Scotiabank reported fiscal year 2024 net income of C$7.89 billion on 3 December 2024, a 6% increase from C$7.45 billion in the prior year, as higher earnings in Canadian Banking and International Banking lifted the full-year result. Earnings per share for the year came in at C$5.87.
In the fourth quarter, net income rose 25% year-on-year to C$1.69 billion for the three months ended 31 October 2024. The bank's Common Equity Tier 1 capital ratio stood at 13.1% at the end of the quarter.
CANADIAN BANKING EARNINGS RISE 7%
The Canadian Banking segment posted adjusted earnings of C$4.28 billion for fiscal 2024, a 7% rise from the prior year.
Double-digit growth in net interest income and well-managed expenses delivered positive operating leverage for the division. Chief executive Scott Thomson said the bank would focus on client primacy initiatives to drive enhanced profitability.
International Banking adjusted earnings rose 11% to C$2.86 billion, driven by margin expansion, expense discipline and favourable foreign exchange across its Latin American markets, including Mexico, Peru, Chile and Colombia. Higher provisions for credit losses partly offset revenue growth in the segment.
STRATEGY AND REPORTING CALENDAR
The results came in the first year of the strategy Scotiabank launched in late 2023, which redeploys capital towards its priority markets across the North American corridor.
Scotiabank's fiscal year ends on 31 October, aligning it with the other major Canadian banks that report on the same schedule.