Bank of Nova Scotia misses 1Q earnings and revenue expectations

MarketsAssociated Press

TORONTO (AP) — The Bank of Nova Scotia (T.BNS) on Tuesday reported fiscal first-quarter net income of $1.3 billion (1.65 billion CAD).

The Toronto-based company said it had net income of $1.07 per share. Earnings, adjusted for non-recurring costs, came to $1.07 per share.

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The results did not meet Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The bank posted revenue of $4.63 billion (5.86 billion CAD) in the period, which also did not meet Street forecasts. Analysts expected $4.64 billion, according to Zacks.

Bank of Nova Scotia shares have climbed roughly 1 percent since the beginning of the year. The stock has risen 4.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on T.BNS at http://www.zacks.com/ap/T.BNS

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Keywords: Bank of Nova Scotia, Earnings Report