TD and CIBC maintain dividends despite sharp increase in loan-loss provisions

Two of Canada's Big Six banks have released financial results demonstrating the negative economic impact of the COVID-19 pandemic.

TD reported net income of $1.5 billion in the quarter ending on April 30, down 52 percent over the same quarter in 2019.

Its loan-loss provision jumped to $3.2 billion in the most recent quarter, compared to just $633 million in the same quarter of last year.

CIBC's loan-loss provision in the quarter rose reached $1.41 billion in the quarter ending April 30. That's a steep dump from the $255 million recorded over the same period in 2019.

CIBC's quarterly net income of $392 million was sharply lower than the $1.35 billion in net income in the quarter that ended on April 30, 2019.

Both banks fell short of the analysts' expectations.

As of this writing, CIBC is trading at $91.04, down 0.83 percent on the day.

TD shares are trading at $61.08, down 2.58 percent since the market opened this morning.

Neither bank has cut its dividend in response to its less-than-stellar earnings report.