🍁 Snapshot of Big Six Banks' Q1 2026 Earnings
The Big Six banks continue to surprise by beating earnings expectations.
All six banks reported Q1 earnings in the last week of February. We analyzed their key metrics, including revenue, net income, deposits, and loans.
📊 Key Insights
1️⃣ RBC Keeps Leading
- Net income, revenue, net loans, and deposits all increased quarterly, annually, and over the decade.
- Pre-tax earnings pushed to record high due to net interest income growth and Canadian Banking and Wealth Management fee momentum.
- Steady growth in the balance sheet with assets increasing 6.9% in a year while annual net income growth of 13% is weakest among the Big Six.
2️⃣ TD: Strong Rebound
- Net income soared 23% quarterly and 45% annually after poor performance in previous quarters.
- PCLs declined by $173M, to $1.039B in Q1 2026.
- $200M in pre-tax restructuring charges (above its $125M guidance), expected to generate ~$775M in annual savings.
3️⃣ BMO: Increased Income
- BMO delivered record revenue across all operating segments.
- $202M in pre-tax severance charges due to headcount reduction in order to improve operational efficiency.
- Large share repurchase program with 6.0 million common shares repurchased in Q1 2026.
4️⃣ Scotiabank: Mixed Signals
- Highest annual net income growth among the Big Six amid low revenue growth. Revenue growth was slow as the bank divested some of its Latin American operations during the quarter.
- Net interest margin rose 22 bps to 2.45% in one year, driven by lower funding costs and improved earning asset margins.
- The reported efficiency ratio improved from 69.3% to 54.9% in one year due to operational efficiency improvement.
5️⃣ CIBC: Record Capital Market Performance
- Record capital markets performance. Capital Markets earned $877M (+42% YoY) — its best quarter ever.
- Canadian Personal & Business Banking also showed strong income growth due to improving net interest margins and loan growth.
- Credit quality remains steady with an increase in Net Write Offs and Allowance for Credit Losses, but a slight decrease in Provision for Credit Losses.
6️⃣ National Bank: Aggressive Expansion
- Net income, revenue, net loans, and deposits all soared this year due to the closing of the Canadian Western Bank acquisition.
- The fastest growing bank among the big 6, with total assets increasing by 176% and net income by 381% in the past 10 years.
📈 Big Six Combined: 10-Year Growth
- Market cap up 159%
- Net income up 116%
- Deposits up 95%
- Net Loans up 83%
- Money supply (M2) in Canada also increased ~100% over the same period.
Aggregated Performance of Big 6 Banks
| Metric | Q1 2026 | Q1 2016 | 10-Year % Change |
|---|---|---|---|
| Net Income | $19.0B | $8.8B | +116% |
| Revenue | $66.3B | $34.3B | +93% |
| Assets | $9,112B | $4,690B | +94% |
| Net Loans* | $4,329B | $2,360B | +83% |
| Deposits | $6,241.0B | $3,201.3B | +95% |
| Market Cap | $964.6B | $373.1B | +159% |
TD Highlights Q1 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $4.0B | +23% | +45% | +82% |
| Revenue | $16.6B | +7.0% | +18% | +93% |
| Total Assets | $2,099B | +0.2% | +0.3% | +79% |
| Net Loans | $958B | +0.6% | -0.7% | +69% |
| Total Deposits | $1,512B | +0.7% | -1.0% | +84% |
Source: TD Financial Reports
RBC Highlights Q1 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $5.8B | +6.5% | +13% | +136% |
| Revenue | $18.0B | +4.4% | +7.3% | +92% |
| Total Assets | $2,342B | +0.7% | +6.9% | +95% |
| Net Loans and Acceptances | $1,055B | +1.2% | +4.8% | +99% |
| Total Deposits | $1,542B | +1.8% | +7.0% | +100% |
Source: RBC Financial Reports
Scotiabank Highlights Q1 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.3B | +4.2% | +132% | +27% |
| Revenue | $9.6B | -1.6% | +2.9% | +52% |
| Total Assets | $1,476B | +1.1% | +2.6% | +61% |
| Net Loans and Acceptances | $756B | -2.0% | -1.4% | +55% |
| Total Deposits | $972B | +0.6% | +0.6% | +54% |
Source: Scotiabank Financial Reports
CIBC Highlights Q1 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $3.1B | +42% | +43% | +216% |
| Revenue | $8.4B | +11% | +15% | +134% |
| Total Assets | $1,133B | +1.4% | +4.6% | +136% |
| Net Loans and Acceptances | $592B | +0.5% | +4.3% | +97% |
| Total Deposits | $816B | +1.0% | +4.3% | +116% |
Source: CIBC Financial Reports
BMO Highlights Q1 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.5B | +8.5% | +16% | +133% |
| Revenue | $9.8B | +5.2% | +6.0% | +94% |
| Total Assets | $1,458B | -1.3% | -0.7% | +109% |
| Net Loans and Acceptances | $669B | -1.3% | -2.9% | +88% |
| Total Deposits | $955B | -2.2% | -4.2% | +103% |
Source: BMO Financial Reports
National Bank Highlights Q1 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $1.3B | +18% | +26% | +381% |
| Revenue | $3.9B | +5.3% | +22% | +190% |
| Total Assets | $605.9B | +5.0% | +25% | +176% |
| Net Loans and Acceptances | $304.1B | +0.5% | +23% | +153% |
| Total Deposits | $445.9B | +4.2% | +27% | +240% |
Source: National Bank Financial Reports
Follow us on social media for more posts
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.