-Bank of Nova Scotia on Tuesday reported better than expected quarterly earnings, boosted by rises in brokerage revenue in Canada and mutual fund fees overseas and by higher capital markets income.
However, higher loan loss provisions weighed on its Canadian business, its biggest income generator, while loans in its home market declined 1% and deposits grew 7%. In its international business, net income fell 2%.The lender has deliberately slowed its mortgage lending amid elevated risks by being more selective while taking on new clients and instead focused on growing deposits to reduce its reliance on wholesale funding from larger investors.
Provisions for credit losses for Scotiabank increased to C$1 billion in the quarter from C$709 million in the year-ago period. -- Taiwan lawmakers passed legislation that could curb the authority of newly inaugurated President Lai Ching-te as thousands of protesters gathered outside parliament to oppose the changes.Most Read from BloombergWall Street Moves to Fastest Settlement of Trades in a CenturyIsraeli Airstrike and Egyptian Guard’s Death Ratchet Up TensionsCatering to the Ultra-Rich Is a Booming Business in AustraliaFor Private Credit's Top Talent, $1 Million a Year Is Not EnoughStocks Trade Mixed WithU.S.
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