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Quarterly financial statistics for enterprises, first quarter 2024

Released: 2024-05-24

Canadian corporations' net income before taxes, seasonally adjusted

$160.1 billion

First quarter 2024

Canadian corporations reported an increase of $898 million (+0.6%) in net income before taxes (NIBT) in the first quarter of 2024, reaching $160.1 billion. This gain was driven by the financial sector (+4.9%) and was partially offset by the non-financial sector (-1.2%).

Consult the Quarterly Survey of Financial Statistics: Visualization Tool for a comprehensive overview of the quarterly changes in the financial performance of enterprises.

Chart 1  Chart 1: Corporate net income before taxes (seasonally adjusted)
Corporate net income before taxes (seasonally adjusted)

Financial sector reports increase in net income before taxes

NIBT for the financial sector increased by $2.3 billion (+4.9%) to $48.2 billion in the first quarter of 2024. Increases were recorded in 6 of the 13 financial industries.

The banking and other depository credit intermediation industry recorded a $3.2 billion increase in NIBT in the first quarter. This increase was attributable to a rise in net interest income and other revenues.

NIBT for life, health and medical insurance carriers was up $2.4 billion on lower expenses arising from actuarial liabilities.

Partially offsetting these gains, the NIBT for property and casualty insurance carriers decreased by $1.7 billion in the first quarter. Lower revenues and higher expenses from the industry's automobile line of business contributed to this decline in NIBT.

The wholesale industry contributes to the decrease in net income before taxes for the non-financial sector

The non-financial sector's NIBT saw a decline of $1.4 billion (-1.2%) from the fourth quarter of 2023 to $111.9 billion in the first quarter of 2024. Overall, NIBT was down in 18 of 39 non-financial industries.

During the first quarter of 2024, the other wholesalers industry was the primary contributor to the decline in NIBT for the non-financial sector, dropping by $1.2 billion (-16.6%). Operating revenue was down $1.4 billion (-0.9%) in the quarter, due to lower sales among farm product merchant wholesalers.

The petroleum and coal products manufacturing industry recorded the second largest decrease in NIBT, down $1.1 billion (-20.8%) in the first quarter. Operating revenue was down $1.2 billion (-2.6%), primarily driven by a decrease in the price of energy and petroleum products. NIBT for the oil and gas extraction industry also declined, down $101 million in the first quarter.

The transportation, postal and couriers services, and transportation support activities industry also contributed to the decrease in NIBT, down $332 million (-5.1%) in the first quarter. This decrease was mainly attributable to rail transportation, as railway freight loadings declined during the quarter.

The motor vehicle and trailer manufacturing industry partially offset some of the declines in NIBT for the non-financial sector. Earnings were up $714 million during the first quarter, driven by lower expenses.

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  Note to readers

Changes to the Quarterly Survey of Financial Statements

The Quarterly Survey of Financial Statements (QSFS) has been the subject of many changes since the first quarter of 2020. For a summary of those changes, see the note to readers in the QSFS release for the second quarter of 2023.

Revisions

This release of the QSFS for the first quarter of 2024 includes revised estimates for all quarters of 2022 and 2023 resulting from a benchmarking exercise against the Annual Financial and Taxation Statistics for Enterprises published on May 13, 2024.

Next release

Financial statistics for enterprises for the second quarter of 2024 will be released on August 23.

Products

Aggregate balance sheet and income statement data for Canadian corporations are now available.

Data from the Quarterly Survey of Financial Statements are also available.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

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