Scotiabank Reports Lower Net Income in 2023
Quarterly and Annual Results Released
Toronto, August 29, 2023
Scotiabank has released its audited annual consolidated financial statements and accompanying Management's Discussion and Analysis (MDA) for the fiscal year 2023, revealing a decrease in net income compared to the previous year.
For the fiscal year 2023, Scotiabank reported net income of $7,528 million, a decline of 25.5% compared to the $10,174 million reported in 2022.
In the first quarter of 2023, Scotiabank's net income was $1,772 million, a decrease of 35.4% from $2,740 million in the same period last year. The third quarter saw a similar trend, with net income of $2,212 million, down 14.4% compared to $2,594 million in the previous year's third quarter.
Despite the overall decline in net income, Scotiabank's financial position remains strong. The bank's total assets increased to $1.35 trillion as of January 31, 2023, from $1.23 trillion on October 31, 2022.
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