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TORONTO — Bank of Nova Scotia beat analysts’ estimates for fourth-quarter profit on Tuesday, helped by income growth in its capital markets business, even as loan loss provisions rose and earnings in its international division slumped 61 per cent.
While earnings at Canada’s third-biggest bank improved from the previous quarter, when it was hit by the impact of the coronavirus pandemic in some of its Latin American markets, it remained below the levels seen a year earlier.
Loan loss provisions jumped 50 per cent to $1.13 billion, driven by increases in its international and Canadian banking divisions.
Scotiabank said adjusted net income attributable to shareholders fell to $1.8 billion, or $1.45 a share, in the three months through Oct. 31, compared with analysts’ expectations of $1.22 a share.
While earnings recovered 34 per cent from the prior quarter, they fell from $1.82 a share a year earlier.
Its international business profit tumbled to $283 million from $725 million a year ago.
© Thomson Reuters 2020
