TORONTO — Scotiabank topped expectations as it reported its second-quarter profit nearly doubled compared with a year ago.

The bank says it earned $2.46 billion or $1.88 per diluted share for the quarter ended April 30, up from a profit of $1.32 billion or $1.00 per diluted share in the same quarter last year.

The improvement came as Scotiabank’s provisions for credit losses fell to $496 million compared with $1.85 billion a year ago when the pandemic began and the economy came to halt.

Revenue totalled $7.74 billion, down from $7.96 billion.

On an adjusted basis, Scotiabank says it earned $1.90 per diluted share, up from an adjusted profit of $1.04 per diluted share a year ago.

Analysts on average had expected the bank to earn an adjusted profit of $1.76 per share, according to financial data firm Refinitiv. 

This report by The Canadian Press was first published June 1, 2021.

Companies in this story: (TSX:BNS)

The Canadian Press

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