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TD Bank flags quarterly loan loss provision of C$1.1 billion in U.S. retail unit

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

Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur

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