Three major Canadian banks expressed cautiously optimistic views on the economy on Thursday, in stark contrast to the anxiety and frustration felt by many small businesses dealing with the ongoing trade war with the United States.

Royal Bank of Canada, Toronto-Dominion Bank, and CIBC announced their financial results before the opening bell on the Toronto Stock Exchange. Combined, these three banking giants hold assets totaling up to $6 trillion on their balance sheets. With extensive portfolios including mortgages, auto loans, and various debt products, as well as client networks spanning both Canada and the U.S., these large institutions have a unique perspective to observe the impact of tariffs.

RBC CEO Dave McKay stated during the bank’s quarterly conference call that the Canadian economy has shown resilience, with improvements in employment and GDP in the second quarter maintaining a cautiously optimistic outlook for future expansion. He noted that the average effective tariff rate remains low at around six percent, with the majority of exports remaining duty-free.

TD Bank CEO Raymond Chun mentioned an emerging “super cycle” for investment in Canada on Thursday, driven by government spending in infrastructure and national defense. According to TD Economics, over $1 trillion in projects have been approved or are on the table until 2035 and beyond.

CIBC CEO Harry Culham expressed a “measured confidence” about the latter part of 2026 and emphasized that the bank is closely monitoring Canada’s labor market for any signs of weakness.

Bank of Montreal and Scotiabank’s CEOs separately referred to the Canada-U.S. trade war as manageable earlier this week. Shares of Canada’s major banks on the Toronto Stock Exchange continue to trade near record highs, with the BMO Equal Weight Banks Index ETF, comprised of Canadian bank stocks, surging nearly 50 percent over the past year.