Scotiabank said payments to shareholders increased to the quarter ended April 30, with profits of $1.48 per diluted share, compared with profits of $1.57 per share a year ago.
Nova Scotia Bank
- net income: $2.03 billion
- Q2 Profit: $1.48 per share
The total revenue was $9.08 billion, up from $8.35 billion, while the bank’s regulations on credit losses for the quarter were $1.4 billion, up from $1.01 billion a year ago. Scotiabark said its stock earned $1.52 per share on an adjusted basis, down from adjusted profit of $1.58 per diluted stock a year ago. Analysts expect an adjusted profit of $1.56 per share, according to data provided by LSEG Data & Analytics.
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Changes in Scotiarank
Scotiabank CEO Scott Thomson said the bank’s goal in the growing economic outlook is what it can control and its strategic plans.
“This quarter, we increased our performance allowance to reflect the impact of the uncertain macroeconomic outlook,” Thomson said in a statement. “With strong balance sheet metrics, we maintain a good position to support our clients through this uncertainty period and seize growth opportunities in the emergence of growth opportunities.”
Scotiabark said its Canadian banking business earned $613 million in net income, which could be attributed to equity holders, down from $893 million a year ago as it faces higher credit losses and non-interest expenses regulations, partially offset by higher incomes.
Scotiabank’s international banking business earned $676 million in net income, which can be attributed to equity holders, up from $639 million in the same period last year. The bank’s global Wealth Management Group attributed its equity holders to net income of $399 million, up from $341 million a year ago.
Scotiabank’s global banking and market sector net income was $413 million for equity holders, up from $375 million a year ago.
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