Canadian Banks Increase Prime Lending Rates

Several banks Canadian banks announced an increase in their prime rates, effective April 14, 2022.
Bank of Montreal (NYSE:BMO) (TSX:BMO) has increased its CDN$ prime lending rate to 3.20% from 2.70%.
Royal Bank of Canada (NYSE:RY) (TSX:RY) has increased its prime rate by 50 bps to 3.20% from 2.70%.
Bank of Nova Scotia (NYSE:BNS) (TSX:BNS) (Scotiabank) increased its Canadian dollar prime lending rate to 3.20% from 2.70%.
Toronto-Dominion Bank (TSX:TD) increased its prime rate by 50 bps to 3.20%.
Price Action: BMO shares are trading lower by 0.80% at C$141.96, RY lower by 0.40% at C$135.90, BNS lower by 0.76% at C$85.10, and TD lower by 0.87% at C$93.77 on TSX the last check Wednesday.