Not good....
TORONTO, Nov. 28, 2023 /CNW/ - Scotiabank reported net income of $7,528 million for the fiscal year 2023, compared with net income of $10,174 million in 2022. Diluted earnings per share (EPS) were $5.78, compared to $8.02 in the previous year. Return on equity was 10.4%, compared to 14.8% in the previous year.
Reported net income for the fourth quarter ended October 31, 2023 was $1,385 million compared to $2,093 million in the same period last year. Diluted EPS were $1.02, compared to $1.63 in the same period a year ago. Return on equity was 7.2% compared to 11.9% a year ago.
This quarter's net income included adjusting items of $289 million after-tax. These consisted of restructuring charges of $258 million related to ongoing efforts to streamline operational processes, costs of $63 millionrelated to the exit of certain real estate premises and service contracts, impairment charges of $273 millionrelated to the write-down of the Bank's investment in associate with Bank of Xi'an Co Ltd. in China, and certain intangible assets and a gain of $319 million related to the sale of the Bank's equity interest in Canadian Tire's Financial Services business (CTFS).
Adjusted net income(2) was $8,441 million for the fiscal year 2023, down from $10,749 million in the previous year, mainly as a result of higher provision for credit losses in fiscal 2023, and adjusted diluted EPS were $6.54 versus $8.50 in the previous year. Adjusted return on equity was 11.7% compared to 15.7% in the previous year.