Rolling in massive profits again after taking billions in public bailout measures.

Ottawa (27 Aug. 2009) – Wouldn’t you know it? Canada’s chartered banks are piling up massive profits once again.

Less than a year after benefitting from Canada’s version of a taxpayer-financed public bailout for bad loans and mortgages, the CIBC reported third quarter profits this week of $434 million, up $71 million from a year ago.

This follows the Bank of Montreal, which a day earlier announced that it made $557 million for the same quarter, up $36 million from the same quarter in 2008. And similar obscene profit numbers will no doubt follow from the other federally-chartered banks later this week.

http://www.nupge.ca/node/2519

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