Oil pain mounts as second Canadian bank gives early warning of higher credit loss provisions

A second Canadian bank has taken the rare step of pre-announcing new provisions for losses due to low energy prices.

National Bank of Canada disclosed Thursday that it expects to record specific provisions of $17 million and sectoral provisions for credit losses of $250 million on its energy portfolio in the second quarter.

Full quarterly results won’t be announced until June 1.

RelatedCanadian Western Bank reignites concerns about energy loan losses at big banks

“The impact of low oil...

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