Has the Canadian Banks Industry valuation changed over the past few years?

Investors are optimistic on the Canadian Banks industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 17.6x which is higher than its 3-year average PE of 13.3x. The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 5.0x.

Which industries have driven the changes within the Canadian Financials industry?

Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.5x. Analysts are expecting annual earnings growth of 42.2%, which is higher than its past year's earnings decline of 26.6% per year. Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 13.3x.

Canadian (TSX) Banks Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 17 Jun 2026	CA$1.2t	CA$238.8b	CA$68.3b	18.5x	17.6x	5x
Fri, 15 May 2026	CA$1.1t	CA$239.6b	CA$72.1b	17.2x	15.1x	4.5x
Sun, 12 Apr 2026	CA$1.0t	CA$239.6b	CA$72.1b	16.3x	14.5x	4.4x
Tue, 10 Mar 2026	CA$988.8b	CA$239.6b	CA$72.1b	15.8x	13.7x	4.1x
Thu, 05 Feb 2026	CA$999.1b	CA$231.5b	CA$67.7b	16.4x	14.8x	4.3x
Sat, 03 Jan 2026	CA$987.2b	CA$231.5b	CA$67.7b	15.6x	14.6x	4.3x
Mon, 01 Dec 2025	CA$935.4b	CA$227.2b	CA$66.1b	15.2x	14.2x	4.1x
Wed, 29 Oct 2025	CA$902.6b	CA$227.2b	CA$66.1b	15.3x	13.7x	4x
Fri, 26 Sep 2025	CA$882.0b	CA$227.2b	CA$66.1b	15.3x	13.4x	3.9x
Sun, 24 Aug 2025	CA$819.7b	CA$219.5b	CA$60.4b	14.6x	13.6x	3.7x
Tue, 22 Jul 2025	CA$796.5b	CA$219.5b	CA$60.4b	14.5x	13.2x	3.6x
Thu, 19 Jun 2025	CA$756.2b	CA$219.5b	CA$60.4b	13.4x	12.5x	3.4x
Sat, 17 May 2025	CA$740.5b	CA$207.7b	CA$51.1b	13.9x	14.5x	3.6x
Mon, 14 Apr 2025	CA$659.8b	CA$207.7b	CA$51.1b	12.1x	12.9x	3.2x
Wed, 12 Mar 2025	CA$694.6b	CA$207.7b	CA$51.1b	12.9x	13.6x	3.3x
Fri, 07 Feb 2025	CA$715.6b	CA$202.5b	CA$49.4b	14.3x	14.5x	3.5x
Sun, 05 Jan 2025	CA$721.4b	CA$203.6b	CA$49.6b	14.6x	14.5x	3.5x
Tue, 03 Dec 2024	CA$729.1b	CA$206.4b	CA$47.7b	14.2x	15.3x	3.5x
Thu, 31 Oct 2024	CA$703.0b	CA$206.4b	CA$47.7b	13x	14.8x	3.4x
Sat, 28 Sep 2024	CA$700.8b	CA$206.4b	CA$47.7b	12.9x	14.7x	3.4x
Mon, 26 Aug 2024	CA$649.2b	CA$203.5b	CA$46.6b	12.3x	13.9x	3.2x
Wed, 24 Jul 2024	CA$637.6b	CA$202.7b	CA$49.6b	11.6x	12.8x	3.1x
Fri, 21 Jun 2024	CA$599.0b	CA$202.7b	CA$49.6b	11x	12.1x	3x
Sun, 19 May 2024	CA$628.0b	CA$199.0b	CA$49.4b	10.7x	12.7x	3.2x
Tue, 16 Apr 2024	CA$611.5b	CA$199.0b	CA$49.4b	10.5x	12.4x	3.1x
Thu, 14 Mar 2024	CA$618.9b	CA$199.0b	CA$49.4b	10.8x	12.5x	3.1x
Sat, 10 Feb 2024	CA$592.4b	CA$195.5b	CA$44.8b	10.9x	13.2x	3x
Mon, 08 Jan 2024	CA$616.6b	CA$195.5b	CA$44.8b	10.8x	13.8x	3.2x
Wed, 06 Dec 2023	CA$568.7b	CA$193.7b	CA$44.7b	10.2x	12.7x	2.9x
Fri, 03 Nov 2023	CA$520.7b	CA$197.4b	CA$51.6b	9.3x	10.1x	2.6x
Sun, 01 Oct 2023	CA$556.2b	CA$197.4b	CA$51.6b	9.6x	10.8x	2.8x
Tue, 29 Aug 2023	CA$561.3b	CA$196.3b	CA$52.2b	9.9x	10.8x	2.9x
Thu, 27 Jul 2023	CA$602.0b	CA$192.7b	CA$52.1b	10.7x	11.5x	3.1x
Sat, 24 Jun 2023	CA$560.3b	CA$192.7b	CA$52.1b	9.7x	10.7x	2.9x


CA Market	2.59%
Financials	3.05%
Banks	3.04%
Diversified Banks	3.06%
Regional Banks	-0.80%

Company	Last Price	7D	1Y	Valuation
TD Toronto-Dominion Bank	CA$165.46	3.5% +CA$9.1b	70.9%	PB2.3x
RY Royal Bank of Canada	CA$281.51	2.0% +CA$7.6b	61.2%	PB3x
BNS Bank of Nova Scotia	CA$119.65	5.1% +CA$7.1b	61.1%	PB1.7x
CM Canadian Imperial Bank of Commerce	CA$159.85	3.4% +CA$4.9b	70.6%	PB2.3x
BMO Bank of Montreal	CA$237.17	2.8% +CA$4.6b	63.7%	PB2x

