Scotiabank’s third-quarter earnings fell short of expectations, but did manage to eke out 2% annualized net income growth in the third quarter.
However, Canadian banking profits were up 12% in the quarter to $1.2 billion, with residential mortgage volumes up 14% year-over-year.
Despite a “less certain economic outlook,” according to President and CEO Brian Porter, the bank’s Chief Risk Officer, Phil Thomas, said, “our customers continue to exhibit strong financial health.”
“Despite the current macroeconomic headline concerns, we remain confident in the quality of our re-positioned portfolio and prudent credit practices,” Thomas added.
The bank also increased its provisions for credit losses to $412 million in the quarter, nearly double compared to a year ago.
“The increase from last quarter was primarily driven by higher…
