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Scotiabank Earnings Miss Estimates as Lending Margin Shrinks

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(Bloomberg) -- Bank of Nova Scotia missed analysts’ estimates as lending margins shrank from a year earlier and the company increased provisions for potentially souring loans.Most Read from BloombergCitadel Vets 69,000 Intern Applicants to Find Next Math GeniusesAuto Union Boss Wants 46% Raise, 32-Hour Work Week in ‘War’ Against Detroit CarmakersGoldman Is Selling a Wealth-Advisory Unit to $240 Billion Money ManagerChina’s Worsening Economic Slowdown Is Rippling Across the Globe3M Agrees to Pay

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. “Our results this quarter demonstrate early progress on our deposit growth initiatives and continued focus on balance sheet strength and stability, key priorities as we position the bank for our next phase of growth,” Thomson said in the statement.

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