The Financial Post reports in its Friday edition that the economic uncertainty stemming from U.S. President Donald Trump's proposed tariffs could compel Canada's biggest banks to report provisions for credit losses (PCLs) that are higher than what analysts had expected when the lenders release quarterly results next week. The Post's Naimul Karim writes that much a move could dampen the mood for the quarter ending Jan. 31. Analysts are particularly keeping an eye on the Bank of Montreal when it comes to PCLs. It was forced to set aside significantly more money than expected to cover bad loans in the past two quarters and, as a result, missed analysts' expectations. Following last quarter's results, BMO's chief risk officer said the lender's credit deterioration had peaked, so analysts will be looking for specific signs that support that thesis. While tariffs are expected to impact all the banks, Bank of Nova Scotia might be affected more significantly than the group and so CIBC analyst Paul Holden downgraded his rating on the bank after upgrading it five months ago. "We generally prefer not to change ratings this quickly [upgraded September, 2024], but the macro environment has changed significantly," Mr. Holden said.