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Scotiabank Q2 net income $1.6 billion

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Staff writer |
ScotiabankCanadian Scotiabank reported second quarter net income of $1,601 million compared with net income of $1,460 million in the same period last year, and increase of 10%.

Diluted earnings per share were $1.23, compared to $1.15 in the same period a year ago. Return on equity remained at 16.2%.

"We continue to have very strong results this quarter driven by very good revenue growth. Each business line made a solid contribution to these good results," said Rick Waugh, Scotiabank CEO.

Canadian Banking saw a net income of $547 million, International Banking reported another solid quarter with net income of $471 million, and in Asia the bank saw a healthy contribution from an investment in Thanachart Bank in Thailand.

With net income of $335 million, Global Wealth Management had a very strong second quarter. Operating revenues were in excess of $1 billion for the first time and ScotiaFunds mutual fund sales were a record high.

Global Banking and Markets had a net income of $361 million. The bank's Common Equity Tier 1 capital ratio, on an all-in basis, was 8.6%, well above the 7% minimum.

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