Scotiabank tops estimates, boosts dividend

Noah Zivitz, Managing Editor, BNN

People walk past and leave Scotiabank in Toronto on Thursday, April 9, 2015. , The Canadian Press/Nathan Denette

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Bank of Nova Scotia (BNS.TO) narrowly edged past profit expectations on Tuesday and rewarded shareholders with a dividend sweetener.

Scotia earned $2.1 billion in its fiscal third-quarter, versus $1.96 billion a year ago. On a per share basis, Scotia earned $1.66. The average analyst estimate was $1.64 per share.

Profit in the bank's core Canadian banking division rose to $1.05 billion, thanks in part to gains from a sale of real estate assets.

The closely-watched international banking division posted a 16 per cent rise in profit to $614 million.

Meanwhile, Scotia managed to buck a trend in the banking sector by posting profit growth in its global banking and markets division.

The lender is also raising its quarterly dividend by three cents to 79 cents per share.

"We are pleased with our results," Scotiabank CEO Brian Porter said in a press release.

"The strong performance of our underlying businesses, combined with high capital levels, will allow the Bank to continue making strategic investments, enhance our customer experience and drive sustainable results for our shareholders.”