But the financial sector saw net income increase by more than 6% before taxes
People are spending less on cheaper gasoline, more on pricier food
Most of the decline is tied directly to the pandemic
But positive ratings are contingent on the province’s post-pandemic plan
Net income for the bank’s wealth management business increased 37% year over year
Strong results in global banking, wealth management offset hit to retail banking
Spending patterns have changed dramatically during the pandemic
Financial sector employees working from home helped buoy Ontario and Quebec economies
Analysts remain cautious, but there may be room for positive surprises
Almost 80% of firms were profitable in the first five months of this year — and industry employment figures hit a record-high in May