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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Whistle Stop Cafe owner Christopher Scott and his sister Melodie are serving sit-down customers in their Mirror diner to protest health restrictions that they say are unfair to restaurants and other small businesses. Photo by PAUL COWLEY/Advocate staff
Central Alberta restaurant owner defies health restrictions by serving diners

Whistle Stop Cafe owner says pandemic restrictions unfair to restaurants and small businesses

Alberta’s chief medical officer of health Dr. Deena Hinshaw said in her daily update on Monday that 362 new COVID cases have been identified and 7,200 tests done in the last 24 hours. (File photo)
COVID-19: UK variant may have entered broader community says Alberta health minister

25 cases of two variants identified in Alberta and one not linked to travel

An ice sculpture of a bee with a timely message was created near the Ross Street Patio. It’s party of a Downtown Business Association initiative to draw more people downtown to support local businesses. (Photo by LANA MICHELIN/Advocate staff).
Ice sculptures created to draw more people to downtown Red Deer

Three sculptures can be seem at various venues

Lab and x-ray technologist Rebecca Walter demonstrates a new digital radiographic X-ray unit funded by an $850,000 donation. The new unit is at the Sylvan Lake Advanced Ambulatory Care Service.
Photo contributed
New Sylvan Lake X-ray unit up and running

Radiographic x-ray unit made possible by $850,000 donation from Sylvan Lake couple

(Black Press file photo)
Police seeking suspects in Bowden armed robbery

Man was beaten and robbed of his wallet

Terrance Josephson of the Princeton Posse, at left, and Tyson Conroy of the Summerland Steam clash during a Junior B hockey game at the Summerland Arena in the early spring of 2020. (John Arendt - Summerland Review)
QUIZ: How much do you know about hockey?

Test your knowledge of Canada’s national winter sport

Green Bay Packers' Adrian Amos pauses after losing the NFC championship NFL football game to the Tampa Bay Buccaneers in Green Bay, Wis., Sunday, Jan. 24, 2021. The Buccaneers defeated the Packers 31-26 to advance to the Super Bowl. (AP Photo/Morry Gash)
Aaron Rodgers’ ‘uncertain’ future hangs over Green Bay

Aaron Rodgers’ ‘uncertain’ future hangs over Green Bay

Toronto Argonauts head coach Scott Milanovich calls the plays on the sideline against Winnipeg Blue Bombers during the first half of CFL action in Winnipeg on August 14, 2015. THE CANADIAN PRESS/John Woods
Scott Milanovich steps down as Edmonton’s head coach to pursue opportunities in NFL

Scott Milanovich steps down as Edmonton’s head coach to pursue opportunities in NFL

Toronto Raptors guard Fred VanVleet (23) goes under Indiana Pacers guards Malcolm Brogdon (7) and Jeremy Lamb (26) to shoot during the second half of an NBA basketball game in Indianapolis, Monday, Jan. 25, 2021. THE CANADIAN PRESS/AP-Michael Conroy
Brogdon scores 36 points to lead Pacers over Toronto Raptors

Brogdon scores 36 points to lead Pacers over Toronto Raptors

FILE - In this Feb. 14, 2020, file photo, baseballs occupy a bucket after use during fielding practice during spring training baseball workouts for pitchers and catchers at Cleveland Indians camp in Avondale, Ariz. Major League Baseball is suspending all political contributions in the wake of last week's invasion of the U.S. Capitol by a mob loyal to President Donald Trump, joining a wave of major corporations rethinking their efforts to lobby Washington. “In light of the unprecedented events last week at the U.S. Capitol, MLB is suspending contributions from its Political Action Committee pending a review of our political contribution policy going forward,” the league said in a statement to The Associated Press on Wednesday, Jan. 13, 2021. (AP Photo/Ross D. Franklin, File)
Cactus League asks MLB to delay spring training due to COVID

Cactus League asks MLB to delay spring training due to COVID

Patrick Cantlay, right, bumps fists with Andrew Putman before teeing off on the first hole during the final round of The American Express golf tournament on the Pete Dye Stadium Course at PGA West Sunday, Jan. 24, 2021, in La Quinta, Calif. (AP Photo/Marcio Jose Sanchez)
Si Woo Kim holds off Cantlay to win The American Express

Si Woo Kim holds off Cantlay to win The American Express

Danielle Kang winds up to hit her tee shot on the fifth hole during the final round of the Tournament of Champions LPGA golf tournament, Sunday, Jan. 24, 2021, in Lake Buena Vista, Fla. (AP Photo/Phelan M. Ebenhack)
Jessica Korda rallies to beat Kang in playoff at LPGA opener, Henderson ninth

Jessica Korda rallies to beat Kang in playoff at LPGA opener, Henderson ninth

COVID-19 scare prompts cancellation of Canada-U. S. soccer scrimmage in Florida

COVID-19 scare prompts cancellation of Canada-U. S. soccer scrimmage in Florida

Coach John Herdman prepares for practice with Bev Priestman, a member of his coaching staff, ahead of Sunday's soccer game against the United States in the final of the CONCACAF Women's Olympic Qualifying Championship, in Houston on Saturday, Feb. 20, 2016.  THE CANADIAN PRESS/Neil Davidson
Priestman includes six uncapped players in her first roster as Canada soccer coach

Priestman includes six uncapped players in her first roster as Canada soccer coach

Most Read