Bank of Nova Scotia (BNS.TO) beat fiscal first-quarter profit estimates on the back of double-digit gains in its Canadian and international retail banking operations.

Net income in the three months ending Jan. 31 was $2.34 billion, compared with $2.01 billion a year earlier.

After stripping out a $150-million gain tied to the “remeasurement of an employee benefit liability,” the bank’s adjusted profit per share was $1.74. Analysts, on average, were expecting $1.68. Scotia also announced it will raise its quarterly dividend three cents to 82 cents per share.  

“We continue to focus on internal alignment and harnessing the untapped potential within our businesses and our operations, which will create medium and long-term value for our shareholders,” CEO Brian Porter said in a press release.

“We are pleased with our strong start to the year,” he added, “and remain focused on driving primary customer growth and delivering an improved customer experience in all of the markets in which we operate.”

Profit in the bank’s Canadian unit rose 12 per cent to $1.1 billion, with Scotia crediting a rise in net interest income.

The bank earned $667 million in its international division, marking a 16-per-cent improvement from the year-ago period.

Scotia’s Global Banking and Markets division weighed on the bottom line in the first quarter, with profit slipping three per cent.

“Scotia reported a strong quarter, ahead of consensus, capped with a larger than expected increase to its dividend,” wrote Barclays Capital Analyst John Aiken in a report to clients. “With the banks that have reported before Scotia also exceeding expectations, we believe that the bar has been raised in the quarter.”