Scotiabank profit drops 41% as loan-loss provisions soar amid pandemic fallout

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Scotiabank profit drops 41% as loan-loss provisions soar amid pandemic fallout GlobeBusiness

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This translation has been automatically generated and has not been verified for accuracy.Bank of Nova Scotia's second-quarter profit plunged by 41 per cent as funds earmarked to cover loan losses soared in response to the coronavirus pandemic.

The bank held its dividend steady at 90 cents per share, but its return on equity fell to 7.9 per cent, compared with 13.8 per cent a year earlier. “The bank remains well positioned from a capital and liquidity perspective, and we are appropriately reserved for potential credit losses,” said chief executive officer Brian Porter, in a press release.

Profit from the core Canadian banking division fell 42 per cent to $477-million, mainly because of higher provisions for credit losses as scores of households and businesses suffer lost income from closures, layoffs and subdued economic activity.

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