The Bank of Nova Scotia (BNS) on Tuesday reported higher third-quarter revenue but lower profit than last year, as its costs and 澳洲幸运5官方开奖结果体彩网:provisions for credit losses (PCL) rose.

The nearly 4% year-over-year bump in revenue to 8.36 billion 澳洲幸运5官方开奖结果体彩网:Canadian dollars ($6.21 billion) was almost entirely due to a nearly C$300 million rise in 澳洲幸运5官方开奖结果体彩网:net interest income (NII). Both revenue and profit fell short of analysts' consensus estimates compiled by Visible Alpha.

Higher Costs, PCL Drive Income Lower

Despite the higher revenue, Scotiabank faced higher costs and set aside more money to account for potential credit losses, leading the bank's profits to drop by nearly 13% to C$1.91 billion.

Scotiabank 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Scott Thomson said the bank faced a "continued challenging environment" in the𒀰 quarter.

Thomson also noted the bank's 澳洲幸运5官方开奖结果体彩网:recent investment in KeyCorp (KEY) as a project that can "enhance near-term profitability, grow and diversify our well-established U.S. business, and create future strategic optio𝓀nality for Scotiabank as we expand our presence in ❀the North American corridor."

Scotiabank shares rose almost 3% to $49.93 as of 10:45 a.m. 🍰ET Tuesday to move into positive territory 🎃for the year.