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THE BANK OF NOVA SCOTIA

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Bank of Nova Scotia profit beats estimates on provisions; capital markets, overseas unit sluggish

06/01/2021 | 09:59am EDT
FILE PHOTO: A woman leaves a Scotiabank branch in Ottawa

TORONTO (Reuters) -Bank of Nova Scotia (Scotiabank) wrapped up Canadian banks' quarterly results reporting on Tuesday, beating analysts' estimates, thanks to fewer-than-expected provisions to cover loan losses and an increase in domestic loan growth.

But Scotiabank's global banking and markets unit posted a slight profit decline, the only one of Canada's six biggest banks to do so.

And pre-tax, pre-provisions (PTPP) earnings rose a muted 3% from a year ago, as a decline in its Pacific Alliance-focused international banking unit offset an increase in Canada, where business lending expanded more than rivals' at about 4% from a year earlier.

Scotiabank shares fell 1.1% to C$80.30 in morning trading in Toronto, after hitting a three-year intraday high earlier. The Toronto stock benchmark rose 1.25%.

Canada's No. 3 lender reported adjusted net income of C$1.90 a share in the three months ended April 30, from C$1.04, a year earlier. Analysts had expected C$1.76 a share, based on IBES data from Refinitiv.

Canada's six biggest lenders have reported better-than-expected earnings driven by strong capital markets and wealth management, and lower provisions than analysts had predicted, as a raft of government and bank measures since the start of the coronavirus pandemic helped keep a lid on soured loans.

The lender took provisions for credit losses of C$496 million, down from C$1.8 billion a year earlier.

While that included a recovery of about C$696 million of provisions on performing loans, Scotiabank set aside nearly C$1.19 billion to cover higher retail loan write-offs in its Latin American operations. Executives said on the call that these have peaked.

Scotiabank expects overseas loan growth to improve in the second half, with 10% expansion "very likely" in 12 to 18 months, Chief Executive Brian Porter said on an analyst call.

($1 = 1.2052 Canadian dollars)

(Reporting by Nichola Saminather and Sohini Podder; Editing by Subhranshu Sahu, Bernadette Baum and Jonathan Oatis)

By Nichola Saminather and Sohini Podder


ę Reuters 2021
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Financials
Sales 2021 31 648 M 25 397 M 25 397 M
Net income 2021 9 153 M 7 345 M 7 345 M
Net Debt 2021 - - -
P/E ratio 2021 10,3x
Yield 2021 4,61%
Capitalization 94 993 M 75 564 M 76 230 M
Capi. / Sales 2021 3,00x
Capi. / Sales 2022 2,89x
Nbr of Employees 89 847
Free-Float 99,8%
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Number of Analysts 14
Last Close Price 78,20 CAD
Average target price 87,00 CAD
Spread / Average Target 11,3%
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Managers and Directors
Brian Johnston Porter President, CEO & Non-Independent Director
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Aaron William Regent Chairman
Michael Zerbs Group Head-Technology & Operations
Ashley Veasey Global CIO-Business Technology & Executive VP
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