Scotiabank expects to set aside more funds for bad energy loans

Tue Mar 1, 2016 8:44am EST
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TORONTO, March 1 (Reuters) - Bank of Nova Scotia, Canada's third-largest bank, expects to set aside more funds for loans that turn sour in the energy sector, Chief Executive Brian Porter told analysts on Tuesday.

Scotiabank, as it is known, reported a stronger-than-expected profit, helped by growth in its international banking business, but also raised provisions for bad loans in the oil and gas sector.

"We expect there to be additional provisions for some of our loans in the energy sector," Porter said on a conference call. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)