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Scotiabank’s stock dropped over 1% on Tuesday after the bank shared its fourth-quarter results. The bank reported a 5.5% increase in net interest income, reaching C$4.92 billion. However, non-interest income fell slightly to C$3.6 billion. Total revenue grew 3% compared to last year, and adjusted earnings per share rose to C$1.57 from C$1.23.
Despite higher profits, investors were concerned about the bank’s rising impaired loans, which went up 22% to C$4.685 billion. Allowances for credit losses also increased slightly to C$6.736 billion. Retail sentiment turned negative, hitting its lowest level in a year, as many investors worried about the bank’s asset quality.
CEO Scott Thomson said 2024 was a key year for Scotiabank to start building toward its long-term goals. While there has been some progress, he admitted there’s still a lot of work ahead to meet targets for 2025. The bank also announced a dividend of C$1.06 per share.
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