Scotiabank Q2 net income $1.6 billionStaff writer ▼ | Wednesday May 29, 2013 4:08AM ET
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. ■