The Global Wealth Management business line of Canadian lender Scotiabank has reported growth in income despite the turmoil triggered by the Covid-19 pandemic.
The unit’s net income attributable to equity holders stood at C$302m ($219.8m) in Q2 2020. This marks a 3% rise from the previous year figure.
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Adjusted net income at the unit increased 3% year-on-year to C$314m.
The bank attributed the growth to higher brokerage fees and net interest income.
Scotiabank launched the Global Wealth Management business line in November last year.
The Global Banking and Markets unit also emerged as another bright spot for Scotiabank in Q2 2020, as market turbulence supported trading.
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By GlobalDataThe unit registered a profit of C$523m in Q2 2020, a 25% surge from the prior year.
At a group level, Scotiabank reported a profit of C$1.32bn for the three-month period ending 30 April 2020, a 41% plunge from C$2.26bn a year ago.
This was driven by higher loan loss provisions, which increased C$1.85bn from the C$873m.
Scotiabank president and CEO Brian Porter said: “The Bank remains well positioned from a capital and liquidity perspective, and we are appropriately reserved for potential credit losses.
“Our repositioning efforts and significant investments in technology over the last number of years have allowed us to support our customers during this difficult time.”
