The Bank of Nova Scotia has reported adjusted net income of $2.17 billion for the second quarter, down 21 per cent from the same period a year ago. The bank’s adjusted diluted earnings per share came in at $1.70, and the average analyst consensus was $1.76 per share. The lender also reported it set aside $709 million in provisions for credit losses – money set aside to cover potentially bad loans, and that’s an increase of $490 million from the same quarter in 2022, and also up from the prior quarter. It is also raising its quarterly dividend by three cents to $1.06 per share. Scotiabank shares are down 18 per cent over the past 52-weeks.

It’s a similar story over at the Bank of Montreal. The Canadian lender has reported flat second-quarter profit and missed the Street’s expectations after setting aside more money for loan loss provisions. The lender reported an adjusted profit of $2.2 billion, little changed from the same quarter a year ago. Adjusted earnings per share came in at $2.93, well off the $3.21 expected by analysts. BMO is also raising its quarterly dividend to $1.47 per share, up four cents. At both banks, higher expenses affected the results.

U.S. futures are pointing to a negative open when trading gets underway in North America. Talks in Washington, D.C. have stalled after negotiations between the Democrats and Republicans ended on Tuesday with the two sides in a deadlock over an agreement to raise the federal borrowing limit in order to avoid a U.S. default.  

  • The price of West Texas Intermediate is on the rise again hovering around US$74 a barrel following bullish comments from Saudi’s energy minister and data that showed inventories tightening
  • Shares of Urban Outfitters are higher in the pre-market, after the company easily topped expectations in the first quarter
  • Shopify has been downgraded by BNP Paribas Exane after analyst Stefan Slowinski said there are “better opportunities elsewhere,” given the e-commerce’s valuation relative to anticipated sales growth.


  • Notable earnings: Scotiabank, Bank of Montreal, Kohl’s Corp., NVIDIA, Snowflake, American Eagle Outfitters, Guess?Amazon AGM
  • Cineplex AGM
  • 1400: FOMC Minutes
  • 1600: The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, together with the Honourable David Eby, Premier of British Columbia, will be making a announcement in the biotech sector to expand the Canadian value chain in leading-edge technology. (Vancouver)