Scotiabank caps big bank earnings week with profit almost doubling
Bank set aside far less money to cover bad loans, too
Scotiabank topped expectations as it reported its second-quarter profit nearly doubled compared with a year ago.
The bank says it earned $2.46 billion or $1.88 per diluted share for the quarter ended April 30, up from a profit of $1.32 billion or $1.00 per diluted share in the same quarter last year.
"We delivered another quarter of strong results reflecting the strength of our diversified business platform, and the solid economic recovery underway in our core markets," Scotiabank CEO Brian Porter said in a statement.
The improvement came as Scotiabank's provisions for credit losses fell to $496 million compared with $1.85 billion a year ago when the pandemic began and the economy came to halt.
Revenue totalled $7.74 billion, down from $7.96 billion.
On an adjusted basis, Scotiabank says it earned $1.90 per diluted share, up from an adjusted profit of $1.04 per diluted share a year ago.