Find results for major Canadian banks

Several Canadian banks released fourth-quarter results showing an increase in funds allocated to non-performing loans and a strong focus on expense management, as they brace for an expected slowdown in the economy. Below are the highlights of the latest financial results.

Be sure to come back to this text tomorrow for BMO and National Bank.

Scotiabank (BNS, $59.85): Earnings decline in Q4 and for fiscal 2023

Scotiabank suffered a decline in its net profits in the fourth quarter of the current fiscal year compared to the corresponding period in 2022.

It rose from $2.093 billion, or $1.63 per diluted share, to $1.385 billion, or $1.02 per diluted share.

During the same period, adjusted net income decreased from $2.615 billion, or $2.06 per diluted share, to $1.674 billion, or $1.26 per diluted share.

However, total revenues increased by 9% in one year, from $7.626 billion to $8.308 billion.

The bank’s management indicates that the net income of the last fourth quarter includes adjustment items worth $289 million, including restructuring fees amounting to $258 million related to simplifying operational processes.

On the other hand, Scotiabank announced a decrease in its net profits for the entire fiscal year 2023 compared to the previous year. The value of the stock rose from $10.174 billion, or $8.02 per diluted share, to $7.528 billion, or $5.78 per diluted share. Adjusted net income decreased from $10.749 billion, or $8.50 per diluted share, to $8.441 billion, or $6.54 per diluted share.

Next: TD Bank (TD, $81.94): Net profit and revenues decline year over year in Q4