Scotiabank signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023.THE CANADIAN PRESS/Andrew Lahodynskyj
TORONTO – The Bank of Nova Scotia reported first-quarter net income of $2.20 billion, up from $1.76 billion a year earlier, even as the amount it put aside for bad loans rose compared with a year ago.
The bank says the profit amounted to $1.68 per diluted share for the quarter ended Jan. 31, up from last year’s $1.35 per diluted share.
Revenue for the three-month period totalled $8.43 billion, up from $7.96 billion in its first quarter last year.
The increase came as Scotiabank’s provisions for credit losses totalled $962 million, up from $638 million a year earlier.
On an adjusted basis, the bank says it earned $1.69 per diluted share in its latest quarter, down from an adjusted profit of $1.84 per diluted share last year.
The average analyst estimate had been for a profit of $1.61 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Feb. 27, 2024.
Companies in this story: (TSX:BNS)
