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Canada’s big five banks earn combined $5.09B in Q1
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Canada’s five biggest banks saw their profits soar in the first quarter of 2010, compared to a year before when the recession battered away at earnings.
The banks earned a combined $5.09 billion in the three months ended January 31, compared to $2.97 billion in 2009.
Scotiabank was the final bank to report earnings, posting a 17 per cent rise in profit to $988 million and beating analyst estimates.
Scotiabank, Bank of Montreal, TD Bank, and CIBC all came out with profits higher than Bay Street had expected, with Royal Bank the sole exception even though it posted the biggest single earnings at $1.5 billion.
