Those provisions for potentially souring loans rose to $1.1 billion, compared with $1.03 billion the same time last year. Analysts had expected a PCL of about $1.08 billion.
That jump weighed against the performance of Scotiabank’s Canadian banking unit, where adjusted earnings slipped by 9% (to $3.43 billion) for the full year.
But overall, Scotiabank chief executive officer Scott Thomson said the results reflected a “very positive year” for the bank, pinpointing the strength of its global wealth management and global banking and markets units.
Other top lenders are scheduled to release their Q4 results in the days ahead: Royal Bank of Canada (RBC) and National Bank on Wednesday, followed by Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), and Toronto-Dominion Bank (TD) on Thursday.
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Read More: Scotiabank earnings top estimates in Q4
