(Toronto) Scotiabank reported a profit of $2.16 billion in the second quarter of the current fiscal year, down from $2.75 billion in the same quarter last year.
Revenue totaled 7.93 billion, compared to 7.94 billion in the same quarter last year, while provisions for credit losses totaled 709 million, against 219 million a year ago.
On an adjusted basis, Scotiabank says it earned $1.70 per diluted share in its most recent quarter, down from adjusted earnings of $2.18 per diluted share in the same quarter last year.
Analysts on average had expected adjusted earnings of $1.78 per share, according to estimates compiled by financial markets data firm Refinitiv.
On the other hand, the bank announces that it will pay a quarterly dividend of $1.06 per share, against $1.03 per share a year earlier. The increased payout to shareholders comes as the bank said it earned $1.69 per diluted share for the quarter ended April 30, down from earnings of $2.16 per diluted share a year earlier. .
Company named in this dispatch: Scotiabank (TSX: BNS)