Scotiabank has reported strong performance in the second quarter of 2021 driving on economic recovery and fall in credit losses.
In the three-month period at ended on 30 April 2021, the Canada-based lender’s net income amounted to C$2.46bn ($2.04bn). The figure was C$1.32bn in the same quarter a year ago.
However, the banking group’s total revenue dropped from C$7.95bn in Q2 2020 to C$7.74bn in Q2 2021.
On an adjusted basis, the bank earned C$1.9 per diluted share, up from C$1.04 in the same quarter a year ago.
Canadian Banking total earnings nearly doubled on a year-on-year basis from C$481m to C$931m propelled by strong rebound in fee income and lower provision for credit losses among others.
In International Banking, net income attributable to equity holders stood at C$420m, a jump of 143%.
Global Wealth Management’s earnings increased by 21% to $378m. The growth was attributed to strong revenue growth and strong net sales.
Additionally, the unit’s AUM and AUA increased 19% and 20% from the prior year, respectively.
Scotiabank president and CEO Brian Porter said: “We delivered another quarter of strong results reflecting the strength of our diversified business platform, and the solid economic recovery underway in our core markets.”
Headquartered in Toronto, Scotiabank offers personal and commercial banking, wealth management and private banking, corporate and investment banking services among others.
As of 30 April 2021, it had assets of around C$1.1trn and around 90,000 employees.