Missed credit payments grew by 4% in the first quarter of 2025 + MORE May 29th

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There’s a deepening divide between consumers in the face of economic uncertainty as those missing payments rose compared with a year ago, a new Equifax report shows.

Rebecca Oakes, Equifax Canada’s vice-president of advanced analytics, said much of the trend stems from the high cost of living, growing unemployment and rising trade tensions.

“In order for anybody to kind of keep making the payments … you need to have an income, you need to have good employment,” said Oakes. “When there’s economic uncertainty, that does create a few impacts.”

The report found one in 22 consumers, or 1.4 million people, missed at least one credit payment during the first quarter, even as the average monthly credit card spend fell by $107 per cardholder.

“We actually think this is more to do with pulling back on that discretionary spend. And that is going to have a knock-on impact to business and that ultimately will have a knock-on impact to employment levels,” she said.

“It’s all kind of interlinked a little bit when you start to see that economic uncertainty,” Oakes added…

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The Bank of Nova Scotia (TSE: BNS) reported second-quarter net income of $2.03 billion, down from $2.09 billion a year earlier as it put aside more money for bad loans. The bank also raised its quarterly dividend Tuesday to $1.10 per share, up from $1.06 per share.

The increased payment to shareholders came as Scotiabank says its profit amounted to $1.48 per diluted share for the quarter ended April 30, compared with a profit of $1.57 per diluted share in the same quarter last year.

Bank of Nova Scotia

Net income: $2.03 billion

Q2 profit: $1.48 per diluted share

Source Google

Revenue totalled $9.08 billion, up from $8.35 billion, while the bank’s provision for credit losses for the quarter amounted to $1.40 billion, up from $1.01 billion a year ago. On an adjusted basis, Scotiabank says it earned $1.52 per diluted share, down from an adjusted profit of $1.58 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $1.56 per share, according to data provided by LSEG Data & Analytics…