‘Big Five’ Canadian banks post C$6.6bn of loan-losses in Q3

Aggregate provisions for credit losses (PCLs) across Canada’s top five banks amounted to C$6.6 billion ($5 billion) over the three months to July 31, down 36% on the previous quarter but still almost triple the total posted the year-ago period.

TD Bank socked away the most to cover losses over the quarter: C$2.2 billion, equivalent to 1.17% of average net loans. Scotiabank also set aside C$2.2 billion, equal to 1.36% of loans, BMO C$1.1 billion, or 0.89% of loans and RBC C$675 million, 0.4% of

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