Canadian Banks’ profits up

CBJ Mar 10 - Canada's Big Five banks are saw profits up more than 70 per cent in their first-quarter earnings season. Bank of Nova Scotia was the last of the big banks to report yesterday, announcing higher profits and revenues from strong domestic operations and declining provisions for bad loans. Scotiabank reported net income of $988 million, up 17 per cent from the year-earlier period and ahead of analyst estimates.

For the five biggest Canadian banks overall, earnings in the quarter ended January 31 were a combined $5.09 billion. That's up 71 per cent from the $2.97 billion they earned in same quarter of 2009, when recession dragged the economy down.

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