Scotiabank reported Q1 2022 net income of CAD 2.74bn ($2.2bn), up 14% YoY and EPS of CAD 2.15 as compared to CAD 1.88 ($1.5) last year and beating analyst estimates of CAD 2.05 ($1.6). Canadian Banking generated earnings of CAD 1.2bn ($940mn), up 32% YoY and International Banking generated CAD 552mn ($434mn), up 38% YoY. Global Wealth Management and Global Market earnings came at CAD 419mn ($329mn) and CAD 561mn ($441mn) helped by strong private banking activity, strong loan growth and an uptick in investment banking. Profits were also helped by provision for credit losses decreasing 71% YoY to CAD 222mn ($174mn). The bank’s CET1 ratio stood at 12%, down 30bp QoQ.
Scotiabank’s dollar bonds were steady, with its 4.9% Perp at 101.29, yielding 4.47%.