‘Big Five’ Canadian banks’ loan-loss charges quadruple
Canada’s top five banks put aside an aggregate C$10.4 billion ($7.6 billion) for soured loans and other credit assets in the three months to April 30, almost four times as much as in the previous quarter.
Provisions for credit losses (PCLs) taken for already impaired assets at BMO, CIBC, RBC, Scotiabank and TD Bank made up C$3.2 billion of this total, up 27% quarter-on-quarter. Those for still performing loans, however, totalled C$7.1 billion, 32 times the amount taken over the three months to
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