Scotiabank assures its readiness to fight off any downturn

Scotiabank assures its readiness to fight off any downturn

Scotiabank assures its readiness to fight off any downturn

Bank of Nova Scotia’s CEO assured the public that the bank is more than prepared for the impact of any dramatic reversal in the Canadian economy.

And while the possibility of a recession appears low in the near-term, Brian Porter stated that the institution is well-equipped to overcome any speed bumps.

“We’ve classified ourselves as downturn ready, and you can see it in our numbers,” Porter told BNN Bloomberg. “We feel pretty good about ourselves; we haven’t been stretching for business.”

In its report of its fourth-quarter results earlier this week, Scotiabank announced that it has met profit expectations. This is despite decelerating profit growth and higher provisions for loan losses.

“We’re a bank, we get paid to worry; risk happens quickly, and we govern ourselves accordingly,” Porter added

The bank will particularly benefit from the fact that the volume of its impaired loans has gone down, the executive noted.

Indeed, Scotiabank doesn’t seem to be slowing down any time soon.

In mid-November, the company announced the addition of crucial enhancements to its digital mortgage platform, Scotiabank eHOME. A much improved property search function was designed in cooperation with the Canadian Real Estate Association.

“We’re incredibly excited to bring Canadians a frictionless digital mortgage experience, no matter where they are in their home buying journey,” Scotiabank senior vice president of real estate secured lending Janet Boyle said.

“Whether you want a quick calculation on what you can afford, need an actual pre-approval with a decision, are browsing for homes, or found your dream home and need a mortgage – Scotiabank eHOME is with you anytime, anywhere, on any device.”