Scotiabank reports $2.21B Q4 profit up from $1.69B a year ago

TORONTO — Scotiabank says it earned $2.21 billion in net income for its fourth quarter, up from $1.69 billion in the same quarter last year, helped by strength in its wealth management and capital markets businesses.

The bank said Tuesday the profit amounted to $1.65 per diluted share for the quarter ended Oct. 31, up from $1.22 per diluted share in the same period a year ago.

Revenue totalled $9.80 billion, up from $8.53 billion in the same quarter last year.

The bank’s provision for credit losses amounted to $1.11 billion for the quarter, up from $1.03 billion a year ago.

On an adjusted basis, Scotiabank says it earned $1.93 per diluted share in its latest quarter, up from an adjusted profit of $1.57 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.84, according to estimates compiled by LSEG Data & Analytics.

Scotiabank chief executive Scott Thomson said 2025 was a very positive year for the bank.

“We delivered improving results through the year as we strengthened our balance sheet, improved our loan-to-deposit ratio, and increased return on equity,” Thomson said in a statement.

“This quarter all our business lines reported year-over-year earnings growth with particular strength in global wealth management and global banking and markets and improving results in Canadian banking.”

The bank’s global wealth management business earned $447 million in net income attributable to equity holders, up from $380 million in the same quarter last year, while its global banking and markets business earned $519 million for the quarter, up from $347 million a year ago.

Scotiabank’s Canadian banking operations earned $941 million in its latest quarter, up from $934 million in the same quarter last year.

Meanwhile, Scotiabank’s international banking arm earned $634 million in net income attributable to equity holders of the bank for the quarter, up from $600 million a year ago.

This report by The Canadian Press was first published Dec. 2, 2025.

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The Canadian Press