Scotiabank Announces Dividend Increase As Profits Dip By Investing.com

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Scotiabank Announces Dividend Increase As Profits Dip

Published May 24, 2023 09:19

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Scotiabank Announces Dividend Increase As Profits Dip

BNS

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By Ketki Saxena

Investing.com -- In its second-quarter earnings report, Scotiabank (TSX:BNS) revealed earnings of $2.16 billion, which is lower than the $2.75 billion recorded during the same period last year. Despite this decrease in profits, the bank announced an increase in its quarterly dividend from $1.03 per share to $1.06 per share.

The diluted earnings per share for the quarter ending April 30 amounted to $1.69, compared to a higher profit of $2.16 per diluted share reported a year earlier. On an adjusted basis, Scotiabank earned roughly$1 .70 per diluted share during the most recent quarter - compared with adjusted earnings of around $ 2.18 per diluted share in the corresponding quarter of last year.

Average analyst estimates had predicted an adjusted profit closer to$ 1.78 per diluted share.

The latest revenue figures reached nearly $7.93 billion, slightly down from last year's second-quarter revenue of approximately $7.94 billion.

Provisions for credit losses rose significantly from last year's figure of about $219 million to around $709 million this quarter.

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