Bank of Nova Scotia (NYSE:BNS) fiscal Q1 earnings topped consensus and were bolstered by gains in its Canadian Banking, International Banking, and Global Banking and Markets units.
Fiscal Q1 adjusted EPS of C$2.15 (US$1.70) exceeded the average analyst estimate of C$2.05; compares with C$2.10 in Q4 2021 and C$1.88 in the year-ago quarter.
Bank of Nova Scotia (BNS) stock is rising 0.5% in premarket trading.
For the quarter ended Jan. 31, 2022, the company's provision for credit losses was C$222M vs. C$168M in Q4 and C$764M in Q1 2021.
Q1 return on equity of 15.8% vs. 14.8% in Q4 and 14.2% in Q1 2021.
Q1 net interest margin of 2.16% compared with 2.17% in Q4 and 2.27% in the year-ago quarter.
Q1 revenue of C$8.05B increased from C$7.69B in the prior quarter and slipped from C$8.07B in the year-ago quarter.
Canadian Banking adjusted net income of C$1.21B vs. C$1.24B in Q4 and C$915M in Q1 2021. The Y/Y revenue growth drove the gain with strong loan growth, increased customer activity, favorable credit quality trends, and positive operating leverage.
International Banking adjusted net income of C$552M vs. C$535M in Q4 and C$398M in the year-ago quarter. The unit's gains were helped by strong mortgage and commercial loan growth, expense management and lower provision for credit losses.
Global Wealth Management adjusted net income of C$422M vs. C$419M in Q4 and C$425M in the year-ago quarter.
Global Banking and Markets adjusted net income of C$561M vs. C$502M in Q4 and C$543M a year ago.
Earlier, 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