(Toronto) Scotiabank suffered a year-over-year decline in net income in the fourth quarter of fiscal 2022.
It rose from 2.559 billion to 2.093 billion. Diluted earnings per share also fell to $1.63 from $1.97 over the same period.
Adjusted net income fell to $2.615 billion, or $2.06 per adjusted share, from $2.716 billion, or $2.10 per adjusted share.
Scotiabank management notes that net income for the most recent quarter includes adjusting items of $504 million, including a $340 million loss primarily attributable to foreign exchange resulting from the sale of shares in affiliated companies in Venezuela and Thailand as well as the reduction of activities in India and Malaysia.
On the other hand, Scotiabank reported net income of $10.174 billion for the full fiscal year 2022, compared to net income of $9.955 billion in 2021. Earnings per share fell from $7.70 to $8.02 over the same period , while adjusted net income increased to $10.749 billion from $10.169 billion.
Brian Porter, President and CEO of Scotiabank said that despite the uncertain and volatile operating environment, each of the four businesses made strong contributions to the consolidated results for the year.
Company named in this release: Scotiabank (TSX: BNS)
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