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Bank of Nova Scotia, Canada’s third-largest lender by assets, said quarterly profit rose 6.1 percent, led by higher earnings in domestic and international operations. The bank raised its dividend 2.8 percent to 74 cents a share.
Net income for the fiscal third quarter ended July 31 rose to C$1.96 billion ($1.5 billion), or C$1.54 a share, from C$1.85 billion, or C$1.45, a year earlier, the Toronto-based bank said Tuesday in a statement. Scotiabank said profit excluding some items was C$1.55 a share, topping the C$1.48 average estimate of 15 analysts surveyed by Bloomberg.
Chief Executive Officer Brian Porter has been focusing on retail lending in Mexico, Chile, Colombia and Peru to take advantage of the relative economic stability, demographics and growth prospects in those Latin American nations. The lender has operations in more than 55 countries.
“We are very pleased with continued strong quarterly results in international banking and remain positive about the medium and longer term potential for these markets,†Porter, 58, said in the statement. Scotiabank is the fifth of Canada’s six largest lenders to post results. National Bank of Canada is scheduled to report on Wednesday.