Sco­tia­bank profit climbs 5 per­cent

The Pak Banker - - COMPANIES/BOSS -

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.

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