Bank Profits Jump Despite Negative Rhetoric

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Scotiabank’s profits skyrocket 57% while Bank of Montreal’s profits launch 37% higher in the third quarter.  If anyone was concerned about our Canadian banks’ well-being, they should be consoled by these numbers.  With net income increasing to $2.05 billion and $970 million respectively these solid performing institutions are well positioned to weather the worst of storms regardless of what the doomsayers preach.

These results are one more reason why Canadians should take care of their own finances and ignore the hype.  Fear and panic sell newspapers and get authors published.  Worry and doubt keep Canadians from borrowing and allows the Bank of Canada meet its objectives.  The only objectives that should matter are your own personal goals.

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