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“I don’t view it as a positive development, nor do I view it as systemic…. A small player like that would not have systemic risk that would cause, and should not cause, Canadians to lose confidence in the value of their homes, nor pose contagion credit problems to our book,” McKay told analysts.

“Those are driven by the macro trends that we constantly talk about.”

Bank of Montreal also posted double-digit profit gains on Wednesday, but its earnings-per-share fell short of what the Street expected by one penny, due largely to higher loan losses in its U.S. commercial portfolio. The other three banks saw lower provisions for credit losses, or money set aside for bad loans, compared to a year ago.

“BMO is a little bit of the odd man out,” said Meny Grauman, an analyst with Cormark Securities in Toronto, in an interview. “Even with BMO, there is a commonality in the sense that Canada is looking pretty good, actually.”

The banks saw strong performances in wealth management, with growth in the amount of mutual fund assets under management, he added. Capital markets are faring well (albeit at lower levels compared to the previous quarter or a year ago) but investment banking has picked up some of the slack — particularly for those which have exposure to the U.S. capital markets, Grauman said.

Both TD and RBC’s latest earnings benefited from their footprint in the U.S.

“It’s not really boom times. CIBC is an exception in terms of mortgage growth, in particular. But credit looks good in Canada, loan growth is pretty stable,” he said. “There’s a little bit of margin pressure and operating leverage is spotty this quarter. But in general, management teams seem confident in the outlook, and they don’t expect anything significant from Home Capital.”