BNS flags rising Caribbean mortgage write-downs as parent posts record quarter

The Bank of Nova Scotia (Scotiabank) disclosed slightly higher mortgage impairments in the Caribbean during its July third-quarter on a sequential basis, even as the Canadian parent reported record earnings and revealed steps to take full ownership of its Jamaican subsidiary. The bank’s overall improvement was “partially offset by higher mortgage impairment in Chile and the Caribbean”, according to the bank’s chief risk officer, Shannon McGinnis, in comments during an earnings call to analysts on August 25.