Total provisions for loan losses rose to $3.22 billion
TD Bank Group reported a 52 per cent fall in quarterly profit on Thursday, as Canada’s second-biggest lender by market value set aside more money to cover loan losses due to the COVID-19 pandemic.
Net income fell to $1.52 billion, or 80 cents per share, in the second quarter ended April 30, from $3.17 billion, or $1.70 per share, a year earlier. Total provisions for loan losses jumped over fivefold to $3.22 billion compared with $633 million a year earlier.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Royal Bank Q2 profit cut to $1.48 billion compared with $3.23 billion a year agoRoyal Bank of Canada saw its second-quarter profit cut to less than half what it was a year ago as the amount it set aside for bad loans soared due to the pandemic.
Read more »
Scotiabank Q2 profit down from year ago as provisions for credit losses soarScotiabank reported a second-quarter profit of $1.32 billion, down sharply from a year ago, as its provisions for bad loans more than doubled compared with a year ago.
Read more »
Scotiabank profit drops 41% as loan-loss provisions soar amid pandemic falloutThe Bank of Nova Scotia added about $1-billion to loan loss reserves for fiscal second quarter, bringing total provisions for credit losses to $1.85-billion, up 111 per cent from a year earlier
Read more »
CIBC profit drops 71% as loan-loss provisions surgeCanada’s fifth biggest bank set aside $1.41-billion in the latest quarter to cover potential future credit losses
Read more »
BMO reports Q2 profit down from year ago as provisions for credit losses riseBMO Financial Group reported a second-quarter profit of $689 million, down from $1.5 billion a year ago, as it increased the amount set aside for bad loans due to the pandemic.
Read more »
Royal Bank Q2 profit cut to $1.48 billion compared with $3.23 billion a year agoRoyal Bank of Canada saw its second-quarter profit cut to less than half what it was a year ago as the amount it set aside for bad loans soared due to the pandemic.
Read more »