RBC, TD miss profit estimates as bad loan provisions climb; CIBC beats

📆 5/25/2023 8:36 PM

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📆 5/25/2023 8:36 PM
📰 Reuters

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Canada's two biggest lenders, Royal Bank of Canada and TD , missed analysts' estimates for quarterly earnings on Thursday as tough economic conditions spurred the banks to make higher provisions for borrowers falling behind on repayments.

, missed analysts' estimates for quarterly earnings on Thursday as tough economic conditions spurred the banks to make higher provisions for borrowers falling behind on repayments.this month, said it does not expect to meet its medium-term adjusted earnings growth target range of 7% to 10% due to the failure of the deal.

Tran said the bank, Canada's second-biggest lender, was still focused on its retail network expansion in the U.S. to accelerate organic growth. "While credit and its own deposit performances were solid, we do not believe that the less than 2% share repurchase plan will generate much valuation support," Barclays analyst John Aiken said.

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