In this episode, Sohrab Movahedi, Bipan Rai, and your host, Skye Collyer, delve into Q4 Canadian bank earnings, touching on what’s driving growth and the unifying theme of resilience through diversification. They also share their 2026 outlook for the Big Six.

Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management (BMO GAM). She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. This episode was recorded on Tuesday, December 9, 2025.

ETFs mentioned in the podcast:

Largest and Most Liquid BMO GAM ETFs

Performance dispersion spread between the Big Six Banks is 33%, according to Bloomberg, for the 12-month period ending October 31, 2025. Performance dispersion spread is the gap between the best and worst performers in a group.

CUSMA: Canada-United States-Mexico Agreement on trade

EPS: Earnings Per Share

Forward P/E Ratio: The ratio for valuing a company that measures its current share price relative to its forecasted per-share earnings (EPS).

PCL: Provision for Credit Losses

ROE: Return on Equity

USMCA: United States-Mexico-Canada Agreement; the American name for the CUSMA

Yield Curve: A line that plots the interest rates of bonds having equal credit quality but differing maturity dates. A normal or steep yield curve indicates that long-term interest rates are higher than short-term interest rates. A flat yield curve indicates that short-term rates are in line with long-term rates, whereas an inverted yield curve indicates that short-term rates are higher than long-term rates.

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Decoding Q4 Canadian Bank Earnings