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Although the bank experienced growth in both interest and non-interest income vs. the last quarter, its net income declined due to an increase in provision for credit losses.
This morning, Scotia stock ($BNS) declined in response to the decrease in net income.
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Scotiabank's Q4 report (Nov. 28, 2023):
High interest rates and economic challenges led to increased impaired loans, higher provision for credit losses, and a dip in the bank's net income.