Scotiabank reports Q3 profit of $2.59B, up from $2.54B in the same quarter last year

Scotiabank reported third-quarter net income of $2.59 billion, up from $2.54 billion in the same quarter last year.

The bank says the profit amounted to $2.09 per diluted share for the quarter ended July 31, up from $1.99 per diluted share a year earlier.

Revenue totalled $7.80 billion, up from, $7.76 billion.

Scotiabank’s provision for credit losses amounted to $412 million for its most recent quarter, up from $380 million in the same quarter last year.

On an adjusted basis, the bank says it earned $2.10 per diluted share, up from $2.01 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $2.11 per share, according to financial markets data firm Refinitiv.

“Strong credit quality, while growing the loan book across all business lines, prudent expense management and resilient customers were positive highlights against the backdrop of a more challenging macro environment this quarter,” Scotiabank CEO Brian Porter said in a statement.

Scotiabank said its Canadian banking business earned $1.21 billion in net income attributable to equity holders, up from $1.08 billion in the same quarter last year, while international banking operations earned $625 million in net income attributable to equity holders, up from $486 million a year ago.

The bank’s global wealth management arm earned $376 million in net income attributable to equity holders, compared with $390 million in the same quarter last year.

Scotiabank’s global banking and markets business earned $378 million in net income attributable to equity holders, down from $513 million a year earlier.