Scotiabank announced a fourth-quarter profit of $2.2 billion, a rise from $1.69 billion during the same period last year. The results were released on Tuesday and reflect the bank's performance for the quarter ending October 31. The increase in profit was attributed to higher net interest income and non-interest income, despite challenges posed by trade tensions and restructuring costs. The bank recorded $1.1 billion in provisions for credit losses, which are funds set aside to cover potential loan defaults. This figure is up from $1.03 billion in the same quarter last year. In addition to the profit increase, Scotiabank faced a restructuring charge and severance provisions totaling $373 million. These charges were linked to efforts aimed at simplifying the organizational structure within its Canadian banking division. In mid-October, reports surfaced regarding job cuts within the Canadian banking unit, although Scotiabank did not specify the number of positions affected. According to the bank's annual report, it employed 86,431 individuals at the end of the fiscal year, down from 88,488 the previous year. CEO Scott Thomson expressed optimism about the bank's performance, stating that 2025 was a “very positive year for the bank.” He noted that all business lines reported year-over-year earnings growth, particularly in Global Wealth Management and Global Banking and Markets. The bank's revenue for the quarter reached $9.8 billion, an increase from $8.53 billion in the same quarter last year. On a per-share basis, Scotiabank earned $1.65 diluted share, up from $1.22 diluted share a year ago. Thomson highlighted the bank's improved financial metrics, including a strengthened balance sheet and an enhanced loan-to-deposit ratio. He also mentioned that the bank's Canadian banking operations earned $941 million, slightly up from $934 million in the same quarter last year. Scotiabank's international banking segment reported a net income of $634 million, an increase from $600 million a year ago. The bank's global wealth management business earned $447 million, up from $380 million in the same quarter last year. As the bank navigates a challenging economic landscape, it remains focused on efficiency and leveraging emerging technologies. This is a developing story as more details emerge about Scotiabank's financial performance and strategic initiatives.