The Canadian banking services industry expanded at a rapid pace in recent years, significantly outpacing overall economic growth largely on the strength of housing and equity markets. However, the industry’s expansion is poised to slow, due to weaker growth in consumer and business credit and smaller gains in North American equity markets.
The Conference Board of Canada has produced its first Industrial Outlook for Canada’s Banking Services Industry. Overall, we expect the industry to post growth in output of between 2.5 to 3 per cent throughout the forecast, below the growth seen in recent years, but still outpacing the rate of the overall Canadian economy.
In this webinar, you will get a 5-year revenue, cost, employment and profitability outlook for the banking industry and its major segments, including:
- Financial institutions that take deposits and issue credit (i.e. banks and credit unions), which account for over two-thirds of the industry’s gross domestic product and close to 60 per cent of its $245 billion in revenues;
- Securities, portfolio management and pension funds, which now account for one-third of the industry’s revenues (up from 28 per cent 5 years ago);
- Non-depository credit intermediation firms, which include institutions issuing credit cards, sales financing, and cash loans, and account for just under 10 per cent of both industry output and revenues.
The outlook is based on the Conference Board’s Canadian Industrial Outlook Service, which covers eighteen Canadian industries and is updated twice a year using the Conference Board's econometric and financial model.
This webinar is a must-attend for anyone with stakes in the industry, including: bankers, credit unions, wealth management professionals, market analysts, investors and regulators.