Excluding one-time items, Bank of Nova Scotia said it earned $1.85 per share in the latest quarter, below the $2.02 analysts had been forecasting
reported a drop in first-quarter profit, missing analyst expectations as the lender set aside more money for bad loans and net interest margins were squeezed.
“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,” chief executive officer Scott Thomson – who stepped into the top job on Feb. 1 – said in a statement. “As we look ahead, our efforts on culture, capital allocation discipline and operational excellence will drive a renewed strategic agenda focused on delivering value for our stakeholders.
That was in line with analysts expectations, and included $76-million against loans that are still being repaid, compared with a reversal of $183 million in the same quarter last year. The bank said that the increase was due to portfolio growth in its international banking division and a deteriorating economic forecast largely in its corporate and commercial portfolios.
Total revenue fell to $7.98-billion in the quarter, down from $8.05-billion. Expenses grew to $4.46-billion from $4.22-billion.
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