Further credit deterioration in trucking is evident in the quarterly earnings report of Canada’s BMO bank.
BMO (NYSE: BMO), the former Bank of Montreal, is one of the largest lenders to the trucking industry. Its transportation unit, purchased from GE Capital in 2015, has a customer base believed to be in the tens of thousands. Roughly 90% of its transportation sector is reportedly truck financing.
Provisions for credit losses at BMO in the quarter ended April 30 climbed to CA$56 million (U.S....
https://www.freightwaves.com/news/numbers-at-major-truck-lender-bmo-show-worsening-credit-conditions