The top 6 Canadian banks reported increased profits in Q1 2014 compared to Q1 2013. Total revenue for the banks increased 9.8% collectively, with TD and CIBC showing the largest gains. Net income across the banks rose 11.2% overall. CIBC significantly increased its net income by 50% compared to Q1 2013. Return on equity improved for only CIBC and TD. CIBC achieved a notable 34% increase in its return on equity versus the previous year. Earnings per share were up for all banks, led by CIBC with a 53% rise and TD with a 15% gain.

1. The Top 6 Canadian
Banks: Selected
Indicators of
Q1 2014 Results

2. Growth in Q1 2014 for Canada's Top 6 Banks
The top 6 Canadian banks
reported Q1 2014 collective net
income of almost $ 8.5 billion, or
an increase of 11.2 % vs. the year
before.
While 5 of the 6 top Canadian
banks improved their net income
vs. Q1 2013, CIBC increased its
reported net income by an
impressive 50%.
2

3. Key Performance Indicators
Among the key performance
indicators for the top 6 banks are:
• Total Revenue
• Net Income
• ROE (Return on Equity)
• EPS (Earnings per Share)
The following charts show how
each bank performed in a
universe of top 6 bank results.
(Sources: Reported Top 6 Banks’ Q1 2014
results)
3

4. Top 6 Banks – Q1 2014 % Share of Top 6 Revenue
• TD and CIBC showed the greatest improvement in total revenue for Q1 2014 VYA, with RBC
retaining the highest share of top 6 total revenue.
Q1 2014 % Share of Top 6 Bank Revenue
27%
RBC
19%
Scotia
9.2
Scotia
7.6
RBC
BMO
4%
Total Revenue
RBC
TD
Scotia
BMO
CIBC
National Bank
10.7
National Bank
12%
CIBC
14.8
CIBC
13%
BMO
15.2
TD
25%
TD
National Bank
Total Revenue - Q1 2014 % Change
vs.Year ago
$MM - Q1 2014 $MM - Q1 2013 % Change VYA
8,454.0
7,858.0
7.6
7,565.0
6,567.0
15.2
5,725.0
5,245.0
9.2
4,122.0
4,032.0
2.2
3,634.0
3,165.0
14.8
1,364.0
1,232.0
10.7
28,099.0
9.8
30,864.0
2.2
Total Revenue
% Share of Top 6
RBC
TD
Scotia
BMO
CIBC
National Bank
27%
25%
19%
13%
12%
4%
100.0%
4

5. Top 6 Banks – Q1 2014 % Share of Top 6 Net Income
• While RBC retained its leading share of top 6 net income (albeit by a slim margin ahead of TD,
which grew net income by 14.5%), CIBC grew its net income by almost 50% vs. Q1 2013 – a
notable achievement.
Q1 2014 Reported Net Income:
% Change VYA
Q1 2014 Reported Net Income % Share of Total Top 6
25
49.9
24
20
13
14
14.5
5
6.5
2.2
RBC
TD
Scotia
Reported Net Income
BMO
CIBC
National
Bank
RBC
$ - Q1 2014
$ - Q1 2013
RBC
2,092.0
2,047.0
2.2
TD
2,042.0
1,784.0
14.5
Scotia
1,709.0
1,605.0
6.5
BMO
1,061.0
1,036.0
2.4
CIBC
1,177.0
785.0
49.9
National Bank
TD
Scotia
8.6
2.4
BMO
CIBC National
Bank
% Change VYA Reported Net Income % Share of Top 6
405.0
373.0
8.6
8,486.0
7,630.0
11.2
RBC
TD
Scotia
BMO
CIBC
National Bank
25
24
20
13
14
-5
5

6. Top 6 Banks – Q1 2014 Return on Equity (ROE)
• Only CIBC and TD showed an improvement in ROE for Q1 2014 vs. Q1 2013, with CIBC
achieving a notable 34% improvement VYA.
Q1 2014 Top 6 Banks - Q1 ROE Index (RBC = 100)
National
Bank
109
CIBC
Q1 2014 ROE- % Change VYA
-4.3National Bank
152
BMO
CIBC
78
Scotia
-4.7 BMO
-8.3 Scotia
85
TD
TD
91
RBC
-9.5
100
Reported ROE - %
RBC
34.1
% - Q1 2014
18.1
% - Q1 2013 % Change VYA
20.0
-9.5
TD
16.4
15.6
5.1
Scotia
15.4
16.8
-8.3
BMO
14.2
14.9
-4.7
CIBC
27.5
20.5
34.1
National Bank
19.8
20.7
-4.3
5.1
RBC
ROE - %
Index-RBC = 100
RBC
TD
Scotia
BMO
CIBC
National Bank
100
91
85
78
152
109
6

7. Top 6 Banks Q1 2014 Earnings Per Share (EPS)
• While all of the top 6 banks showed an improvement in Earnings Per Share for Q1 2014 vs. Q1
2013, CIBC grew EPS by 53% In Q1 2014 VYA, followed by TD with a 15% improvement
•
Q1 2014 Reported EPS (diluted)
(Index - RBC =
Preventing a clean sweep 100)
by RBC, National Bank led
209
in Earnings per Share (EPS)
• Both CIBC and RBC
114
100
96
however posted significant 83
improvements vs. Q3 2011
Q1 2014 Reported EPS - % Change VYA
53.2
78
15.1
9.5
6.5
3
RBC
CIBC
BMO
Reported EPS (diluted)
Scotia
National
Bank
TD
$ - Q1 2014
$ - Q1 2013
RBC
1.38
RBC
CIBC
TD
National
Bank
% Change VYA
EPS
3.0
TD
1.07
0.93
15.1
Scotia
1.32
1.24
6.5
BMO
1.58
1.51
4.6
CIBC
2.88
1.88
53.2
National Bank
1.15
1.05
9.5
RBC
TD
Scotia
BMO
CIBC
National Bank
100
78
96
114
209
83
Scotia
BMO
Index-RBC = 100
1.34
4.6
7

9. Deepak Pershad, Principal
dpershad@insightsbydesign.ca
www.insightsbydesign.ca