🍁 Snapshot of Big Six Banks' Q3 2026 Earnings
Canada's Big Six Banks wrapped up Q3 2026 earnings this week. Excluding BMO, every other bank grew reported net income year-over-year (YoY), and all six posted YoY revenue growth while beating earnings per share (EPS) expectations.
Combined, they generated $19.1B in quarterly net income and $68.3B in revenue, with $9.51T in assets and $6.50T in deposits.
We analyze their performance quarterly (QoQ), annually (YoY), and over the past decade:
1️⃣ RBC Remains the Leader
- Reported net income reached $6.0B, up 9.3% QoQ and 11.3% YoY, while revenue rose 9.1% YoY to $18.5B.
- Over the past decade, RBC's net income increased 108%, net loans and acceptances 110%, and deposits 118%.
2️⃣ TD: Strong Profit Growth
- TD reported $4.6B in net income, up 38% YoY and 8.6% QoQ, while revenue reached $16.9B (+10% YoY).
- Over 10 years, TD's reported net income increased 96%, revenue 94%, and deposits 82%.
3️⃣ Scotiabank: Strong Growth Across Business Lines
- Scotiabank reported $3.0B in net income, up 17% YoY and 12% QoQ, while revenue increased 11% YoY to $10.5B.
- Global Wealth Management and Global Banking and Markets both delivered record earnings, and Scotiabank led the Big Six with the highest dividend yield, at 3.5%.
4️⃣ CIBC: Broad-Based Growth
- CIBC's reported net income was $2.4B, up 15% YoY despite declining 2.3% QoQ. Adjusted net income increased 26% YoY to $2.65B. Revenue rose 15% YoY to $8.4B.
- Over the past decade, CIBC's revenue has more than doubled (+102%), while assets increased 138% and deposits 119%.
5️⃣ BMO: Strong Underlying Earnings Despite Divestiture Charge
- BMO's reported net income fell 25% YoY to $1.75B, largely due to a roughly $1.1B charge related to planned business divestitures. Adjusted net income instead increased 19% YoY to $2.86B.
- Revenue grew 10% YoY to $9.9B.
- Over 10 years, BMO's assets increased 122%, deposits 118%, and net loans and acceptances 92%.
6️⃣ National Bank: Smallest, But Still the Fastest-Growing
- The smallest of the Big Six by size, National Bank posted $1.3B in net income, up 23% YoY, with revenue up 18% YoY to $4.1B.
- National Bank led the Big Six in 10-year growth across most metrics.
📈 Big Six Combined: 10-Year Growth
- Market cap up 202%
- Assets up 102%
- Net loans up 89%
- Net income up 84%
- Revenue up 84%
- Deposits up 102%
YoY: Year-over-Year. QoQ: Quarter-over-Quarter. All values in Canadian dollars.
Aggregated Performance of Big 6 Banks
| Metric | Q3 2026 | Q3 2016 | 10-Year % Change |
|---|---|---|---|
| Net Income | $19.1B | $10.4B | +84% |
| Revenue | $68.3B | $37.0B | +84% |
| Assets | $9,511B | $4,704B | +102% |
| Net Loans* | $4,504B | $2,386B | +89% |
| Deposits | $6,502B | $3,216B | +102% |
| Market Cap | $1,244B | $412B | +202% |
*Net Loans and Acceptances, except for TD, which uses Net Loans only
RBC Highlights Q3 2026 Earnings
Adj. earnings/share: $4.28 vs. $4.07 expected
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $6.0B | +9.3% | +11.3% | +108% |
| Revenue | $18.5B | +6.2% | +9.1% | +79% |
| Total Assets | $2,499B | +4.3% | +12.2% | +108% |
| Net Loans and Acceptances | $1,109B | +2.9% | +8.1% | +110% |
| Total Deposits | $1,645B | +4.0% | +11.0% | +118% |
| Provision for Credit Losses (PCL) | $1.0B | +9.6% | +13.5% | +215% |
Source: RBC Financial Reports
TD Highlights Q3 2026 Earnings
Adj. earnings/share: $2.77 vs. $2.47 expected
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $4.6B | +8.6% | +38% | +96% |
| Revenue | $16.9B | +6.9% | +10% | +94% |
| Total Assets | $2,112B | +1.3% | +3.8% | +79% |
| Net Loans | $991B | +2.8% | +5.9% | +73% |
| Total Deposits | $1,517B | +0.8% | +2.2% | +82% |
| Provision for Credit Losses (PCL) | $0.9B | -8.4% | -5.6% | +65% |
Source: TD Financial Reports
Scotiabank Highlights Q3 2026 Earnings
Adj. earnings/share: $2.28 vs. $2.10 expected
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $3.0B | +12% | +17% | +51% |
| Revenue | $10.5B | +7.1% | +11% | +59% |
| Total Assets | $1,548B | +1.8% | +9.4% | +71% |
| Net Loans and Acceptances | $771B | +1.7% | +1.2% | +60% |
| Total Deposits | $1,006B | +2.5% | +6.2% | +59% |
| Provision for Credit Losses (PCL) | $1.1B | -11.3% | +3.7% | +89% |
Source: Scotiabank Financial Reports
CIBC Highlights Q3 2026 Earnings
Adj. earnings/share: $2.73 vs. $2.53 expected
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $2.4B | -2.3% | +15% | +67% |
| Revenue | $8.4B | +4.5% | +15% | +102% |
| Total Assets | $1,178B | +1.5% | +6.9% | +138% |
| Net Loans and Acceptances | $611B | +1.7% | +5.1% | +96% |
| Total Deposits | $852B | +2.3% | +7.5% | +119% |
| Provision for Credit Losses (PCL) | $0.6B | -6.8% | +0.9% | +132% |
Source: CIBC Financial Reports
BMO Highlights Q3 2026 Earnings
Adj. earnings/share: $3.96 vs. $3.74 expected
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $1.8B | -34% | -25% | +41% |
| Revenue | $9.9B | +3.4% | +10% | +76% |
| Total Assets | $1,539B | +2.6% | +7.5% | +122% |
| Net Loans and Acceptances | $698B | +2.6% | +3.0% | +92% |
| Total Deposits | $1,018B | +5.3% | +6.5% | +118% |
| Provision for Credit Losses (PCL) | $0.7B | -2.3% | -9.4% | +192% |
Note: Reported net income reflects a ~$1.1B charge related to planned business divestitures; adjusted net income rose 19% YoY to $2.86B.
Source: BMO Financial Reports
National Bank Highlights Q3 2026 Earnings
Adj. earnings/share: $3.39 vs. $3.21 expected
| Metric | Amount | Quarterly Change | Annual Change | 10-Year Change |
|---|---|---|---|---|
| Reported Net Income | $1.3B | +5.9% | +23% | +173% |
| Revenue | $4.1B | +3.7% | +18% | +160% |
| Total Assets | $635B | +2.8% | +15% | +176% |
| Net Loans and Acceptances | $325B | +4.0% | +11% | +157% |
| Total Deposits | $465B | +3.1% | +16% | +230% |
| Provision for Credit Losses (PCL) | $0.2B | +5.6% | +21.2% | +447% |
Source: National Bank Financial Reports
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