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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Bank of Nova Scotia    BNS   CA0641491075

THE BANK OF NOVA SCOTIA

(BNS)
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Scotiabank, BMO beat estimates on lower-than-feared provisions

12/01/2020 | 12:19pm EST
FILE PHOTO: A woman leaves a Scotiabank branch in Ottawa

TORONTO (Reuters) - Bank of Nova Scotia and Bank of Montreal (BMO) beat analysts' estimates for fourth-quarter profit as they set aside less funds than expected to cover potential loan losses due to the COVID-19 pandemic.

Canadian banks have braced for higher loan losses this year and 2021 as the pandemic ravages the global economy and leads to lower household income, with a plunge in oil prices also likely to result in higher defaults in the energy sector.

Both banks reporting on Tuesday, however, put aside far less than analysts had expected in the quarter to Oct. 31, while BMO also said it would wind down its non-Canadian investment and corporate energy business to cut costs.

"Going forward, BMO Capital Market's Energy business will be focused on the Canadian Energy market, where we believe our competitive positioning is strongest," a spokesman for the bank said.

Scotiabank reported loan loss provisions of C$1.13 billion ($871.04 million), compared with analysts' expectations of C$1.44 billion, Refinitiv IBES data showed.

BMO posted provisions for credit losses of C$432 million, versus estimates of C$712.7 million.

BMO's results also benefited from the strong performance of its wealth management and capital markets businesses, pushing net income attributable to equity holders of the bank 33% higher to C$1.58 billion, or C$2.37 per share.

On an adjusted basis, the bank earned a profit of C$2.41 per share, beating estimates of C$1.90 per share.

Scotiabank's adjusted net income attributable to shareholders fell to C$1.8 billion ($1.46 billion), or C$1.45 a share, but was higher than estimates of C$1.22 a share.

($1 = 1.2974 Canadian dollars)

(Reporting By Nichola Saminather in Toronto and Noor Zainab Hussain in Bengaluru. Editing by Jane Merriman and Aditya Soni)

By Nichola Saminather and Noor Zainab Hussain


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF MONTREAL -0.09% 98.05 Delayed Quote.1.41%
LONDON BRENT OIL 0.32% 56.22 Delayed Quote.7.08%
THE BANK OF NOVA SCOTIA -0.57% 69.54 Delayed Quote.1.08%
WTI 0.27% 52.902 Delayed Quote.8.49%
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Financials
Sales 2021 30 269 M 23 774 M 23 774 M
Net income 2021 7 350 M 5 773 M 5 773 M
Net Debt 2021 - - -
P/E ratio 2021 11,5x
Yield 2021 5,18%
Capitalization 84 302 M 66 343 M 66 211 M
Capi. / Sales 2021 2,79x
Capi. / Sales 2022 2,65x
Nbr of Employees 92 001
Free-Float 100,0%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 69,25 CAD
Last Close Price 69,54 CAD
Spread / Highest target 10,7%
Spread / Average Target -0,41%
Spread / Lowest Target -18,0%
EPS Revisions
Managers and Directors
NameTitle
Brian Johnston Porter President, CEO & Non-Independent Director
Aaron William Regent Chairman
Loretta Marcoccia Chief Operating Officer, EVP-Global Banking
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Michael Zerbs Group Head-Technology & Operations
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