Scotiabank Provisions Rise on Mounting Consumer Loan Stress as Economy Slows

Scotiabank missed analysts' estimates for loan-loss provisions amid growing stress in consumer lending as the Canadian economy weakens
Provisions rose to C$962 million, higher than the C$922 million average estimate, due to higher delinquencies among retail borrowers
More borrowers confronting higher monthly mortgage payments, increasing pressure on credit card and auto loan borrowers
Provisions driven by retail portfolio growth and unfavorable economic outlook, mainly on commercial, corporate and Canadian retail portfolios
Scotiabank earnings hit by lower net interest income and weaker performance in international banking units