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Scotiabank reports Q1 profit up from year ago, provisions for credit losses up

Scotiabank profit rises

The Bank of Nova Scotia reported first-quarter net income of $2.20 billion, up from $1.76 billion a year earlier, even as the amount it put aside for bad loans rose compared with a year ago.

The bank said Tuesday the profit amounted to $1.68 per diluted share for the quarter ended Jan. 31, up from last year's $1.35 per diluted share.

Revenue for the three-month period totalled $8.43 billion, up from $7.96 billion in its first quarter last year.

The increase came as Scotiabank's provisions for credit losses totalled $962 million, up from $638 million a year earlier.

On an adjusted basis, the bank says it earned $1.69 per diluted share in its latest quarter, down from an adjusted profit of $1.84 per diluted share last year.

The average analyst estimate had been for a profit of $1.61 per share, according to financial markets data firm Refinitiv.

"The bank delivered solid earnings this quarter driven by strong revenue growth, margin expansion and expense discipline," Scotiabank chief executive Scott Thomson said in a statement.

"I am encouraged by the early progress against our strategic priorities, and the further strengthening of our balance sheet metrics."

Scotiabank's Canadian banking operations earned $1.10 billion in net income attributable to equity holders of the bank, up from $1.09 billion a year earlier, as the bank saw higher revenue mostly offset by an increase in provisions for credit losses and non-interest expenses.

The bank's international banking business earned $746 million in net income attributable to equity holders of the bank, up from $644 million.

The bank's global wealth management business earned $368 million in net income attributable to equity holders, down from $385 million, while its global banking and markets operations earned $439 million in net income attributable to equity holders, down from $519 million.

Scotiabank''s "other" category reported a net loss attributable to equity holders of $474 million, compared to a loss of $913 million a year earlier.

 



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