Scotiabank reports $2.31B fourth-quarter profit, up from $2.27B a year ago

Scotiabank reports $2.31B fourth-quarter profit, up from $2.27B a year ago
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TORONTO — The Bank of Nova Scotia reported its fourth-quarter profit edged up compared with the same quarter last year.

The big Canadian bank says it earned $2.31 billion for the three-month period ended Oct. 31 compared with a profit of $2.27 billion in the same quarter last year.

The profit amounted to $1.73 per diluted share for the quarter, up from $1.71 a year ago.

Adjusted for acquisitions and divestitures, Scotiabank says it earned $1.82 per diluted share, up from $1.77 per diluted share last year.

The result matched the average result expected by analysts, according to financial markets data firm Refinitiv.

Scotiabank chief executive Brian Porter said the bank delivered improved fourth-quarter results to end a productive year for the bank.

“Strategically we set a course to become a more focused bank. As a result of this effort, we have repositioned our international footprint, improved our business mix and are now realizing the benefits of our investments in digital,” Porter said in a statement.

“Looking ahead in 2020, we are better positioned to build an even better bank, offering a superior customer experience, and delivering sustainable, long-term earnings growth for our shareholders.”

This report by The Canadian Press was first published Nov. 26, 2019.

Companies in this story: (TSX:BNS)

The Canadian Press

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