Canadian banks face higher loan losses, lower earnings after recent growth in energy lending [Financial Post (Toronto, Ontario, Canada)]
Bank Of Montreal (BMO)
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Source: Financial Post
Canadian banks face higher loan losses, lower earnings after recent growth in energy lending Banks' energy-related credit-loss provisions have climbed to the highest levels since 2016, while loan losses hit the highest in over two years in late 2019 TORONTO — Canadian banks boosted oil and gas lending at about double the rate of total business loan growth over the past three quarters, raising the spectre of higher loan losses after Monday’s oil price crash. Energy lending has picked up at Canada’s top banks even as bad loans and provisions for losses from the sector climbed, an analysis of company data by Edward Jones and Reuters shows. Oil prices rebounded nearly 8 per cent on Tuesday, following Monday’s slide of more than 20 per cent on fears of a price war after Saudi Arabia and Russia said over the weekend they would raise oil production. Technical analysts said prices may be consolidating in a lower range. “The developments (over the) weekend … are certainly negative for any bank
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