Scotiabank’s quarterly earnings plunge 41% as loan-loss provision soars
Canada's six biggest banks are expected to post a 44% profit decline in the quarter
Ottawa — Bank of Nova Scotia’s quarterly earnings plunged 41% after the lender set aside a record amount for loan losses, giving investors their first indication of how the coronavirus pandemic will affect fiscal second-quarter results at Canadian banks.
Scotiabank earmarked C$1.85bn for soured loans, less than analysts predicted. Canada’s six biggest banks are expected to set aside C$8.9bn for loan losses in the three months through April 30, triple the first-quarter total. At Scotiabank, earnings beat analysts’ estimates even with the increase in provisions and charges tied to its shuttered metals-trading business...
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