Scotiabank reports volatile loan-loss provisions
A C$31 million jump in provisions largely attributed to a single deteriorating loan
Scotiabank put aside an additional C$31 million ($23.8 million) in loan-loss provisions against impaired loans in the second quarter, as it grappled with deteriorating assets in its international banking division.
Provisions for credit losses (PCLs) for soured loans, known as stage 3 assets under accounting standard IFRS 9, increased from C$564 million to C$595 million in the three months to April 30.
PCLs for commercial loans within the international banking division drove the increase
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