Bank of Nova Scotia beats profit estimates for third quarter By Reuters
© Reuters. FILE PHOTO: A woman leaves a Bank of Nova Scotia (Scotiabank) branch in Ottawa, Ontario, Canada, May 31, 2016. REUTERS/Chris Wattie/File Photo
TORONTO (Reuters) – Bank of Nova Scotia beat analysts’ estimates for third-quarter profit on Tuesday, driven by smaller-than-expected provisions and improvement in its Canadian and international banking divisions from last year’s sluggish performance.
Net income excluding one-off items rose to C$2.6 billion, or C$2.01 a share, in the three months ended July 31, compared with C$1.3 billion, or C$1.04, a year earlier. Analysts had expected C$1.90 a share, according to IBES data from Refinitiv.
Canada’s third-largest lender reported overall net profit of C$2.5 billion, or C$1.99 a share, up from C$1.3 billion or C$1.04, a year earlier.
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