reported a lower fourth-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and prompted the lender to set aside higher provisions.
The hit primarily came from Scotiabank’s global banking and markets unit, which reported a drop in profit, as advisory and trading volumes fell due to challenging market conditions and also offset strong loan growth in the segment. Canada’s third-largest lender reported overall net profit of $2.09-billion, or $1.63 a share, compared with $2.56-billion, or $1.97 a share, last year.
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