The Bank of Nova Scotia reported a third-quarter profit of $2.95 billion, up from $2.53 billion a year ago, helped by strength across its business.
The bank said Tuesday the profit amounted to $2.27 per diluted share for the quarter ended July 31, up $1.84 per diluted share in the same quarter last year.
On an adjusted basis, Scotiabank says it earned $2.28 per diluted share in its latest quarter, up from an adjusted profit of $1.88 per diluted share a year earlier.
Revenue for the quarter totalled $10.54 billion in its third quarter, up from $9.49 billion in the same quarter last year.
Scotiabank’s provision for credit losses for the quarter amounted to $1.08 billion, up from $1.04 billion a year ago.
Analysts on average had expected an adjusted profit of $2.10 per share and $9.99 billion in revenue, according to LSEG Data & Analytics.
“Q3 was a record quarter for the bank, as all business lines reported strong results and we exceeded our medium-term objectives in the period,” Scotiabank chief executive Scott Thomson said in a statement.
“In particular, we exceeded our 14% return on equity target this quarter, highlighting the improvements that we have made across the bank to increase margins and fee income.”
Scotiabank said its Canadian banking business earned a profit attributable to equity holders of $1.07 billion, up from $958 million a year ago, boosted by higher revenues, partly offset by higher non-interest expenses and provision for credit losses.
The bank’s international banking operations earned $725 million attributable to equity holders, up from $670 million in the same quarter last year.
Scotiabank’s global wealth management business earned $515 million attributable to equity holders, up from $417 million a year ago, while its global banking and markets business earned $647 million in its latest quarter, up from $473 million in the same quarter last year.