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Scotiabank reports Q3 profit up from year ago, beats expectations


TORONTO – Scotiabank beat expectations because it reported a third-quarter revenue of $2.54 billion, up from $1.30 billion in the identical quarter final yr.

The financial institution says the revenue amounted to $1.99 per diluted share for the quarter ended July 31, up from $1.04 per diluted share a yr in the past.

Income totalled $7.76 billion, up from $7.73 billion in the identical quarter final yr.

Provisions for credit score losses fell to $380 million in what was the financial institution’s third quarter in contrast with $2.18 billion a yr in the past and $496 million within the second quarter.

On an adjusted foundation, Scotiabank says it earned $2.01 per diluted share, up from an adjusted revenue of $1.04 per diluted share in the identical quarter final yr.

Analysts on common had anticipated the financial institution to report an adjusted revenue of $1.90 per share, in line with monetary market knowledge agency Refinitiv.

“We delivered one other quarter of sturdy outcomes, with contributions from all our working segments, reflecting the advantages of a well-diversified enterprise mannequin,” Scotiabank CEO Brian Porter mentioned in a press release.

“Whereas the financial restoration is unfolding at completely different charges throughout our footprint, I’m very happy with the Scotiabank group’s ongoing resilience and continued dedication to our prospects.”

This report by The Canadian Press was first printed Aug. 24, 2021.

Firms on this story: (TSX:BNS)



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