BREAKING Scotiabank misses expectations as profit slips
Scotiabank reported net income of $1.8 billion in the three months ending Jan. 31, slipping 35 per cent from the same time last year. On an adjusted basis, Scotiabank earned $1.85 per share, or approximately $2.4 billion, falling short of Bloomberg analyst expectations of $2.02 per share.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The federal government introduced the dividend in its 2022 budget, giving the banks and life insurers an one-time 15 per cent tax based on taxable income for tax years ending in 2021. Scotiabank’s core Canadian banking adjusted profit slipped 10 per cent to about $1.1 billion despite higher revenue as higher credit loss provisions and non-interest expenses weighed on results. The international banking segment grew to $661 million from $552 million from the first quarter of 2022 with higher net interest income.
“The Bank’s performance in the first quarter of 2023 reflects both the merits of a diversified platform, and also the continued relative pressure on our profitability given our funding profile,” said Scotiabank chief executive Scott Thomson in a
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