Decline in the profit of the Bank Scotia

Recul du profit de la Banque Scotia

Photo: Nathan Denette, The canadian Press
The advantage of the Scotia for the quarter ended April 30 reached$ 1 per share, which compares to a profit of nearly 2.26 billion.

Scotiabank reported a profit for the second quarter to 1.32 billion, a decrease compared to the same period last year but better than what was expected, its provisions for bad debts have more than doubled compared to last year.

With the arrival of the pandemic COVID-19 in the economic landscape, provisions for losses on loans of the Bank Scotia totaled nearly $ 1.85 billion for the quarter, a sum higher compared to that of 873 million a year ago.

The advantage of the Scotia for the quarter ended April 30 reached $ 1 per share, which compares to a profit of nearly 2.26 billion, or $ 1.73 per share, for the same quarter last year.

On an adjusted basis, the Bank said that it had earned $ 1.04 per share during the quarter, compared to adjusted earnings of $ 1.70 per share last year.

Analysts expected on average that the Scotia states a profit to be adjusted to 98 ¢ per share, according to forecasts compiled by the firm of financial data Refinitiv.

The chief executive officer of the Bank, Brian Porter, said that the results of its financial institution have been significantly affected by the pandemic, but that the Scotia is in a good position in relation to its capital and its liquidity and that it has set aside appropriate reserves to face eventual losses on receivables.

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