Scotiabank reported its Q2 results for the quarter ended April with net income of C$2.46bn ($2.04bn), up over 85% YoY. Profits were boosted by lower provisions, with provisions for credit losses of C$496mn ($411mn), down from C$1.8bn ($1.5bn) a year earlier. This included a recovery of C$696mn ($577mn) of provisions on performing loans. Besides, most divisions saw an increase in income and business lending grew 4% over the year. CEO Brian Porter said that the bank expects 10% loan growth over 12-18 months. The bank’s CET1 ratio stood at 12.3%, a 10bp increase QoQ.
Scotiabank’s bonds were stable with its 4.5% 2027s up 0.6 to 101.44.
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