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Scotiabank profit plunges 40% as bad loans more than double amid COVID-19 | CBC News

Byindianadmin

May 26, 2020
Scotiabank profit plunges 40% as bad loans more than double amid COVID-19 | CBC News

Scotiabank posted a profit of $1.32 billion in the three months up to the end of April, a fall of more than 40 per cent from last year’s level as the bank had to set aside twice as much money for bad loans.

Scotiabank says it set aside $1.85 billion for bad loans in the past quarter, twice as much as it did the same time last year. (Chris Young/The Canadian Press)

Scotiabank posted a profit Tuesday morning of $1.32 billion in the three months up to the end of April, a fall of more than 40 per cent from last year’s level as the bank had to set aside twice as much money for bad loans.

The bank’s provisions

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