The banking giant revealed its financial results amidst turbulent economic conditions
Scotiabank reported higher earnings compared with a year earlier in its Q3 financial results released on Tuesday morning, although the banking giant’s profit in the third quarter came in slightly below estimates.
The bank posted net income excluding one-off items of $2.61 billion ($2.10 a share), a shade below analyst estimates of $2.11 per share, with provisions for credit losses coming in at $412 million compared with $380 million the same time last year.
Its performance was bolstered by high loan growth and higher margins because of the current rising-interest-rate environment, with its Canadian unit seeing a 12% boost in earnings and international business recording a 30% earnings spike.
Its global banking and markets business saw a 26% decline in profit, with its wealth management business also down 3% thanks to lower fees and an uncertain market.
Scotiabank is the first of Canada’s traditional Big Six banks to post its earnings for the final quarter, with each of the rest expected to reveal their financial results in the coming days.
