(Toronto) Scotiabank’s net profit increased year-on-year in the first quarter, from $1.758 billion to $2.199 billion.
During the same period, diluted earnings per share increased from $1.35 to $1.68.
However, adjusted net income for the first quarter declined during the same period, from $1.84 to $1.69 per share.
For the quarter ended January 31, Scotiabank’s total revenues amounted to $8.433 billion, compared to $7.962 billion on the same date in 2023.
Adjusted return on equity was 11.9%, compared to 13.4% in the first quarter last year. As for the allocation to the allowance account for credit losses, it amounted to 962 million in the most recent quarter, compared to 638 million in the first quarter of 2023.
The gross amount of impaired loans increased from the fourth quarter of 2023 to the most recent three-month period, from 5.726 billion to 6.119 billion as of January 31, 2024.
Scotiabank President and CEO Scott Thomson believes the bank delivered an excellent quarterly profit thanks to strong revenue growth, increased margins and tight expense controls.
Alongside the presentation of its most recent financial results, Scotiabank announced a dividend of $1.06 per share, payable on April 26.
Company cited in this report: Scotiabank (TSX: BNS)