REFILE-WRAPUP 3-Canada's biggest banks braced for more oil losses
(Fixes typographical error, paragraph 8)
* RBC, TD, CIBC report more impaired energy loans
* Banks anticipate further provisions
* Second-quarter results beat expectations
* TD says wildfire impact 'less than 5 cents/share'
By Matt Scuffham
TORONTO, May 26 (Reuters) - Canada's biggest banks warned on Thursday of further losses from oil loans in coming quarters as energy companies struggled to repay loans, even as growth in wealth management and retail banking helped the banks report better-than-expected second-quarter earnings.
Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce each posted sharp increases in impaired oil and gas loans as some energy clients battled the oil market slump. Crude prices fell to a 13-year low of $26 a barrel in February on concerns about an oversupply.
TD's chief financial officer, Riaz Ahmed, said that despite a recent recovery in oil prices, which tested $50 a barrel on Thursday, he expected the bank to set aside more funds to cover bad energy loans this year and next. Continued...