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) 9-8
