Scotiabank Q3 profit down from year ago, provision for credit losses up

TORONTO – The Bank of Nova Scotia reported its third-quarter profit fell compared with a year ago as the amount it set aside to cover bad loans climbed higher.

The bank says its net income amounted to $1.91 billion or $1.41 per diluted share for the quarter ended July 31 compared with a profit of $2.19 billion or $1.70 per diluted share a year ago.

Revenue totalled $8.36 billion, up from $8.07 billion in the same quarter last year.

The bank’s provision for credit losses totalled $1.05 billion, up from $819 million a year earlier.

On an adjusted basis, Scotiabank says it earned $1.63 per diluted share, down from an adjusted profit of $1.72 per diluted share in the same quarter last year.

Analysts on average had expected Scotiabank to earn an adjusted profit of $1.62 per share for the quarter, according to to LSEG Data & Analytics.

This report by The Canadian Press was first published Aug. 27, 2024.

Companies in this story: (TSX:BNS)

Note to readers: This is a corrected story. An earlier version incorrectly stated the bank for average analyst estimate.

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