The Big Five Banks: A Look at the Largest Major Banks in Canada Jan 6th
The 10 best no-fee credit cards in Canada for August 2023 Aug 23rd
The best rewards credit cards in Canada for 2023 + MORE Nov 23rd
When a bank’s not a bank: How fintech—and neobanks in particular—are transforming banking in Canada + MORE Jan 19th
The best high-interest savings accounts in Canada for 2023 Oct 20th
Making sense of the markets this week: August 30, 2021
– moneysense.ca
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…