Latest News

Stocks in Play

Dividend Stocks

Breakout Stocks

Tech Insider

CAD Daily Briefing

US Markets

Stocks To Watch

The Week Ahead



Commodity News

Metals & Mining News

Crude Oil News

Crypto News

M & A News


OTC Company News

TSX Company News

Earnings Announcements

Dividend Announcements

Scotiabank’s Profit Declines 22% To $2.16 Billion

Scotiabank (BNS) has reported a fiscal second-quarter profit of $2.16 billion, down 22% from $2.75 billion in the same quarter a year earlier.

Revenue at Scotiabank, also known as Bank of Nova Scotia, totalled $7.93 billion, down only slightly from $7.94 billion in the same quarter a year ago.

Scotiabank blamed the profit decline on enhanced loan loss provisions, which totalled $709 million in fiscal Q2, up 224% from $219 million a year earlier.

Scotiabank said its Canadian banking division earned $1.06 billion in net income, down 10% from $1.18 billion in the same quarter of 2022.

International banking operations earned net income of $642 million, up 6% from $605 million a year earlier.

The bank’s global wealth management division, global banking and markets group, and “other category” each reported declines in the latest quarter.

The “other category” at Scotiabank reported a loss for fiscal Q2 of -$323 million compared with a loss of -$10 million a year earlier.

Along with its latest earnings, Scotiabank announced that it is raising its quarterly dividend payment to shareholders by 3%, matching the increase that Bank of Montreal (BMO) announced with its latest earnings report.

Scotiabank said it will now pay a quarterly dividend of $1.06 per share, up from $1.03 per share previously.

Scotiabank’s stock has declined 22% in the last 12 months to trade at $65.66 per share.