Scotiabank Reports Q3 Profit Down, Provision For Credit Losses Up

Scotiabank reported that 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 totaled $8.09 billion, up from $7.80 billion.

Scotiabank’s provision for credit losses totaled $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.

This report by The Canadian Press was first published Aug. 29, 2023.