(August 29 – 11:30 ET) – Bank of Nova Scotia today said its third-quarter net income climbed 38% to $548 million, the biggest three-month profit in its history.
The bank, whose earnings per share rose 40% to $1.05 in the quarter, increased its quarterly dividend to 28¢ from 24¢.
The bank’s return on equity climbed to 19.8% from 15.3% in the same quarter of 1999.
“Scotiabank has delivered a very good quarter, with all of the bank’s
major business lines making a substantial contribution to our results,” said chairman and CEO Peter Godsoe.
“We are well positioned to continue to deliver sustained growth in our core earnings, reflecting the strength of our diversified operations, our above-average efficiency and our focus on anticipating and meeting the evolving needs of our customers.”
“Domestic Banking, including wealth management, led the record quarter, growing 15% quarter-over-quarter and 49% year-over-year, thanks to continued growth in assets, higher retail and commercial fee income, a substantial rise of 33% in retail brokerage revenue and the sale of the bank’s stock transfer business,” Godsoe said.
-IE Staff