Scotiabank has reported net income of CAD2.06bn for the second quarter of 2017, a jump of 30% compared to CAD1.58bn reported in the year ago period.
For the quarter ended 30 April 2017, the bank’s total revenue was CAD6.58bn, a marginal decline of 0.1% compared to last year.
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Net interest income increased 6% to CAD3.73bn from CAD3.52bn a year ago, while non-interest income fell 7% to CAD2.85bn from CAD3.07bn in the year ago quarter.
Provision for credit losses during the quarter stood at CAD587m, down 22% from CAD752m in the second quarter of fiscal 2016.
The bank’s return on equity was 14.9% as against 12.1% a year earlier.
Scotiabank president and CEO Brian Porter said: “This quarter’s results were driven by strong operating performances in all three business lines. Continued focus on improving the customer experience, advancing the digitization of the Bank and driving a more efficient operation has contributed to this performance.
“International Banking’s earnings momentum continued with a record quarter driven mainly by higher margins, positive operating leverage and stronger credit performance. Our operations in the Pacific Alliance region had a particularly strong performance in the quarter. Canadian Banking had a solid quarter, underpinned by good asset and deposit growth. We continue to invest in enhancing our digital capabilities to improve our customer experience.”
