Big Six Canadian Banks Post Strong Q3 Earnings

Canada's largest banks have beaten estimates across the board in their latest quarterly earnings reports. The country's biggest lenders, Royal Bank of Canada and Toronto-Dominion Bank, saw significant gains in their capital-markets units. At Toronto-Dominion, the division's net income surged 87% from a year earlier to $743 million, beating analyst forecasts.

The banks' strong performance was driven by trading and deals in the capital markets, as well as solid results from their domestic banking units. Provisions for credit losses remained contained, with Toronto-Dominion reporting provisions totaling $917 million, less than analysts had forecast.

Royal Bank's adjusted earnings per share came in at $4.28, better than the $4.07 consensus forecast. The bank's capital-markets division saw net income increase by 16% from a year earlier.