Bank of Nova Scotia (BNS), commonly referred to as Scotiabank, reported fourth-quarter net income of $2.09 billion, down 18% from $2.56 billion a year earlier.
The Toronto-based bank said its profit totaled $1.63 per share for the quarter ended October 31, down from $1.97 a share in the year earlier period.
Revenue during the quarter totalled $7.63 billion, down 0.8% from $7.69 billion in the fourth quarter of 2021.
Money set aside to cover loan losses totalled $529 million in fiscal Q4, up substantially from $168 million in the fourth quarter of last year.
Analysts had forecast a profit of $2 per share for Scotiabank, according to Refinitiv data.
Scotiabank’s stock is down 21% this year and trading at $71.46 per share.