TORONTO – The Bank of Nova Scotia reported its first-quarter profit fell compared with a year ago as it was hit by a one-time charge related to the sale of its banking operations in Colombia, Costa Rica and Panama to Davivienda.
Scotiabank reported net income of $993 million or 66 cents per diluted share for the quarter ended Jan. 31, down from $2.20 billion or $1.68 per diluted share in the same quarter a year earlier.
The results in the most recent quarter included a $1.36-billion impairment charge related to the sale of its business in Colombia, Costa Rica and Panama.
Revenue totalled $9.37 billion, up from $8.43 billion in the same quarter last year, while the bank’s provision for credit losses totalled $1.16 billion, up from $962 million a year earlier.
On an adjusted basis, Scotiabank says it earned $1.76 per share, up from an adjusted profit of $1.69 per share a year earlier.
The average analyst estimate was for an adjusted profit of $1.65 per share, according to according to LSEG Data & Analytics.
This report by The Canadian Press was first published Feb. 25, 2025.
Companies in this story: (TSX:BNS)
