Canadian banks Scotiabank and CIBC have reported dips in their respective net incomes during the fourth quarter (third calendar quarter) of 2020, relative to the previous year.

Scotiabank suffered a setback of 19% in adjusted net income which totalled C$1.94 billion (US$1.5 billion) compared to C$2.4 billion during the fourth quarter of 2019. However, the bank led by chief executive officer and president Brian Porter (pictured), did report an adjusted net income of C$1.94 billion compared to C$1.31 billion in the previous quarter of 2020, an increase of 48%, driven mainly by lower provision for credit losses, partially offset by lower non-interest income and higher pr

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