Announcement • 21h

EQB Inc. Announces Management and Executive Changes

EQB Inc. announced a comprehensive set of executive appointments and elevations as the company prepared to close its acquisition of PC Financial from Loblaw Companies Limited on July 1, 2026. Ian Hanning from PC Financial to SVP, Credit Cards and Loyalty: Mark Snyder from PC Financial to SVP, Credit Risk and Data Analytics; Michaela Garfield from PC Financial to SVP, Customer Growth, Experience and Strategy, Personal Banking; Puneesh Arora from PC Financial to EVP and Chief Risk Officer, with current EVP and Chief Risk Officer Marlene Lenarduzzi to act as Special Advisor until January 1, 2027; Daniel Rethazy's mandate expanding as EVP Personal Banking to include PC Financial businesses; Gavin Stanley's mandate as CHRO expanding to include Brand and Marketing; Caleb Rubin appointed as Chief Brand Officer, Dan Broten appointed Chief Digital Officer, David Wilkes appointed SVP, Deposits, Payments and Small Business Banking; Dipti Patel elevated to Chief Credit Officer and Deputy CRO; Julia Davidson appointed Chief Operating Officer, Commercial Banking; Lemar Persaud appointed SVP, Investor Relations and Enterprise Performance Management. PC Financial leader appointments to ELT effective July 1, 2026: Ian Hanning joins as SVP, Credit Cards and Loyalty, reporting to Daniel Rethazy. Mr. Hanning serves as Chief Financial Officer of PC Financial, bringing over 25 years of leadership experience across the UK and Canada. His expertise spans financial planning and analysis, treasury, capital markets, and accounting within the financial services sector. A CPA and Fellow of the Chartered Institute of Management Accountants (FCMA, CGMA), he combines deep financial discipline with operational knowledge of the cards that is now central to EQB's growth strategy. Mr. Hanning also serves on the Board of Directors of Enactus Canada. Mark Snyder joins as SVP, Credit Risk and Data Analytics, reporting to Daniel Rethazy. Mr. Snyder brings more than two decades of senior leadership experience in financial services. At PC Financial he currently serves as SVP, Credit Risk and Data Analytics, leading teams responsible for credit strategy, fraudmanagement, modelling, and data strategy. Mark was central to PCF's ability to grow a large consumer credit portfolio responsibly. His ability to connect growth ambition with credit discipline will be central to EQB's expanded consumer lending and cross-sell strategy. Michaela Garfield joins as SVP, Customer Growth, Experience and Strategy, Personal Banking, reporting to Daniel Rethazy. Ms. Garfield serves as Vice President, Digital Products, Platforms and Growth at PC Financial, where she is focused on brand development, digital platform strategy, and growth initiatives over six years. She plays a leading role in how customers discover, join, and interact with financial products, building more connected and personalized experiences at scale. In this new mandate Ms. Garfield will also report to the CEO on enterprise transformation priorities and the integration of experience across the combined platform. Puneesh Arora joins as EVP and Chief Risk Officer, reporting directly to the CEO. Mr. Arora serves as CRO at PC Financial, where he has built deep expertise in credit cards, consumer lending, and payments risk management. He brings strong capability in treasury and capital management, deep regulatory experience having worked in a supervisory capacity at OSFI, and a background in treasury, mortgages and commercial lending at ICICI Bank Canada. With over 15 years in senior financial services roles, he is well regarded across the Canadian financial industry. His appointment reflects EQB's approach to integration: one bank, one leadership team, built with the right combination of expertise. With the PC Financial transaction ready to close, Marlene Lenarduzzi has decided it is the right time to step away from EQB. Ms. Lenarduzzi has served as Chief Risk Officer since joining EQB nearly three years ago. She joined the organization at a formative stage and played a central role in strengthening and professionalizing the risk function. Under her leadership, EQB's risk management framework matured significantly, with enhanced capabilities across credit risk, enterprise risk, regulatory compliance, and AML. She helped position the bank to meet the higher standards of complexity and scrutiny that come with operating at greater size, and the foundation she built is evident in how well-prepared EQB is for this next chapter. Ms. Lenarduzzi will remain engaged as a Special Advisor through to the beginning of 2027.Daniel Rethazy, EVP Personal Banking, officially takes on credit cards, insurance, and distribution capabilities from PC Financial, plus additional refined organizational structure with deposits and digital. Anilisa Sainani, EVP and CFO, will take on expanded responsibility for Strategy and Corporate Development. At EQB's new scale, the financial and strategic planning functions will operate as a unified capability under her leadership. Gavin Stanley, EVP and Chief Human Resource Officer, will take on expanded responsibility for Brand and Marketing, ensuring seamless alignment between EQB's mission, brand, culture and communications. Caleb Rubin is appointed Chief Brand Officer, reporting to Gavin Stanley. Mr. Rubin has dynamic experience across leading consumer brands and financial institutions and previously served as head of marketing for EQ Bank. He rejoined recently to support the PC Financial integration. Making this role permanent reflects EQB's view that brand is a driver of growth, not a support function. Dan Broten takes on a new mandate as Chief Digital Officer, reporting to Daniel Rethazy. In this role, Mr. Broten will be responsible for building and driving integrated digital capabilities across Personal Banking. David Wilkes, currently SVP and Chief Strategy and Growth Officer, moves to a newly created role of SVP, Deposits, Payments & Small Business Banking effective August 1, reporting to Daniel Rethazy.

Canadian (TSX) Banks Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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