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The country’s six largest lenders released their first-quarter earnings of 2026 this week.Andrew Lahodynskyj/The Canadian Press
Canada’s biggest banks reported their first-quarter earnings this week, covering the three months that ended Jan. 31.
Bank of Nova Scotia kicked off the first-quarter earnings season on Tuesday, followed by Bank of Montreal and National Bank of Canada on Wednesday. Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce closed out the week on Thursday.
All six banks posted higher profit that beat analysts’ estimates. Analysts broadly expected profits to rise in the first quarter as the lenders continue to shrug off concerns over the U.S. trade war, and provisions for credit losses – the money banks set aside to cover sour loans – to edge higher slightly.
Here’s a breakdown of the big banks’ first-quarter results.
Bank of Nova Scotia (Scotiabank)
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Bank of Nova Scotia reported first-quarter profits that topped analysts’ estimates, earning $2.29-billion, or $1.73 per share, in the three months that ended Jan. 31.Dado Ruvic/Reuters
- Earnings Q1 2026: $2.29-billion ($1.73 per share)
- Earnings Q1 2025: $993-million ($0.66 per share)
- Adjusted EPS: $2.05 per share
- Analysts’ expectations: $1.95 per share (adjusted)
- Dividend: $1.10 per share
Bank of Nova Scotia BNS-T reported first-quarter earnings that topped analysts’ estimates as profit rose across its businesses, shrugging off concerns of tepid loan growth and tariffs.
Scotiabank earned $2.29-billion, or $1.73 per share, in the three months that ended Jan. 31. That compared with $993-million, or $0.66 per share, in the same quarter last year, which included an impairment loss of $1.36-billion on the sale of banking operations in Colombia, Costa Rica and Panama.
Adjusted to exclude certain items, the bank said it earned $2.05 per share. That beat the $1.95 per share analysts expected, according to data from S&P Capital IQ.
In the quarter, Scotiabank set aside $1.18-billion in provisions for credit losses. That was slightly higher than the same quarter last year and included $73-million against loans that are still being repaid, based on models that use economic forecasting to predict future losses.
Total revenue rose 3 per cent in the quarter to $9.65-billion while expenses fell 18 per cent to $5.29-billion.
Meanwhile, Bank of Nova Scotia chief executive officer Scott Thomson says the violence in Mexico – a key market for the lender – is stabilizing and the bank’s operations have not been affected by the upheaval triggered by the killing of a drug cartel boss.
Bank of Montreal (BMO)
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Bank of Montreal booked $2.49-billion of profit in its first quarter and is targeting a 15% return-on-equity.Andrew Vaughan/The Canadian Press
- Earnings Q1 2026: $2.49-billion ($3.39 per share)
- Earnings Q1 2025: $2.14-billion ($2.83 per share)
- Adjusted EPS: $3.48 per share
- Analysts’ expectations: $3.21 per share (adjusted)
- Dividend: $1.67 per share
Bank of Montreal BMO-T reported higher first-quarter profit that beat analysts’ estimates on stronger earning across its businesses as the lender attempts to boost its profitability.
BMO earned $2.49-billion, or $3.39 per share, in the three months that ended Jan. 31. That compared with $2.14-billion, or $2.83 per share, in the same quarter last year.
Adjusted to exclude certain items, the bank said it earned $3.48 per share. That topped the $3.21 per share analysts expected, according data from S&P Capital IQ.
BMO has been rejigging its U.S. operations and committed to improving the bank’s profitability, targeting a 15-per-cent return-on-equity. In the first quarter, the lender posted a return-on-equity of 12.4 per cent.
In the quarter, BMO set aside $746-million in provisions for credit losses. In the same quarter last year, BMO reserved $1.01-billion in provisions.
Total revenue rose 6 per cent in the quarter to $9.82-billion while expenses increased 6 per cent to $5.75-billion, which the bank said was in part driven by higher performance-based compensation and severance costs.
National Bank of Canada
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National Bank of Canada reported first-quarter profit of $1.25-billion, up from $997-million the year before.Ryan Remiorz/The Canadian Press
- Earnings Q1 2026: $1.25-billion ($3.08 per share)
- Earnings Q1 2025: $997-million ($2.78 per share)
- Adjusted EPS: $3.25 per share
- Analysts’ expectations: $2.99 per share (adjusted)
- Dividend: $1.24 per share
National Bank of Canada NA-T reported a jump in first-quarter profit that topped analysts’ expectations, bolstered by the lender’s takeover of Canadian Western Bank.
National Bank earned $1.25-billion, or $3.08 per share, in the three months that ended Jan. 31. That compared with $997-million, or $2.78 per share, in the same quarter last year.
Adjusted to exclude certain items, including costs related to the acquisition of CWB, the bank said it earned $3.25 per share. That beat analysts’ estimates of $2.99, according to data from S&P Capital IQ.
The bank also said it is boosting the number of shares it is buying back, increasing its repurchase plan to 14.5 million shares, up from its previous announcement of 8 million shares. To date, it has bought back 6.4 million shares.
