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Better than expected credit quality and strong trading revenues are helping drive Canada’s big banks to one of their best quarters ever.

On Tuesday, Bank of Montreal joined Royal Bank of Canada and the Canadian Imperial Bank of Commerce — which both reported last week — in posting blow-out first quarter earnings, with adjusted net income rising 30 per cent over the year ago quarter.

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Only the Bank of Nova Scotia, which Tuesday reported solid earnings growth that just met estimates, has so far drawn mixed reactions.

Still, even with Scotiabank’s “notional miss” Canada’s financial sector continues to defy expectations said John Aiken, an analyst at Barclays in Toronto.

“By and large, we can take a look at the results (so far) this quarter and highlight the resiliency of the Canadian banks and the benefit of their diversified operating platforms,” he said in an interview.

While concerns linger about a surging housing market, the impact of low oil prices — top of mind for bank executives and analysts a year ago — continues to abate.