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Nov 28, 2017

Scotiabank’s Q4 profit inches up 3% amid Canadian, international growth

Scotiabank offers $2.9 billion for BBVA's stake in Chilean bank

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Bank of Nova Scotia's (BNS.TO) fourth-quarter profit rose three per cent as double-digit growth in its core Canadian banking and international units was partially offset by weakness in capital markets.

Net income in the fourth quarter reached $2.07 billion, compared with $2.01 billion a year earlier. On an adjusted basis, Scotia earning $1.65 per share. Analysts, on average, expected $1.66 in adjusted earnings per share.

"In 2017, we made further progress against our strategic agenda, while also driving other key initiatives across the organization including diversity and partnerships," said CEO Brian Porter in a press release.

"We are focused on building the bank for long-term success by strengthening our core businesses and embracing a performance-oriented culture that will bring value to our shareholders, our customers and our employees."

Scotia's Canadian banking profit rose 12 per cent in the fourth quarter to $1.07 billion, with much of that growth coming from a one-time gain tied to the sale of its HollisWealth unit earlier this year.

International banking profit rose 11 per cent to $605 million amid loan and deposit growth in Latin America. Scotia noted that the impact from destructive hurricanes in the quarter was almost entirely offset by an asset sale in the Caribbean.

The weak spot in the quarter was Scotia's global banking and markets division, where profit sank 15% amid a slowdown in its fixed income and precious metals units.

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