The big banks recently reported their first-quarter earnings, covering the three months ending on January 31, 2024. These results provide insights into both performance and expectations.

Many analysts lowered their earnings expectations prior to the big banks’ first quarter 2024 results announcements due to dwindling loan demand and higher loan loss reserves. Only BMO failed to beat these lower expectations. 

While aggregate revenues for the Big Six were up five per cent year-over-year in their fiscal first quarter, adjusted earnings declined by six per cent.

Inflation and rising interest rates have put increasing pressure on borrowers and all of the big banks set aside higher provisions for credit losses than analysts anticipated. 

This week’s issue takes a deeper dive into each of the big five banks’ results and reports on a recent study from Equifax.

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