The Bank of Nova Scotia reported higher profits in its fourth-quarter compared to the same quarter in 2018 in a Nov. 26, 2019 story. (Photo by THE CANADIAN PRESS)

The Bank of Nova Scotia reported higher profits in its fourth-quarter compared to the same quarter in 2018 in a Nov. 26, 2019 story. (Photo by THE CANADIAN PRESS)

Scotiabank reports $2.31B fourth-quarter profit, up from $2.27B a year ago

TORONTO — The Bank of Nova Scotia reported its fourth-quarter profit edged up compared with the same quarter last year.

The big Canadian bank said Tuesday it earned $2.31 billion for the three-month period ended Oct. 31 compared with a profit of $2.27 billion in the same quarter last year. The profit amounted to $1.73 per diluted share for the quarter, up from $1.71 a year ago.

Adjusted for acquisitions and divestitures, Scotiabank says it earned $1.82 per diluted share, up from $1.77 per diluted share last year.

The result matched the average result expected by analysts, according to financial markets data firm Refinitiv.

Scotiabank chief executive Brian Porter said the bank delivered improved fourth-quarter results to end a productive year for the bank.

“Strategically we set a course to become a more focused bank. As a result of this effort, we have repositioned our international footprint, improved our business mix and are now realizing the benefits of our investments in digital,” Porter said in a statement.

“Looking ahead in 2020, we are better positioned to build an even better bank, offering a superior customer experience, and delivering sustainable, long-term earnings growth for our shareholders.”

The overall increase in its fourth-quarter profit came as Scotiabank reported its Canadian banking operations earned $1.14 billion, up from nearly $1.12 billion in the same quarter last year.

Scotiabank’s international banking division earned $823 million, up from $804 million, while global banking and markets earned $405 million, down from $416 million.

Meanwhile, provisions for credit losses totalled $753 million, up $163 million or 28 per cent compared with a year ago. Scotiabank said the increase came due to higher provisions in both the retail and commercial portfolios in line with organic and acquisition-driven asset growth.

Scotiabank’s common equity tier 1 ratio, a key measure of its financial health, was 11.1 per cent at Oct. 31, the same as a year ago.

Just Posted

An incredible closing ceremony capped off the 2019 Canada Winter Games. (File photo by SUSAN JUDGE/2019 Canada Winter Games)
2019 Canada Winter Games Legacy Fund Society hands out $655,000

35 not-for-profit groups across Alberta to get money

Dr. Verna Yiu, president and chief executive officer of Alberta Health Services, says COVID ICU patients have increased by more than 100 per cent in the past month. (Photo by The Government of Alberta)
Record number of people in ICU: says AHS president

The head of Alberta Health Services says hospital staff are treating more… Continue reading

The Red Deer Rebels have acquired goaltender Connor Ungar from the Brandon Wheat Kings, the team announced Monday. (File photo by Advocate staff)
Red Deer Rebels acquire goaltender Connor Ungar, forward Liam Keeler in separate trades

The Red Deer Rebels have acquired goaltender Connor Ungar from the Brandon… Continue reading

Alexander Michael Talbot, 29, was found guilty of operating a vehicle while prohibited, flight from police and vehicle theft in Red Deer provincial court recently. (Advocate file photo)
Man charged following police chases in central Alberta last summer is sentenced

Alexander Michael Talbot sentenced to 22 months in prison

Red Deer musician Curtis Phagoo is glad the Alberta government is investing $2 million to help the province’s live music industry, but he would have liked the criteria to be expanded, so the money could be used as relief to cover revenue shortfalls. (Contributed photo by Cory Michaud)
Red Deer musicians welcome $2M in grants to help live music, but would have preferred relief program

