🍁 Snapshot of Big Six Banks' Q2 2026 Earnings
All six major banks reported Q2 2026 earnings in the final week of May.
The Big Six beat analyst expectations across the board, with five raising their dividends and CIBC holding steady. Combined, they now have over $1 trillion in market capitalization and $9.28 trillion in assets.
We analyze their performance quarterly, annually, and over the past decade:
1️⃣ RBC Remains the Leader
- RBC led the Big Six in Q2 2026 net income, revenue, assets, net loans, deposits, and market cap.
- Reported net income reached $5.5B, up 25% year-over-year and 114% over the past decade.
- RBC's balance sheet continued to expand, with deposits up 9.3% YoY and net loans and acceptances up 7.0% YoY.
2️⃣ TD: Still Huge, But With a Tough YoY
- TD posted $4.3B in reported net income, up 5.1% from Q1 2026 but down 62% from Q2 2025.
- Revenue was $15.8B, down 31% YoY on a reported basis, while total assets were broadly stable at $2.09T.
- Over 10 years, TD still shows major growth: net income up 107%, revenue up 91%, and deposits up 93%.
3️⃣ Scotiabank: Steady Quarter, Highest Yield
- Scotiabank reported $2.6B in net income, up 15% quarterly and 30% annually.
- Revenue increased 8.3% YoY to $9.8B, while assets rose 7.5% YoY to $1.52T.
- It had the highest dividend yield among the Big Six at 4.1%.
4️⃣ CIBC: Strong Decade-Long Growth
- CIBC's reported net income was $2.5B, down 21% from Q1 2026 but up 23% YoY.
- Revenue reached $8.0B, up 14% YoY and 121% over the past 10 years.
5️⃣ BMO: Strong Profit Growth
- BMO delivered $2.6B in reported net income, up 5.7% QoQ and 34% YoY.
- Revenue rose 10% YoY to $9.6B, while assets increased 4.1% YoY to $1.5T.
- Over the decade, BMO's reported net income rose 170%, the second-highest 10-year income growth rate among the Big Six.
6️⃣ National Bank: Smallest, But Fastest-Growing
- National Bank remained the smallest of the Big Six by revenue, assets, deposits, and market cap, but posted the fastest 10-year growth.
- Reported net income rose 488% over the past decade, while revenue increased 160%.
- Deposits climbed 246% over 10 years, helped by the Canadian Western Bank acquisition and continued balance sheet expansion.
📈 Big Six Combined: 10-Year Growth
- Market cap up 164%
- Net income up 125%
- Deposits up 105%
- Assets up 104%
- Net loans up 88%
- Revenue up 87%
From Q2 2016 to Q2 2026, the Big Six banks more than doubled their combined net income, deposits, assets, and market value, showing how much larger Canada's banking system has become over the past decade.
YoY: Year-over-Year. QoQ: Quarter-over-Quarter. All values in Canadian dollars.
Aggregated Performance of Big 6 Banks
| Metric | Q2 2026 | Q2 2016 | 10-Year % Change |
|---|---|---|---|
| Net Income | $18.7B | $8.3B | +125% |
| Revenue | $64.6B | $34.6B | +87% |
| Assets | $9,281B | $4,550B | +104% |
| Net Loans* | $4,393B | $2,332B | +88% |
| Deposits | $6,318B | $3,076B | +105% |
| Market Cap | $1,073.3B | $406.3B | +164% |
*Net Loans and Acceptances, except for TD, which uses Net Loans only
RBC Highlights Q2 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $5.5B | -4.8% | +25% | +114% |
| Revenue | $17.5B | -2.8% | +11% | +83% |
| Total Assets | $2,396B | +2.3% | +6.9% | +108% |
| Net Loans and Acceptances | $1,078B | +2.2% | +7.0% | +107% |
| Total Deposits | $1,582B | +2.6% | +9.3% | +113% |
Source: RBC Financial Reports
TD Highlights Q2 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $4.3B | +5.1% | -62% | +107% |
| Revenue | $15.8B | -4.8% | -31% | +91% |
| Total Assets | $2,085B | -0.7% | +1.0% | +85% |
| Net Loans | $964B | +0.6% | +3.0% | +74% |
| Total Deposits | $1,505B | -0.5% | +1.0% | +93% |
Source: TD Financial Reports
BMO Highlights Q2 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.6B | +5.7% | +34% | +170% |
| Revenue | $9.6B | -2.6% | +10% | +88% |
| Total Assets | $1,500B | +2.8% | +4.1% | +120% |
| Net Loans and Acceptances | $680B | +1.6% | +0.6% | +92% |
| Total Deposits | $967B | +1.3% | +0.9% | +117% |
Source: BMO Financial Reports
CIBC Highlights Q2 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.5B | -21% | +23% | +162% |
| Revenue | $8.0B | -4.7% | +14% | +121% |
| Total Assets | $1,161B | +2.5% | +6.5% | +143% |
| Net Loans and Acceptances | $601B | +1.4% | +5.1% | +98% |
| Total Deposits | $833B | +2.1% | +6.1% | +126% |
Source: CIBC Financial Reports
Scotiabank Highlights Q2 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.6B | +15% | +30% | +66% |
| Revenue | $9.8B | +2.0% | +8.3% | +49% |
| Total Assets | $1,522B | +3.1% | +7.5% | +70% |
| Net Loans and Acceptances | $758B | +0.3% | +0.1% | +59% |
| Total Deposits | $981B | +1.0% | +3.8% | +61% |
Source: Scotiabank Financial Reports
National Bank Highlights Q2 2026 Earnings
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $1.2B | -1.6% | +38% | +488% |
| Revenue | $3.9B | +0.4% | +7.0% | +160% |
| Total Assets | $618B | +2.0% | +15% | +180% |
| Net Loans and Acceptances | $312B | +2.6% | +9.2% | +155% |
| Total Deposits | $451B | +1.1% | +16% | +246% |
Source: National Bank Financial Reports
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