TORONTO — Scotiabank reported a sharp increase in third-quarter earnings, posting $2.53 billion in net income compared with $1.91 billion a year earlier, as revenue growth outpaced provisions for loan losses.
For the quarter ending July 31, profit amounted to $1.84 per diluted share, up from $1.41 in the same quarter last year. On an adjusted basis, earnings came in at $1.88 per share, topping analyst forecasts of $1.73, according to LSEG Data & Analytics.
Revenue rose to $9.49 billion from $8.36 billion a year earlier. Provisions for credit losses edged down slightly to $1.04 billion from $1.05 billion.
The stronger results reflect improved performance across the bank’s operations and underline its ability to grow earnings even as economic pressures weigh on consumers and businesses.