Five years in a row – Canadian banking ranked soundest by the World Economic Forum
For Immediate Release
Toronto, September 5, 2012 – The Canadian Bankers Association today welcomed the fact that the World Economic Forum has ranked Canadian banks the soundest in the world for the fifth consecutive year. 1
“Canadian banks are well-capitalized, well-managed and well-regulated and have remained prudent lenders, and this has been recognized by the World Economic Forum in the rankings,” said Terry Campbell, President of the Canadian Bankers Association. “Our banks are a Canadian success story, serving Canadians well and contributing significantly to the growth of the Canadian economy.”
Our strong, sound banks help families buy homes, help Canadians save for retirement, help small businesses to grow and thrive, and help promote Canada’s brand internationally showing that this country is a great place to do business. Banks in Canada share the same values of Canadians: being prudent, practical and hard working.
Some key facts about the Canadian banking sector:
- 83 per cent of Canadians give banks a good to excellent performance rating when it comes to being stable and secure. 2
- 92 per cent of Canadians agree that the strength of large Canadian banks is critical to the health of the overall economy. 3
- 91 per cent of Canadians are confident that their deposits are secure. 4
- Bank mortgages in arrears remain low at 0.33 per cent of outstanding mortgages.
- Banks employ 274,000 Canadians and full-time employment has increased 25.4 per cent in the past 10 years.
- Banks contributed approximately 3.4 per cent or $55.5 billion to the country’s GDP in 2011.
- Banks paid $11.1 billion in dividends to shareholders last year, helping many save for retirement.
- Banks paid more than $8.6 billion in taxes to all levels of government in Canada in 2011.
- Banks provide financing to 1.6 million small and medium-sized businesses.
About the Canadian Bankers Association
The Canadian Bankers Association works on behalf of 54 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 274,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca.
Follow the CBA on Twitter: @CdnBankers
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For more information:
Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733