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 ETFs

Performance 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 trade

EPS: 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 Losses

ROE: Return on Equity

USMCA: United States-Mexico-Canada Agreement; the American name for the CUSMA

Disclaimers:

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. 

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