TORONTO – Scotiabank reported a fourth-quarter profit of $1.69 billion, up from $1.35 billion in the same period last year, as it set aside a smaller amount for bad loans compared with a year ago.
The bank says the profit amounted to $1.22 per diluted share for the quarter ended Oct. 31, up from 99 cents in the same quarter a year ago.
Revenue for the quarter totalled $8.53 billion, up from $8.27 billion in the bank’s fourth quarter last year.
The bank’s provisions for credit losses amounted to $1.03 billion in its fourth quarter, down from $1.26 billion a year ago.
On an adjusted basis, Scotiabank says it earned $1.57 per diluted share in its latest quarter, up from an adjusted profit of $1.23 per diluted share a year ago.
The average analyst estimate had been for an adjusted profit of $1.60 per share, according to data provided by LSEG Data & Analytics.
This report by The Canadian Press was first published Dec. 3, 2024.
Companies in this story: (TSX:BNS)
