Canada’s big six banks will probably set aside a total of C$4.5 billion in loan loss provisions in the third quarter, analysts predicted, up nearly 27% from a year ago, as insolvencies rise and lenders prepare for credit card and other delinquencies in a challenging economy.
The banks, which control a big chunk of the country’s banking market share, could feel the brunt of elevated borrowing costs, slowing employment and possibility of a recession weighing on consumer and business sentiment.
Source: REUTER
