Banks see mix of hope and concerns in 2021 as COVID-19 continues to spread
Posted December 3, 2020 10:33 am.
Last Updated December 3, 2020 12:15 pm.
TORONTO — Canada’s big banks are seeing their first glimmers of hope suggesting an economic rebound is on its way, but their leaders say there’s still plenty to be wary of.
As the year winds to a close with three potential COVID-19 vaccines on the horizon, the chief executives of Canada’s major banks say they are seeing consumer spending return to pre-pandemic levels.
They are also seeing signs of resilience in some housing markets and improved auto sales, but there are concerns too.
Some are expecting the unemployment rate will remain higher than it was before the virus spread for years and economic growth will be hard-earned.
The predictions were made throughout this week as Canada’s most prominent banks reported their fourth-quarter results.
The banks all managed to beat analyst expectations and report a profit, but only half earned more this quarter then they had during the same period a year ago.
This report by The Canadian Press was first published Dec. 3, 2020.
The Canadian Press
