Toronto-Dominion Bank and Canadian Imperial Bank of Canada both reported fiscal first-quarter results that included higher provisions for loan losses, contributing to earnings that missed analysts’ estimates.
CIBC’s provisions more than doubled across the bank, surging to $338 million — also the highest in at least two years. Most came from Canadian personal and small-business banking, the lender’s largest division, which saw a 41 per cent jump in provisions to $208 million. Canadian commercial banking set aside $43 million for credit losses, while the U.S division earmarked $16 million for provisions and its capital-markets unit had $66 million.
The two Toronto-based banks also followed their Canadian rivals in reporting poorer performance in their capital-markets operations, driven down by trading in a period company executives have called challenging. Trading at the company’s TD Securities division totalled $251 million, down from $515 million a year earlier.
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