Scotiabank Q2 net income up from year ago, but falls short of expectations

Scotiabank Q2 net income up from year ago, but falls short of expectations
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TORONTO — Scotiabank reported second-quarter net income of $2.26 billion, up from $2.18 billion a year earlier, helped by its earnings from its international footprint.

The Toronto-based lender’s earnings for the three-month period ended April 30 amounted to $1.73 per diluted share, compared with $1.70 a year earlier.

On an adjusted basis, Scotiabank’s profit amounted to $2.26 billion for its second quarter, up from $2.19 billion during the same period in 2018.

That amounted to adjusted earnings per diluted share of $1.70, down from $1.71 a year ago.

Scotiabank’s earnings fell short of the $1.74 expected by analysts, according to Thomson Reuters Eikon.

The bank’s provisions for credit losses, or money set aside for bad loans, amounted to $873 million during the quarter, up from $534 million a year earlier.

“Overall, we delivered solid results across the bank in the second quarter,” Scotiabank chief executive Brian Porter said in a statement.

“We have made good progress towards strengthening our businesses and offering a superior customer experience. Looking ahead, we remain focused on delivering against our differentiated strategy and achieving consistent long-term growth.”

Companies in this story: (TSX:BNS)

The Canadian Press

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