TORONTO – Despite concerns that the sluggish economy, tapped out borrowers and low interest rates could dampen the profitability of Canadian banks, the country’s six biggest lenders earned a combined $34.88 billion in profits over the past year. That’s an increase of nearly five per cent and greater than the GDP of Newfoundland and Labrador.
Here are some other facts about the banks’ annual results, released this week:
— Royal Bank of Canada reported $10.03 billion in profits in 2015, up 11 per cent from last year. CEO Dave McKay said it’s the first time a Canadian company has crossed the $10-billion mark.
— Toronto-Dominion Bank saw its annual net income grow by just under two per cent to $8.02 billion.
— Scotiabank recorded $7.21 billion of profits, down roughly one per cent from fiscal 2014.
— Bank of Montreal boosted its annual net income by nearly two per cent to $4.41 billion.
— CIBC saw $3.59 billion of profit, up more than 11 per cent from last year.
— National Bank increased its annual profits by five per cent to $1.62 billion.