Canada’s banks are guarding against bad loans. What this means for your money
as they reported second-quarter earnings. All except for CIBC missed earnings expectations in the period.
Booth notes, as well, that just because banks are raising their provisions doesn’t mean they’ll need them if a pronounced recession doesn’t come to pass. Canadian bank loan provisions also extend to lenders’ activities in the U.S. market, Booth notes, where the financial system has faced turmoil in recent months over the collapse of Silicon Valley Bank and other regional players.
Some analysts have said TD should take the opportunity to pause and rethink its U.S. expansion strategy. Canada’s economy is heavily reliant on the health of the housing market, which Taylor says means any signs of stress in banks’ mortgage books are “something to monitor” if they start to appear.
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