Industry Lens: Banking—May 2021

The Conference Board of Canada, May 10, 2021
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This online report examines the short-and medium-term economic and profitability outlook for Canada’s banking industry.

Document Highlights

  • The banking sector has performed remarkably well during the pandemic.
  • Unlike many other industries in this country, Canadian banking was well positioned to transition to different digital platforms.
  • Government support programs have allowed individuals and businesses to keep making payments over the past year.
  • Banking profits were dominated by performances from the capital market divisions rather than retail and non-depository intermediation divisions (such as credit cards).
  • Low interest rates and a heated Canadian housing market helped grow the number of new mortgage accounts.
  • An end to government support programs and eventual rise in interest rates would lower revenue growth rates in this industry in the upcoming years.

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