Scotia reduces mortgage exposure but not “overly concerned”

Scotiabank has reduced its exposure to the potential risk of a housing crash but stressed that it is not “overly concerned” about the market.

Executives said Tuesday that the bank’s decline in market share in the mortgage market is an active policy with a tightening of its lending restrictions and fewer pre-approvals.

However, they said that despite concerning signs in the housing markets in Toronto and Vancouver the lender is “being prudent” in protecting itself from any issues in the market.

The lender reported its quarterly earnings showing revenue up to $6.64 billion in the third quarter compared to $6.12 billion a year earlier; profit was up to $1.96 billion from $1.85 billion a year earlier.

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