COVID-19 has Canada’s banks worried about sickly loans, but they’re still raking in the cash

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Discussion posted by: Arye ben-Shaoul

Canada’s 5 biggest banks took in nearly $5B in profit last quarter, but set aside twice that for bad loans If Canada’s big banks are the canary in the coal mine for the economy as a whole, then there was some good news this week, and some less good news. While the COVID-19 pandemic wreaked havoc on Canadian society, Canada’s five biggest lenders — Royal Bank, Bank of Montreal, Scotiabank, CIBC and TD — remained profitable even as they set aside billions of dollars to offset possible losses from loans that might go bad in the coming months.