Both banks set aside far less money to cover loans they previously worried would go bad
TD Bank and CIBC posted quarterly results on Thursday, and as was the case with Canada’s other major lenders – RBC, Scotiabank and BMO – both banks showed a big increase in profits partly because they had to set aside far less money to cover bad loans.
TD reported that it earned a profit of just over $3.5 billion in the three months up to the end of July. Continue reading “TD and CIBC cap bank earnings week with sharp profit increases”