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Scotiabank reported fourth-quarter net income of $2.09 billion, down from $2.56 billion in the same quarter last year.

The bank says the profit amounted to $1.63 per diluted share for the quarter ended Oct. 31, down from $1.97 per diluted share a year earlier.

Revenue for the quarter totalled $7.63 billion, down from $7.69 billion in its fourth quarter last year.

Provisions for credit losses totalled $529 million, up from $168 million in the same quarter a year ago.

Assets under management (AUM) were $311.1 billion as of Oct. 31, down by 10% from $345.8 billion a year earlier, “driven by market depreciation.” AUM in mutual funds dropped by 11% to $184.1 billion as of Oct. 31 from $206.9 billion a year earlier.

Global wealth management revenues were $1.29 billion in Q4, down by 4% from $1.35 billion a year earlier, while reported net income dropped by 6% to $363 million from $387 million.

“Challenging market conditions drove declines in assets under management, impacting fee income, partly offset by strong growth in the advisory business and continued prudent expense management,” Scotiabank said in a release.

On an adjusted basis, Scotiabank says it earned $2.06 per diluted share, down from an adjusted profit of $2.10 per diluted share a year earlier.

Analysts on average had expected a profit of $2.00 per share, according to financial markets data firm Refinitiv.