Royal Bank of Canada (TSX:RY)(NYSE:RY), Toronto-Dominion Bank (TSX:TD)(NYSE:TD) and Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) reported diverging second-quarter performance on Thursday, with the first two beating expectations while the latter fell short, all largely due to provisions for credit losses (PCL).
All three banks posted continued loan growth, with strength in mortgage lending and a recovery in business lending.
Strong loan and fee portfolios have continued to provide tailwinds for Canadian banks on the back of economic growth, but these banks are also seeing increased spending due to tight labor markets and inflation, which ...
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RBC, TD Beat Estimates in Q2, CIBC Misses