Feb 24 (Reuters) - Bank of Nova Scotia (BNS.TO) reported a rise in first-quarter profit on Tuesday, helped by higher interest income as Canada’s economy continues to hold up in the face of prolonged trade friction with the United States.
While Prime Minister Mark Carney has stepped up efforts to diversify Canada’s trade ties amid steep tariffs imposed by U.S. President Donald Trump, the country’s economy has sidestepped much of the turbulence created by the shifting trade policy.
Scotiabank’s net interest income, the difference between what banks make on loans and pay out on deposits, stood at C$5.58 billion ($4.07 billion) during the quarter. That compares with C$5.17 billion reported a year earlier.
Its provision for credit losses was C$1.18 billion, up from C$1.16 billion a year earlier, reflecting expectations of higher loan defaults.
The Canadian lender posted an adjusted profit of C$2.70 billion, or C$2.05 per share, for the quarter ended January 31, compared with C$2.36 billion, or C$1.76 per share, a year earlier. ($1 = 1.3705 Canadian dollars)

Canada's Scotiabank posts higher quarterly profit as interest income rises