BANK PROFIT DOWN BUT STILL CONFIDENCE IN ECONOMIC RECOVERY!

Bank of Nova Scotia’s president and chief executive says he’s “cautiously optimistic” about the economy’s ability to bounce back from COVID-19 next year.

Brian Porter told analysts Tuesday that he is feeling reassured by countries that have doled out billions in pandemic relief, cut interest rates and offered wage support.

“We are seeing clear evidence that the stimulus is having the desired impact across our footprint,” he said on a conference call to discuss the bank’s latest financial results.

“In Canada, retail spending has reached pre-pandemic levels, the housing market is experiencing robust growth and auto sales have largely recovered.” # SANDI HALPERN # LEASED # SOLD #BANKS # ECONOMY