2023-11-30 20:58:19
(Photo: The Canadian Press)
Here are the highlights of the latest financial results from Canadian banks. Be sure to come back to this text tomorrow for BMO and National Bank.
Scotiabank (BNS, $59.85): decline in profits in the 4th quarter and for the 2023 financial year
Scotiabank suffered a slide in its net profit in the fourth quarter of the current financial year compared to the corresponding period of 2022.
It went from $2.093 billion, or $1.63 per diluted share, to $1.385 billion, or $1.02 per diluted share.
During the same period, adjusted net income fell from $2.615 billion, or $2.06 per diluted share, to $1.674 billion, or $1.26 per diluted share.
However, total revenues increased by 9% in one year, from $7.626 billion to $8.308 billion.
Bank management notes that the most recent fourth quarter net income includes adjusting items of $289 million, including restructuring charges of $258 million related to the streamlining of operating processes. .
On the other hand, Scotiabank reports a decline in its net profit for the entire 2023 financial year compared to that of the previous year. It went from $10.174B, or $8.02 per diluted share, to $7.528B, or $5.78 per diluted share. Adjusted net income fell from $10.749 billion, or $8.50 per diluted share, to $8.441 billion, or $6.54 per diluted share.
Next: TD Bank (TD, $81.94): net profit and revenues fell year-over-year in the 4th quarter
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