Scotiabank Q1 profit rises 10% to $2.01 billion of net income, raising dividend

Scotiabank has $2 billion of net income in Q1

TORONTO — Scotiabank had $2.01 billion of net income during the first quarter, up 10 per cent from the same period last year on strong results from its Canadian and international banking operations.

The earnings amounted to $1.57 per diluted share, up from $1.43 per diluted share a year ago, when Scotiabank had  had $1.81 billion of net income during the first quarter.

After adjustments, Scotiabank had $1.58 of earnings per diluted share — one cent higher than analyst estimates, according to Thomson Reuters data.

The bank (TSX:BNS) also announced it had $6.87 billion of revenue during the quarter, up $500 million from $6.37 billion during the first period of last year.

Scotiabank said its dividend will go up by two cents to 76 cents per share, payable on April 26.

“Canadian banking had another strong quarter, achieving solid results while investing in digital capabilities to improve customer experience,” Brian Porter, Scotiabank president and CEO, said in a statement.

“International banking continues to generate momentum with record quarterly results reflecting the sixth consecutive quarter of earnings exceeding $500 million. The results were underpinned by solid growth in our key Pacific Alliance countries where we continue to see great potential.”

 

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The Canadian Press