Scotiabank takes C$116m XVA charge

Canadian lender Scotiabank took a one-off hit to its trading income in the three months to end-January, after revamping the way it values uncollateralised derivatives.

The pre-tax charge of C$116 million ($87 million) was mostly absorbed by its global banking and markets division, which posted quarterly revenues of C$372 million. Without this fee or other adjustments, income would have been +21% higher.

The cause was an update to the way the bank calculates derivatives valuation adjustments

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