Economic Headwinds Weigh on Bank Results as More Money Set Aside for Bad Loans

Economic Headwinds Weigh on Bank Results as More Money Set Aside for Bad Loans
The Bay Street Financial District in Toronto on Aug. 5, 2022. Nathan Denette/The Canadian Press
The Canadian Press
Updated:
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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.