TORONTO — The Bank of Nova Scotia reported its first-quarter profit fell compared with a year ago as it was hit by a one-time charge related to the sale of its banking operations in Colombia, Costa Rica and Panama to Davivienda.
Scotiabank reported net income of $993 million or 66 cents per diluted share for the quarter ended Jan. 31, down from $2.20 billion or $1.68 per diluted share in the same quarter a year earlier.
The results in the most recent quarter included a $1.36-billion impairment charge related to the sale of its business in Colombia, Costa Rica and Panama.
Revenue totalled $9.37 billion, up from $8.43 billion in the same quarter last year, while the bank's provision for credit losses totalled $1.16 billion, up from $962 million a year earlier.
On an adjusted basis, Scotiabank says it earned $1.76 per share, up from an adjusted profit of $1.69 per share a year earlier.
The average analyst estimate was for an adjusted profit of $1.65 per share, according to according to LSEG Data & Analytics.
"Our results this quarter demonstrate the value of our diversified franchise and continued focus on deepening relationships with clients across our footprint," Scotiabank CEO Scott Thomson said in a statement.
"We are encouraged by the progress towards our stated medium-term financial objectives and remain focused on supporting our clients as they navigate through this challenging period of economic uncertainty."
Scotiabank says it Canadian banking operations earned $913 million in net income attributable to equity holders, down from $973 million a year ago, while its international banking business earned $651 million in net income attributable to equity holders, down from $713 million.
The bank's global wealth management business earned $407 million in net income attributable to equity holders, up from $330 million in the same quarter last year.
Scotiabank's global banking and markets business earned $517 million in net income attributable to equity holders, up from $388 million a year ago.
This report by The Canadian Press was first published Feb. 25, 2025.
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