Bank of Nova Scotia Non-GAAP EPS of C$2.15 beats by C$0.10, revenue of C$8.05B beats by C$180M

• Bank of Nova Scotia press release (NYSE:BNS): Q1 Non-GAAP EPS of C$2.15 beats by C$0.10.
• Revenue of C$8.05B (-0.2% Y/Y) beats by C$180M.
• Return on equity of 15.9%, compared to 14.4%
• The provision for credit losses was C$222 million, compared to C$764 million, a decrease of C$542 million or 71%. The provision for credit losses ratio decreased 36 basis points to 13 basis points.

Comments

[Dividend Latitude]

To top it all off, the Canadian dollar is stronger against the US dollar than it was for the previous dividend. So the April payment should be higher, barring any reversal.

[nickthepic]

Good results still lower than RY and BMO.

I wish I could buy more Canadian banks where people where shorting them one year ago

[KR1527]

Big results!!! Still remember a year and a half ago when some were saying to sell BNS and Canadian banks at under 10 times earnings, fools! Banks never lose, they are the real deal when it comes to earnings, unlike hyped up tech!

[youngdividend]

@KR1527 The Canadian Banks are wonderful long term investments. They all have four to five business units that are capable of complimenting struggling units in a quarter or fiscal year. The pandemic definitely benefitted the banks because they were forced to keep capital which resulted in higher capital levels.

Those higher capital levels are now capable of being released and you are seeing the Canadian Banks like BMO and TD go to the US and buy Financial Institutions, I believe Royal Bank maybe next to acquire a big Financial Institution.

[deskandchairs]

Wait, compared to a year ago
Net interest income is down
Non-interest income is down
Non-interest expense is up
The comparative improvement in earnings is all due to the provision for loan losses (drawing down the allowance)
Hardly inspiring

[krug]

Great results. This was a solid pandemic buy as Latin America was hit hard. Management iterated that Latin America was recovering on previous CCs long before it showed up in the earnings.

[Matthew Brown]

looking good!