RBC, CIBC, TD Bank, BMO, National Bank and Scotiabank: A breakdown of the big banks’ third-quarter earnings

Canada’s biggest banks reported their third-quarter earnings this week, covering the three months that ended July 31.

Bank of Nova Scotia, Bank of Montreal, National Bank, Royal Bank of Canada, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank beat analysts’ expectations for the third fiscal quarter. All except BMO posted higher third-quarter profits.

Canadian bank stocks have surged 24 per cent this year in the lead-up to posting third-quarter results as the lenders withstood mounting concerns over trade uncertainty and geopolitical tensions.

Here’s a breakdown of the big banks’ third-quarter results.

Bank of Nova Scotia (Scotiabank)

• Earnings Q3 2026: $2.95-billion ($2.27 per share)
• Earnings Q3 2025: $2.53-billion ($1.84 per share)
• Adjusted EPS: $2.28 per share
• Analysts’ expectations: $2.10 per share (adjusted)
• Dividend: $1.14 per share

Bank of Nova Scotia BNS-T posted higher third-quarter profit that beat analysts’ expectations on a boost from capital markets and stronger performance across its businesses.

Scotiabank’s net income rose 17 per cent to $2.95-billion, or $2.27 per share, in the three months that ended July 31. Adjusted to exclude certain items, the bank said it earned $2.28 per share, topping the $2.10 per share analysts expected, according to data by Bloomberg.

Scotiabank is working on growing its domestic business by attracting lower-cost deposits and selling more products and services to its clients. But competition for deposits has been mounting in the Canadian market as lenders vie for customer cash.

In the first quarter ended Jan. 31, Scotiabank said it expects to hit its target of 14-per-cent return on equity in 2027, a year earlier than expected. In the third quarter, Scotiabank posted an adjusted return on equity of 14.2 per cent.

Bank of Montreal (BMO)

• Earnings Q3 2026: $1.75-billion ($2.38 per share)
• Earnings Q3 2025: $2.33-billion ($3.14 per share)
• Adjusted EPS: $3.96 per share
• Analysts’ expectations: $3.75 per share (adjusted)
• Dividend: $1.71 per share

Bank of Montreal BMO-T reported lower third-quarter profit but beat analysts’ estimates on stronger-than-expected performance across its businesses as the lender seeks to boost its profitability.

The lender has been streamlining its operations and rejigging its balance sheet as part of its strategy to boost its profitability, particularly in its U.S. unit.

BMO’s net income fell 25 per cent from the same quarter last year to $1.75-billion, or $2.38 per share, in the three months that ended July 31. The bank’s reported net income was weighed down by certain items, including a charge related to the announced sale of BMO’s transportation and vendor finance business.

Adjusted to exclude those items, the lender said net income rose 19 per cent to $2.86-billion in the quarter. On an adjusted basis, BMO said it earned $3.96 per share. That edged out the $3.75 per share analysts expected, according to data by Bloomberg.

BMO also announced a plan to buy back 25-million of its common share. The bank maintained its quarterly dividend at $1.71 per share.

National Bank of Canada

• Earnings Q3 2026: $1.31-billion ($3.25 per share)
• Earnings Q3 2025: $1.07-billion ($2.58 per share)
• Adjusted EPS: $3.39 per share
• Analysts’ expectations: $3.21 per share (adjusted)
• Dividend: $1.32 per share

National Bank of Canada NA-T posted higher third-quarter profit that beat analysts’ expectations as the lender booked stronger performance across personal banking, capital markets and wealth management.

National Bank’s net income climbed 23 per cent to $1.31-billion, or $3.25 per share, in the three months that ended July 31.

Adjusted to exclude certain items, including costs related to the acquisition of Canadian Western Bank and transactions with Laurentian Bank of Canada, the bank said it earned $3.39 per share, beating the $3.21 per share analysts expected, according to data by S&P Capital IQ.

Royal Bank of Canada (RBC)

Earnings Q3 2026: $6-billion ($4.23 per share)

Earnings Q3 2025: $5.4-billion ($3.75 per share)

Adjusted EPS: $4.28 per share

Analysts’ expectations: $4.07 per share (adjusted)

Dividend: $1.76 per share

Royal Bank of Canada RY-T reported higher third-quarter profit that beat analysts’ estimates as the lender booked stronger performance across capital markets, commercial banking and wealth management.

RBC’s profit rose 11 per cent to $6-billion, or $4.23 per share, in the three months that ended July 31.

Adjusted to exclude certain items, including HSBC Canada transaction and integration costs, the bank said it earned $4.28 per share, topping the $4.07 per share analysts expected, according to data by S&P Capital IQ.

Canadian Imperial Bank of Commerce (CIBC)

Earnings Q3 2026: $2.41-billion ($2.47 per share)

Earnings Q3 2025: $2.1-billion ($2.15 per share)

Adjusted EPS: $2.73 per share

Analysts’ expectations: $2.50 per share (adjusted)

Dividend: $1.07 per share

Canadian Imperial Bank of Commerce CM-T picked up more business from domestic clients and kept loan losses in check to continue the sector’s streak of third quarter profits that beat analysts’ expectations.

On Thursday, CIBC reported it earned $2.41-billion in the third quarter, or $2.47 per share, up 15 per cent from the same period in 2025.

The Toronto-based bank’s adjusted earnings were $2.65-billion or $2.73 per share. Analysts had forecast the bank would post adjusted earnings of $2.50-per share, according to data from the London Stock Exchange Group (LSEG).

Toronto-Dominion Bank (TD Bank)

Earnings Q3 2026: $4.62-billion ($2.74 per share)

Earnings Q3 2025: $3.34-billion ($1.89 per share)

Adjusted EPS: $2.77 per share

Analysts’ expectations: $2.47 per share (adjusted)

Dividend: $1.12 per share

Toronto-Dominion Bank TD-T reported higher third-quarter profit that beat analysts’ estimates as the lender reigns in expenses and plans to open new retail branches in the United States, where it is fixing gaps in its anti-money laundering processes.

Canada’s second-largest lender posted stronger than expected results across its businesses. TD’s net income rose 38 per cent to $4.62-billion, or $2.74 per share, in the three months that ended July 31.

Adjusted to exclude certain items, the bank said it earned $2.77 per share, edging out the $2.47 per share analysts expected, according to data by S&P Capital IQ.

The bank said it intends to open 100 new branches in the U.S. by the end of 2028, pending regulatory approval.