Scotiabank's first-quarter profit drops on impairment charges
Adds background and details throughout
Feb 25 (Reuters) - Canadian lender Bank of Nova Scotia BNS.TO reported a fall in first-quarter profit on Tuesday, hit by an impairment loss stemming from its deal to hand over its Latin American operations to Colombian bank Davivienda.
Scotiabank said last month that it will transfer its operations in Colombia, Costa Rica and Panama to Davivienda, in exchange for a 20% stake in the Colombian bank.
It had said that it would log an impairment loss of around C$1.4 billion in the first quarter on the deal, with another C$300 million hit on closing due to foreign-exchange effects.
It reported a profit of C$993 million ($696.01 million), or 66 Canadian cents apiece, for the quarter ended January 31, compared with C$2.2 billion, or C$1.68 per share, in the year-ago period.
($1 = 1.4267 Canadian dollars)
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