same ole…same ole…

Canada’s big six banks : Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada, Bank of Nova Sc0tia, Bank of Montreal & Canadian Imperial Bank of Commerce, raked up a total $13.9 billion in profit in the first quarter of fiscal 2021, which ended Jan. 31, up some 14 per cent from the same period a year earlier, before pandemic lockdowns had begun.

Each of the Big Six saw their profits rise, led by CIBC (up 34 per cent) and Bank of Montreal (up 27 per cent).

Much of that increase came from trading ― thanks to a booming stock market ― and from much lower provisions for loan losses. Retail banking ― the part of banks’ business that deals with regular consumersshowed little growth over the year.