Published on 28 May 2024 on Financial Post via Yahoo Finance
Scotiabank's international operations show signs of improvement as earnings top expectations
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Bank of Nova Scotia took higher-than-expected provisions for credit losses in the second quarter, but revenue gains helped Canada’s fourth-largest bank beat analyst expectations.
Revenue rose 5.5 per cent from the corresponding period a year earlier, reaching nearly $8.4 billion, while provisions for credit losses were around $1 billion compared to $709 million a year earlier. The PCL ratio was 54 basis points, up four basis points from the previous quarter and 17 basis points from a year ago.