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Scotiabank beats profit estimates on capital markets, wealth management strength
Scotiabank's capital markets profit rose 50% and wealth management profit increased 18%, driving a 15% revenue growth to $9.8 billion, despite a $373 million restructuring charge.
- Earnings of $2.2 billion showed, Scotiabank reported, for the three months ended Oct. 31, surpassing analysts' estimates from S&P Capital IQ.
- Driven by stronger U.S. activity, capital markets profit jumped 15% to $519-million, and global wealth management rose 18% to $447-million, according to the bank.
- The bank set aside $1.1-billion in provisions for credit losses, including $71-million against loans still being repaid, and recorded a $373-million restructuring charge.
- As the first major bank to report, Scotiabank kept its quarterly dividend unchanged at $1.10 per share while peers Royal Bank of Canada and National Bank of Canada report Wednesday and TD, BMO and CIBC report Thursday.
- Regarding the outlook, Thomson highlighted `The recent memorandum of understanding on energy between the Canadian federal government and the province of Alberta is a very significant development in our view and proof that Canada truly is on a new economic trajectory`, while warning `We continue to operate in what remains a highly uncertain macroeconomic environment`.
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Sask Today+3 Reposted by 3 other sources
Scotiabank reports Q4 profits rise to $2.21 billion despite restructuring charge
TORONTO — Scotiabank kicked off fourth-quarter bank earnings by reporting a rise in profits that beat analyst expectations, despite a restructuring charge related to layoffs. The bank said it earned $2.21 billion in the quarter ending Oct.
Scotiabank announced a net profit of $2.21 billion for its fourth quarter, up from $1.69 billion in the same quarter of the previous year, thanks to the performance of its asset management and capital markets activities.
·Montreal, Canada
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NiagaraFallsReview.ca+2 Reposted by 2 other sources
Scotiabank reports $2.21B Q4 profit up from $1.69B a year ago
TORONTO - Scotiabank says it earned $2.21 billion in net income for its fourth quarter, up from $1.69 billion in the same quarter last year, helped by strength in its wealth management and capital markets businesses.
·Niagara Falls, Canada
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Total News Sources14
Leaning Left6Leaning Right2Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
11%
R 22%
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