Several major Canadian banks have reported their first-quarter earnings for 2025, with most exceeding analyst expectations. National Bank of Canada posted adjusted earnings per share (EPS) of C$2.93, surpassing the estimate of C$2.67, with an adjusted return on equity (ROE) of 16.7%, above the forecast of 16.2%. The bank's performance was driven by strength in its wealth management and capital markets divisions. Royal Bank of Canada (RBC) also outperformed expectations, reporting adjusted EPS of C$3.62 against an estimate of C$3.26 and revenue of C$16.74 billion, exceeding the forecast of C$15.72 billion. RBC's growth was attributed to strong results in wealth management and capital markets, the integration of HSBC Canada, and a CET1 ratio of 13.2%. The bank reported a profit of C$5.13 billion, up from C$3.58 billion a year earlier. Canadian Imperial Bank of Commerce (CIBC) reported a 26% year-over-year increase in profit, with adjusted EPS of C$2.20, beating the estimate of C$1.97. The bank's capital markets and wealth management divisions were key contributors to its strong performance. CIBC's profit rose to C$2.17 billion from C$1.7 billion a year earlier. Toronto-Dominion Bank (TD) reported adjusted EPS of C$2.02, exceeding the estimate of C$1.95, with revenue of C$14.05 billion, surpassing the expected C$13.22 billion. TD's results were bolstered by better-than-expected performance in its wealth management and capital markets businesses, though it reported a provision for credit losses of C$1.21 billion. The bank's CET1 ratio stood at 13.1%, and it reported a profit of C$2.79 billion, down slightly from C$2.82 billion a year earlier.