Scotiabank reports $2.95B Q3 profit, up from $2.53B a year ago

The Bank of Nova Scotia, commonly known as Scotiabank, reported a third-quarter profit of $2.95 billion, marking an increase from $2.53 billion in the same period last year. This represents an earnings per diluted share of $2.27, compared to $1.84 per diluted share a year ago. The company's adjusted profit for the quarter stood at $2.28 per diluted share, up from $1.88 per share in the prior year.

The bank's revenue for the period totaled $10.54 billion, a rise from $9.49 billion in the same quarter last year. Scotiabank's provision for credit losses amounted to $1.08 billion, up from $1.04 billion a year earlier. Analysts had projected an adjusted profit of $2.10 per share and revenue of $9.99 billion.