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Bank of Nova Scotia 3Q Net Profit Rose on Higher Revenue, Lower Credit Provision Losses

By Ian Walker

 

Bank of Nova Scotia on Tuesday reported a 3.3% rise in third-quarter net profit on the back of higher revenue and lower credit provision losses.

The Canadian bank made a net income attributable to shareholders for the three months ended July 31 of C$2.54 billion (US$1.95 billion) compared with C$2.46 billion for the same period a year earlier.

Earnings per share were C$2.09, up from C$1.99 while adjusted earnings--which strips out exceptional and other one-off items--were C$2.10 a share, up from C$2.01 for the year prior. Adjusted EPS consensus, taken from FactSet, was C$2.11 a share.

Total revenue rose to C$7.8 billion from C$7.76 billion, but missed a consensus of C$8.16 billion.

The bank booked a provision for credit losses of C$412 million compared with C$380 million.

Scotiabank's Tier 1 capital ratio, which measures the equity capital and disclosed reserves, stood at 11.4% at the end of the quarter, down about 20 basis points from the prior quarter.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

August 23, 2022 06:37 ET (10:37 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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