DBRS Morningstar: Scotiabank Reports Lower Q1 2020 Earnings Following the Closing of Divestitures
The Bank of Nova Scotia (Scotiabank or the Bank) reported Q1 2020 net income of $2.3 billion, a modest improvement quarter over quarter (QOQ). Adjusting for acquisition- and divestiture-related items, the impact of the additional pessimistic scenario, and other items, net income declined 2% sequentially to $2.3 billion, largely as a result of the financial impact of divested oper-ations, which reduced net income by $101 million, coupled with higher provision for credit losses (PCL).
Scotiabank is a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. Through its three operating segments: Canadian Banking, International Banking, and Global Banking and Markets, Co. provides a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. As of Oct 31 2017, Co. had total assets of C$915,273 million and total deposits of C$625,367 million.
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