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Bank of Nova Scotia 2Q Profit Rises, Provisions for Credit Losses Fall

By Adriano Marchese

 

Bank of Nova Scotia on Monday reported a rise in second-quarter profit despite a slight reduction in revenue in the period.

For the period ended April 31, the Canadian banking and financial services company said earnings per share were 1.88 Canadian dollars ($1.56), up from C$1 in the comparable quarter a year ago.

Net income attributable to common shareholders was C$2.29 billion, compared with C$1.24 billion a year ago.

Scotiabank said adjusted earnings were C$1.90 a share, beating analyst consensus expectations of C$1.75 a share, taken from FactSet.

However, revenue fell to C$7.74 billion from C$7.96 billion in the prior year quarter, with net interest income also easing to C$4.18 billion from C$4.42 billion.

Provisions for credit losses were down to C$496 million in the quarter from C$1.85 billion, while return on equity rose to 14.8% from 7.9%.

"We delivered another quarter of strong results reflecting the strength of our diversified business platform, and the solid economic recovery underway in our core markets," President and Chief Executive Brian Porter said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

June 01, 2021 06:38 ET (10:38 GMT)

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