Monday, August 29, 2022
HomeWealth ManagementRevenue decline for Canadian financial sector in second quarter

Revenue decline for Canadian financial sector in second quarter


The easing of NIBT for the financial sector to $43 billion was led by life, health, and medical insurance carriers which dropped $740 million, partly due to equity market declines impacting asset values.

There was an 8% rise in property and casualty claims in the quarter with severe weather events in Ontario and Quebec.

Net mortgage interest income increased with loans up almost 3% in the quarter, but this was partially offset by a decline in investment revenues, giving an overall NIBT increase of 1% ($167m) for the sector that includes banks.

Energy sector record

Unsurprisingly, Canada’s energy sector saw a rise in revenue in the second quarter of 2022.

The oil and gas extraction industry posted a 58% increase in NIBT as crude oil prices gained. The industry posted a record $13 billion increase in income, the highest on record, on an unadjusted basis.

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