Scotiabank reports Q4 profit down from year ago, provision for credit losses up
By The Canadian Press on November 28, 2023.
TORONTO – Scotiabank reported its fourth-quarter profit fell compared with a year ago as the amount it set aside to cover bad loans more than doubled. The bank says its net income totalled nearly $1.39 billion or $1.02 per diluted share for the quarter ended Oct. 31, down from $2.09 billion or $1.63 per diluted share in the same period a year earlier. Revenue totalled nearly $8.31 billion, up from nearly $7.63 billion in the same quarter last year. The bank says its provision for credit losses for the quarter amounted to nearly $1.26 billion, up from $529 million a year earlier. On an adjusted basis, Scotiabank says it earned $1.26 per diluted share in its latest quarter, down from an adjusted profit of $2.06 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $1.65 per share, according to financial markets data firm Refinitiv. This report by The Canadian Press was first published on Nov. 28, 2023. Companies in this story: (TSX:BNS) 9-8
