Scotiabank reports $2.09B Q4 profit, down from $2.56B a year ago

By The Canadian Press on November 29, 2022.

TORONTO – Scotiabank reported fourth-quarter net income of $2.09 billion, down from $2.56 billion in the same quarter last year.

The bank says the profit amounted to $1.63 per diluted share for the quarter ended Oct. 31, down from $1.97 per diluted share a year earlier.

Revenue for the quarter totalled $7.63 billion, down from $7.69 billion in its fourth quarter last year.

Provisions for credit losses totalled $529 million, up from $168 million in the same quarter a year ago.

On an adjusted basis, Scotiabank says it earned $2.06 per diluted share, down from an adjusted profit of $2.10 per diluted share a year earlier.

Analysts on average had expected a profit of $2.00 per share, according to financial markets data firm Refinitiv.