The money is for future projects and can’t be used for retroactive expenses

FILE - In this Feb. 3, 2021, file photo, exile Tibetans use the Olympic Rings as a prop as they hold a street protest against the holding of the 2022 Beijing Winter Olympics, in Dharmsala, India. Groups alleging human-rights abuses in China are calling for a full boycott of the Beijing Olympics, which is sure to ratchet up pressure on the International Olympic Committee, athletes, sponsors, and sports federations. A coalition of activists representing Uyghurs, Tibetans, residents of Hong Kong and others, issued a statement Monday, May 17, 2021 calling for the “full boycott,” eschewing lesser measures like “diplomatic boycotts" and negotiations with the IOC or China. (AP Photo/Ashwini Bhatia, File)
AP Exclusive: Full-blown boycott pushed for Beijing Olympics

AP Exclusive: Full-blown boycott pushed for Beijing Olympics

Canada's Eric Lamaze riding Fine Lady 5 during the CP International competition at the Spruce Meadows Masters in Calgary, Alta., Sunday, Sept. 8, 2019. Canada's most decorated show jumper has withdrawn from consideration for the Tokyo Olympics. THE CANADIAN PRESS/Jeff McIntosh
Canadian show jumper Eric Lamaze withdraws from Tokyo short list

Canadian show jumper Eric Lamaze withdraws from Tokyo short list

Toronto Raptors head coach Nick Nurse questions a foul call during the first half of an NBA basketball game against the Cleveland Cavaliers Monday, April 26, 2021, in Tampa, Fla. Nurse says it was the COVID-19 outbreak in March that spiked his team's chances for a post-season run.THE CANADIAN PRESS/AP/Chris O'Meara
Nurse faces a busy off-season, much busier if Canada qualifies for Tokyo Olympics

Nurse faces a busy off-season, much busier if Canada qualifies for Tokyo Olympics

Hockey Hall of Fame inductee Danielle Goyette speaks to reporters during a press conference in Toronto on Friday, November 10, 2017. Goyette has been named director of player development for the NHL's Toronto Maple Leafs and their American Hockey League affiliate. THE CANADIAN PRESS/Christopher Katsarov
Hayley Wickenheiser, Danielle Goyette together again on Toronto Maple Leafs staff

Hayley Wickenheiser, Danielle Goyette together again on Toronto Maple Leafs staff

Carolina Hurricanes center Jordan Staal (11) falls on Nashville Predators center Yakov Trenin (13) during the first period in Game 1 of an NHL hockey Stanley Cup first-round playoff series in Raleigh, N.C., Monday, May 17, 2021. (AP Photo/Gerry Broome)
Staal, Niederreiter lift Hurricanes past Predators 5-2

Staal, Niederreiter lift Hurricanes past Predators 5-2

Washington Capitals center Lars Eller (20) watches the puck get past Boston Bruins goaltender Tuukka Rask (40) on a shot by Washington Capitals right wing Garnet Hathaway during the first period of Game 2 of an NHL hockey Stanley Cup first-round playoff series Monday, May 17, 2021, in Washington. (AP Photo/Alex Brandon)
Marchand scores in OT, Bruins beat Capitals to even series

Marchand scores in OT, Bruins beat Capitals to even series

Toronto Maple Leafs former players Darryl Sittler, centre, Johnny Bower, centre right, are joined by Ted Kennedy's son Mark for a ceremonial puck drop with Montreal Canadiens' Andrei Markov, left, and Toronto Maple Leafs' Dion Phaneuf, right, before NHL action in Toronto on Wednesday, October 8, 2014. THE CANADIAN PRESS/Frank Gunn
Leafs, Canadiens legends eagerly awaiting playoff series

Leafs, Canadiens legends eagerly awaiting playoff series

Conservative MP Ron Liepert rises during Question Period on Parliament Hill, Friday, March 10, 2017 in Ottawa. Ron Liepert says these days, the phone calls and emails from people wanting to talk about his party's climate plan have slowed. THE CANADIAN PRESS/Justin Tang
Western MP pitches Conservative carbon price with a 24-pack of Pilsner

Western MP pitches Conservative carbon price with a 24-pack of Pilsner

Most Read