Loan-loss provisions climb C$40m at Scotiabank
Canadian lender reports provisions 28% higher than in Q3 2018
Provisions for credit losses (PCLs) at Canadian lender Scotiabank for the three months to end-October totalled C$753 million ($567 million), 6% higher than in the preceding quarter and 27.7% more than a year ago.
Of total PCLs in the last quarter, C$247 million were taken to cover credit losses in the Canadian business and C$505 million for overseas exposures. In Q3 2018, Canadian PCLs totalled C$241 million and international PCLs were C$475 million.
The ratio of PCLs to average net loans and
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