Big banks rake in profits

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Canada's big banks are raking in the profits.

CIBC reports $1.05 billion of net income in its second quarter, up 11 per cent from a year ago, when it reported $941 million of net income.

The earnings amounted to $2.59 per share, compared with $2.35 during the second quarter of 2016.

The Toronto-based bank had $3.70 billion of revenue during the quarter, compared with $3.63 billion a year ago.

Royal Bank of Canada, meanwhile, has boosted its second-quarter net income by nine per cent to $2.81 billion.

That compares with $2.57 billion during the second quarter of 2016.

The profit amounted to $1.85 per share, compared with $1.66 per share during the same period last year.

The Toronto-based bank had $10.31 billion of revenue for the period ended April 30, up from $9.53 billion a year ago.

TD Bank said it had $2.5 billion of net income during the second quarter, up 22 per cent from a year ago

The earnings amounted to $1.31 per share.

That compared with $1.07 per share or $2.05 billion of net income during the same period last year.

The Toronto-based bank had $8.47 billion of revenue during the three-month period ended April 30, up from $8.26 billion a year ago.