TORONTO — The Bank of Nova Scotia topped expectations as it reported a fourth-quarter profit of $1.9 billion.
The bank says the profit amounted to $1.42 per diluted share for the quarter ended Oct. 31, down from $2.3 billion or $1.73 per per diluted share in the same period a year earlier.
Revenue totalled $7.5 billion, down from nearly $8 billion in its fourth quarter last year.
Scotiabank says its provisions for credit losses in its latest quarter totalled $1.1 billion, up from $753 million a year ago, but down from nearly $2.2 billion in the third quarter.
On an adjusted basis, the bank earned $1.45 per diluted share, down from an adjusted profit of $1.82 per diluted share last year.
Analysts on average had expected Scotiabank to earn and adjusted profit of $1.22 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Dec. 1, 2020.
Companies in this story: (TSX:BNS)
The Canadian Press