Scotiabank Q3 profit down from year ago, provision for credit losses up
By The Canadian Press on August 27, 2024.
TORONTO – The Bank of Nova Scotia reported its third-quarter profit fell compared with a year ago as the amount it set aside to cover bad loans climbed higher. The bank says its net income amounted to $1.91 billion or $1.41 per diluted share for the quarter ended July 31 compared with a profit of $2.19 billion or $1.70 per diluted share a year ago. Revenue totalled $8.36 billion, up from $8.07 billion in the same quarter last year. The bank’s provision for credit losses totalled $1.05 billion, up from $819 million a year earlier. On an adjusted basis, Scotiabank says it earned $1.63 per diluted share, down from an adjusted profit of $1.72 per diluted share in the same quarter last year. Analysts on average had expected BMO to earn an adjusted profit of $1.62 per share for the quarter, according to to LSEG Data & Analytics. This report by The Canadian Press was first published Aug. 27, 2024. Companies in this story: (TSX:BNS) 9-8
