Banks make up the top five most profitable companies on the Canadian Business Investor 500 Stock Ranking.
RBC is at the top of the heap, with more than $9.9 billion in profit between May 2015 and May 2016. In second is TD, with more than $8 billion in profit for that same time. Rounding off the top five, in order, are Scotiabank, BMO and CIBC.
Other financial firms, such as Sun Life and Manulife, round out the list’s top ranks.
The ranking looks for companies whose stocks boast stellar returns. While top profits may please shareholders, the banks’ customers will likely be less enthused. Major banks plan on raising their fees on everyday accounts and transactions later this summer.
And bank workers may also wonder what all the fuss is about, as many deal with job uncertainty as some of the financial giants trim branches and advisors to deal with more online service delivery and automated advice.
|1||Royal Bank of Canada||RY||9,917|
|3||Bank of Nova Scotia||BNS||7,093|
|4||Bank of Montreal||BMO||4,444|
* Most recent four reported quarters, as of May 6, 2016
To see more of the Investor 500, including more of the top Canadian companies, go to Canadian Business.