Scotiabank Q4 Profit Declines

(RTTNews) - Canadian lender Bank of Nova Scotia (BNS.TO, BNS), called Scotiabank, announced Wednesday that fourth-quarter net income attributable to common shareholders of the Bank declined to C$1.95 billion or C$1.63 per share from C$2.41 billion or C$1.97 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was C$2.06 per share, compared to C$2.10 per share in the year-ago quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of C$1.97 per share for the quarter. Analysts' estimates typically exclude special items.

Provision for credit losses for the quarter was C$529 million, compared to C$168 million last year.

Net interest income grew to C$4.62 billion from C$4.22 billion, while non-interest income declined to C$3.00 billion from C$3.47 billion last year.

Total revenue for the quarter edged down 1 percent to C$7.63 billion from C$7.69 billion in the same quarter last year. Analysts were looking for revenues of C$8.07 billion for the quarter.

Separately, Scotiabank announced a dividend of C$1.03 per share on the outstanding shares of the Bank, payable January 27, 2023 to shareholders of record at the close of business on January 4, 2023.