Bank earnings announcements season ended this week with Canada’s major banks announcing more than $5B in profits in Q1 2010. Main drivers were less losses on loans as the economy recovers, along with personal loans and mortgages.
This is great news for shareholders, but probably not so great for mortgage shoppers, as highlights our story earlier this week about how Canadian’s lender loyalty could be costing them thousands of dollars over the years. TD was so happy with the results, that they’re giving their employees an extra day off next week!
Here is a breakdown of the bank profits:
| Bank earnings – Q1 2010 | ||
|---|---|---|
| Bank | Q1 profit | Change from year ago |
 |
$988 million | +17% |
 |
$652 million | +343% |
 |
$657 million | +192% |
 |
$215 million | +211% |
 |
$1.5 billion | +35% |
 |
$1.29 billion | +98% |
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