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Scotiabank Reports $2.3 Billion Q1 Profit With Increased Credit Loss Provisions
Scotiabank's adjusted profit rose to C$2.7 billion as loan loss provisions increased to C$1.18 billion amid signs of consumer financial stress, CEO said.
- Reporting on Feb. 24, 2026, Scotiabank reported $2.30 billion in net income and set aside $1.18 billion for credit losses for the quarter ended Jan. 31.
- Scotiabank's net interest income stood at C$5.58 billion during the quarter, while the global wealth management division and global banking and markets boosted results with stronger profits.
- Adjusted EPS beat the C$1.95 consensus as Scotiabank reported adjusted earnings per share of C$2.05 and diluted earnings per share of C$1.73 for the quarter ended Jan. 31.
- Despite rising profits, Scotiabank's Canadian banking division showed signs of financial stress as gross impaired loan formations reached $1.11 billion, and Scott Thomson said the bank is advancing strategic priorities.
- Trade uncertainty, including U.S. tariffs, has weighed on cross-border business and the international segment, but Scotiabank says unrest in Mexico should not dent its financials as IPO pipeline and deal activity boost capital markets and wealth management divisions this year.
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Scotiabank reports rise in profits despite weakening in Canadian consumer credit
TORONTO — Scotiabank reported a jump in first-quarter profits even as its Canadian banking segment showed rising financial stress for consumers. The bank reported net income of $2.
Scotiabank announced a net profit of $2.30 billion in the first quarter, up from $993 million a year earlier.
·Montreal, Canada
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Total News Sources19
Leaning Left6Leaning Right1Center4Last UpdatedBias Distribution55% Left
Bias Distribution
- 55% of the sources lean Left
55% Left
L 55%
C 36%
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