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Canadian banks report better-than-expected profits amid COVID-19 pandemic
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COVID-19 pandemic — even as TD was one of six Canadian banks that reduced its provisions for bad debt, citing better prospects for the economy.TD, CIBC, RBC, National Bank, BMO and Scotiabank all reported better-than-expected profits in the three months ending Jan.
31, as provisions for credit losses fell and net income climbed from the same period last year, before COVID-19 was declared a pandemic.
Canada’s big banks likely to give insight on economic recovery this week: analysts These lower provisions have fed into a growing pot of profits for the banks, which were buoyed by businesses like wealth management and mortgages that were shielded from the pandemic, while banks minimized loan exposure to sectors vulnerable to COVID-19.
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