February 25, 2020 / 11:23 AM / 5 months ago

Scotiabank quarterly profit tops estimates on strong markets unit

TORONTO, Feb 25 (Reuters) - Bank of Nova Scotia on Tuesday beat Wall Street estimates for quarterly profit, boosted by strong growth in its global banking and markets unit.

Adjusted net income at the unit surged 35%, driven by strong performance across Scotiabank’s trading businesses, and asset growth.

Meanwhile, adjusted net income from domestic banking rose 5% to C$908 million ($686.84 million), boosted by higher net interest income.

Known to have the biggest overseas presence among Canada’s major banks, Scotiabank is focused on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Colombia.

However, adjusted profit from international banking fell 17%, hit by impact of its divested operations.

Net income rose to C$2.26 billion, or C$1.84 per share, in the quarter ended Jan. 31, from C$2.11 billion, or C$1.71 per share, a year earlier.

On an adjusted basis, the lender earned C$1.83 per share, compared with analysts’ estimate for profit of C$1.74 per share, according to IBES data from Refinitiv. (Reporting by Nichola Saminather, editing by Louise Heavens)

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