Canadian banks claim to be well-prepared to weather lower oil prices, having cut exposures to energy producers as a share of their total loan portfolios in recent years.
At end-October, loans outstanding to oil and gas companies held by the ‘Big Five’ – Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), Scotiabank and TD Bank – were C$44.6 billion ($33.7 billion), or 1.7% of total gross loans, down from 1.8% the year prior, and 1.9% at end-October
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