Three of Canada’s biggest lenders posted quarterly earnings on Thursday, and as was the case at Scotiabank earlier in the week, they’re all putting a lot more money aside to cover loans that might go bad.
Royal Bank, TD Bank and CIBC revealed their financial results to investors before stock markets opened on Thursday, and while all three remain very profitable, they all showed a sharp uptick in the amount of money they’re setting aside to cover bad loans, a closely watched banking metric known as provisions for credit losses.
At Royal Bank, Canada’s biggest lender set aside $720 million to cover loans
