The effects of heightened inflation and central bank efforts to rein it in by slowing the economy are showing in the second-quarter results from Canada’s big banks.
Four out of the Big Five banks have reported earnings that missed expectations as they set aside more money for bad loans, struggle to contain rising costs, and several see their revenue take a hit from slower loan growth.
CIBC was the lone outlier as its results Thursday came in better than analysts had expected.
While Canadian mortgage loan growth has slowed to a trickle, with several banks reporting flat results from the previous quarter, much of the focus these days is on what’s going on with the banks’ U.S. operations following several high-profile bank failures….
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