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Scotiabank Earnings Miss Estimates as Lending Margin Shrinks

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Bank of Nova Scotia missed analysts’ estimates as lending margins shrank from a year earlier and the company increased provisions for potentially souring loans.

Net interest margin, a measure of how much Scotiabank makes from lending money compared with what it pays for deposits, came in at 2.1% for the fiscal third quarter, the Toronto-based company said in a statement Tuesday. That was worse than the 2.13% it reported for the second quarter and 2.22% a year earlier, and lower than the 2.3% average analyst forecast in a Bloomberg survey. Overall earnings fell short of analysts’ estimates.

The unit’s net interest margin shrank to 4.1% in the three months through July from 4.12% in the fiscal second quarter. Scotiabank has suffered a number of recent departures from its North American bond-trading teams, including the exit of Jacqueline Kope, Bloomberg News reported last week.

 

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