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Scotiabank profit misses estimates as pandemic hits international unit

Credit: REUTERS/CHRIS WATTIE

Bank of Nova Scotia missed analyst estimates for second-quarter profit on Tuesday as Latin America, where its international banking unit is focused, was hit by the coronavirus pandemic later than North America.

TORONTO, Aug 25 (Reuters) - Bank of Nova Scotia BMO.TO missed analyst estimates for second-quarter profit on Tuesday as Latin America, where its international banking unit is focused, was hit by the coronavirus pandemic later than North America.

Canada's third-biggest lender said adjusted net income fell to C$1.3 billion ($984.33 million), or C$1.04 a share, in the three months ended July 31, from C$2.46 billion, or C$1.88 a share, a year earlier. Analysts had expected C$1.11 a share.

Provisions for credit losses rose to C$2.18 billion from C$713 million a year earlier, although they declined 18% from the prior quarter's peak.

($1 = 1.3207 Canadian dollars)

(Reporting By Nichola Saminather; Editing by Andrew Heavens)

((Nichola.Saminather@thomsonreuters.com; +1-416-687-7604;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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