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Scotiabank reports Q4 profit down from year ago, provision for credit losses up
- Scotiabank reported a decrease in its earnings per share, from $2.06 to $1.26, falling short of analysts' expectations.
- The bank earned $1.4 billion in the last quarter, compared to $1.63 per share in the same period last year. Additionally, it incurred charges of over $590 million due to cost-cutting measures and a write down of an investment.
- Despite challenges, Scotiabank remains optimistic about its growth strategy and balance sheet.
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Scotiabank profit falls as bank sets aside almost $1.3B to cover bad loans
The Bank of Nova Scotia said its profit slumped in the fourth quarter for a variety of reasons, including doubling the amount of money the bank sets aside to potentially write off loans that are in danger of not being paid back.
·Ottawa, Canada
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Total News Sources23
Leaning Left16Leaning Right2Center3Last UpdatedBias Distribution76% Left
Bias Distribution
- 76% of the sources lean Left
76% Left
L 76%
14%
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