Scotiabank reports $1.69B Q4 profit, up from $1.35B a year ago
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 said Tuesday 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.
"While I am encouraged by our strategic progress to date, there is significant work ahead as we focus on client primacy initiatives to drive enhanced profitability across our businesses," Scotiabank chief executive Scott Thomson said in statement.
Scotiabank is the first of Canada's big banks to report its fourth-quarter results this week. Royal Bank of Canada and National Bank of Canada report Wednesday, while Toronto-Dominion Bank, BMO Financial Group and CIBC report Thursday morning.
Scotiabank said its Canadian banking operations amounted to $1.06 billion for the quarter, up from $793 million in the same quarter last year, due primarily to lower provisions for credit losses and higher revenue, partly offset by higher non-interest expenses.
Scotiabank's international banking operations earned a profit of $628 million attributable to equity holders of the bank, up from $548 million a year earlier, while the bank's global wealth management business earned $420 million attributable to equity holders, up from $327 million a year ago.
The bank's global banking and markets business earned $403 million, down from $414 million in the same quarter last year.
This report by The Canadian Press was first published Dec. 3, 2024.
CTVNews.ca Top Stories
Canada closes 'flagpoling' loophole for temporary visa holders
Temporary residents of Canada will no longer be able to utilise the flagpoling process to initiate work or study permits, following a ban from the Canada Border Services Agency.
Kieran Culkin, 'Shōgun,' Ali Wong win at Golden Globes
The Golden Globes, which host Nikki Glaser introduced as “Ozempic's biggest night,” got underway Sunday with awards spread around for “Emilia Pérez," “A Real Pain," and “Conclave," as Hollywood's thus-far unpredictable awards season remained hard to pin in the early going.
Driver who entered Canada 'without stopping' at B.C. border crossing arrested: police
A man who illegally blew through the Canada-U.S. border crossing in Surrey, B.C., Sunday morning has been arrested, according to authorities.
'Absolutely devastating': Southern Manitoba golf course clubhouse burns for second time in 4 years
A golf course clubhouse in Morden, Man. went up in flames Sunday for the second time in less than four years, and mere days after its reopening from the previous fire was celebrated.
Thousands are without power due to winter storm hitting Newfoundland and Labrador
Massive waves slammed Newfoundland and Labrador's coastline on Sunday, as a powerful winter storm left thousands without power.
Man responsible for New Year's truck attack previously visited New Orleans, Ontario, Egypt: FBI
The man responsible for the truck attack in New Orleans on New Year's Day that killed 14 people visited the city twice before and recorded video of the French Quarter with hands-free glasses, an FBI official said Sunday.
The Vivienne, star of 'RuPaul's Drag Race UK', dies at 32
British reality show 'RuPaul's Drag Race UK' winner James Lee Williams, aged 32, popularly known as The Vivienne, has died.
Driving into Manhattan? That'll cost you, as new congestion toll starts Sunday
New York’s new toll for drivers entering the center of Manhattan debuted Sunday, meaning many people will pay US$9 to access its busiest part in peak hours.
WATCH Woman critically injured in explosive Ottawa crash caught on camera
Dashcam footage sent to CTV News shows a vehicle travelling at a high rate of speed in the wrong direction before striking and damaging a hydro pole.
Local Spotlight
'Crawl bearers' carry mosaic bar top 2 km to new home
In a move signaling the beginning of a new era, staff and patrons carried Phog Lounge’s approximately 400-pound mosaic bar top through the downtown.
Elvis Gratton actor Julien Poulin has died at 78
Actor Julien Poulin passed away at the age of 78 on Saturday.. Born in Montreal on April 20, 1946, Poulin appeared in some 100 films. His most memorable role was certainly that of Bob Gratton in the cult classic trilogy 'Elvis Gratton', directed by his friend Pierre Falardeau.
Maritime hockey teams go head-to-head in ‘blood feud’ for good cause
Three teams in the Quebec Maritime Junior Hockey League (QMJHL) are battling for a cause greater than hockey this January in the Battle of the Bridge – an annual blood donation challenge.
Sellers' market: Average Edmonton home prices jumped in 2024 in each residential category
Fewer homes for sale in Edmonton resulted in higher year-over-year prices for them as 2024 ended, according to the Realtors Association of Edmonton.
A parking spot in Whistler, B.C. is on the market for $110K
Any skiers looking to avoid circling the parking lots at the world-famous Whistler Blackcomb resort can now solve that problem—but it comes with a six-figure price tag.
Regina woman turns to social media to find donor match for kidney transplant
A Regina woman currently waiting for a kidney transplant is now seeking a donor through a social media post.
5,600 Olympic Plaza bricks were saved, being returned to those who purchased them
The City of Calgary is in the process of giving back thousands of bricks saved from Olympic Plaza ahead of the aging infrastructure's overhaul.
Grieving orca mother Tahlequah carries dead baby for the second time
The famous mother orca who made waves around the world for carrying her dead calf for 17 days has suffered another tragic loss.
Organist provides winning score at Moncton Wildcats hockey games
Lynden Steeves is living out a life-long dream every time he sits at his organ in front of a sold-out crowd for Moncton Wildcats hockey games.