Scotiabank: Profits decline in 4th quarter and fiscal year 2023

TORONTO — Scotiabank saw a slide in its net profit in the fourth quarter of the current fiscal 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.

During the same period, 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 went from $10.174 billion, or $8.02 per diluted share, to $7.528 billion, 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.