Despite Record Profits for Canada’s Big Banks, Customer Fees Keep Going Up
This year alone, Canada’s big banks have made over $57 billion in profits. They are celebrating this windfall by paying out $19 billion in bonuses to their executives. Meanwhile, transaction fees and other bank charges continue to rise.
The six largest banks in Canada hit record-breaking profits in 2021 and will pay out massive bonuses at the year’s end. (Randy Risling / Toronto Star via Getty Images)
Christmas is coming early for Canada’s bankers.
The six largest banks hit record-breaking profits in 2021 and will pay out massive bonuses at the year’s end, newly released fourth quarter earnings reports show. On the strength of a combined $57.4 billion in profits, the Big Six are paying out $18.8 billion in bonuses before the holidays.
This year’s bonuses follow on the $15.2 billion paid out by the banks in 2018, $15.6 billion in 2019, and $16.2 billion in 2020, making this the best year in history for high-level bankers in Canada. Canadian banks are among the most profitable companies in the world, and the North American nation has become an increasingly favorable place for banks to operate.
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