The latest earnings reports from Canada’s banks will take centre stage next week. Bank of Nova Scotia and Bank of Montreal will kick things off early on Tuesday morning.
While the numbers from the most recent quarter will be important (as always), the focus will be how the banks see the risk of trade tariffs by the U.S. government and how that might affect the banks’ businesses.
Analysts at Bank of America see overall Canadian bank earnings rising by more than seven per cent this year, but that is not including the possible impact of tariffs.
Analysts at CIBC were previously expecting the banks to raise their profit forecasts for this year – but they are now putting that thesis on hold until there is better clarity on where U.S. tariffs will land.
For the quarterly reports that will be released next week, CIBC is expecting positive results, with strong growth in capital markets and wealth management results and only a modest uptick in provisions for credit losses. Canadian bank stocks have been under (mild) pressure since U.S. President Donald Trump began talking tariffs. The sector is down by more than two per cent, while the S&P/TSX Composite Index is flat.
One other Canadian earnings report to highlight is GFL Environmental. Investors have been concerned about the company’s large debt position, but last November the waste management company, headquartered just north of Toronto, eased some of that pressure by selling its environmental services unit for $6.2 billion.
The company has also attracted some unwelcome attention from unexplained shootings at one of its sites, as well as the homes of two of its executives. Its shares have gained nearly 40 percent in the past year.
The big U.S. earnings report will come from a bellwether in the technology sector – Nvidia. The microchip-maker has seen its stock price soar in the past two years, mainly on the strength of its memory chips used by the artificial intelligence sector.
However, Nvidia’s shares have been underperforming so far in 2025 after a selloff in January caused by the emergence of China’s DeepSeek artificial intelligence platform. Investors will be looking for assurance that the high level of demand for Nvidia processors can be sustained this year and beyond.
Other noteworthy events for investors to be aware of include the G20 Finance Ministers and Central Bank Governors meetings, the Ontario’s provincial election on Thursday and the latest reading on Canada’s economy with December’s GDP report on Friday.
The Week Ahead
Monday, Feb. 24
Earnings: CI Financial, Spin Master, InterRent REIT, GFL Environmental, Domino’s Pizza
Tuesday, Feb. 25
Earnings: Bank of Nova Scotia, Stantec, Bank of Montreal, Maple Leaf Foods, EQB Inc., Home Depot
Wednesday, Feb. 26
Earnings: Capital Power, National Bank, George Weston, Granite REIT, Kinaxis, WSP Global, Element Fleet, Superior Plus, Northland Power, Lowe’s, TJX, eBay, NVIDIA, Salesforce, Paramount Global
G20 Finance Ministers and Central Bank Governors Meeting (Feb. 26-27) begins
Thursday, Feb. 27
8:30 a.m. Canada Current Account Balance (Q4)
Survey of Employment, Payrolls and Hours (Dec)
U.S. Real GDP (Q4 S)
Ontario election
Earnings: CIBC, Royal Bank, Stella-Jones, Quebecor, Veren, TD Bank, Pembina Pipeline, Chartwell REIT, Jamieson Wellness, MEG Energy, Warner Brothers Discovery, Dell Technologies, Mosaic, HP Inc.
Friday, Feb. 28
8:30 a.m. Canada GDP (December & Q4)
Earnings: Winpak, Baytex Energy, Badger Infrastructure, Denison Mines, Athabasca Oil, Algoma Steel, Laurentian Bank, Boralex
