Scotiabank profit falls as provision for credit losses nearly doubles
financialpost.comTORONTO — Scotiabank reported its third-quarter profit fell compared with a year ago as its provision for credit losses nearly doubled.
The bank says its net income amounted to $2.21 billion or $1.72 per diluted share for the quarter ended July 31, down from $2.59 billion or $2.09 per diluted share a year earlier.
Revenue for the quarter totalled $8.09 billion, up from $7.80 billion.
Scotiabank’s provision for credit losses totalled $819 million in its latest quarter, up from $412 million in the same quarter last year.
On an adjusted basis, the bank says it earned $1.73 per diluted share, down from an adjusted profit of $2.10 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $1.74 per share, according to estimates compiled by financial markets data firm Refinitiv.
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