Bank of Nova Scotia (BNS) Q2 Earnings Fall on Higher Provisions

The Bank of Nova Scotia's (BNS) second-quarter fiscal 2024 (ended Apr 30) adjusted net income was C$2.11 billion ($1.55 billion), which declined 2.6% year over year. A rise in expenses and a surge in provisions for credit losses hurt the results. However, higher revenues, an increase in loan balance and solid capital ratios were tailwinds. After considering non-recurring items, net income was C$2.09 billion ($1.54 billion), down 2.5% from the prior-year quarter. Adjusted Revenues Rise, Expenses Increase Tot ...