In the first week of December 2025, Canada’s Big Six banks wrapped up their fiscal year with results for the quarter ended October 31.After a volatile yet rewarding year in financial markets, analysts expected strong earnings across the group despite pressure from the U.S. trade war and softer consumer borrowing, along with higher provisions for credit losses and rising fee-based income. Below is a high level look at how each of the big banks performed in the fourth quarter.
Portfolio Holdings
Royal Bank of Canada (RY)
- EPS: $3.85 reported vs analysts estimate of $3.55
RBC delivered a strong finish to the year, with fourth quarter profit rising 29% to $5.4 billion, driven by solid momentum in capital markets and wealth management. Adjusted earnings of $3.85 per share exceeded the $3.55 analysts expected, and the bank boosted its quarterly dividend by 10 cents to $1.64. RBC also raised its return on equity target to 17% or more after surpassing its prior 16% goal. Revenue climbed 14% to $17.2 billion, while expenses increased 4% to $9.4 billion. Provisions for credit losses rose to $1 billion, including $984 million set aside for loans that may not be repaid, compared with $640 million a year earlier.
Toronto-Dominion Bank/The (TD)
- EPS: $2.18 reported vs analysts estimate of $2.01
TD delivered a mixed but resilient fourth quarter, posting earnings that surpassed expectations as capital markets activity improved and the bank continued reshaping its U.S. operations. Profit fell 10% to $3.3 billion, although adjusted earnings rose 22% to $2.18 per share, ahead of the $2.01 analysts expected. TD raised its quarterly dividend to $1.08 from $1.05. The bank also hit its 10% asset reduction goal in the U.S., bringing total assets to US$382 billion, comfortably below the US$434 billion regulatory cap. TD recorded a $190 million restructuring charge, with another $125 million expected in early 2026, tied to cost cutting and anti money laundering remediation. Expenses climbed 9% to $8.8 billion, driven by higher employee related costs and governance and control investments.
Bank of Montreal (BMO)
- EPS: $3.28 reported vs analysts estimate of $3.03
BMO delivered a solid fourth quarter, with profit beating expectations and a dividend increase underscoring management’s confidence. Reported profit was $2.3 billion, roughly in line with last year, when results were boosted by a legal provision reversal, while earnings edged up. On an adjusted basis, profit surged 63% to $2.51 billion, and adjusted earnings of $3.28 per share comfortably topped the $3.03 consensus. BMO raised its quarterly dividend by 4 cents to $1.67 per share. Credit quality trends improved, with provisions for credit losses dropping to $755 million from $1.52 billion, including $750 million on past due loans and only $5 million on loans still being repaid. In the United States, loan balances declined 2% and deposits fell 5% as BMO continued to reshape its portfolio.
Bank of Nova Scotia/The (BNS)
- EPS: $1.93 reported vs analysts estimate of $1.84
Scotiabank closed the year on a strong note, reporting higher fourth quarter profit that beat expectations as capital markets and wealth management activity accelerated, helping offset a restructuring charge. Profit rose to $2.2 billion, compared with $1.69 billion a year earlier. Adjusted earnings of $1.93 per share topped the $1.84 analysts expected. Scotiabank held its quarterly dividend steady at $1.10. Provisions for credit losses increased to $1.1 billion, including $71 million on loans still being repaid, compared with $1.03 billion in the same quarter last year. Revenue climbed 15% to $9.8 billion, while expenses rose 10% to $5.8 billion, driven by higher personnel costs, technology spending and business development initiatives.
Canadian Imperial Bank of Commerce (CM)
- EPS: $2.21 reported vs analysts estimate of $2.08
CIBC delivered a strong fourth quarter, with profit climbing 16% to $2.2 billion, supported by rising demand in capital markets and its U.S. commercial and wealth units. Adjusted earnings of $2.21 per share topped the $2.08 analysts expected, and the bank lifted its quarterly dividend by 10 cents to $1.07. Revenue rose 14% to $7.6 billion, while expenses increased 10% to $4.2 billion, driven by higher employee related costs, technology and investment spending. Provisions for credit losses totaled $605 million, up 44% from last year, including $497 million on loans still being repaid, as CIBC saw an uptick in impaired loans across most businesses except U.S. commercial banking and wealth management.
National Bank of Canada (NA)
- EPS: $2.82 reported vs analysts estimate of $2.62
National Bank delivered a strong fourth quarter, with profit rising 11% to $1.1 billion, as capital markets and wealth management earnings surged. Adjusted earnings of $2.82 per share exceeded the $2.62 analysts expected, and the bank raised its quarterly dividend by 6 cents to $1.24. The quarter also included acquisition and integration costs tied to its takeover of Canadian Western Bank. National announced plans to acquire Laurentian Bank’s retail, SME and syndicated loan portfolios, while Fairstone Bank will purchase all Laurentian common shares at $40.50 per share. Provisions for credit losses increased to $244 million, including $211 million on loans that may not be repaid, up from $162 million last year. Revenue climbed 26% to $3.7 billion, while expenses rose 31% to $2.1 billion, driven by CWB integration and higher compensation costs.
Source:
- Marotta, S., “CIBC, TD Bank, BMO, RBC, National Bank and Scotiabank: A breakdown of the big banks’ year-end earnings,” The Globe and Mail, December 3, 2025; https://www.theglobeandmail.com/business/article-canada-banks-earnings-fourth-quarter-2025/
Credit: Yana Bukharova Source: Getty Images
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Published December 16, 2025.
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