TORONTO — Scotiabank topped expectations as it reported its second-quarter profit nearly doubled compared with a year ago.

The bank says it earned $2.46 billion or $1.88 per diluted share for the quarter ended April 30, up from a profit of $1.32 billion or $1.00 per diluted share in the same quarter last year.

"We delivered another quarter of strong results reflecting the strength of our diversified business platform, and the solid economic recovery underway in our core markets," Scotiabank CEO Brian Porter said in a statement.

The improvement came as Scotiabank's provisions for credit losses fell to $496 million compared with $1.85 billion a year ago when the pandemic began and the economy came to halt.

Revenue totalled $7.74 billion, down from $7.96 billion.

On an adjusted basis, Scotiabank says it earned $1.90 per diluted share, up from an adjusted profit of $1.04 per diluted share a year ago.

Analysts on average had expected the bank to earn an adjusted profit of $1.76 per share, according to financial data firm Refinitiv.

The results at Scotiabank followed the trend set last week by Canada's other big banks that also reported better-than-expected results for their second quarter.

Last month, Scotiabank signed a deal to buy an additional 7.0 per cent stake in Scotiabank Chile from the Said family.

The deal, valued at about $500 million, will increase Scotiabank's interest in its Chilean operations to 83 per cent.

This report by The Canadian Press was first published June 1, 2021.

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