The bank's provisions for credit losses totalled nearly $1.85 billion for the quarter, up from $873 million a year ago, as the COVID-19 pandemic crushed the economy.
Scotiabank says its profit for the quarter ended April 30 amounted to $1.00 per diluted share compared with a profit of nearly $2.26 billion or $1.73 per diluted share in the same quarter last year.On an adjusted basis, the bank says it earned $1.04 per diluted share in the quarter compared with $1.70 per diluted share a year ago.
Analysts on average had expected Scotiabank to earn an adjusted profit of 98 cents per share for the quarter, according to financial markets data firm Refinitiv. Scotiabank chief executive Brian Porter says the bank's results were significantly impacted by the COVID-19 pandemic, but added it is well positioned from a capital and liquidity perspective and appropriately reserved for potential credit losses.
Cry me a river
Like from $2 billion to $1.8 billion Guess they should have saved some of the $9 billion from last year? (Im just guessing but these are likely approximate amounts give or take a few $100 million) Guess they'll be lobbying for tax payer bail outs?
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