US EditionScotiabank Profit Dips as It Prepares for Potential Turbulence Ahead
- For the quarter ending April 30, 2025, Scotiabank posted earnings of $2.03 billion in Toronto, marking a decrease in profit compared to the previous year.
- The profit drop followed increased provisions for credit losses and higher expenses driven by technology, personnel, and compensation costs amid an uncertain economic outlook.
- Despite challenges, Scotiabank's international division, global wealth management, and capital markets showed profit growth, supported by higher non-interest income and trading revenue.
- CEO Scott Thomson expressed confidence in the bank’s strong financial footing to assist customers during these uncertain times and capitalize on potential growth prospects, while the bank increased its quarterly dividend to $1.10 per share.
- The bank’s increased loan loss provisions and cautious borrower behavior reflect ongoing economic risks, prompting a 20 million share buyback to return cash to shareholders and bolster stock value.
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Scotiabank reports Q2 profit down from year ago, provisions for credit losses up
TORONTO — Cautious borrowers and a worsening economic outlook pushed Scotiabank earnings slightly down in the second quarter from last year as the bank put aside more money for potentially bad loans. The bank reported a net income of $2.
Second Quarter of the Year: Scotiabank Announces Decline in Profit
Borrowers' prudence and deteriorating economic prospects led to a slight decline in Scotiabank profits in the second quarter compared to last year, while the financial institution reserves more money for doubtful loans.
·Montreal, Canada
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