Scotiabank's quarterly profit climbs 9% to $2.01B

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Scotiabank is gunfire a nine per cent increase in fourth-quarter net income, com red with the that having been said time last year, with a slight decline in provisions for accept losses and strong operating performance in its main business segments.

It had $2.01 billion of net takings for the three months ended Oct. 31, up from $1.84 billion a year earlier. That amounted to $1.57 per equity, up eight per cent from $1.45 per share in the fourth quarter.

Net proceeds at the Canadian business segment was $954 million, up from $837 million a year earlier. The oecumenical segment had $619 million of net income, up from $564 million. Its universal banking and capital markets segment had $461 million of net income, up from $325 million during the com rable epoch last year.

For the full 2016 financial year, ended Oct. 31, Scotiabank had $7.37 billion of net receipts, or $5.77 per diluted share, up from $7.21 billion up from $5.67 per allocate in fiscal 2015.

Credit losses fall

Its provision for credit losses was $550 million, down $1 million from a year earlier. For the overflowing year, provisions for credit losses totalled $2.41 billion, up from $1.94 billion in financial 2015, with all of the increases in the first two quarters.

«Our good results were attained alongside a focused effort to advance the bank’s strategic agenda encom ssing investments in digital ca bilities to drive an even greater customer encounter and more efficient operations,» Scotiabank president and CEO Brian Porter said in the bank’s spot.

The Toronto-based bank recorded $278 million in restructuring charges in its monetary second quarter, as it took a number of initiatives across the organization — covering work on digital technologies.

Scotiabank’s revenue for the fourth quarter was $6.75 billion, up from $6.13 billion. For the whole year, revenue was $26.3 billion, up $2.3 billion from pecuniary 2015.

Moves into Apple y

During the summer, it began to offer Apple y — a order of electronic yment through Apple devices — for its credit and debit liable acts.

It also teamed with Atlanta-based Kabbage to begin offering an automaker advance process to existing business customers in Canada and Mexico.

Kabbage make use ofs data analytics to determine a borrower’s creditworthiness in minutes, removing the necessary to visit a bank branch, fill out perwork and wait days for a sentence.

At the end of October, Scotiabank had 3,113 branches worldwide, down 13 from the end of July and down 64 from the end of October 2015. The multitude of employees stood at 88,901, up from 88,783 at the end of July and down from 89,214 at the end of the 2015 pecuniary year.

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