Bank of Nova Scotia and National Bank of Canada both announced their results today. Scotiabank reported a 14 per cent drop in profits due to costs from writing down assets in Venezuela and from cutting 1,500 from its workforce. Fourth-quarter profit was $1.44 billion or $1.10 per share. The bank is predicting slow growth in line with this year for the first part of 2015 before stronger growth later in the year. Meanwhile at National Bank of Canada there was also talk of 14 per cent but it was a rise in profits to $407 million. Shareholders will be receiving a 4 per cent increase in the February payment to 50 cents per common share.
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