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Company News

Scotiabank profit drops 41.5% on higher loan losses

May 26 (Reuters) - Bank of Nova Scotia said on Tuesday second-quarter profit fell 41.5%, hit by a jump in loan-loss provisions due to the COVID-19 outbreak.

Canada’s third-biggest lender said net income attributable to common shareholders fell to C$1.24 billion ($893.37 million), or C$1 per share, in the quarter ended April 30, from C$2.13 billion, or C$1.73 per share, a year earlier. ($1 = 1.3880 Canadian dollars) (Reporting by Abhishek Manikandan in Bengaluru; Editing by Devika Syamnath)

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