News Formal

Scotiabank Earnings Miss Estimates as Lending Margin Shrinks

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 15 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 50%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

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:

 /  🏆 83. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

Best Buy earnings beat estimates, but it wasn't a great quarterBest Buy's quarter had several holes in it that investors should consider before cheering an earnings beat.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »