Scotiabank reported a fourth-quarter profit of $2.2 billion, up from $1.69 billion in the same period last year, despite trade war pressures on the economy and a restructuring charge.

The bank said the increase was primarily driven by higher net interest income and non-interest income.

The bank recorded $1.1 billion in provisions for credit losses — funds banks must set aside to cover potential loan losses — in the quarter ended Oct. 31. That compares with $1.03 billion in the same period last year.

The bank said profits were also hit by a restructuring charge and severance provisions of $373 million in the fourth quarter. The charges were related to “actions taken to simplify the organizational structure in Canadian Banking” and other global operational efforts.

In mid-October, severa

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