SCOTIABANK has reported an after tax profit of $678 million for the year ended October 31, 2023.
This information is contained in a statement issued by the bank on December 28.
The bank said this figure represented a decrease of one per cent from the prior year ended October 31, 2022.
General manager Gayle Pazos said, “I am pleased to report that Scotiabank has once again delivered another year of solid financial results. This is the second successive year that we have posted net income before tax of over $1 billion, following a record breaking performance in 2022."
She added that the bank's performance this year was supported by "$1.3 billion or seven per cent loan growth across our core business lines."
Pazos said, "Our strong profitability year over year is a testament to the confidence that our customers have placed in us, as well as the hard work and dedication of our team."
She also said the bank continues to work on digital initiatives to address customers' changing needs.
"Digital adoption increased to 54% with 75% of total retail customers enrolled on online banking."
The bank's total assets at the end of October stood at $29.7 billion.
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