Iryna Tolmachova
Bank of Nova Scotia (NYSE:BNS) stock gained 2.2% in Tuesday premarket trading in the U.S. after the Canadian bank’s net interest income for the quarter ended Jan. 31, 2024 rose both quarter-over-quarter and year-over-year. By segment, International Banking and Canadian Banking turned in the strongest earnings performance.
Fiscal Q1 adjusted EPS of C$1.69 (US$1.25) rose from C$1.23 in the previous quarter and fell from C$1.84 in the year-ago period.
Net interest income for the quarter climbed to C$3.66B from C$3.61B in the previous quarter and C$3.40B in the year-ago quarter.
BNS stock rose 2.2% in U.S. premarket trading.
Its provision for credit losses declined to C$962M from C$1.26B in Q4 and climbed from C$638M in Q1 2023.
Noninterest expenses were C$4.74B, down from C$5.53B in Q4 and up from C$4.46B in Q1 2023.
Scotiabank’s (BNS) common equity tier 1 capital ratio dropped to 12.9% from 13.0% in the prior quarter and rose from 11.5% a year ago.
Canadian Banking adjusted net income of C$1.10B increased 38% Q/Q and 1% Y/Y .
Global Wealth Management adjusted net income of C$374M climbed 13% Q/Q and dropped 4% Y/Y.
Global Banking and Markets net income of C$439M rose 6% Q/Q and fell 15% Y/Y.
International Banking adjusted net income of C$752M jumped 35% Q/Q and 16% Y/Y.