Banks dominate list of Canada’s most profitable firms

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.

Read: Manulife Securities ramps up hiring as banks restructure

* 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.

Also read: Scotiabank Q2 profit falls 12% due to restructuring What the Raymond James-3Macs deal says about the industry

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.