The bank also boosted its quarterly dividend by 3¢ to $1.27 per share
The TSX’s operator reports profit of $196.4 million for 2016
While some stock indices are rising, Canadian corporate profits have been dropping in the past five years, with resources the hardest-hit sector
Uncertainties include Trump's promises to tear up trade agreements and household debt that continues to climb
Concerns about economic growth and the impact of Alberta's wildfires meant more than half the firms had lower earnings in Q2
However, the results represent an increase on a quarter-over-quarter basis as numbers were up from Q4 2015
Low oil prices have taken a toll, with diversified firms faring better than those with fewer revenue streams
Rising unemployment in Alberta and other oil-dependent provinces is leading to higher writeoffs in one bank’s credit card portfolio
Great-West Life and IGM Financial saw their operating earnings fall by a total of $73 million while corporate expenses rose by $28 million
Further details will be released when the bank reports its quarterly results on May 31