Despite concerns that the sluggish economy, tapped out borrowers and low interest rates could dampen the profitability of Canadian banks, the country’s biggest lenders earned a combined $34.88 billion in profits over the past year.
The earnings bonanza represented an increase of nearly five per cent and was greater than the GDP of Newfoundland and Labrador.
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The higher earnings come as the country’s Big 5 lay off thousands of employees in individual efforts to contain costs in anticipation of a slower lending environment ahead.
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