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Scotiabank Q1 net income jumps to $2.337 billion

Staff Writer | February 27, 2018
Scotiabank reported first quarter net income of $2,337 million compared to $2,009 million in the same period last year.
Scotiabank   Scotiabank increased its quarterly payment
Diluted earnings per share were $1.86, compared to $1.57 in the same period a year ago. Return on equity was 16.2% compared to 14.3% last year.

This quarter's earnings included an accounting benefit of $150 million ($203 million pre-tax), or 12 cents of diluted earnings per share, driven by remeasurement of an employee benefit liability from certain plan modifications.

Scotiabank increased its quarterly payment to common shareholders by three cents per share to 82 cents per share.

The lender's Canadian banking division reported net income attributable to shareholders of $1.1 billion, up 12 percent compared to the same period a year earlier.

Scotiabank's Canadian residential mortgage portfolio was $208 billion, up roughly 6.7 percent from $195 billion a year earlier.

For comparison, the bank saw 2.6 percent growth in its domestic residential mortgage portfolio in the fiscal first quarter of 2017, up from $190 billion in the first quarter of 2016.