By Maitane Sardon
Bank of Nova Scotia on Tuesday reported first-quarter earnings that topped analysts' estimates.
For the quarter ended Jan. 31, the Toronto-based bank reported net income of 2.39 billion Canadian dollars (US$1.89 billion), compared with C$2.33 billion for the same period last year. Earnings per share were C$1.86, up from C$1.84 in the comparable quarter a year ago.
Excluding items, Bank of Nova Scotia reported an adjusted profit of C$1.88 a share for the quarter, beating analysts forecasts of C$1.57, according to FactSet.
Total revenue fell slightly to C$8.07 billion from C$8.14 billion. Net interest income declined to C$4.35 billion from C$4.39 billion a year earlier, and noninterest income was down at C$3.72 billion against C$3.75 billion.
The bank's adjusted provision for credit losses was down to C$764 million, compared with C$771 million a year ago.
The bank said the earnings of its retail banking business in Canada recovered to pre-pandemic levels, partially driven by asset and deposit growth and improving credit trends.
Adjusted earnings at its global wealth management business were $425 million, up 34% from the prior year.
Write to Maitane Sardon at firstname.lastname@example.org
(END) Dow Jones Newswires
February 23, 2021 06:49 ET (11:49 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.