Canada's Scotiabank posts strong quarter on higher interest income
Aug 26 (Reuters) - Canadian lender Bank of Nova Scotia BNS.TO reported a rise in third-quarter profit on Tuesday, benefiting from higher interest income amid easing trade tensions with the U.S.
A full-fledged North America trade war, which seemed likely earlier this year following U.S. President Donald Trump's tariff policy, has been largely avoided.
While Canadian consumers and businesses remain wary of higher inflation, they have been resilient borrowers, analysts have said.
Scotiabank's net interest income - the difference between what banks make on loans and pay out on deposits - was C$5.49 billion in the reported quarter. This compares with C$4.86 billion in the year-ago period.
On an adjusted basis, it reported a profit of C$2.52 billion ($1.82 billion), or C$1.88 per share, for the quarter ended July 31, compared with C$2.19 billion, or C$1.63 per share, a year earlier.
($1 = 1.3817 Canadian dollars)
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