Scotiabank posts lower net profit but raises dividend

Tue Aug 27, 2013 7:49am EDT
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Aug 27 (Reuters) - Bank of Nova Scotia's third-quarter profit fell 14 percent after a big gain from a sale in the year-before period, Canada's No. 3 bank said on Tuesday.

The bank, known as Scotiabank, also raised its quarterly dividend by 3 percent to 62 Canadian cents a share.

Net income was C$1.8 billion, or C$1.37 a share, in the fiscal third quarter ended July 31. That compared with a year-before profit of C$2.1 billion, or C$1.69 a share, when net income was boosted by a C$614 million gain on the sale of the bank's main Toronto office tower.