In Q1 2024, Canada's Big 6 Banks experienced a significant increase in net write-offs, indicating a rise in risky loans due to high rates and large loan volumes. Despite ample ACL buffers, write-offs included $804M for Scotia, $759M for TD, $533M for BMO, $454M for RBC, $445M for CIBC, and an undisclosed amount for National Bank. The quarter saw higher trading revenue but was overshadowed by larger loan-loss provisions and growing credit stress.
Expert reaction to Q1 earnings from Canada's 'Big 6' banks https://t.co/EBtrEdWXd8
Higher trading revenue gave Canada’s big banks a boost during a quarter that was largely dominated by larger loan-loss provisions and growing credit stress https://t.co/btTA101PnS
Higher trading revenue gave Canada’s big banks a boost during a quarter that was largely dominated by larger loan-loss provisions and growing credit stress https://t.co/zbdLTCLqEp
Higher trading revenue gave Canada’s big banks a boost during a quarter that was largely dominated by larger loan-loss provisions and growing credit stress https://t.co/eNoSsIzscx
Good work from Hanif and the folks at @WOWA_Canada. Big jump in net write-offs at Cdn banks....a sign of the times. https://t.co/OiSOzYJBxA
Q1 2024 for 🇨🇦 Big 6 Banks: Write-offs at a 2-year high!📈 While ample ACL buffers concerns, the trend points to loans becoming riskier due to: 1. High rates 2. Large loan volumes Q1 2024 write-offs: $BNS Scotia: $804M $TD: $759M $BMO: $533 M $RY RBC: $454M $CM CIBC: $445M $NA… https://t.co/X1EzKCqpra