Scotiabank has reported attributable net income of C$2.04bn ($1.57bn) for the second quarter of fiscal year 2018, a rise of 4% compared to C$1.96bn ($1.51bn) reported a year ago.
The banking group’s total revenue for the quarter ended 30 April 2018 stood at C$7.06bn, up 7% from C$6.58bn in the corresponding quarter of 2017.
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Net interest income increased 6% to C$3.95bn from C$3.73bn last year, while non-interest income increased 9% year-on-year to C$3.11bn.
Provision for credit losses was C$534m, down 9% from C$587m in the previous year.
Scotiabank president and CEO Brian Porter said: “We are pleased with the performance of our businesses this quarter, which demonstrates the strength of our personal and commercial businesses, both in International Banking as well as in Canada.
“Our diversified business model continues to contribute to our overall performance and we remain focussed on investments in digital banking and improving the customer experience.”
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By GlobalDataThe group’s return on equity at the end of April 2018 remained unchanged at 14.9%, while its CET1 ratio increased to 12% from 11.3% last year.
“The Bank’s Common Equity Tier 1 ratio climbed to 12.0% this quarter, which supports both further investment in and growth of the Bank. The recently announced acquisitions in Chile, Colombia, Peru and here in Canada are examples of strategically deploying our capital to deliver stronger market positions and improve connectivity throughout our various operations,” Porter noted.
