Bank of Nova Scotia (BNS) has reported that its fiscal third-quarter profit declined 15% from a year earlier as money set aside to cover potentially bad loans nearly doubled in the period.
Scotiabank, as the lender is commonly known, announced that its net income, or profit, totaled $2.21 billion or $1.72 per share for the quarter ended July 31, down from $2.59 billion or $2.09 per share a year ago.
Analysts had, on average, expected a profit of $1.74 per share for the latest quarter, according to Refinitiv data.
Scotiabank’s revenue for the latest quarter totalled $8.09 billion, up 4% from $7.80 billion a year earlier.
The Toronto-based lender said it set aside $819 million to cover loan loss provisions in fiscal Q3, nearly double the $412 million set aside in the same quarter of 2022.
Bank of Nova Scotia’s stock has fallen 16% over the last 12 months to trade at $62.82 per share.
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