June 21st, 2024

Scotiabank reports Q1 profit down, provisions for credit losses up from year ago

By The Canadian Press on February 28, 2023.

TORONTO – Scotiabank reported its first-quarter profit fell compared with a year ago.

The bank says it earned $1.77 billion or $1.36 per diluted share for the quarter ended Jan. 31, down from a profit of $2.74 billion or $2.14 per diluted share in the same period a year earlier.

Revenue totalled $7.98 billion, down from $8.05 billion.

Provisions for credit losses amounted to $638 million, up from a provision of $222 million in the same quarter last year.

On an adjusted basis, Scotiabank says it earned $1.85 per diluted share compared with an adjusted profit of $2.15 per diluted share a year earlier.

Analysts on average had expected a profit of $2.03 per share according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 28, 2023.

Companies in this story: (TSX:BNS)

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