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Scotiabank shares slip on Q4 earnings miss

Published 2024-12-03, 10:34 a/m
© Reuters.  Scotiabank shares slip on Q4 earnings miss
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Proactive Investors - Scotiabank (TSX:TSX:BNS)'s fiscal fourth quarter earnings missed market expectations for both revenue and profit, sending the Canadian bank’s shares lower in early trade on Tuesday.

For the quarter ending October 31, Scotiabank (TSX:BNS) posted revenue of $8.53 billion, below estimates of $8.63 billion.

Even though its profit increased to $1.69 billion from $1.35 billion in the year-ago quarter, earnings per share of $1.57 were $0.03 shy of the consensus of $1.60.

The bank’s profit improved as it set aside a smaller amount for bad loans at $1.03 billion, down from $1.26 billion for the comparable period in 2023.

“[In 2024] the bank delivered solid revenue growth and positive full year operating leverage, while redeploying capital to our priority markets across the North American corridor," Scotiabank CEO Scott Thomson said in statement.

"While I am encouraged by our strategic progress to date, there is significant work ahead as we focus on client primacy initiatives to drive enhanced profitability across our businesses.”

Scotiabank shares traded down 3.5% at C$77 following the release of its Q4 report.

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