If we can summarize the third-quarter earnings for Canada's Big Banks, the last of which reported on Thursday morning, it would go like this: No big surprises.
Curiously, the market appeared to be expecting a surprise or two, perhaps in the form of a nasty big-dollar writedown, which is why bank stocks are now enjoying some sort of relief rally. However, some bank stocks are clearly doing better than others.
From Tuesday morning, when the earnings season kicked off, to Thursday morning, when it wrapped up, National Bank of Canada - the smallest of the Big Six - has been the biggest winner. That must have something to do with the fact that it distinguished itself with a rising profit. The stock is up 6.5 per cent. Bank of Nova Scotia is the laggard, up just 1 per cent during the same period.
The other banks are grouped closely together, with just a percentage point between the best and the worst: Royal Bank of Canada is up 3.6 per cent, Bank of Montreal is up 4.1 per cent, Toronto-Dominion Bank is up 4.2 per cent and Canadian Imperial Bank of Commerce is up 4.6 per cent.