12:31 PM EST, 02/18/2025 (MT Newswires) -- Canadian banks begin reporting first-quarter results on Feb. 25.

The first-quarter reporting season comes with "with far greater economic uncertainty than expected," National Bank writes.

Attention will shift to bank guidance commentary, specifically related to credit (e.g., becoming more conservative) and revenue growth. Still, National Bank expects strong performance from Capital Markets segments.

Aside from earnings, trade/economic uncertainty has created an overhang on the sector that might not be cleared until mid-year, analyst Gabriel Dechaine adds. Until then, Dechaine expects the group's performance to be under pressure, especially the more Canadian-exposed names like CIBC. In contrast, banks with more U.S. business exposure like BMO (P&C Banking) and RBC (Capital Markets) should be relative outperformers.

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