Depositors and stockholders at Scotiabank are looking at news stories about the bank’s “restructuring” costs and digital plans for what it all means Scotia hinted at the restructuring charge earlier setting aside money for bad loans apparently largely related to the energy (oil) sector. Profit for the quarter was down nearly 12 per cent compared to $1.80 billion of net income during the same period last year. After adjusting for the $278-million restructuring charge the bank’s second-quarter profit rose four per cent to $1.86 billion, or $1.46 per share. The president, Brian Porter, said loan losses in the energy sector are expected to decline next quarter. He says: “Customer behaviours and preferences continue to evolve, and Scotiabank is driving a digital transformation across all customer touch points in order to deliver a consistently excellent customer experience.” Touch points? Hope there are still a few left.