In the quarter, National Bank set aside $244-million in provisions for credit losses. That included $215-million against loans 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 reserved $254-million in provisions.
Total revenue rose 22 per cent in the quarter to $3.89-billion while expenses increased 22 per cent to $2.01-billion, which the bank said was driven by the CWB takeover and higher variable compensation, salaries and benefits.
Royal Bank of Canada (RBC)
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Royal Bank of Canada reported higher first-quarter profit and topped analysts’ estimates.Maria Collins/The Globe and Mail
- Earnings Q1 2026: $5.8-billion ($4.03 per share)
- Earnings Q1 2025: $5.13-billion ($3.54 per share)
- Adjusted EPS: $4.08 per share
- Analysts’ expectations: $3.84 per share (adjusted)
- Dividend: $1.64 per share
Royal Bank of Canada RY-T posted reported higher first-quarter profit and topped analysts’ estimates, bolstered by a jump in earnings in personal banking and wealth management.
RBC profit climbed 13 per cent to $5.8-billion, or 4.03 per share, in the three months that ended Jan. 31. Adjusted to exclude certain items, the bank said it earned $4.08 per share, beating the $3.84 per share analysts expected, according to Refinitiv.
In the quarter, RBC set aside $1.09-billion in provisions for credit losses. That included $1.07-billion against loans that are still being repaid, based on models that use economic forecasting to predict future losses. In the same quarter last year, RBC reserved $1.05-billion in provisions.
Total revenue rose 7 per cent in the quarter to $17.96-billion and expenses increased 2 per cent to $9.46-billion, which the bank said was driven by higher compensation and other staff-related costs.
Canadian Imperial Bank of Commerce (CIBC)
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Pedestrians walk past the large CIBC sign outside CIBC Square on Bay St. in Toronto. CIBC made $3.1-billion in the first quarter of its fiscal year, or $3.21 per share.Fred Lum/The Globe and Mail
- Earnings Q1 2026: $3.1-billion ($3.21 per share)
- Earnings Q1 2025 $2.17-billion ($2.19 per share)
- Adjusted EPS: $2.76 per share
- Analysts’ expectations: $2.40 per share (adjusted)
- Dividend: $1.07 per share
Canadian Imperial Bank of Commerce CM-T added its name to the list of Big Six lenders that beat investor expectations with solid first-quarter results across multiple divisions.
The bank made $3.1-billion in the first quarter of its fiscal year, or $3.21 per share. After adjusting for one-time items, including a $422-million boost from an income tax gain, the bank made $2.7-billion, or $2.76 per share. Analysts expected adjusted earnings of $2.40 per share.
During the first quarter, profit from Canadian personal and business banking, which delivers the largest share of CIBC’s net income, jumped 25 per cent from the same period one year ago to $960-million. Capital markets, the second-largest contributor, also delivered a strong quarter, with profit climbing 42 per cent higher to $877-millilon from the same period one year ago.
Earnings from Canadian commercial banking and wealth management rose 9 per cent year-over year, while profit from U.S. commercial banking and wealth management rose 19 per cent over the same period.
The reporting period covers the first quarter of chief executive officer Harry Culham’s era. He assumed the role on Nov. 1.
Toronto-Dominion Bank (TD Bank)
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A person makes their way past a Toronto-Dominion Bank in the Financial District of Toronto. The bank reported a jump in first-quarter profit that topped analysts’ estimates.Spencer Colby/The Canadian Press
- Earnings Q1 2026: $4.04-billion ($2.34 per share)
- Earnings Q1 2025: $2.79-billion ($1.55 per share)
- Adjusted EPS: $2.44 per share
- Analysts’ expectations: $2.26 per share (adjusted)
- Dividend: $1.08 per share
Toronto-Dominion Bank TD-T reported a jump in first-quarter profit that topped analysts’ estimates on stronger performance across its businesses.
TD’s profit climbed 45 per cent to $4.04-billion, or $2.34 per share, in the three months that ended Jan. 31. Adjusted to exclude certain items, including restructuring charges, the bank said it earned $2.44 per share, topping the $2.26 per share analysts expected, according to S&P Capital IQ.
As TD cuts costs to address remediation efforts tied to its past anti-money-laundering failings, the bank took a final restructuring charge of $200-million pre-tax in the quarter. In the fourth quarter of last year, it said it expected to book a final $125-million charge in the first quarter of 2026.
The cuts include winding down certain businesses and reducing its real-estate footprint. In December, the bank said the restructuring would also include a 3-per-cent work-force reduction – an increase from the 2-per-cent cut it previously announced in May.
In the quarter, TD set aside $1.04-billion in provisions for credit losses. That included $1.16-billion against loans that are still being repaid, based on models that use economic forecasting to predict future losses. In the same quarter last year, TD reserved $1.21-billion in provisions.
Total revenue climbed 18 per cent in the quarter to $16.56-billion and expenses increased 8 per cent to $8.75-billion, which the bank said was driven by restructuring charges, investments in its anti-money laundering remediation efforts and employee-related expenses.
