TORONTO — Scotiabank topped expectations as it reported a first-quarter profit of nearly $2.40 billion, up from nearly $2.33 billion.
The big bank says the profit amounted to $1.86 per diluted share for the quarter ended Jan. 31, up from an adjusted profit of $1.84 per diluted share a year earlier.
Revenue totalled $8.07 billion, down from $8.14 billion.
Provisions for credit losses for the quarter amounted to $764 million, down from $926 million a year ago.
On an adjusted basis, Scotiabank says it earned $1.88 per diluted share, up from an $1.83 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.57 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Feb. 23, 2021
