Canadian Big Banks Top Expectations

TORONTO (AP) — Canada's major banks continue to show they largely avoided the financial meltdown experienced by banks in the U.S. and overseas.

Canada's big five banks reported quarterly earnings this week and together they earned a combined total of $4.4 billion Canadian (US$4 billion) in their third quarter, up by CA$500 million ($458 million) from CA$3.9 billion ($3.6 billion) a year earlier.

Craig Fehr, bank analyst at Edward Jones in St. Louis, said Friday that with the exception of Canadian Imperial Bank of Commerce, all the major banks roundly beat analyst expectations.

There has been no crippling mortgage meltdown or banking crisis in Canada where the financial sector is dominated by five large banks.