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Scotiabank reports first-quarter profit up from year ago, beats expectations

TORONTO - Scotiabank topped expectations as it reported a first-quarter profit of nearly $2.40 billion, up from nearly $2.33 billion.

The big bank says the profit amounted to $1.86 per diluted share for the quarter ended Jan. 31, up from an adjusted profit of $1.84 per diluted share a year earlier.

Revenue totalled $8.07 billion, down from $8.14 billion.

Provisions for credit losses for the quarter amounted to $764 million, down from $926 million a year ago.

On an adjusted basis, Scotiabank says it earned $1.88 per diluted share, up from an $1.83 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.57 per share, according to financial data firm Refinitiv.
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