Finance

A by-the-numbers look back at Canadian finance in 2024

Published

1 year ago

December 29, 2024

A by-the-numbers look back at Canadian finance in 2024

TORONTO — The big questions in Canadian finance heading into 2024 were whether the economy could avoid a recession and what would happen with interest rates.

The uncertainty at the start of the year had banks tucking billions of dollars aside in case the picture worsened for heavily-indebted Canadian consumers as many renewed their mortgages at much higher rates.

As the year comes to a close, it’s clear banks and borrowers fared better than feared, leaving some of the biggest stories in the financial industry to be blockbuster deals, surprises and scandals at individual lenders.

Here’s a look at some of the key numbers that tell the story of 2024 for the Canadian financial sector:

$58,771,000,000 — The adjusted profits of the Big Six banks in the 2024 fiscal year. That’s up a billion dollars from a year earlier, though still a little below the highs of 2021-2022. Heading into 2024, there were heightened fears about mortgage defaults and borrower stress with interest rates running high. The strains did lead to subdued loan growth, but with Canada settling into a soft economic landing, banks still managed robust profits. Expectations are for better growth in 2025, mostly in the second half of the year, as interest rate cuts have time to work through the economy.

3.25 per cent — The Bank of Canada interest rate at the end of the year, down from five per cent at the start of June. Banks followed the central bank’s lead and have lowered their prime rates to 5.45 per cent. More cuts are on the way for 2025 with RBC expecting the central bank rate to lower its key rate to two per cent by July because of the weak economy. Meanwhile, the U.S. interest rate came down only half a percentage point as its economy remains much stronger. The Federal Reserve suggested earlier this month it may cut just twice next year.

0.20 per cent — The mortgage delinquency rate in Canada at the end of the third quarter, according to Equifax Canada. That’s up from a historically low 0.14 per cent two years ago, but still below the more than 0.30 per cent that it averaged in the years before the pandemic. Banks expect delinquencies to creep higher next year as job losses grow, but say overall, they’re comfortable with their mortgage portfolios.

$4.45 billion — What TD Bank Group paid the U.S. government for its oversight failures on anti-money laundering controls. The bank took full responsibility for the failures, which led to criminals laundering more than $965 million in illicit drug profits through its branches in the U.S. Regulators also capped its retail asset growth. TD chief executive Bharat Masrani announced he would retire in the new year, to be replaced by Raymond Chun.

780,000 — The number of customers who were moved over to RBC after Canada’s largest bank closed its $13.5 billion acquisition of HSBC Canada in March. RBC also took on about 4,500 employees and $108.5 billion in assets. The acquisition took out a dynamic player in the mortgage space, but banks maintain that rate competition remains fierce.

$246,000,000,000 — RBC’s market capitalization as of the last Friday of the year, after an almost 30 per cent climb in 2024. The gains came thanks in part to the HSBC deal closure, as well as easing worries from investors around the banking sector. Royal Bank is by far Canada’s largest company by market cap, ahead of Shopify at around $199 billion and well ahead of TD Bank Group at $133 billion, after TD lost a little more than 10 per cent of its value over the year.

$49 million — The amount RBC’s former chief financial officer Nadine Ahn sued the bank for over claims of wrongful dismissal. RBC had fired Ahn in April over allegations she had an “undisclosed close personal relationship” with another employee, who received preferential treatment. Back and forth legal filings revealed numerous personal details about her relations with her colleague, including pet names, a poem and a “Love Book” photo album, but Ahn maintains it was a workplace friendship and not the close personal relationship as RBC alleges. Ahn signed on as deputy chief financial officer of Canaccord Genuity in October.

557,400 — The number of shares that a Scotiabank subsidiary held in Israeli defence contractor Elbit Systems Ltd., worth about US$144 million, near the end of the year. That’s down from the 2,236,500 shares, worth about US$443 million, that it held near the end of 2023. Scotiabank had faced numerous protests related to the holdings because of Elbit’s role in supplying Israel weapons for the war in the Gaza Strip, but it said the decision by its 1832 Asset Management to sell wasn’t influenced by the protests.

