June 22nd, 2024

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)

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