The bank made the disclosure in its third-quarter filing as it reported profit fell compared with a year ago and announced a significant expansion of a share buyback program.
The disclosure comes after the bank called off its proposed US$13.4 billion takeover of U.S.-based First Horizon bank in May, citing regulatory uncertainty. Media reports at the time said that the bank's anti-money laundering compliance program was a key sticking point for regulators. The bank also announced a plan to buy back 90 million shares, or about 4.9 per cent of outstanding shares, after it completes a 30-million share buyback program.
"This strategy depends what’s optimal any point in time, but we're really happy that we can do that by returning excess capital to shareholders." The miss came in part from higher than expected provisions for credit losses that totalled $766 million, up from $351 million a year earlier, Barclays analyst John Aiken said.
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