Scotiabank earnings soar 57% in Q3

Scotiabank profits grew by 57% in the Q3 2012, as its divisions boosted performance and benefited from the sale of the bank’s Toronto headquarters.

It’s raising its quarterly dividend by two cents, to 57 cents per share.

Net income for the period was $2.05 billion, or $1.69 per share, a rise of $1.3 billion compared to Q3 2011.

Scotiabank’s Core EPS—a measurement the bank says best compares with analyst predictions—was $1.22 per share. Thomson Reuters says analysts, on average, expected earnings of $1.19 per share.

Revenue increased to $5.51 billion from $4.3 billion.

“Canadian banking had a very strong quarter with good volume growth, disciplined expense control and lower provisions,” says Scotiabank president and CEO Rick Waugh.

Read: Canadian banks are safe

The bank says the results included an after-tax gain of $614 million from the sale of its Toronto headquarters, a 68-storey tower near the corner of King and Bay streets.

Read: Housing market cools: Scotiabank report

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.