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Scotiabank reports $1.9 billion in Q3 profit

Posted on Aug 30, 2016 by in Scarborough | 0 comments

Scotiabank reports $1.9 billion in Q3 profit

TORONTO — Scotiabank (TSX:BNS) saw its third-quarter profit climb six per cent from a year ago to $1.96 billion on strong earnings from its Canadian and international banking businesses.

That compares with net income of $1.85 billion during the third quarter of 2015.

The earnings amounted to $1.54 per share, up from $1.45 per share during the same period last year.

Revenue grew to $6.64 billion, up from $6.12 billion a year ago.

Meanwhile, provisions for credit losses — the money set aside for bad loans — fell to $571 million, down $181 million from the previous quarter largely thanks to lower losses in the energy sector.

Scotiabank also announced it is raising its quarterly dividend by two cents per share to 74 cents.

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By The Canadian Press

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