Banking giant kicks off Big Six earnings season
Scotiabank’s profits jumped to $1.69 billion in the fourth quarter as lower loan-loss provisions helped it eke out year-over-year growth from $1.35 billion during the same period in 2023.
The banking giant became the first of Canada’s top lenders to reveal its Q4 financial results, with revenue for 2024 jumping to $8.53 billion (from $8.27 billion last year) and earnings per diluted share coming in at $1.22 compared to $0.99.
The results were spurred by lower amounts set aside for potentially souring loans, as the bank stashed away $1.03 billion in Q4 compared with $1.26 billion in 2023’s fourth quarter.
Net income was adjusted for items totalling $430 million after tax including impairment charges linked to its investment in associate with China’s Bank of X’ian Co Ltd. and $38 million allocated for severance provisions.
On the Canadian banking side, Scotiabank reported $4.28 billion in adjusted earnings for 2024, an increase of 7% year over year, while international banking saw adjusted earnings of $2.87 billion – an 11% uptick.
Royal Bank of Canada (RBC) is next up in the flurry of fourth-quarter earnings. Canada’s largest bank is due to reveal its latest financial results tomorrow (December 4) alongside National Bank of Canada (NBC).
Bank of Montreal (BMO), Toronto-Dominion Bank (TD), and Canadian Imperial Bank of Commerce (CIBC) are all scheduled to report their earnings on Thursday (December 5).
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
