Scotiabank reports $1.3B Q3 profit, provisions for credit losses climb

TORONTO — Scotiabank reported a third-quarter profit of $1.30 billion, down from $1.98 billion a year ago as its provisions for bad loans climbed higher due to the COVID-19 pandemic.

The bank said Tuesday the profit amounted to $1.04 per diluted share for the quarter ended July 31 compared with $1.50 per diluted share a year earlier.

Revenue totalled $7.73 billion, up from $7.66 billion in the same quarter last year.

Scotiabank says its provision for credit losses totalled $2.18 billion for the quarter, up from $713 million a year ago.

On an adjusted basis, Scotiabank says it earned $1.04 per diluted share in the quarter, down from an adjusted profit of $1.88 per share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.11 per share, according to financial markets data firm Refinitiv.

“While our retail banking businesses in Canada and international markets were adversely impacted by the pandemic, the bank’s performance was aided by strong results in global banking and markets and wealth management,” Scotiabank chief executive Brian Porter said in a statement.

Scotiabank’s Canadian banking operations reported a profit $429 million in its latest quarter, down from $910 million in the same quarter last year, while its international banking operations lost $28 million compared with a profit of $844 million a year ago.

The bank’s global wealth management business earned $324 million, up from $306 million in the same quarter last year.

Global banking and markets earned $600 million, up from $374 million a year ago.

This report by The Canadian Press was first published Aug. 25, 2020.

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