Scotiabank Q2 profit rises, results beat estimatesStaff writer ▼ | June 2, 2015
Bank of Nova Scotia (Scotiabank) reported a 2 percent increase in profit for the second quarter from last year. Both revenue and adjusted EPS for the quarter beat analysts' expectations.
Bank of Nova Scotia A 2 percent increase in profit
Halifax, Canada-based Scotiabank, Canada's third largest bank, reported second-quarter net income attributable to common shareholders of C$1.73 billion or C$1.42 per share, up from C$1.70 billion or C$1.39 per share in the year-ago quarter.
Excluding items, adjusted earnings for the quarter were C$1.43 per share, compared to last year's C$1.40 per share.
On a taxable equivalent basis, total revenue for the quarter was C$5.94 billion, up 4 percent from C$5.73 billion in the prior-year quarter. Analysts were looking for revenue of C$5.90 billion for the quarter.
Net interest income for the quarter grew 5 percent to C$3.20 billion from C$3.05 billion in the prior-year period. Non-interest income was C$2.74 billion, up 3 percent from C$2.67 billion last year.
Canadian Banking net income rose 1 percent to C$829 million, reflecting growth in assets and deposits, an increase in the net interest margin, and higher non-interest income.
Global Banking & Markets net income increased 3 percent from the year-ago period to C$449 million, driven by the positive impact of foreign currency translation and by strong results in capital markets and Canadian lending.
International Banking net income decreased 1 percent from last year to C$447 million. Strong loan growth across most geographies was partly offset by margin compression, particularly in the company's Latin American markets. ■