Life & Banc Split Corp T.LBS

Alternate Symbol(s): T.LBS.P.A | LFBCF

Life & Banc Split Corp. (the Fund) is a Canada-based mutual fund company. The Fund's investment objective is to provide holders of Preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price on the maturity date, and to provide holders of Class A shares with regular monthly cash distributions and the opportunity for capital appreciation. To achieve these objectives, the Fund invests in a portfolio comprised of common shares of approximately six Canadian banks and four publicly traded Canadian life insurance companies. The Fund also writes covered call options and cash-covered put options in respect of the portfolio to generate additional distributable income for the Fund and/or to reduce the volatility of the Fund. The Fund's investment manager is Brompton Funds Limited.

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Life & Banc Split Corp

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Post by mousermanon Nov 28, 2023 7:32am

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Post# 35755748

BNS Q report not a good start

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.