Scotiabank says it’s cutting about three per cent of its global workforce as a result of changes at the bank and customers’ day-to-day banking preferences, as well as ongoing efforts to streamline operations – Oct 18, 2023The bank said Tuesday its net income fell to $2.09 billion or $1.57 per diluted share for the quarter ended April 30, down from $2.15 billion or $1.68 per diluted share in the same quarter last year.The bank’s provision for credit losses for the quarter amounted to $1.
On an adjusted basis, Scotiabank says it earned $1.58 per diluted share in its latest quarter, down from an adjusted profit of $1.69 per diluted share a year earlier.The average analyst estimate had been for a profit of $1.56 per share, according to data provided by LSEG Data & Analytics.
Scotiabank said its net income attributable to equity holders for its Canadian banking business totalled $1.01 billion, down from $1.06 billion a year earlier primarily to a higher provision for credit losses and non-interest expenses, partly offset by higher revenues. Meanwhile, it said its international banking operations earned net income attributable to equity holders of $671 million, up from $636 million in the same quarter last year.
The bank’s global wealth management business earned $380 million in net income attributable to equity holders, up from $353 million a year earlier, while its global banking and markets business earned $428 million in net income attributable to equity holders, up from $401 million a year ago.Scotiabank’s “other” category reported a net loss attributable to equity holders of $421 million in its latest quarter, compared with a loss of $323 million last year.Indigo to go private.
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