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 said Tuesday 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.
"The bank delivered solid results this quarter against a backdrop of ongoing macroeconomic uncertainty, reporting positive operating leverage driven by revenue growth and continued expense discipline," Scotiabank chief executive Scott Thomson said in a statement.
Scotiabank said its net income attributable to equity holders for its Canadian banking business totalled $1.01 billion, down from $1.06 billion a year earlier primarily to a higher provision for credit losses and non-interest expenses, partly offset by higher revenues.
Meanwhile, it said its international banking operations earned net income attributable to equity holders of $671 million, up from $636 million in the same quarter last year.
The bank's global wealth management business earned $380 million in net income attributable to equity holders, up from $353 million a year earlier, while its global banking and markets business earned $428 million in net income attributable to equity holders, up from $401 million a year ago.
Scotiabank's "other" category reported a net loss attributable to equity holders of $421 million in its latest quarter, compared with a loss of $323 million last year.
This report by The Canadian Press was first published May 28, 2024.
Scotiabank has acknowledged technical difficulties affecting direct deposits as clients report missed payments Friday morning. On Friday morning, the bank's client services phone line was playing an automated message assuring customers that work was underway to rectify the outage.
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Vivian Jenna Wilson, Elon Musk's estranged daughter, publicly refuted several recent anti-trans statements her Tesla CEO and X owner father has made about her.
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Prime ministers of Canada, New Zealand and Australia released a letter renewing calls for an “urgent ceasefire” in Gaza on Friday morning.
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Scotiabank has acknowledged technical difficulties affecting direct deposits as clients report missed payments Friday morning. On Friday morning, the bank's client services phone line was playing an automated message assuring customers that work was underway to rectify the outage.
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Canada's top court is set to issue a decision this morning in a case about Crown payments under the Robinson Huron Treaties that have been frozen for almost 150 years.
Nearly 500 evacuees from Jasper have arrived in Calgary with more expected as the wildfire in their community continues to burn out of control.
Ismael 'El Mayo' Zambada, a historic leader of Mexico's Sinaloa cartel, and Joaquin Guzman Lopez, a son of another infamous cartel leader, were arrested by U.S. authorities in Texas on Thursday, the U.S. Justice Department said.
Arsonists attacked the French high-speed rail network early Friday, paralyzing travel to Paris from across the rest of France and Europe for some 800,000 people, including Olympic athletes heading to the grand opening ceremony of the Games in the evening.
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South African police arrested 95 Libyan nationals in a raid on a suspected secret military training camp on Friday and authorities said they were investigating whether there were more illegal bases in other parts of the country.
Prime ministers of Canada, New Zealand and Australia released a letter renewing calls for an “urgent ceasefire” in Gaza on Friday morning.
U.S. Vice President Kamala Harris, the likely Democratic nominee for president, is attempting to bridge divides within the party over the war in Gaza, emphasizing Israel's right to defend itself while also focusing on alleviating Palestinian suffering.
Prime ministers of Canada, New Zealand and Australia released a letter renewing calls for an “urgent ceasefire” in Gaza on Friday morning.
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The current official residence for Canada's representative in New York City is 'being readied for sale,' according to a spokesperson from Global Affairs Canada.
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As more West Nile Virus cases are being reported in North Texas, a 15-year survivor of the severe neuroinvasive form of the virus is sharing his harrowing experience from late August 2009.
The National Advisory Committee on Immunization is now recommending one dose of HPV vaccine for children and youth between nine and 20 years old.
Already more than a month late getting back, two NASA astronauts will remain at the International Space Station until engineers finish working on problems plaguing their Boeing capsule, officials said Thursday.
More than 97 per cent of Windows sensors are back online, CrowdStrike's CEO George Kurtz said on Thursday, nearly a week after a software update by the cybersecurity firm triggered a global outage.
OpenAI said on Thursday it is selectively rolling out SearchGPT, an artificial intelligence-powered search engine with real time access to the information from the internet.
Jennifer Aniston is criticizing JD Vance for comments he made in his past about women without children.
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'Deadpool and Wolverine' is a showcase for the bromance stylings of its stars, who pull out all the stops to cap Fox's Marvel movies.
Postmedia Network Inc. announced plans Friday to buy certain businesses belonging to SaltWire Network Inc. and The Halifax Herald Ltd., the two insolvent companies behind Atlantic Canada's largest newspaper chain.
Yukon Premier Ranj Pillai says Bell should be embarrassed by the terrible cellphone service the territory has been getting over the last several months.
Walmart Canada said on Thursday it has invested $53 million to increase hourly wages for about 40,000 of its store associates earlier this month.
A Las Vegas woman was living with her parents in 2015 when her dog Gizmo slipped past a faulty gate in the backyard of their home and disappeared. After nine years, they've finally been reunited.
A study says Prince Edward Island is the second most overworked province in Canada based on average weekly hours worked, while New Brunswick falls in third.
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Chris Bassitt declared everyone in the Toronto Blue Jays organization should bear the blame for its shoddy season.
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A Saskatchewan-born veteran of the Second World War was recently presented with France's highest national order.
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Scotiabank has acknowledged technical difficulties affecting direct deposits as clients report missed payments Friday morning. On Friday morning, the bank's client services phone line was playing an automated message assuring customers that work was underway to rectify the outage.
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The B.C. government says wineries can import grapes and juice to make their 2024 vintages after "devastating" losses this winter.
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