Bank Of Nova Scotia Posts Earnings Beat, Raises Dividend 3%
Bank of Nova Scotia has reported better-than-expected financial results and raised its quarterly dividend by 3% as profits increased in most of its business units.
Scotiabank said net income in its fiscal second quarter, which ended on April 30, rose to $2.75 billion from $2.46 billion a year earlier. The lender earned $2.18 per share, well above the $1.97 in earnings per share forecast by analysts.
The bank also announced that it is raising its quarterly dividend to $1.03 a share from $1.00 previously, effective on July 27.
Profit in Scotiabank’s core Canadian banking division rose 27% year-over-year to $1.18 billion in the latest quarter.
Read:
Innovative Food Stocks Responding to Conflict-, and Drought-Driven Food Supply Shocks
Crypto Miners Finding Success While Shifting Towards Environmentally Sustainable Operations
New Approaches Towards Immunotherapy Give Hope in Fight Against Solid Tumors
As a Major Social Media Shuffle Looms, Uptake and Value of Dogecoin (DOGE) Surges
New Regions Being Developed to Produce More Oil Amid Government’s Calls for More Output
Scotiabank also said it had an average of $271.8 billion in residential mortgages on its Canadian loan book in the quarter, up almost 3% from the previous quarter.
Growth in Scotiabank's international division was even stronger as net income surged 44% year-over-year to $605 million as provisions for loan losses fell and revenue climbed.
Scotiabank's Global Banking and Markets division was a profit drag, however, as net income slumped 6% year-over-year to $488 million, which the bank attributed to higher non-interest expenses and lower income.