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Bank of Nova Scotia 3Q Profit Climbed Amid Lower Credit Loss Provisions

   By Mauro Orru 
 

Bank of Nova Scotia on Tuesday posted higher profit in the third quarter of fiscal 2021, with provisions for credit losses down from the high levels seen last year.

The Canadian banking and financial services company said earnings per share for the three months ended July 31 came in at 1.99 Canadian dollars ($1.57), up from C$1.04 a year ago.

Net income was C$2.46 billion compared with C$1.36 billion a year ago.

Adjusted earnings climbed to C$2.01 a share from C$1.04.

Return on equity was 15% compared with 8.3% last year, while provisions for credit losses plummeted to C$380 million from C$2.18 billion last year, when banks were bracing for potentially huge losses on loans to consumers and businesses due to the coronavirus pandemic.

Revenue rose to C$7.76 billion from C$7.73 billion.

"We delivered another quarter of strong results, with contributions from all our operating segments, reflecting the benefits of a well-diversified business model," Scotiabank Chief Executive Brian Porter said.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

August 24, 2021 05:57 ET (09:57 GMT)

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