Scotiabank hit by wave of downgrades after earnings fall short

  • 📰 financialpost
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 85%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Sends share price to worst drop since the pandemic ravaged markets

At least four analysts downgraded their recommendations for the bank after its fiscal third-quarter revenue and profit came in below analyst expectations. The shares continued their slump Wednesday, extending their rout to more than seven per cent over two days — its biggest plunge since March 2020.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

“Most concerning was the bank’s international banking segment, which had an underwhelming top-line that drove a modest sequential decline in pre-tax, pre-provision earnings,” KBW analyst Mike Rizvanovic said in a note. “While we continue to have a positive view on the longer-term growth potential of the LatAm business, which is poised for a stronger 2023, we believe the less robust near-term outlook for International limits Scotiabank’s upside relative to peers for the time being.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 7. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Scotiabank hit by wave of downgrades after earnings fall shortSends share price to worst drop since the pandemic ravaged markets My heart goes out to the execs who will receive slightly fewer millions in bonuses.
Source: nationalpost - 🏆 10. / 80 Read more »

Scotiabank hit by wave of downgrades after earnings fall shortSends share price to worst drop since the pandemic ravaged markets My heart goes out to the execs who will receive slightly fewer millions in bonuses.
Source: nationalpost - 🏆 10. / 80 Read more »