(Toronto) Scotiabank announced an increase to its quarterly dividend on Wednesday, as it posted second-quarter profit of $2.16 billion, down from $2.75 billion in the same period last year. last.
Scotia said it will now pay a quarterly dividend of $1.06 per share, compared to the previous $1.03 per share.
The bank posted earnings of $1.69 per share for the quarter ended April 30, down from $2.16 per share in the prior second quarter.
Revenue was $7.93 billion, down from $7.94 billion in the same quarter last year, while provisions for credit losses totaled $709 million, down from $219 million. ‘one year ago.
On an adjusted basis, Scotiabank reported earnings of $1.70 per share in its most recent quarter, down from adjusted earnings of $2.18 per share in the same quarter last year. last.
Analysts on average had expected adjusted earnings of $1.78 per share, according to forecasts compiled by financial markets data firm Refinitiv.
“I am pleased with the bank’s stability in operating performance during the quarter and encouraged by our strong cash position and liquidity, which allows us to operate our business with agility despite the prevailing macroeconomic uncertainty. right now,” Scotia CEO Scott Thomson said in a statement.
Scotiabank’s Canadian network reported net income attributable to shareholders of $1.06 billion in the second quarter, down from $1.18 billion in the same quarter last year, while its international banking business grew achieved net profit attributable to shareholders of 642 million, up from 605 million a year earlier.
The bank said its global wealth management division posted net profit attributable to shareholders of $353 million, compared to $407 million in the same quarter last year.
Scotiabank’s Global Banking and Markets group earned $401 million, down from $488 million in the second quarter of last year.
In the other business category, Scotiabank posted a loss of $323 million in the most recent quarter, compared with a loss of $10 million a year earlier.
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