The increased payment to shareholders came as Scotiabank says its profit amounted to $1.48 per diluted share for the quarter ended April 30, compared with a profit of $1.57 per diluted share in the same quarter last year.
Bank of Nova Scotia
Net income: $2.03 billion
Q2 profit: $1.48 per diluted share
Source Google
Revenue totalled $9.08 billion, up from $8.35 billion, while the bank’s provision for credit losses for the quarter amounted to $1.40 billion, up from $1.01 billion a year ago. On an adjusted basis, Scotiabank says it earned $1.52 per diluted share, down from an adjusted profit of $1.58 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $1.56 per share, according to data provided by LSEG Data & Analytics.
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Changes at Scotiabank
Scotiabank chief executive Scott Thomson said the bank is focused on what it can control and its strategic plan amid an evolving economic outlook.
“This quarter we increased our performing allowances to reflect the impact of an uncertain macroeconomic outlook,” Thomson said in a statement. “With strong balance sheet metrics, we remain well-positioned to support our clients through this period of uncertainty and to seize growth opportunities as they arise.”
Scotiabank said its Canadian banking operations earned $613 million in net income attributable to equity holders, down from $893 million a year ago as it faced a higher provision for credit losses and non-interest expenses, partly offset by higher revenues.
Scotiabank’s international banking operations earned $676 million in net income attributable to equity holders, up from $639 million in the same quarter last year. The bank’s global wealth management group’s net income attributable to equity holders was $399 million for its latest quarter, up from $341 million a year earlier.
Scotiabank’s global banking and markets division earned $413 million in net income attributable to equity holders, up from $375 million a year ago.
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