The Bank of Nova Scotia saw its fourth quarter net income nearly triple from the same time last year, when its profit was eroded by several accounting provisions.
Scotiabank, the last of Canada's six big banks to report its fourth-quarter results, said its net income was $902 million or 83 cents per share for the quarter ended Oct. 31.
That was up from a year-ago profit of $315 million or 28 cents per share.
Revenues totalled $3.7 billion, up from $2.5 billion last year.
Scotiabank said the year-to-year increase in profit largely reflected a recovery from $642 million in after-tax charges taken in last year's fourth quarter, as well as the impact of new acquisitions.
This was however partly offset by the negative impact of foreign currency translation and an increase in the provision for credit losses, which rose by $213 million a year ago to $420 million in the fourth quarter.
