Scotiabank reports Q2 profit down from year ago, provision for credit losses up

TORONTO - The Bank of Nova Scotia reported second-quarter net income of $2.03 billion, down from $2.09 billion a year earlier as it put aside more money for bad loans. The bank also raised its quarterly dividend to $1.10 per share, up from $1.06 per share. The increased payment to shareholders came as Scotiabank says its profit amounted to $1.48 per diluted share for the quarter ended April 30 compared with a profit of $1.57 per diluted share in the same quarter last year. Revenue totalled $9.08 billion, up from $8.35 billion., while the bank's provision for credit losses for the quarter amounted to $1.40 billion, up from $1.01 billion a year ago. On an adjusted basis, Scotiabank says it earned $1.52 per diluted share, down from an adjusted profit of $1.58 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $1.56 per share, according to data provided by LSEG Data & Analytics. This report by The Canadian Press was first published May 27, 2025. Companies in this story: (TSX:BNS)