Canadian PressCIBC saw its second-quarter profit grow by 3.3% despite an increase in provisions for soured loans to the oil and gas sector and writeoffs in its personal lending portfolios.
Royal Bank boosted its second-quarter profit by three per cent to $2.57 billion, even as it set aside more money for bad loans. The quarterly net income was up from $2.50 billion during the same quarter last year.
TORONTO (Reuters) - The Canadian dollar strengthened to a one-week high against its U.S. counterpart on Thursday as oil moved above $50 a barrel for the first time in nearly seven months.
TORONTO (Reuters) - Canada's two largest lenders on Thursday reported an increase in bad loans to oil and gas firms as low crude prices hurt energy sector borrowers and cut into banks' profits.
Onerous restrictions and costs are hindering Air Canada's ability to expand and compete internationally, the airline's CEO said Wednesday.