BMO was first of the mark today, reporting a profit of over 1 billion dollars in the 4th quarter, and 4.2 billion on the year. Which, by the way, is a record.
It'll be interesting to see how the other major banks fared, although I'm positive they'll all come in with at least a billion dollars in profit for the quarter.
The record raking in of these profits has a lot of Canadians wondering how much is too much of a good thing. Yes, the banks are a business, and business needs profits. But when they're taking in 1 billion in a quarter, folks who make minimum wage and pay a lot in service fees, credit card interest rates and other charges wonder if that's way to much.
I seem to recall a while back Parliament was going to look at bank profits to see if customers were being gouged or not. Given BMO's latest report, I'm sure a lot of Canadians will simply say "yes", they are gouging us.
TTFN
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