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The Bank of Nova Scotia on Tuesday reported a better fourth-quarter revenue than final 12 months, however missed analyst expectations.
On an adjusted foundation, the financial institution earned $2.1 billion, up 29 per cent from a 12 months in the past, leading to an earnings per share of $1.57. Analysts had anticipated the financial institution to earn $1.60 per share, based on LSEG Data & Analytics.
Net earnings for the three-month interval ending Oct. 31 was up 25 per cent in comparison with the identical interval final 12 months to $1.6 billion, leading to earnings per share of $1.22.
The lender stated the rise was attributable to larger web curiosity earnings and decrease provision for credit score losses — the amount of cash banks hold apart to sort out potential unhealthy loans.
It maintained its quarterly dividend at $1.06 per share.
“While I’m inspired by our strategic progress thus far, there’s important work forward as we give attention to shopper primacy initiatives to drive enhanced profitability throughout our companies,” chief government Scott Thomson stated in a launch.
He described the financial institution’s outcomes for fiscal 2024 as “stable.”
Scotiabank reported income of $8.5 billion, a 3 per cent improve from the identical interval final 12 months. Its adjusted income was additionally 8.5 billion, up eight per cent from final 12 months.
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“We anticipate that the headline miss will garner some concern out there at the moment,” Jefferies inc. analyst John Aiken stated in a word on Tuesday. “However, because the market parses via the numbers, the truth that the majority of the frustration centres round a higher-than-expected tax charge ought to garner some reduction.”
• Email: nkarim@postmedia.com
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