Canada’s top banks cut loan-loss provisions by $1.2bn

The decrease in set-asides represents a 92% fall quarter on quarter

Canada’s top lenders set aside almost C$1.4 billion ($1.2 billion) less in loan-loss reserves in the three months to end-April, as the country’s economic outlook continues to improve.

Provisions for credit losses (PCLs) – calculated as the sum of provisions for impaired and performing loans – were down 92% on aggregate across Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada, Scotiabank and TD Bank.

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