Scotiabank reports Q3 profit down, provision for credit losses up
By The Canadian Press on August 29, 2023.
TORONTO – Scotiabank reported its third-quarter profit fell compared with a year ago as its provision for credit losses nearly doubled. The bank says its net income amounted to $2.21 billion or $1.72 per diluted share for the quarter ended July 31, down from $2.59 billion or $2.09 per diluted share a year earlier. Revenue for the quarter totalled $8.09 billion, up from $7.80 billion. Scotiabank’s provision for credit losses totalled $819 million in its latest quarter, up from $412 million in the same quarter last year. On an adjusted basis, the bank says it earned $1.73 per diluted share, down from an adjusted profit of $2.10 per diluted share a year ago. Analysts on average had expected an adjusted profit of $1.74 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Aug. 29, 2023. Companies in this story: (TSX:BNS) 9-8
