Scotiabank profit beats expectations

Bank of Nova Scotia wrapped up the Canadian banking industry’s first-quarter earnings season with a $988-million profit that was up 17 per cent from a year earlier and ahead of analyst estimates.

Scotiabank says that was the equivalent of 91 cents per diluted share or 93 cents on a cash basis, with $3.9 billion in revenue.

Analysts had been looking for 88 cents per share in earnings and $3.8 billion in revenue, according to estimates compiled by Thomson Reuters.

Scotiabank’s provisions for credit losses was increased to $371 million, up from $281 million a year ago but down from $420 million in the prior quarter.

Its Canadian banking operations performed especially well, with record net income of $560 million _ up 28 per cent from a year earlier.

Net income from Scotiabank’s international banking operations was $294 million.

Most of Canada’s big banks came out with profits ahead of analyst expectations, with Royal Bank of Canada being the sole exception.

www.thestar.com