Excluding one-time items, Bank of Nova Scotia reported earnings per share of $1.85 in the latest quarter, down from $2.15 a year earlier
reported a lower first-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and compelled the Canadian lender to set aside higher provisions.
Canada’s central bank over the past 11 months has lifted interest rates at a record pace to 4.5% to tame inflation, which was 6.3% in December, still well above the bank’s 2% target. Last month, the Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. But net interest income, which rose nearly 5% to $4.57 billion during the three-month period ended Jan. 31, has been a bright spot so far as the relentless monetary policy tightening campaign raised interest rates at the fastest pace in decades and expanded the margins banks earn from cost of borrowing and rate of lending.
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