Scotiabank Q3 Profit Declines Despite Revenue Growth

Higher costs and increased provisions for credit losses impact earnings as the bank invests in U.S. market expansion.

Scotiabank's net income fell to C$1.91 billion, down from C$2.17 billion a year earlier.
Revenue increased by nearly 4% year-over-year to C$8.36 billion, driven by higher net interest income.
Provisions for credit losses rose 28% to C$1.05 billion, reflecting consumer stress in Canada and Latin America.
The bank's recent investment in KeyCorp aims to enhance profitability and expand its U.S. presence.
Scotiabank shares rose almost 3%, moving into positive territory for the year.