Scotiabank profit climbs 5 percent
Bank of Nova Scotia, Canada's third- largest lender by assets, said fiscal first-quarter profit rose 5 percent on higher earnings from its international business. Net income for the period ended Jan. 31 climbed to C$1.81 billion ($1.34 billion), or C$1.43 a share, from C$1.73 billion, or C$ 1.35, a year earlier, the Toronto- based bank said Tuesday in a statement. The lender raised its quarterly dividend 2.9 percent to 72 Canadian cents a share.
"We delivered strong earnings to start 2016 with solid top line growth in both our Canadian banking and our international banking businesses," Chief Executive Officer Brian Porter, 58, said in the statement. "Mexico, Peru, Chile and Colombia continued to deliver robust loan, deposit and fee growth."
Scotiabank shares fell 2.2 percent this year through Monday, less than the 4.4 percent decline by the eight-company Standard & Poor's/TSX Composite Commercial Banks Index. Scotiabank is the last of Canada's six largest lenders to report quarterly results.