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Scotiabank, National Bank of Canada beat expectations even as loan-loss provisions erode profits

作者:admin 2020-05-31

Bank of Nova Scotia and National Bank of Canada reported better-than-expected second-quarter results on Tuesday despite large profit declines driven by spikes in loan-loss provisions due to the COVID-19 pandemic.

Canadian banks are bracing for higher loan losses this year and next due to the pandemic-driven recession. While loan deferrals and government aid have helped contain some short-term damage, borrowers are expected to struggle when repayments come due.

“The world is enduring extremely challenging times, both from a health and financial perspective,” National Bank Chief Executive Louis Vachon said in a statement, adding the provisions reflect the bank’s “most prudent estimate ahead of an uncertain macroeconomic outlook.”

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