Despite mortgage concerns, Canada's Big Six banks reported a billion-dollar profit surge in 2024.

In 2024, Canada's financial sector saw the Big Six banks report a billion-dollar increase in adjusted profits, despite concerns about mortgage defaults and high interest rates. The Bank of Canada reduced its interest rate to 4.5%, with further cuts expected in 2025. Mortgage delinquency rates rose slightly but remained below pre-pandemic levels. TD Bank Group paid a significant fine for anti-money laundering failures, while RBC acquired HSBC Canada, boosting its market capitalization by nearly 30%. The five largest Canadian banks also provided the lowest level of fossil fuel funding since 2015.

3 months ago
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