Bank of Nova Sco­tia 3Q profit down

The Pak Banker - - FRONT PAGE -

SIN­GA­PORE: Bank of Nova Sco­tia on Tues­day re­ported a 27% fall in third-quar­ter profit, as its re­tail bank­ing busi­ness in Canada and in­ter­na­tional mar­kets was hit by the pan­demic.

For the quar­ter ended July 31, the Toronto-based bank re­ported net profit of 1.36b Cana­dian dol­lars ($1.03b), or C$1.04 a share, com­pared with C$1.86b, or C$1.50, for the same pe­riod last year. Ex­clud­ing items, Bank of Nova Sco­tia re­ported an ad­justed profit of C$1.04 a share for the quar­ter, miss­ing an­a­lysts fore­casts of C$1.11, polled on Fac­tSet.

How­ever, to­tal rev­enue rose to C$7.73b from C$7.66b. Re­turn on eq­uity was 8.3% in the quar­ter, down from 11.5%. The bank said its re­tail bank­ing busi­ness in Canada as well as in in­ter­na­tional mar­kets was neg­a­tively in­flu­enced by the pan­demic, but that its per­for­mance was helped by strong re­sults in its global-bank­ing and mar­kets and wealth-man­age­ment busi­nesses.

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