Scotiabank’s profits dip by 1% to $678m

SCOTIABANK realised a profit after tax of $678 million for the year ended October 31.

The dip in profits is a one per cent decrease from the previous year ending October 31, 2022, when it earned $684 million.

For the quarter ended October 31, income after tax was $176 million, a 12 per cent growth over the quarter ending on July 31.

In a media release sent on Thursday, the group’s managing director, Gayle Pazos, said she was pleased that the group delivered solid financial results.

“This is the second successive year that we have posted a net income before tax of over $1 billion following a record-breaking performance in 2022,” she said. “Our strong profitability year over year is a testament to the confidence that our customers have placed in us as well as the hard work and dedication of our team.”