March 1, 2024

The Queens County Citizen

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Several Canadian banks have released fourth-quarter results that show a strong focus on increased provisioning for distressed loans and cost management as they prepare for an expected slowdown in the economy. Here are the highlights from their latest financial results.

Be sure to come back to this text tomorrow for BMO and National Bank.

Scotiabank (BNS, $59.85): Profits decline in 4th quarter and fiscal 2023

Scotiabank experienced a slide in its net profit in the fourth quarter of the current financial year compared to the corresponding period in 2022.

It was $2.093 billion, or $1.63 per diluted share, to $1.385 billion, or $1.02 per diluted share.

At the same time, adjusted net income fell to $1.674 billion, or $1.26 per diluted share, from $2.615 billion, or $2.06 per diluted share.

However, total revenues rose 9% year over year to $8.308 billion from $7.626 billion.

The bank’s management said the most recent fourth-quarter net income included $289 million of adjusting items, including restructuring charges of $258 million related to the streamlining of operating processes. .

On the other hand, Scotiabank reported a decline in net profit for the entire 2023 fiscal year compared to last year. It was up $10.174B, or $8.02 per diluted share, to $7.528B, or $5.78 per diluted share. Adjusted net income fell to $8.441 billion, or $6.54 per diluted share, from $10.749 billion, or $8.50 per diluted share.

Next: TD Bank (TD, $81.94): Net profit and earnings down year-over-year in 4th quarter

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