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Aug 28, 2018

Bank of Nova Scotia raises dividend as adjusted profit rises

BMO, Scotiabank see strength outside of Canada in Q3

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Earnings season resumed on Tuesday with Bank of Nova Scotia continuing the trend of sweeter dividends, while the lender's total profit slipped on acquisition costs

Scotiabank's net income dipped to $1.94 billion in its fiscal third quarter from $2.1 billion a year earlier amid costs tied to its recent M&A spree, notably including its $950-million purchase of Jarislowsky Fraser, which closed on May 1.

Stripping out one-time items, Scotiabank earned $2.26 billion in the three months ending July 31, compared to $2.12 billion a year earlier. On an adjusted per share basis, the bank earned $1.76; analysts, on average, expected $1.77.

The bank also announced it will raise its quarterly dividend three cents to $0.85 per share.

Scotiabank's profit gains were driven by its core Canadian banking division, which saw adjusted earnings rise nine per cent year-over-year to $1.14 billion. Meanwhile, adjusted profit in the bank's international unit climbed 15 per cent to $715 million.

"The strong results from our Pacific Alliance operations demonstrate the continued strength of our diversified geography and business mix and our recent acquisitions will continue to enhance our operations in this key region. In the next quarter, we look forward to completing the acquisition of MD Financial," said CEO Brian Porter in a statement.