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Canada’s big banks are seeing their profits soar. Here’s how they’re making their money

Canada covid-19 pandemic
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Canada’s banks as five of the country’s largest lenders reported sizable second-quarter profits.The profit surges were fuelled, in large part, by reducing the amount of money set aside for loans that could go bad – also known as provisions for credit losses.What this means is that consumers and businesses haven’t been defaulting on their loans as much as anticipated — they’ve been largely staying on top of their debt amid ongoing government COVID-19 pandemic supports.And while some of the bank CEOs seem optimistic about the country’s economic future as vaccine campaigns ramp up, they also remain cautious, acknowledging we’re not on the other side of the pandemic just yet.Here’s a breakdown of how and where the banks made their money in the.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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