Canada's 5 big banks earned $8 billion in Q2

An RBC sign is pictured in downtown Toronto on Dec. 2, 2011. (THE CANADIAN PRESS/Nathan Denette)

TORONTO - Canada's five biggest banks saw their profits climb in the second quarter, even as debt-strapped Canadians are becoming hesitant to borrow.

Royal Bank, TD Bank, Scotiabank, the Bank of Montreal and CIBC earned a total of $8.07 billion in net income in their most recent three-month period.

That was up from $7.37 billion in the second quarter of last year.

Revenue totalled $30.45 billion for the quarter, up from $28.97 billion a year ago.

Scotiabank was the last of the five big banks to report its second-quarter results.

The lender says its profits rose two per cent in the quarter.