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26.05.2020 12:00
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Scotiabank reports second quarter results
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Canada NewsWire
TORONTO, May 26, 2020
| All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended April 30, 2020 and related notes prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise noted. Our complete Second Quarter 2020 Report to Shareholders, including our unaudited interim financial statements for the period ended April 30, 2020, can also be found on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. In addition, Supplementary Financial Information is also available, together with the Second Quarter 2020 Report on the Investor Relations page of www.scotiabank.com |
| Second Quarter Highlights on a Reported basis (versus Q2, 2019) | Second Quarter Highlights on an Adjusted basis(1) (versus Q2, 2019) | ||
| • | Net income of $1,324 million, compared to $2,259 million | • | Net income of $1,371 million, compared to $2,263 million |
| • | Earnings per share (diluted) of $1.00, compared to $1.73 | • | Earnings per share (diluted) of $1.04, compared to $1.70 |
| • | Return on equity of 7.9%, compared to 13.8% | • | Return on equity of 8.2%, compared to 13.6% |
| "While the Bank's second quarter results were significantly impacted by the COVID-19 pandemic, we have remained fully operational and prioritized the health and safety of our employees. The Bank has a long history of standing by our customers in challenging times, and our dedicated teams have ensured we have provided financial relief to millions of our customers across our footprint. The Bank remains well positioned from a capital and liquidity perspective, and we are appropriately reserved for potential credit losses. Our repositioning efforts and significant investments in technology over the last number of years have allowed us to support our customers during this difficult time. We launched several new digital banking solutions this quarter which enabled the Bank to provide financial relief to approximately 300,000 Canadian households and processed over 2 million customer assistance applications for customers across the International Banking footprint. We were also proud to support our communities across our footprint having committed over $15 million to support people who are most at risk during the pandemic, including our partner programs and our ongoing support of hospitals and healthcare professionals. They deserve our gratitude for their courage in the face of this unprecedented public health crisis. On behalf of Scotiabank's leadership team, I would like to extend my sincere thanks to all of our employees for providing customers with the critical banking services they need. Thank you for your flexibility and adaptability and quickly adjusting to new work environments and work loads, continuing to put our customers first, and for supporting one another and our communities. We are proud to see everyone coming together across teams and businesses to make it work – and I have no doubt this cooperation will continue for as long as this challenging time continues," said Brian Porter, President and CEO of Scotiabank. |
TORONTO, May 26, 2020 /CNW/ - Scotiabank reported second quarter net income of $1,324 million compared to $2,259 million in the same period last year. Diluted earnings per share (EPS) was $1.00, down 42% from $1.73 in the previous year. Return on equity was 7.9% compared to 13.8% in the previous year.
Adjusted net income(1) was $1,371 million and EPS was $1.04, both down 39% from the previous year. Return on equity was 8.2% compared to 13.6% a year ago. The results were significantly impacted by higher loan loss provisions of $1,846 million this quarter and provisions for the metals business and investigations(2).
Canadian Banking reported adjusted earnings of $481 million. The Canadian Banking segment provided financial relief to over 300,000 Scotiabank customers across $60 billion in lending products, including support to our retail, small business and commercial banking customers. Several new digital banking solutions were introduced to support customers, including an online application process for Canadian Emergency Business Account and direct deposit for customers eligible for the Canadian Emergency Response Benefit and Canadian Emergency Wage Subsidy to receive government relief funds faster.
International Banking delivered adjusted earnings of $197 million. The International Banking segment has processed over 2 million Customer Assistance Program applications to date. Our digital capabilities in the Pacific Alliance resulted in approximately 80% of Customer Assistance Program applications enrolled via digital omnichannel tools, more than 140,000 customers adopted our digital banking solutions and digital transactions increased by 50%.
| ____________________________________________ |
| (1) Refer to Non-GAAP Measures section on page 3. |
| (2) Refer to page 51 of the Second Quarter 2020 Report to Shareholders. |
Global Wealth Management reported adjusted earnings of $314 million, an increase of 4% over the same period last year. Global Wealth Management's diversified funds and portfolio solutions outperformed market benchmarks and industry peers this quarter – demonstrating strong investment performance despite challenging market conditions and substantial volatility in equity markets. This quarter saw record results for both new client account openings and trading volumes in Scotia iTRADE. The business also benefitted from positive investment flows and loan growth across Scotiabank's wealth management businesses.
Global Banking and Markets reported earnings of $523 million, up 25% over the same period last year. This quarter included strong performance by our fixed income business in a volatile environment. To help clients weather the crisis, Global Banking and Markets helped arrange close to $300 billion in financings for clients while acting as an important source of liquidity to support their businesses.
The Bank reported a Common Equity Tier 1 capital ratio of 10.9% and a liquidity coverage ratio of 132%. Our strong levels of capital and liquidity continue to protect the Bank in times of uncertainty.
Financial Results
| Reported Results | | For the three months ended | | For the six months ended | |||||||
| | | April 30 | | January 31 | | April 30 | | April 30 | | April 30 | |
| (Unaudited)($ millions) | | 2020 | | 2020 | | 2019 | | 2020 | | 2019 | |
| Net interest income | $ | 4,417 | $ | 4,392 | $ | 4,193 | $ | 8,809 | $ | 8,467 | |
| Non-interest income | | 3,539 | | 3,749 | | 3,610 | | 7,288 | | 6,940 | |
| Total revenue | | 7,956 | | 8,141 | | 7,803 | | 16,097 | | 15,407 | |
| Provision for credit losses | | 1,846 | | 926 | | 873 | | 2,772 | | 1,561 | |
| Non-interest expenses | | 4,363 | | 4,418 | | 4,046 | | 8,781 | | 8,217 | |
| Income tax expense | | 423 | | 471 | | 625 | | 894 | | 1,123 | |
| Net income | $ | 1,324 | $ | 2,326 | $ | 2,259 | $ | 3,650 | $ | 4,506 | |
| Net income attributable to non-controlling interests in | | | | | | | | | | | |
| subsidiaries | | 15 Werbung Mehr Nachrichten zur Scotiabank SA Aktie kostenlos abonnieren
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