The bank missed analyst estimates for earnings and revenue, despite increasing 25 per cent to $1.7 billion and three per cent to $8.5 billion respectively in the fourth quarter. Its stock closed down about three per cent Tuesday. (The Logic)

Talking point: Scotiabank is the first of the Big Six banks to report fourth-quarter earnings. It cited higher spending on personnel, technology, advertising and taxes as reasons why its non-interest expenses hit $5.3 billion, four per cent less than last year but more than the $4.85 billion analysts expected on average in a Bloomberg survey. The results included a one-time impairment charge of $379 million related to its investment in China’s Bank of Xi’an, which it said was negatively affected by a slowing economy. Scotiabank set aside $1.03 billion aside for bad loans, down from $1.3 billion last year. Loan-loss provisions have dragged down Canadian bank earnings in previous quarters as inflation and interest rates squeezed borrowers.