US$104 billion — The amount of fossil fuel funding Canada’s five biggest banks provided in 2023, as outlined in a March report from a coalition of climate groups. For most banks, it was their lowest level of oil and gas funding since the signing of the Paris climate agreement in 2015, but the drop also came as huge oil and gas profits lowered the industry’s need to borrow. RBC, which topped the list in the report at US$28.2 billion, also committed to tripling its renewable energy funding to $15 billion by 2030.

60 per cent — The current maximum legal interest rate lenders can charge, based on an effective annual interest rate basis that factors in compounding. It works out to 48 per cent on an annual percentage rate. The federal government moved forward this year with regulations that will see the rate capped at 35 per cent on an annual percentage rate. The change, which also puts new restrictions around payday loans, comes into effect Jan. 1.

This report by The Canadian Press was first published Dec. 29, 2024.

Ian Bickis, The Canadian Press

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Finance

How digital payments are reshaping a fast-growing digital banking market

Published

9 hours ago

June 26, 2026

Press Room

How digital payments are reshaping a fast-growing digital banking market

Digital payments are becoming an increasingly common part of everyday life in Uzbekistan, helping bring more consumers into the formal financial system and increasing demand for services beyond basic transactions.

According to a financial inclusion survey conducted by the Central Bank of Uzbekistan with support from the Asian Development Bank, 71.17% of respondents reported making or receiving at least one digital payment in 2025, compared with 39% in 2021.

The increase follows several years of policies aimed at expanding financial inclusion, encouraging electronic payments and introducing digital tools such as remote identification systems for banking customers.

Interviews conducted by Euronews on the sidelines of the Tashkent International Investment Forum (TIIF) suggest that the rapid adoption of digital payments is now beginning to influence wider parts of the financial sector, from lending and insurance to investment products and banking services for businesses.

Digital payments enter the mainstream

Industry executives point to a combination of demographic, technological and regulatory factors behind the growth of digital financial services.

Nikolay Seleznyov, co-founder of Uzum, a company active in e-commerce, digital payments and financial services, said the expansion is bringing more people into the banking system.

“More and more people are becoming bank customers. And this trend is irreversible.”

Oliver Hughes, chairman of TBC Uzbekistan, a digital bank operating through the TBC UZ and Payme applications, pointed to the country’s young population and widespread use of mobile technology as factors supporting the shift towards digital services.

The trend is also affecting established lenders. Dmitry Sapronov, deputy chairman of Ipoteka Bank, which became part of Hungary’s OTP Group in 2023, said customer demand for digital services has increased significantly in recent years, requiring banks to rethink how they deliver products and interact with clients.

Regulation and infrastructure

Executives said the growth of digital finance has been supported by both regulatory changes and investment in digital infrastructure.

The Central Bank and other institutions have introduced measures aimed at expanding financial inclusion and encouraging electronic payments, while digital identification systems have made it easier for consumers to access banking products remotely.

“The digital ID product was one of the biggest enablers here for all the players in the financial services industry,” Seleznyov said.

According to him, digital identification has reduced onboarding times from days to seconds, allowing financial institutions to verify customers remotely and expand access to services.

At the same time, Hughes argued that regulation remains a critical part of the sector’s development as more financial activity moves online.

“Regulation is always important because it’s people’s money, it’s people’s data.”

Sapronov also pointed to the need for continued investment in banking technology, saying the pace of development is creating pressure on institutions to modernise their systems.

Beyond everyday payments

While digital transactions are becoming more widespread, executives said many financial products remain at an earlier stage of development.

Sapronov said the transformation extends beyond individual products, affecting how banks operate, deliver services and interact with customers.

“This transformation touched all aspects of the banking operation, products, process, digitalisation, branch network, almost everything.”

His comments reflect a broader shift within the sector as banks adapt to customers who increasingly expect services to be available through digital channels.

Hughes highlighted insurance, investment products and services for micro, small and medium-sized businesses as areas where adoption remains relatively limited.

