(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