The news: Earnings for Canada’s Big Six banks—Royal Bank of Canada (RBC), TD, Scotiabank, BMO, CIBC, and National Ban—wrapped up with a banner Q1 2026 across the board.

Trendspotting: All six banks flagged rising risks among economic uncertainty, especially around US trade policy and how it could affect borrower health and credit demand. The banks also noted that wealth management and capital markets business were the strongest revenue drivers in the quarter:

• RBC reported a profit of C$5.8 billion ($4.2 billion) (up from C$5.13 billion, or $3.7 billion, YoY) on revenue of C$18 billion ($12.9 billion). Management framed results within the context of RBC’s diversified model and client activity.
• Scotiabank reported C$2.30 billion ($1.7 billion) in profit (up from C$993 million, or $710 million, YoY) on C$9.7 billion ($7.0 billion) in revenue. It emphasized progress on its strategic repositioning, while fee income from wealth management and capital markets improved results.
• TD reported a profit of C$4.0 billion ($2.9 billion) (up from C$2.8 billion, or $2.0 billion, YoY) on revenue of C$17.96 billion ($12.9 billion). Wealth management and capital markets helped drive results as did its performance in its wealth, insurance, and capital markets business.
• BMO reported C$2.5 billion ($1.8 billion) in profit (up from C$2.1 billion, or $1.5 billion, YoY) and C$9.82 billion ($7.0 billion) in revenue. Management credited performance in wealth management and capital market as the bank continues to focus on efficiency.
• CIBC posted net income of C$3.1 billion ($2.2 billion) (up from C$2.2 billion, or $1.6 billion, YoY) and revenue of C$8.4 billion ($6.0 billion). Management described momentum across segments, including wealth management and personal and business banking.
• National Bank reported C$1.3 billion ($1.0 billion) in profit (up from C$997 million, or $713 million, YoY) and C$3.9 billion ($2.8 billion) in revenue, aided by its Canadian Western Bank acquisition in February 2025. Now it is acquiring Laurentian Bank's consumer and small business banking portfolios.

Implications for banks: Canadian bank results were strong, but caution abounded. Their business models are sound; Scotiabank appears to be successfully reducing its international footprint. National Bank is growing quickly by acquisition. RBC and TD are investing heavily in AI, and BMO is looking for efficiencies.

But despite a Supreme Court ruling, US trade policy is uncertain and almost certainly adverse to Canada and consumer strength is not a guarantee. Banks must watch, wait, and prepare for credit quality to deteriorate while hoping for the best.