Making sense of the markets this week: August 30, 2021 Aug 28th

Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

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Making sense of the markets this week: August 30, 2021

– moneysense.ca

Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.

Big earnings from the big Canadian banks

The Big Six Canadian banks (Royal Bank of Canada, TD Bank, Scotiabank, BMO, CIBC and National Bank) released quarterly earnings reports this week and, as expected, they all put some big numbers up on the board. Thanks to high levels of government financial support for individuals and businesses, the banks have not yet experienced an economic shock due to COVID.

To manage risk, banks always set aside emergency funds, known as provisions for credit losses or loan-loss provisions. Given their more favourable prospects, the Big Six have been able to remove some of those monies from the safety net and add them to the earnings column. For an example on that front: In its most recent report, RBC recovered $540 million of provisions for credit losses, compared to the $96 million that it recovered in the second quarter…

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