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Scotiabank Q4 Profit Declines
(RTTNews) - Canadian lender Bank of Nova Scotia (BNS.TO, BNS), called Scotiabank, announced Wednesday that fourth-quarter net income attributable to common shareholders of the Bank declined to C$1.95 billion or C$1.63 per share from C$2.41 billion or C$1.97 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was C$2.06 per share, compared to C$2.10 per share in the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of C$1.97 per share for the quarter. Analysts' estimates typically exclude special items.
Provision for credit losses for the quarter was C$529 million, compared to C$168 million last year.
Net interest income grew to C$4.62 billion from C$4.22 billion, while non-interest income declined to C$3.00 billion from C$3.47 billion last year.
Total revenue for the quarter edged down 1 percent to C$7.63 billion from C$7.69 billion in the same quarter last year. Analysts were looking for revenues of C$8.07 billion for the quarter.
Separately, Scotiabank announced a dividend of C$1.03 per share on the outstanding shares of the Bank, payable January 27, 2023 to shareholders of record at the close of business on January 4, 2023.
Scotiabank Says Q4 Results To Be Impacted By Charges Of About C$0.49/share
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