Scotiabank Stock Earnings

Yahoo Finance Canada

Scotiabank Beats Expectations in Q1 2024

Earnings per Share Diluted 2.15

Net Income $2.199 Billion

TORONTO – Scotiabank reported a net income of $2.199 billion for the first quarter of 2024, beating analysts' expectations. This represents a 14.4% increase from the $1.923 billion net income reported in the same period last year.

The increase in net income was driven by strong performance in the bank's core Canadian and international banking operations. Net income in Canadian banking increased by 11.2% to $1.11 billion, while net income in international banking increased by 20.3% to $1.089 billion.

Scotiabank's wealth management business also contributed to the strong results, with net income increasing by 16.5% to $550 million.

The bank's provisions for credit losses (PCL) increased to $1.014 billion in the first quarter of 2024, up from $930 million in the same period last year. This increase was due to the bank's conservative approach to risk management in light of the ongoing economic uncertainty.

Scotiabank's common equity tier 1 ratio, a measure of financial strength, was 11.2% at the end of the first quarter, down slightly from 11.3% at the end of the fourth quarter of 2023.

Access Scotiabank's latest quarterly results and archived financial documents.

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