May 8, 2020 / 6:41 PM / a month ago

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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