“The level of penetration of banking services is still fairly low.”

He also argued that retail investment products available through mobile applications are only beginning to emerge in Uzbekistan.

Areas that still need development

Despite the rapid growth in digital payments, executives identified several areas where further development is still needed.

Seleznyov also pointed to the importance of maintaining both digital and physical infrastructure, including payment terminals and cash access points, as consumers continue to move between cash and digital transactions.

Sapronov described technology as one of the sector’s main challenges, arguing that demand for digital services is growing faster than some parts of the industry’s infrastructure.

“The challenges are related to tech because the country is developing so fast, and in terms of technology, the banking sector is quite underdeveloped.”

Finance

Anne Arundel County Launches New Finance and Procurement Platform

Published

19 hours ago

June 25, 2026

Press Room

Anne Arundel County Launches New Finance and Procurement Platform

Anne Arundel County is preparing to launch a new finance and e-procurement system to modernize county operations and improve how businesses interact with local government.

The new platform, called Harbor, is scheduled to go live in July and will replace the County’s legacy procurement system with a centralized cloud-based platform built on Oracle Fusion Cloud.

County officials say the new system is designed to streamline procurement and financial processes while making it easier for both existing and prospective vendors to do business with the County.

From the press release:

“Harbor is a much-needed upgrade that will streamline services for our county agencies and those who do business with the county,” said Anne Arundel County Chief Administrative Officer Christine Anderson.

The platform will serve as a single portal for supplier registration, bid opportunities, invoicing, payment tracking, and contract management, consolidating what had previously been spread across multiple systems. County leaders say the transition is part of a broader effort to modernize operations, improve efficiency, and lower barriers for businesses seeking to compete for county contracts.

For counties, procurement modernization remains an important operational priority as local governments look to improve transparency, strengthen vendor engagement, and simplify access for businesses of all sizes. Anne Arundel County has encouraged interested suppliers to review training materials and registration information ahead of the July launch.

Finance

Quadient Recognized as a Leader in the 2026 SPARK Matrix for Accounts Receivable Applications

Published

1 day ago

June 25, 2026

Press Room

QUADIENT

Quadient demonstrates continued innovation in AI-driven invoice-to-cash automation and unified finance operations

Paris

Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, announced today it has been recognized for the fifth consecutive year as a Leader in the 2026 SPARK Matrix™ for Accounts Receivable Applications by technology analyst and advisory firm QKS Group. Quadient strengthened its position in the report year-over-year, with a notable improvement in Technology Excellence, reflecting continued innovation in its AI-driven invoice-to-cash solution.

According to QKS Group, Quadient’s leadership position highlights its evolution into a comprehensive, AI-powered platform that delivers strong predictive accuracy and straight-through processing. The analyst firm also emphasized the capability of Quadient’s solutions to unify accounts receivable (AR) and accounts payable (AP), offering finance leaders greater visibility and insights into their business finances to make faster, better decisions on working capital management.

Earlier this month, Quadient announced the release of its new cash dashboard capability for AR and AP that allows finance teams to bring together traditionally siloed data in a single view. An AI assistant summarizes key metrics and provides analysis that helps finance leaders accelerate cash on hand, improve forecasting, reduce risk and uncover opportunities to optimize working capital.

“Quadient has established a strong position in the 2026 Accounts Receivable Automation market through its focus on intelligent automation, cash flow optimization and integrated financial operations,” said Sanjeevi C R, associate vice president, Enterprise Research at QKS Group. “The platform’s evolution from predictive analytics to AI-driven autonomous collections execution represents a meaningful step forward in reducing manual effort across the invoice-to-cash cycle. What differentiates Quadient is its ability to combine collections management, cash application, and payment processing with a unified accounts receivable and accounts payable ecosystem, providing finance leaders with a more holistic view of working capital performance. By enabling greater automation, enhanced cash flow visibility, and more efficient receivables operations, Quadient continues to deliver measurable value for organizations seeking to modernize their financial processes and improve liquidity management.”

QKS Group highlighted the following key strengths for Quadient AR: