Bank of Nova Scotia reported earnings that missed analysts’ estimates as higher provisions for loan losses tied mainly to takeovers hurt results in the fiscal second quarter. Canada’s third-largest lender by assets set aside more money for soured loans in its Canadian banking and international divisions, leading to a 63 per cent jump in provisions across the bank. Provisions for credit losses were higher than analysts’ estimates at $873 million, including $151 million tied to takeovers in Peru and the Dominican Republic. Scotiabank saw its biggest earnings gain in its international banking division, with a 3.2 per cent increase in profit to $769 million, while Canadian banking earnings, which include wealth management, climbed 3 per cent to $1.05 billion. Those gains countered the 6 per cent earnings decline from a year earlier in its global banking and markets division.

Source: thestar May 28, 2019 14:37 UTC