Scotiabank reports $2.09B Q2 profit, down from $2.15B a year earlier
By The Canadian Press on May 28, 2024.
TORONTO – The Bank of Nova Scotia reported its second-quarter profit fell compared with a year ago as it set aside more money for loan losses. The bank says its net income fell to $2.09 billion or $1.57 per diluted share for the quarter ended April 30, down from $2.15 billion or $1.68 per diluted share in the same quarter last year. Revenue totalled $8.35 billion, up from $7.91 billion a year earlier. The bank’s provision for credit losses for the quarter amounted to $1.01 billion, up from $709 million in the same quarter last year. On an adjusted basis, Scotiabank says it earned $1.58 per diluted share in its latest quarter, down from an adjusted profit of $1.69 per diluted share a year earlier. The average analyst estimate had been for a profit of $1.56 per share, according to data provided by LSEG Data & Analytics. This report by The Canadian Press was first published May 28, 2024. Companies in this story: (TSX:BNS) 9-8
