"The outlook remains uncertain," the told analysts on a call to discuss his bank's fourth-quarter financial results.
"The pandemic could bring new setbacks, and we expect the recovery in earnings to be uneven, but we emerged from fiscal 2020 with momentum."
Masrani's feelings have been echoed throughout the week by fellow chief executives of
They all agree that it is impossible to predict the twists and turns the pandemic will cause in the coming months, but they are feeling reassured by the billions in government relief, loan deferrals and low interest rates that are slowly lifting the economy.
"Bank-led and government assistance programs have had the desired effect of helping our customers," said
"However, the shape of the recovery and the magnitude and timing of the ultimate credit impact remain uncertain."
Bambawale and Masrani's remarks were made hours after TD announced that it had beat analyst expectations and landed a fourth-quarter profit.
The bank earned
On an adjusted basis, TD says it earned
Analysts on average had expected TD to earn an adjusted profit of
Revenue totalled
The bank's quarter was almost marked by the closure of a deal that saw it earn a 13.5 per cent stake in
TD also closed out the year by booking
TD's fourth-quarter provisions were up from
"While I expect PCLs to be lower in 2021, reflective of our significant performing allowance bill this year, given the degree of ongoing uncertainty, they may remain elevated from pre-COVID-19 levels and could vary by quarter," Bambawale warned.
TD's results pushed its stock down by less than 1 per cent or by
This report by
Companies in this story: (TSX:TD)
© 2020 The Canadian Press. All rights reserved., source