Scotiabank's Q3 2020 Results Affected by Elevated PCL; Strong Performance in Global Banking and Markets
The Bank of Nova Scotia reported Q3 2020 net income of $1.3 billion, a modest 1.5% decline quarter over quarter, largely reflecting higher provision for credit losses, which was offset by higher earnings in Global Banking and Markets on strong trading and investment banking revenue, and improved results in Global Wealth Management as fees increased due to equity market appreciation.
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.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
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