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Industry performance statistics to June show that profits continue to be on the books for most investment firms, though there have been significant monthly changes in revenue composition as a result of the pandemic.

Most IIROC dealers — 80%, or 135 firms — reported profits as at June 30, 2020, and 34 reported losses, the Investment Industry Association of Canada (IIAC) said in a report on Tuesday.

On a monthly basis, however, more firms reported losses: 44 IIROC dealers reported losses in June, up from 37 in May, the report said.

Revenues increased month over month to $2.48 billion in June, up from $2.33 billion in May. (After April’s strong rebound to $2.76 billion, revenues had dropped in May.)

Fee revenues (excluding corporate advisory fees) were about $771 million in June, up from $749 million in May. (In April, revenues hit more than $909 million during the market rebound.)

Among the revenue mix, equity underwriting revenues soared in the month, reaching about $151 million, compared to about $83 million in May.

Fixed income trading revenues were up month over month to nearly $245 million, compared to $206 million in May. (Fixed income trading revenues had soared in April to $512 million.)

Interest revenues continued to be lower, a trend that took a stark turn since the pandemic began and interest rates dropped. In June, interest revenues were up slightly month over month, to nearly $441 million from about $426 million.

Debt underwriting revenues, which hit about $177 million in April, also continued to decrease, hitting about $113 million in June, compared to $132 million in May.

June saw firms continue to find ways to keep expenses in check: operating expenses decreased to roughly $802 million, compared to $821 million in May.

Another positive: industry employment, which has remained strong during the pandemic, continued to make small gains. In June, employment stood at 43,909, up from 43,746 the previous month and 43,525 in March.

For full details, read IIAC’s report.