Scotiabank Raises Dividend as Income Rises

Bank of Nova Scotia's income grew in its latest quarter as it grew business both in Canada and internationally.

Toronto-based Scotiabank, one of Canada's largest banks, said Tuesday it earned 2.1 billion Canadian dollars ($1.69 billion) in the quarter ended July 31, up from C$1.96 billion a year earlier.

Earnings per share climbed to C$1.66 from C$1.54 while revenue rose 4% to C$6.89 billion. Analysts polled by Thomson Reuters had expected earnings per share of C$1.64 on revenue of C$6.98 billion.

Scotiabank Chief Executive Brian Porter said both Canadian and international personal and commercial banking earnings jumped more than 10% from last year as loans and deposits grew.

As a result, the bank increased its quarterly dividend by 7% percent to C$0.79.

In its third-quarter, the bank's fee-based income rose 1% while net interest income rose 6%. Continued investments in digital banking and customer experience improvements caused the company's non-interest expenses to rise 5%.

The loan-loss provision didn't materially change, as higher retail provisions were offset by improved provisions elsewhere.

(END) Dow Jones Newswires

August 29, 2017 07:06 ET (11:06 GMT)