Scotiabank reports $1.3B Q3 profit, provisions for credit losses climb

TORONTO — Scotiabank reported a third-quarter profit of $1.30 billion, down from $1.98 billion a year ago as its provisions for bad loans climbed higher.

The bank says the profit amounted to $1.04 per diluted share for the quarter ended July 31 compared with $1.50 per diluted share a year earlier.

Revenue totalled $7.73 billion, up from $7.66 billion in the same quarter last year.

Scotiabank says its provision for credit losses totalled $2.18 billion for the quarter, up from $713 million a year ago.

On an adjusted basis, Scotiabank says it earned $1.04 per diluted share in the quarter, down from an adjusted profit of $1.88 per share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.11 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 25, 2020.

Companies in this story: (TSX:BNS)

The Canadian Press