Scotiabank reports fourth quarter profit of $2.09 billion, up from $2.56 billion a year ago

Content of the article

TORONTO — Scotiabank reported net income of $2.09 billion in the fourth quarter, down from $2.56 billion in the same quarter last year.

Content of the article

The first of Canada’s major banks to report fourth quarter results said on Tuesday earnings were $1.63 per diluted share for the quarter ended Oct. 31, up from $1.97 per diluted share a year earlier. .

Content of the article

Revenue for the quarter totaled $7.63 billion, compared to $7.69 billion in the fourth quarter of last year.

Provisions for credit losses totaled $529 million, up from $168 million in the same quarter a year ago.

On an adjusted basis, Scotiabank said it earned $2.06 per diluted share, down from adjusted earnings of $2.10 per diluted share a year earlier.

Analysts on average had expected earnings of $2.00 a share, according to financial markets data firm Refinitiv.

Scotiabank said its Canadian banking operations generated net income of $1.17 billion in its latest quarter, compared with $1.24 billion in the same quarter last year, due to an increase provisions for credit losses in its last quarter.

Content of the article

Meanwhile, Scotiabank’s international banking business generated net income of $679 million last quarter, up from $607 million a year ago.

Global Wealth Management net income totaled $363 million for the quarter, compared to $387 million a year ago, while Global Banking and Markets generated net income of $484 million, compared to $502 million in the same quarter last year.

For its full fiscal year, Scotiabank said net income totaled $10.17 billion or $8.02 per diluted share on $31.42 billion in revenue, compared with profit of $9.96 billion or $7.70 per diluted share on $31.25 billion in revenue from the same period a year earlier.

On an adjusted basis, Scotiabank reported earning $8.50 per diluted share for its full year, up from adjusted earnings of $7.87 per diluted share a year earlier.

This report from The Canadian Press was first published on November 29, 2022.

Companies in this story: (TSX: BNS)