Boosts credit loss provisions as economic outlook sours
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The Bank of Nova Scotia’s net income slipped to $2.09 billion in the fourth quarter, down 18 per cent from the year before, as concerns about a potential recession led the bank to boost provisions for bad loans.
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Despite the economic headwinds, the bank’s adjusted earnings still beat analyst expectations and the bank surpassed the $10-billion net income threshold for its full fiscal 2022 year, up from $9.96 billion a year ago. Scotiabank executives said these earnings exceed their medium-term financial targets.