Scotiabank Q1 adjusted net income $1,371 millionChristian Fernsby ▼ | May 26, 2020
Scotiabank reported second quarter net income of $1,324 million compared to $2,259 million in the same period last year.
Scotiabank The results were significantly impacted by higher loan loss provisions
Return on equity was 7.9% compared to 13.8% in the previous year.
Adjusted net income was $1,371 million and EPS was $1.04, both down 39% from the previous year.
Return on equity was 8.2% compared to 13.6% a year ago.
The results were significantly impacted by higher loan loss provisions of $1,846 million this quarter and provisions for the metals business and investigations.
Canadian Banking reported adjusted earnings of $481 million.
The Canadian Banking segment provided financial relief to over 300,000 Scotiabank customers across $60 billion in lending products, including support to our retail, small business and commercial banking customers.
Several new digital banking solutions were introduced to support customers, including an online application process for Canadian Emergency Business Account and direct deposit for customers eligible for the Canadian Emergency Response Benefit and Canadian Emergency Wage Subsidy to receive government relief funds faster.
International Banking delivered adjusted earnings of $197 million.
The International Banking segment has processed over 2 million Customer Assistance Program applications to date.
Our digital capabilities in the Pacific Alliance resulted in approximately 80% of Customer Assistance Program applications enrolled via digital omnichannel tools, more than 140,000 customers adopted our digital banking solutions and digital transactions increased by 50%. ■