TORONTO — Toronto-Dominion Bank has approved 60,000 requests for mortgage deferrals received so far as part of efforts to ease the impact of the COVID-19 outbreak on borrowers, the bank’s chief executive officer said on Thursday.
He added that the bank will maintain dividends, thanks to a strong capital position, contrary to European counterparts who have suspended payouts.The crisis comes at a time when Canadian banks were already seeing subdued earnings growth due to lower margins, increasing loan loss provisions, and volatile performance in their capital markets divisions.
The measures introduced to cope with the pandemic will also be available to borrowers dealing with the fallout of the collapse in energy prices, Masrani said. “If this goes on, we will see stresses,” he added. But “we will continue to support long-standing relationships in this space. We’re there for them.”
Out of how many requests Is there no journalism anymore ?
Yet all the banks are raising mortgage interest rates! Why?
Which means TD will actually make more money on those mortgages in the long run. cdnpoli
He must have been salvitating at that holing more are to come. Hope ppl don’t forget when Canadians need to really step up they pretended to do so while milking those in ha hard spot
They should be forgiven. Not differed. Banks are looking to still cash in in the long run. This will pile up on many people.