Q4 2025: $2.3-billion ($2.97 per share)
- Earnings Q4 2024: $2.3-billion ($2.94 per share)
- Adjusted EPS: $3.28 per share
- Analysts’ expectations: $3.03 per share (adjusted)
- Dividend: $1.67 per share
Bank of Montreal BMO-T reported fourth-quarter profit that beat analysts’ estimates and the bank raised its quarterly dividend as strong earnings from capital markets, rebounding U.S. profit and lower loan-loss reserves helped its results.
Toronto-based BMO reported profit of $2.3-billion, which was roughly unchanged from the prior year, when the bank benefitted from the reversal of a legal provision.
BMO earned $2.97 per share, up 1 per cent from $2.94 per share a year ago.
After adjusting to exclude one-time items, including the impact of the legal provision and the sale of some BMO branches in the U.S., the bank said profit increased 63 per cent year-over-year to $2.51-billion.
Adjusted earnings per share of $3.28 beat the consensus estimate among analysts, who expected earnings of $3.03 per share, according to S&P Capital IQ.
The bank raised its quarterly dividend by 4 cents, or 2 per cent, to $1.67 per share.
BMO earmarked $755-million in the quarter in provisions for credit losses, down from $1.52-billion a year ago.
Analysts have been expecting BMO’s loan-loss provisions to come down to levels more in line with its historical average. The bank took $750-million in provisions on loans that are past due, and only $5-million against those that are still being repaid, as its forecast for the economy improved.
Investors are also watching for signs of a rebound in BMO’s portfolio of U.S. loans, where the bank has been reworking its balance sheet. Loan balances fell 2 per cent in the quarter, compared with a year earlier, and deposits were down 5 per cent.
BMO also announced Thursday that is has appointed Tammy Brown to its board of directors. Ms. Brown is a former partner and industry leader at KPMG Canada, and was deputy chair of KPMG Canada’s board.
Canadian Imperial Bank of Commerce (CIBC)
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CIBC topped analysts’ estimates on stronger demand in its capital markets and U.S. commercial and wealth management units.Fred Lum/The Globe and Mail
- Earnings Q4 2025: $2.2-billion ($2.20 per share)
- Earnings Q4 2024 $1.8-billion ($1.90 per share)
- Adjusted EPS: $2.21 per share
- Analysts’ expectations: $2.08 per share (adjusted)
- Dividend: $1.07 per share
Canadian Imperial Bank of Commerce CM-T booked a boost in fourth-quarter profit that topped analysts’ estimates on stronger demand in its capital markets and U.S. commercial and wealth management units.
CIBC’s profit climbed 16 per cent to $2.2-billion from the same period a year earlier, or $2.20 per share, in the three months that ended Oct. 31.
Adjusted to exclude certain items, the bank said it earned $2.21 per share. That beat the $2.08 per share analysts expected, according to S&P Capital IQ.
The bank raised its quarterly dividend by 10 cents to $1.07 per share.
In the quarter, CIBC set aside $605-million in provisions for credit losses.
That’s a 44-per-cent increase from the same quarter last year and included $497-million against loans that are still being repaid, based on models that use economic forecasting to predict future losses. The bank said the increase in impaired loans was driven by an uptick in souring loans across all businesses, except U.S. commercial banking and wealth management.
Total revenue rose 14 per cent in the quarter to $7.6-billion and expenses increased 10 per cent to $4.2-billion, which the bank said was driven by higher employee-related costs, technology and investments.
