Toronto-Dominion Bank reported lower-than-expected earnings in the fiscal fourth quarter due to higher provisions for potentially souring loans and a restructuring charge related to a planned 3% reduction in its workforce. The bank's provisions for credit losses amounted to C$878 million, exceeding analysts' expectations of C$844.5 million. Adjusted earnings per share were C$1.83, falling short of the average estimate of C$1.90 from analysts.
Bank of Nova Scotia (Scotiabank) reported lower-than-expected profits for the fiscal fourth quarter as it set aside more money than anticipated for potential loan losses. The bank's provisions for credit losses totaled C$1.26 billion ($925 million), higher than the C$870 million analysts had predicted. Scotiabank attributed the higher provisions to economic turmoil in both its Canadian and Latin American operations. The bank also reported lower capital-markets earnings due to slower trading activity. Despite the challenging financial year, CEO Scott Thomson expressed confidence in increased earnings for 2024 driven by productivity initiatives and a more stable rate environment.
