BIG SIX BANKs report obscene RECORD $34billion in profits for 2015…and still complaining!

 It’s that time of the year again..  The Banks have to report their annual profits.. And no surprise, the BIG SIX BANKS are at it again..

RBC reported a $10billion annual profit for 2015.  This is the first time a Canadian company reported an annual $10billion profit.  Yet, at the same time, they are crying the blues and warning of troubled times ahead. (uh, that’s the same speech they’ve made for the past 10 years.. here’s a 2013 headline).  GIVE ME A BREAK!!!  Canadians aren’t buying it anymore..

Check out the obscene profits pulled in by the rest of the BIG SIX BANKS..

Year after year after year after year… The BIG SIX BANKS continue to report record profits and then raise our banking fees, hire foreign temporary workers to replace and fire Canadian employees, and then use off-shore staff to cut their overhead and increase their profits.

Hey, there’s nothing wrong with increasing your profit margin… But not while receiving favorable regulatory and tax treatment from our Govt… This is shameful.  And let’s not forget, the BIG SIX BANKS use an inflated mortgage prepayment penalty calculation that ends ups costing consumers around 4 times higher than what their penalties should be..

Oh, and let’s not forget the biggest controversy of 2015…  The Bank of Canada saw potential trouble in our economy.. They acted quickly by announcing a surprise rate cut in January.  But what did the BIG SIX BANKS do..?  Like a scene from the movie with Mr. Potter, the stingy, greedy banker.. they actually refused to cut the rate. After a tense week, under tremendous public and govt pressure, they cut the rate…  BUT only by 0.15%… they pocketed the 0.10% difference!!!!

And in July, the Bank of Canada made another rate cut…  Can you guess what the BANKS did?   Yup, they did it again..  another 0.25% rate cut.. but they only cut the rate by 0.15%.     It’s pathetic.. and you won’t see or hear much talk about this in the mainstream media… I guess the Banks spread too much in advertising $$s… and that’s truly unfortunate.

Yup, they made record profits alright….. uh, I think I know how and from whom..!

Here’s a snapshot of how much the BIG SIX BANKS pulled in for 2015..

Fiscal 2015                                 Fiscal 2014

Royal Bank           $10,030,000,000                 $9,000,000,000

TD Bank                 $8,020,000,000                   $7,880,000,000

Scotiabank            $7,021,000,000                    $7,300,000,000

BMO                         $4,410,000,000                    $4,330,000,000

CIBC                         $3,590,000,000                   $3,220,000,000

National Bank     $1,620,000,000                    $1,540,000,000

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Total:                      $34,880,000,000            $33,270,000,000

Your best interest is my only interest.   I reply to all questions and I welcome your comments.  Like this article?  Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca