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Canada's Scotiabank Posts Higher Quarterly Profit as Interest Income Rises
Scotiabank's first-quarter net income rose to $2.3 billion with credit loss provisions increasing slightly to $1.18 billion amid revenue growth and expense reductions.
- On Feb. 24, 2026, Scotiabank reported $2.30 billion in first-quarter net income for the quarter ended Jan. 31, with profit at $1.73 per diluted share.
- Rising revenue and lower expenses helped drive results as total revenue rose to $9.65 billion while expenses fell 18% to $5.29 billion, aided by last year's $1.36-billion impairment.
- On an adjusted basis, Scotiabank earned $2.05 per diluted share, beating analysts' average estimate of $1.95, while global wealth management earned $481-million.
- As the first big bank to report, Scotiabank set the tone for peers with CEO Scott Thomson saying `2026 is off to a strong start for Scotiabank`.
- Despite profit gains, the bank flagged rising consumer stress, with provisions for credit losses at $1.18 billion, including a $73-million model charge, and impaired loan formations rising to $1.11 billion.
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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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Coverage Details
Total News Sources13
Leaning Left4Leaning Right1Center4Last UpdatedBias Distribution45% Left, 44% Center
Bias Distribution
- 45% of the sources lean Left, 44% of the sources are Center
45% Left
L 45%
C 44%
11%
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