Canadian Treasurer

February 1, 2012

Fitch: Canadian Banks 2011 Results and Outlook

TORONTO--In a special report released today, 'Canadian Banks 2011 Results and Outlook', Fitch provides a general industry commentary and analysis, followed by company specific comments and financial data and ratios.

The performance of the major Canadian banks (The Big Six) during FY11 was supported by a still sound economic environment, although GDP growth was more moderate than initially projected. Canada's economic environment supported retail loan growth during the year. Despite a decreased pace, retail loan growth remained healthy during 2011. This, combined with advances in commercial lending, helped mitigate the challenges experienced in capital market-related activity.

Fitch expects future earnings performance will come against a relatively less favorable backdrop. Canadian banks are clearly not immune to global developments and face increased challenges in the current environment, especially relating to household leverage and future earnings growth, at this juncture, the agency does not view these issues as calling into question existing ratings. Nonetheless, given their already high ratings, upward momentum is unlikely. Moreover, depending on the evolution of the challenges facing Canadian banks, this may result in the potential deviation of an individual banks' rating performance going forward.

Additional information is available at ''.

Applicable Criteria and Related Research: Canadian Banks 2011 Results and Outlook



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