E293 – Decoding Q4 Canadian Bank Earnings

In this episode, Sohrab Movahedi, Bipan Rai, and your host, Skye Collyer, delve into Q4 Canadian bank earnings, touching on what’s driving growth and the unifying theme of resilience through diversification. They also share their 2026 outlook for the Big Six.Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. Recorded on Dec 9, 2025.ETFs:BMO Equal Weight Banks Index ETF (ZEB)     BMO Covered Call Canadian Banks ETF (ZWB)Largest and Most Liquid BMO GAM ETFsPerformance dispersion spread between the Big Six Banks is 33%, according to Bloomberg, for the 12-month period ending October 31, 2025. Performance dispersion spread is the gap between the best and worst performers in a group.CUSMA: Canada-United States-Mexico Agreement on tradeEPS: Earnings Per Share Forward P/E Ratio: The ratio for valuing a company that measures its current share price relative to its forecasted per-share earnings (EPS).PCL: Provision for Credit LossesROE: Return on EquityUSMCA: United States-Mexico-Canada Agreement; the American name for the CUSMADisclaimers:This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of themarkets at the time of recording. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. Solactive AG (“Solactive”) is the licensor of Solactive Index. The BMO Equal Weight Banks Index ETF that is based on the Solactive Index is not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regardto: (a) the advisability in investing in the ETF; (b) the quality, accuracy and/or completeness of the Solactive Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Solactive Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Solactive Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Solactive Index.Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.Please check out link for full disclaimers.Please click here for BMO Capital Markets disclosures.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

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