(Toronto) Scotiabank suffered a slide in its net profit in the fourth quarter of the current fiscal year compared to the corresponding period of 2022.
It went from 2.093 billion, or $1.63 per diluted share, to 1.385 billion, or $1.02 per diluted share.
During the same period, adjusted net income fell from 2.615 billion, or $2.06 per diluted share, to 1.674 billion, or $1.26 per diluted share.
Total revenue, however, increased 9% year-on-year, from 7.626 billion to 8.308 billion.
The bank’s management notes that the most recent fourth quarter’s net income includes adjusting items of 289 million, including restructuring charges of 258 million related to the streamlining of operating processes.
On the other hand, Scotiabank reports a decline in its net profit for the entire 2023 financial year compared to that of the previous year. It went from 10.174 billion, or $8.02 per diluted share, to 7.528 billion, or $5.78 per diluted share. Adjusted net income fell from 10.749 billion, or $8.50 per diluted share, to 8.441 billion, or $6.54 per diluted share.
Company cited in this report: Scotiabank (TSX: BNS)
