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November 30, 2016updated 04 Apr 2017 12:43pm

Scotiabank attributable net income rises 9% in Q4

Scotiabank has posted attributable net income of C$1.91bn for the fourth quarter of 2016, up 9% compared to C$1.75bn in the corresponding period of 2015.

Scotiabank has posted attributable net income of C$1.91bn for the fourth quarter of 2016, up 9% compared to C$1.75bn in the corresponding period of 2015.

For the quarter ended 31 October 2016, the bank's total revenue was C$6.75bn, a rise of 10% from C$6.12bn a year ago.

Net interest income increased 8% to C$3.65bn from C$3.37bn in the year ago quarter, while non-interest income increased 12% year-on-year to C$3.09bn.

The bank's provision for credit losses during the period stood at C$550m, down from C$551m in the previous year.

Scotiabank president and CEO Brian Porter said: "During 2016, continued strong performances in our personal, commercial and wealth businesses, both in Canada and in our key Pacific Alliance markets drove solid earnings growth.

“Our good results were achieved alongside a focused effort to advance the Bank's strategic agenda including investments in digital capabilities to drive an even greater customer experience and more efficient operations.”

Scotiabank’s Canadian Banking segment reported attributable net income of C$954m for the fourth quarter of 2016, up 14% from C$837m in the fourth quarter of 2015.

"Canadian Banking had another strong year of operating performance and earnings growth. We continue to deliver valued advice, services and products to our base of more than 10 million retail and commercial customers. By deepening existing relationships and adding new customers, we further improved our asset and deposit mix, while generating improved returns for shareholders,” Porter said.

Scotiabank’s International Banking arm reported attributable net income of C$547m for the fourth quarter of 2016, a 9% rise from C$504m in the year ago period.

“International Banking delivered strong results, with annual earnings exceeding $2 billion for the first time. Our strong results were driven by the key Pacific Alliance region which again recorded double digit deposit and asset growth complemented by our improved performance from the Caribbean and Central America,” Porter added.

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