Scotiabank tops second-quarter profit estimates, raises dividend
Scotiabank reported a second-quarter profit that exceeded analysts' expectations, driven by strong performance in its Canadian banking unit. The bank earned $2.6 billion, or $2.00 per share, compared to $2 billion, or $1.48 per share, in the same quarter last year. Scotiabank also raised its quarterly dividend by 4 cents to $1.14 per share as part of its strategy to enhance profitability.
- ▪Scotiabank earned $2.6 billion in the second quarter, surpassing analysts' estimates.
- ▪The bank raised its quarterly dividend by 4 cents to $1.14 per share.
- ▪Total revenue rose 8 percent to $9.8 billion, while expenses increased by 2 percent to $5.2 billion.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountBank of Nova Scotia BNS-T reported higher second-quarter profit that beat analysts’ estimates on a boost from its Canadian banking unit as the lender seeks to bolster its profitability. Scotiabank earned $2.6-billion, or $2.00 per share, in the three months that ended April 30. That compared with $2-billion, or $1.48 per share, in the same quarter last year. Adjusted to exclude certain items, the bank said it earned $2.02 per share. That edged out the $1.93 per share analysts expected, according to data from Bloomberg.
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