They also include an impairment charge of $280 million after-tax related to its investment in Bank of Xi’an Co. Ltd. as well as the impairment of certain intangible assets including software.
Scotiabank noted that the market value of Bank of Xi’an has remained below the bank’s carrying value for a prolonged period.
“We expect the savings on the above items to be achieved throughout fiscal 2024 and anticipate full run-rate benefits in fiscal 2025,” the bank said in a statement.