www.marketscreener.com/...h-Higher-Markets-Earnings-30059676/
Bank of Nova Scotia : Scotiabank 1Q Profit Rises With Higher Markets Earnings
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02/25/2020 | 02:10pm GMT
By Robb M. Stewart
Bank of Nova Scotia's first-quarter profit rose 3.5% thanks in part to a jump in earnings in its markets business.
Net income increased for the period to C$2.33 billion, or C$1.84 a share, from C$2.25 billion, or C$1.71, a year earlier, the big Canadian bank said Tuesday. Adjusted earnings came in at C$1.83 a share.
Scotiabank said adjusted earnings from its Canadian banking business was up 5% year-over-year thanks to strong volume growth and a lift in non-interest income and its international banking arm delivered strong loan and deposit growth in its Pacific Alliance while progress was made consolidating its footprint with the completion of the sale of operations in Puerto Rico, the U.S. Virgin Islands, El Salvador and the reduction in its investment in Thailand.
Its global wealth management business, in its first quarter reporting as a separate business line, logged adjusted earnings growth of 11% over the same period last year. The global banking and markets business increased adjusted earnings 35% over last year, with strong performance across the trading businesses and asset growth, Scotiabank said.
Over all, revenue rose 7.1% to C$8.14 billion from C$7.60 billion. Net interest income grew for the quarter to C$4.39 billion from C$4.27 billion a year earlier, and non-interest income was up at C$3.75 billion against C$3.33 billion.
Write to Robb M. Stewart at robb.stewart@wsj.com
