Scotiabank: Better-than-expected quarterly results

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Bank of Nova Scotia announced earnings growth in the fourth quarter, exceeding analysts’ estimates, while revenues increased but were lower than forecast.

The Canadian banking and financial services group said earnings per share stood at C $ 1.97 (US $ 1.55) for the period up to October 31, up from C $ 1.42 a year ago.

Net income was C $ 2.49 billion compared to C $ 1.83 billion. Return on equity increased to 14.8% from 11%.

Adjusted earnings were at $ 2.10 per share, while estimates were at $ 1.91 per share.

Scotiabank said total revenue rose to C $ 7.69 billion from $ 7.51 billion, compared to estimates of C $ 7.92 billion.

Net interest income fell slightly to $ 4.22 billion from $ 4.27 billion.

The bank said its credit loss forecast was C $ 96 million, up from C $ 330 million a year earlier.

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Source From: Capital

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