Scotiabank Earnings: Q2 breakdown for investors + MORE May 28th

The Bank of Nova Scotia reported its second-quarter profit fell compared with a year ago as it set aside more money for loan losses.

The bank said Tuesday its net income fell to $2.09 billion or $1.57 per diluted share for the quarter ended April 30, down from $2.15 billion or $1.68 per diluted share in the same quarter last year.

Revenue totalled $8.35 billion, up from $7.91 billion a year earlier.

The bank’s provision for credit losses for the quarter amounted to $1.01 billion, up from $709 million in the same quarter last year.

On an adjusted basis, Scotiabank says it earned $1.58 per diluted share in its latest quarter, down from an adjusted profit of $1.69 per diluted share a year earlier.

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The average analyst estimate had been for a profit of $1.56 per share, according to data provided by LSEG Data & Analytics.

“The bank delivered solid results this quarter against a backdrop of ongoing macroeconomic uncertainty, reporting positive operating leverage driven by revenue growth and continued expense discipline,” Scotiabank chief executive Scott Thomson said in a statement…

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