Scotiabank has reported a 24.7% increase in its net income for the fourth quarter of fiscal year 2024 (Q4 FY24) at C$1.7bn ($1.2bn), compared to C$1.35bn ($960m) posted in the corresponding quarter of the previous fiscal year.
In the previous quarter, that is Q3 FY24, the Canadian banking and financial services company’s net income stood at C$1.9bn ($1.35bn), reflecting a 12% decline in Q4 FY24. The reduction was attributed to higher non-interest expenses and income tax provisions, partially offset by increased revenues.
The bank’s diluted earnings per share (EPS) in the reported quarter stood at C$1.22, compared to C$0.99 in Q4 FY23, marking a 23% increase. However, the figure was lower than the C$1.41 diluted EPS reported in Q3 FY24.
In the quarter that ended 31 October 2024, Scotiabank’s total revenues amounted to C$8.5bn ($6.04bn), which is an increase of 2.4% compared to C$8.3bn ($5.9bn) posted in the fourth quarter of the previous fiscal year.
For the full fiscal year 2024, Scotiabank reported a net income of C$7.89bn ($5.61bn), up 5.6% from C$7.45bn ($5.3bn) in FY23. Diluted EPS for the year stood at C$5.87, up from C$5.72 in the prior fiscal year.
The Canadian bank’s total revenues for the reported fiscal year were C$33.67bn, a growth of 4.5% compared to the revenues of C$32.2bn in FY23.
Scotiabank president and CEO Scott Thomson said: “2024 was a foundational year for Scotiabank as we launched and made early progress against our new strategy.
“The Bank delivered solid revenue growth and positive full year operating leverage, while redeploying capital to our priority markets across the North American corridor.”
In its Canadian banking segment, Scotiabank’s adjusted earnings reached C$4.28bn, a 7% increase from 2023. This performance was driven by robust net interest income growth and effective expense management.
Scotiabank’s international banking unit saw a 11% year-over-year increase in adjusted earnings to C$2.86bn. It was supported by revenue growth from margin expansion, disciplined expense management, and favourable foreign exchange impacts.
Besides, the bank’s global wealth management unit recorded adjusted earnings of C$1.61bn, marking a 10% year-over-year increase, while the global banking and markets unit posted earnings of C$1.69bn.
