Impaired loans surpass pandemic peaks at CIBC, Scotiabank

At five Canadian banks, troubled loans up 40% year-on-year

Two Canadian banks held more impaired loans at the end of July than they have done at any point since the onset of the pandemic, Risk Quantum analysis shows.

Canadian Imperial Bank of Commerce saw its gross impaired loans climb 12.4% to C$2.62 billion ($1.97 billion), overtaking the C$2.58 billion held in Q3 2020.

Scotiabank had the most impaired loans of the five banks analysed, at C$5.49 billion in Q3, up 3.4% from three months prior, and like CIBC its largest since at least 2019.

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