Canadian banks brace for second-half uncertainty as they cling to rate cut hopes

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Stan Rogers Folk Festival 2024: 27 years of music and community | SaltWire #festival #music #nsTORONTO - Canadian banks are bracing for a few months of uncertainty with loan loss provisions expected to rise if interest rates remain elevated, even as their dealmaking and investment banking business improves, according to executives from major lenders.

The Bank of Canada, which has raised rates 10 times since 2022 as it battled rising inflation, makes its next decision on June 5. "The expectation of central bank rate cuts has led to strong equity market returns this year, and should also have positive implications for loan growth and M&A deal flow, while also providing relief for Canadians," Royal Bank of Canada CEO Dave McKay said on an earnings call.

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