TSX 60 Driven by Canadian Banks' Double-Digit Growth
The five largest banks in Canada - Royal Bank of Canada (TSX:RY), Toronto-Dominion Bank (TSX:TD), Bank of Nova Scotia (TSX:BNS), Enbridge (TSX:ENB) and Canadian Imperial Bank of Commerce (TSX:CM) - are set to drive the TSX 60 in September 2026, as they release their quarterly earnings. The banks' results, announced between August 25th and 27th, showed double-digit profit or EPS growth at RBC, Scotiabank, and CIBC.
CIBC's adjusted EPS rose 26% to $2.73, its ninth straight quarter of double-digit growth, while Scotiabank's adjusted ROE climbed to 14.2% from 12.4%. Enbridge reaffirmed 2026 guidance, grew its secured capital backlog to $41 billion, and extended its dividend-increase streak to 31 years.
The Bank of Canada held its rate at 2.25% on September 2nd, citing fluid Canada-U.S. trade tensions - a factor that could shape loan growth and credit costs. Provisions for credit losses rose year-over-year at several banks even as profits climbed, a reminder that credit quality still bears watching.
The TSX 60 tracks the 60 largest Toronto Stock Exchange companies, with financials carrying roughly a 38.5% weighting, and energy at about 16.8%. The five banks carry considerable influence over how the broader index moves.