Two of Canada’s top banks reported lower adjusted earnings at home as the lenders set aside more rainy-day funds amid economic uncertainty.

Bank of Montreal (TSX:BMO) stated on Wednesday that its Q2 2023 net income was C$1,059 million, compared with C$4,756 million in Q2 2022. BMO also declared its reported earnings per share (EPS) was C$1.30, compared with C$7.13, with an adjusted EPS of C$2.93, compared with C$3.23.

Bank of Nova Scotia (TSX:BNS) reported its net income of C$2,159 million in Q2 2023, compared to C$2,747 million in Q2 2022. Earnings per share were C$1.69 in Q2 2023, compared to C$2.16 in Q2 2022.

Scotiabank’s Canadian Banking delivered adjusted earnings of C$1,061 million in the quarter, impacted by normalization in provision for credit losses. Pre-tax pre-provision earnings increased due to strong revenue growth and net interest margin expansion of eight basis points.

Meanwhile, a recent survey by BMO found that half of Americans said they plan to use digital banking more in 2023 with behaviors such as increasing deposits, transferring funds, and viewing statements. Click here for more.

BMO shares tumbled C$3.85, or 3.28 per cent, to C$113.58, while those for Scotiabank gave back $0.67, or 1.01 per cent to C$65.84.

Bank of Montreal (BMO) opened trading at C$115.00 per share and Bank of Nova Scotia (BNS) opened trading at C$65.60 per share.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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