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November 24, 2017QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 3RD QUARTER 2017 Canadian corporations earned $100.5 billion in operating profits (seasonally adjusted) in the 3rd quarter of 2017, increasing 8.5 per cent compared to the previous quarter. Compared to Q3 2016, operating profits were 17.2 per cent larger.
The non-financial sector operating profits (seasonally adjusted) were up 3.3 per cent to $65.6 billion in the 3rd quarter with gains in 11 of the 17 non-financial industries. Profits rose in retail trade (+0.7%) and wholesale trade (+2.3%). Manufacturing profits increased 11.2 per cent with gains in 9 of 13 subsectors; most of the increase was attributable to petroleum and coal products manufacturing with higher oil prices.
Operating profits increased 20.0 per cent in the financial industries. Depository credit intermediation increased 9.6 per cent from higher interest rates and lower opertaing expenses. Insurance carrier profits accounted for most of the dollar increase with increases among life, helath and medical insurance carriers from changes in the fair value adjustments of actuarial liabilities.
For year-to-date (2017 Q1-Q3 compared to 2016 Q1-Q3), operating profits increased $49.3 billion (+20.9%). An increase in non-financial industries of 20.7 per cent ($32.6 billion) accompanied a 21.4 per cent gain in the financial sector (+$16.7 billion).
Source: Quarterly financial statistics for enterprises; CANSIM 187-0002
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