Canadian corporate profits rose strongly in the fourth quarter (Q4) of 2016 powered by the financial industry, says a TD Economics report published on Thursday.

Corporate profits rose for the second straight quarter in Q4, according to the report, gaining 3.6% from the previous quarter; profits were up 11.9% compared with Q42015.

The financial industry saw the sharpest gains in Q4, gaining 5.7% quarter-over-quarter, “with widespread gains across the major categories,” the TD report says.

Non-financial industries also saw broad gains, the report notes, with 14 of 17 major industries enjoying profit increases in the fourth quarter. The three sectors that didn’t see gains were the oil and gas extraction industry, manufacturing, and retail trade.

“Profit growth is likely to remain positive moving forward, reflecting a Canadian economy due to turn in a solid economic performance this year and next,” the report says, and the widespread gains “reinforce the solid economic picture”.

Still, the TD report cautions that there are risks to the outlook, particularly in terms of potential shifts in U.S. policy. “While an uptick in U.S. growth should support Canadian output and thus profits, a thickening of the border, or an uncertainty-led slowdown in demand would weigh on corporate profitability,” the report concludes.