Scotiabank reports $2.3B first-quarter profit, tops expectations by analysts
Posted February 25, 2020 6:26 am.
Last Updated February 25, 2020 11:23 am.
TORONTO — Scotiabank topped expectations as it reported a first-quarter profit of nearly $2.33 billion, up from nearly $2.25 billion in the same period a year earlier.
The big Canadian bank says the profit amounted to $1.84 per diluted share for the quarter ended Jan. 31, up from a profit of $1.71 per diluted share a year ago.
Revenue totalled $8.14 billion, up from $7.60 billion.
On an adjusted basis, Scotiabank says it earned $1.83 per diluted share in the quarter, up from $1.75 per diluted share in the same quarter a year earlier.
Analysts on average had expected an adjusted profit of $1.75 per diluted share for the quarter, according to financial markets data firm Refinitiv.
Scotiabank chief executive Brian Porter said it was a balanced performance in the quarter with as the bank delivered solid results across all of its businesses.
“We are pleased with our results this quarter which demonstrate the strength of our diversified businesses,” Porter said.
“We are focused on realizing the benefits from our technology investments through an improved productivity ratio and greater customer satisfaction.”
This report by The Canadian Press was first published Feb. 25, 2020.
Companies in this story: (TSX: BNS)
The Canadian Press
