Scotiabank boosted its fourth-quarter profit despite trade war pressures on the economy and expenses related to staff cuts in its Canadian banking division.

The bank announced Tuesday that its profit for the quarter ended Oct. 31 was $2.2 billion, up from $1.69 billion in the same period last year.

Executives highlighted an increase in branch sales of mutual funds and success in the bank’s Mortgage Plus program, where homebuyers are offered better mortgage rates if they acquire other banking products.

Earnings were hit by a restructuring charge and severance provisions of $373 million in the quarter.

In a call with analysts, Scotiabank CEO Scott Thomson said most of the charges were related to “actions taken to simplify our Canadian operations.”

“While these types of decisions are a

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