The big Canadian banks wrapped up their earnings season yesterday, which came in mostly on par with analyst expectations.

For the majority of the group, global markets activity remained a key driver of Y/Y growth (equities in particular), though most segments performed well.

The credit outlook remains a cautious one, with all banks increasing provisioning activity to buffer against economic uncertainty.

The reserve build was largely against performing loans, though, indicating classic Canadian banking conservatism more than it does a structural issue.

While results were solid across the group, the short-lived nature of strong trading performance and a continued rise in impaired loans has us cautious.