Scotiabank reported a first-quarter profit of $2.2 billion for Q1 24, surpassing analysts' expectations with adjusted earnings per share (EPS) of C$1.69 compared to the estimated C$1.60, and revenue reaching C$8.43 billion against forecasts of C$8.25 billion. The bank's profit was aided by robust growth in interest income. However, it missed analysts' estimates for loan-loss provisions amid growing stress in consumer lending. In contrast, Bank of Montreal (BMO) faced challenges in the first quarter, missing profit forecasts due to higher loan-loss provisions and weaker capital markets revenue. BMO's performance was further highlighted by a significant portion of its mortgage book being in negative amortization, with 22% ($23 billion) of its mortgages not covering the interest, indicating a potential stress in its lending operations.
🚨🚨BREAKING NEWS BMO STILL HAS 22% OF ITS MORTGAGE BOOK IN NEGATIVE AMORTIZATION ($23B) WITH BORROWERS NOT EVEN COVERING THEIR INTEREST https://t.co/RXBG4iA7ma
$BMO (-2.5% pre) BMO misses expectations on weak capital markets, higher loan-loss provisions - FP https://t.co/qO5g881RED
$BNS (+2.2% pre) Scotiabank 1Q Earnings Up More Than Expected - MW https://t.co/rpbz7fkLZh
Canada's BMO misses profit estimates as rainy day funds nearly triple; Scotiabank beats https://t.co/ZubMyk4QjC https://t.co/Ll6ID9ceIk
Scotiabank beats profit estimates on interest income strength, BMO misses https://t.co/9tCUSLZ4u7 https://t.co/Mn9E8Ma5es
Scotiabank on Tuesday beat estimates for its first-quarter profit, helped by robust growth in interest income, while BMO fell short due to bigger loan-loss provisions. READ MORE: https://t.co/RW7cUpn2cG https://t.co/RW7cUpn2cG
Bank of Montreal profit misses forecasts on higher loan-loss reserves, weaker capital markets https://t.co/p28PmGKbSq
Bank of Montreal missed analysts’ estimates as it grappled with weak capital-markets revenue and reported an increase in loan-loss provisions https://t.co/JQsjtnVXIG
Scotiabank’s first-quarter profit hits $2.2-billion even as loan-loss provisions rise https://t.co/FYSSauLfyv
Bank of Nova Scotia missed analysts’ estimates for loan-loss provisions amid growing stress in consumer lending https://t.co/7hLFDl1waZ
Canadian lender Scotiabank's profit jumps in first quarter https://t.co/haCMntqfKu https://t.co/ULGU9oQBgL
Scotiabank Q1 24 Earnings: - Adj EPS C$1.69 (est C$1.60) - Revenue C$8.43B (est C$8.25B)