Royal Bank of Canada’s (RBC) loan-loss reserves leapt C$72 million ($55 million) in the three months to end-July, the result of asset growth and a darkening economic outlook.
Total provisions for credit losses (PCLs) were C$346 million, up from C$274 million the prior quarter. Of these C$338 million were attributable to the bank’s loan book. Of this amount, C$90 million related to performing assets and C$248 million to impaired loans. Last quarter, RBC reported a C$20 million reserve release