Scotiabank’s Earnings Fall Short as it Takes Charge on Chinese Bank Investment | Global News Avenue

Bank of Nova Scotia (cranial nervous system) reported fourth-quarter earnings on Tuesday that were slightly below analysts’ expectations.

The bank has a presence in Canada Bank earnings report this weekreported C$4.92 billion (US$3.51 billion) Net Interest Income (NII) and C$8.53 billion income This quarter, every quarter was up year over year. However, analysts had expected the figure to be slightly higher, at C$4.95 billion and C$8.64 billion, according to estimates compiled by Visible Alpha.

net income It missed expectations of C$1.69 billion and was lower than analysts’ expectations of C$2.14 billion. After adjusting for one-time costs, such as a C$379 million impairment charge related to Scotiabank’s investment in Xi’an Bank of China, Scotiabank’s Adjusted net profit C$2.12 billion was still below expectations of C$2.16 billion, but the gap was much smaller.

Scotiabank makes ‘early progress’ on new strategy

“2024 is a foundational year for Scotiabank as we launch our new strategy and make early progress,” CEO Scott Thomson said. “The bank delivered solid revenue growth and positive full-year operating leverage while redeploying capital to priority markets in the North American corridor.”

The bank is shifting its focus to North America, growing its Canadian operations, and other recent moves Investment in parent company Key Bank is headquartered in the United States. As part of the transformation, the company is cutting costs in its international operations including the Caribbean and South America, Bloomberg reported.

Scotiabank said its Canadian, international and wealth management divisions all reported year-over-year earnings growth. Scotiabank said global banking and markets revenue improved due to higher fees, but higher expenses and lower loan balances offset growth.

The bank’s U.S.-listed shares fell about 3.5% shortly after the market opened on Tuesday.