Scotiabank reports fourth-quarter profit up from year ago, raises dividend

0

TORONTO — Scotiabank reported a profit of nearly $2.6 billion in its latest quarter, up from $1.9 billion in the same quarter last year, and raised its quarterly dividend.

The first big Canadian bank to report its fourth-quarter results says it will now pay a quarterly dividend of $1 per share, up from 90 cents. Scotiabank also announced plans to buy back up to 24 million of its shares.

The profit for the quarter amounted to $1.97 per diluted share for the quarter ended Oct. 31, up from $1.42 per diluted share in the same quarter last year.

Revenue totalled nearly $7.7 billion, up from $7.5 billion a year ago.

On an adjusted basis, Scotiabank says it earned $2.10 per diluted share, up from an adjusted profit of $1.45 per diluted share in its fourth quarter last year.

Analysts on average had expected Scotiabank to earn an adjusted profit of $1.90 per share, according to data compiled by financial markets data firm Refinitiv.

Companies in this story: (TSX:BNS)