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November 29, 2017updated 28 Nov 2018 5:53am

Scotiabank net income rises 3% in Q4

Scotiabank has reported net income of CAD2.07bn ($1.6bn) for the fourth quarter of fiscal year 2017, an increase of 3% compared to CAD2.01bn ($1.5bn) in the year ago period.

The banking group’s total revenue for the quarter ended 31 October 2017 stood at CAD6.81bn, up 1% compared with CAD6.75bn in the year ago period.

Net interest income increased 5% to CAD3.83bn from CAD3.65bn a year earlier, while non-interest income dropped 4% year-on-year to CAD2.98bn.

Provision for credit losses during the quarter was CAD536m, down 2% from CAD550m last year. The group’s return on equity at the end of October 2017 stood at 14.6%.

Scotiabank president and CEO Brian Porter said: “During 2017, we delivered strong results in all three of our businesses. As well, the Bank is making good progress on its digital strategy, with our Digital Factory Network fully operational across our five key markets of Canada, Mexico, Peru, Chile and Colombia to collaborate, innovate and strengthen our customer experience and efficiency levels.”

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