August 26: CanSino blames Chinese officials for abandonment of joint vaccine program with Canada; Moderna says vaccine shows positive results in older adults
RBC’s provisions for credit losses were $675-million, up 59 per cent from a year ago, and historically high, but down significantly from the $2.83-billion set aside in the previous quarter.
As of July 31, about 278,400 RBC clients still had payments deferred on 344,541 loans worth $62.8-billion, down from nearly 580,000 loans totalling $78.3-billion last quarterin its third-quarter earnings, down just 1 per cent from a year ago, even as it added new provisions for credit losses of $143-million.
The bank’s loss provisions are up 66 per cent from a year ago, but have declined sharply from the $504-million it set aside in the second quarter. As of July 31, National Bank had deferred loans to personal banking clients – including mortgages and credit card debt – worth $4-billion, and commercial and corporate loans of $4.5-billion.
Though the commercial balance was unchanged from the prior quarter, the balance of personal loans with deferred payments declined from $9.4-billion.
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