Bank of Montreal reported adjusted earnings of $2.59 a share in Q2, short of the $2.77 average analysts predicted and down from $2.89 for the same period last year. It logged $705 million for credit loss provisions, compared to the estimated $585 million. The bank’s U.S. business weighed on results, with net income in the market down 26 per cent from last year. (The Logic, Bloomberg)

Talking point: Banks have been squirreling away money for loan losses in case clients can’t repay their debt, as high interest rates and the rising cost of living puts financial pressure on their clients. National Bank reported Wednesday that it set aside $138 million for loan losses last quarter, up from $85 million a year earlier. The Montreal-based lender—which bought Silicon Valley Bank’s Canadian business last August—saw its commercial and personal lending business grow three per cent and 12 per cent, respectively, year over year. In the end, National Bank’s earnings for the quarter beat analysts’ expectations, with revenue growth counteracting its credit loss provisions.