Another lender announces profit drop

Provision for bad loans has hit profits at Canadian Western Bank. Like other big banks CWB is setting aside a larger fund to cover defaults, especially from the energy sector. In CWB’s case this is almost $40 million for the second quarter of 2016, compared to $7 million in the same period of 2015.

Profits dropped 37 per cent to $32.2 million but without the provisions for bad loans there was an 8 per cent gain year-over-year to $84.5 million on an adjusted basis.

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