UPDATE 1-Canada's Scotiabank fourth-quarter profit rises as higher rates boost income
Bank of Nova Scotia BNS | 67.71 | -1.25% |
Adds details throughout
Dec 2 (Reuters) - Canadian lender Bank of Nova Scotia BNS.TO reported a rise in fourth-quarter profit on Tuesday, helped by higher interest income and reflecting continued resilience despite lingering macroeconomic uncertainty from stalled trade talks with the United States.
The Canadian economy has so far largely skirted the worst effects of U.S. President Donald Trump's tariff policy, supported by strong crude oil exports and increased government spending, even as tariffs remain elevated on key sectors.
Scotiabank's net interest income - the difference between what banks make on loans and pay out on deposits - was C$5.59 billion ($3.99 billion) in the reported quarter. This compares with C$4.92 billion in the year-ago period.
Its provision for credit losses was C$1.11 billion in the reported quarter, up from C$1.03 billion last year, reflecting expectations of higher defaults.
On an adjusted basis, it reported a profit of C$2.56 billion or C$1.93 per share, for the quarter ended October 31, compared with C$2.12 billion, or C$1.57 per share, a year earlier.
($1 = 1.4007 Canadian dollars)
(Reporting by Ateev Bhandari in Bengaluru; Editing by Tasim Zahid)
((Ateev.Bhandari@thomsonreuters.com;))
