Scotiabank quarterly profit rises slightly, falls short of expectations

Bank of Nova Scotia reported modestly higher profit in the second fiscal quarter as improved revenue was mostly offset by increased costs and higher provisions for loan losses.

For the quarter that ended Apr. 30, Scotiabank reported profit of $2.26-billion, or $1.73 per share, compared with profit of $2.18-billion, or $1.70 a share, a year ago.Adjusted to exclude costs from acquisitions and gains from divestitures, Scotiabank earned $1.70 per share. On average, analysts had expected adjusted earnings per share of $1.74, according to data from data from Refinitiv.

The bank held its quarterly dividend steady at 87 cents per share, and announced that it intends to buy back up to 24 million shares. Profit from the core Canadian banking division rose 3 per cent to $1.05-billion, as the bank posted solid growth in loans and deposits. The division also benefitted from the bank’s acquisition of two wealth managers last year: Jarislowsky Fraser Ltd. and MD Financial Management. Scotiabank’s residential mortgage balances increased by only 2 per cent amid challenging conditions in housing markets, but credit card balances rose 6 per cent and business loans improved by 9 per cent.

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