Scotiabank and BMO have kicked off the Big Six earnings period
Scotiabank and BMO saw profits rise in 2024’s first quarter, although both banking giants also set aside higher funds for possible credit losses compared with the same time last year.
BMO revealed a first-quarter profit of $1.29 billion, with revenue jumping from $5.1 billion to $7.67 billion and profit per diluted share coming in at $1.73. The bank stashed away $627 million for credit losses amid continuing economic uncertainty, compared with $217 million in 2023’s first quarter.
Earnings per diluted share were down over the same time last year. Diluted EPS came in at $2.56 compared with an adjusted $3.06 in Q1 2023.
Scotiabank, meanwhile, posted net income for the first quarter of $2.2 billion compared with $1.76 billion a year prior, with profit coming in at $1.68 per diluted share compared with $1.35 in the same quarter last year.
The bank’s provisions for credit losses climbed to $962 million from $638 million the same time last year, and adjusted earnings per diluted share slipped from $1.84 in Q1 2023 to $1.69 this time around.
Those announcements mark the first quarterly earnings statements released by members of Canada’s traditional Big Six banks in 2024. National Bank and RBC are set to follow suit tomorrow, with CIBC and TD’s announcements pencilled in for Thursday (February 29).
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