May 8, 2020 / 6:34 PM / 3 months ago

TD Bank flags quarterly loan loss provision of C$1.1 bln in U.S. retail unit

May 8 (Reuters) - Canadian lender Toronto-Dominion Bank said on Friday it expects to record loan loss provisions of C$1.1 billion ($789.38 million) in its U.S. retail banking business for the second quarter due to the economic impact of the COVID-19 pandemic.

Major U.S. lenders, including JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co, have also bulked up reserves to absorb defaults by cash-strapped customers after the pandemic brought businesses to a grinding halt and put millions out of work.

TD, Canada's second-biggest lender, is scheduled to report its quarterly results on May 28 for the three months ended April 30. (go.td.com/35FUUAy) ($1 = 1.3935 Canadian dollars) (Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below