A positive news is awaiting banking sector executives. Confirming their recovery from downturn, Bank of Montreal and Bank of Nova Scotia have announced a raise in pay of their top executives. These two banks noticed hefty profits in 2010 after economic crisis.

Bank of Montreal announced a double digit raise of 28% in salary package of its CEO and Bank of Nova Scotia announced a raise of 9% in salary package of its CEO. Bank of Montreal CEO Bill Downe got C$9.5 million ($9.8 million) in bank's FY 2010. Before this year, Downe earned C$7.5 million. In 2010, Bank of Nova Scotia CEO Rick Waugh earned C$10.7 million, 9% more than previous year's C%9.8 million. Banks revealed these data in their regulatory filings.

Profit of the Bank of Montreal rose 57% to C$2.8 billion in 2010. This bank is Canada's fourth biggest lender. While profit of third largest lender in Canada, Bank of Nova Scotia rose 19.5% to C$4.2 billion.

Canada's top six banks have shown good performance in 2010 with no one receiving government bailout. Bank of Montreal is making strong efforts to increase it United States business. Its efforts include a $4.1 billion bid for Wisconsin lender Marshall & Ilsley Corporation in 2010. While Bank of Nova Scotia is making attempts to increase its business in Latin America and Asia.