06:45 AM EDT, 05/28/2024 (MT Newswires) -- Bank of Nova Scotia ( BNS ) on Tuesday reported second-quarter adjusted profit that beat Capital IQ estimates despite an increase in provisions for credit losses. Revenue rose.

The bank reported fiscal second-quarter adjusted net income of $2.11 billion, or $1.58 per diluted share, down from $2.16 billion, or $1.69 per diluted share, a year earlier. Analysts polled by Capital IQ expected $1.56.

Total revenue for the quarter ended April 30 was $8.35 billion, up from $7.91 billion a year earlier. Analysts surveyed by Capital IQ expected $8.33 billion.

Provision for credit losses for fiscal Q2 was $1.01 billion, up from $709 million a year ago. The adjusted return on equity was 11.3%, down from 12.3% a year ago.

The bank's Common Equity Tier 1 capital ratio was 13.2% at April 30, up about 30 basis points from the previous quarter. Gross impaired loans increased to $6.40 billion at the end of the quarter, up from $6.12 billion last quarter.

The bank has restated the results for fiscal 2023 to reflect the IFRS 17 basis of accounting for insurance contracts.

Additionally, Scotiabank maintained its dividend of $1.06 per common share. The dividend will be paid on July 29 to shareholders of record at the close of business on July 3.

The company's stock, which edged up 0.3% in U.S. premarket on Tuesday, rose 0.5% in Canada yesterday.