Scotiabank boosts Q4 profits with less money set aside for bad loans – National [Video]

Scotiabank says it expects to see continued loan pressure and political uncertainty in the months ahead as it reported profits that were up from a year ago but below analyst expectations.

The bank kicked off a week of bank earnings Tuesday as it reported a fourth-quarter profit of $1.69 billion, up from $1.35 billion in the same period last year, as it set aside a smaller amount for bad loans compared with a year ago.

Profits were hit by taxes and a writedown of its holding in a Chinese bank, while its Canadian operations were affected by the softening economy, said chief executive Scott Thomson.

“The realities of a slowing economy and the impact of peak interest rates made for a challenging operating environment,” he said on a conference call with analysts.

Looking ahead, Thomson said new governments, such as those in the U.S. and Mexico, bring uncertainty on trade …