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

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/ ]