Scotiabank Misses on Expenses, Takes Charge for Chinese Bank [Yahoo! Finance Canada]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The Toronto-based lender earned C$1.57 per share on an adjusted basis in its fiscal fourth quarter, according to a statement Tuesday, less than the C$1.60 average estimate of analysts in a Bloomberg survey. Scotiabank's results also included a one-time impairment charge of C$379 million ($270 million) related to its investment in Bank of Xi'an Co. in China. Non-interest expenses totaled C$5.3 billion for the three months through October, more than the C$4.85 billion average estimate of four analysts in a Bloomberg survey. The bank cited higher performance-based compensation, technology and advertising costs as well as taxes. Scotiabank has worked to slash costs in its international division over the past year as it looks to improve productivity in the region, which includes operations in Mexico, Peru, Chile, Colombia and the Caribbean. The bank is also trying to rein in expenses in its domestic business. “We anticipate that the headline miss will garn
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