(Reuters) - Canadian lender Toronto-Dominion Bank (TO:TD) 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 (N:JPM), Citigroup Inc (N:C) and Wells Fargo & Co (N:WFC), 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. (https://go.td.com/35FUUAy)