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Canada's Scotiabank misses profit estimates on higher taxes, expenses

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  Bank of Nova Scotia missed analysts' estimates for quarterly profit on Tuesday, hurt by higher taxes and elevated expenses related to compensation and technology.


Bank of Nova Scotia, commonly known as Scotiabank, reported a lower-than-expected profit for the first quarter ending January 31, 2024, due to increased taxes and expenses. The bank's adjusted earnings per share were C$1.68, falling short of the C$1.79 anticipated by analysts according to LSEG data. This shortfall was attributed to a significant rise in non-interest expenses, which increased by 11% to C$3.57 billion, and a 10% hike in provisions for credit losses to C$962 million. Despite these challenges, Scotiabank saw a 6% increase in total revenue to C$8.43 billion, driven by growth in its Canadian banking and international segments. However, the bank's net income fell by 27% to C$1.67 billion, reflecting the impact of higher costs and provisions.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/canadas-scotiabank-misses-profit-estimates-higher-taxes-expenses-2024-12-03/ ]


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