April 12th, 2024

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

By The Canadian Press on February 27, 2024.

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)

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