Scotiabank and Bank of Montreal Profit From Doing More With Less
- Canadian lenders investing in technology to reduce costs
- Banks look to cut costs as mortgage revenue growth slows
Pedestrians walk past the Bank of Nova Scotia building in Toronto.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Bank of Nova Scotia and Bank of Montreal have made strides in their push to do more with less.
Both Toronto-based banks boosted efficiencies in the fiscal third quarter, bringing them a step closer to financial goals set by their respective chief executive officers. Scotiabank’s productivity ratio -- or expenses as a percentage of revenue -- fell to 52.5 percent in the quarter from 52.8 percent three months earlier, second-best among Canadian banks. Bank of Montreal’s efficiency ratio fell to 58.2 percent from 63.4 percent in the second quarter, when the lender had higher severance costs from restructuring.