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Strategies & Market Trends : Technical analysis for shorts & longs

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Nov 10 4:00 PM EST

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To: Johnny Canuck who wrote (52937)	5/22/2020 1:02:52 AM
From: Johnny Canuck	Read Replies (1) of 67834

Canadian bank earnings expected to drop by 36% in Q2 Reuters Nichola Saminather May 21, 2020 6:01 AM EDT Last Updated May 21, 2020 2:30 PM EDT Filed under: News FP Street Share this Story TORONTO — Canada’s biggest banks are expected to see second-quarter profit slide by more than a third from a year ago, hit by a jump in loan-loss provisions due to the COVID-19 outbreak and margin pressure from decade-low interest rates. Analysts on average forecast earnings per share will decline 36 per cent at Canada’s six major lenders for the three months ended April 30, the first period to experience the impact of the pandemic, Refinitiv data shows. Earnings expectations have undergone “a monumental, paramount change,” said Kash Pashootan, chief executive of First Avenue Investment Counsel. Pashootan also saw credit-loss provision ratios four to five times above pre-pandemic levels and warned of “lagged, yet material, insolvencies and defaults that will carry forward for several quarters.”

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