CIBC

Barclays Capital calculated that Canada's Big Six banks — CIBC, Royal Bank, Scotiabank, TD Bank, BMO and National Bank — took $1.3 billion in energy industry loan loss provisions over five quarters.

The central bank’s latest business outlook survey said that companies hit hard by the oil price slump reported that indicators of future sales, such as new orders, haven't improved in the past year.

Several analysts called the deal — which amounts to about US$3.8 billion — pricey and noted that it will likely be several years before it boosts the Canadian bank’s earnings.

The $9-billion mine northeast of Fort McMurray, Alta., is expected to eventually produce 110,000 barrels of crude a day.