Credit quality is deteriorating in Canada, and banks are feeling the impact.

Toronto-Dominion Bank and Canadian Imperial Bank of Canada both reported fiscal first-quarter results that included higher provisions for loan losses, contributing to earnings that missed analysts’ estimates.

Toronto-Dominion, Canada’s second-largest lender by assets, set aside $ 850 million for soured loans in the quarter ended Jan. 31, up 23 per cent from a year earlier and the highest level in at least two years. The lender’s Canadian and U.S. retail divisions had roughly equal shares of the prov…
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