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As Canadian banks begin reporting their second-quarter earnings this week (for February through April), Bank of Nova Scotia (BNS) was first on deck with a 39% drop in profits and a 111% increase in loan loss provisions. Since business lockdowns and layoffs only surged in the latter half of March, half of this quarter was still pre-COVID-19.
It is important to note that the millions in loan payment deferrals presently in place are not yet counted as defaults. We will have a better sense of how many deferred loans will be defaults and 'bad debts'