August 30, 2011 / 11:54 AM / 6 years ago

UPDATE 2-Bank of Nova Scotia profit rises nearly 22 pct

* Q3 cash EPS C$1.14 vs est C$1.12

* International banking, wealth management drive profit

(Adds details)

TORONTO, Aug 30 (Reuters) - Bank of Nova Scotia’s (BNS.TO) quarterly profit rose nearly 22 percent on higher income generated from its expansive international operations and a boost from the acquisition of asset manager DundeeWealth.

Scotiabank, Canada’s No. 3 lender, said on Tuesday earnings rose to C$1.29 billion ($1.32 million), or C$1.11 a share, in its third quarter ended July 31. That compared with a profit of C$1.06 billion, or 98 Canadian cents, in the year-before period.

On a cash basis, the bank earned C$1.14 a share. Analysts had expected a profit of C$1.12 a share, according to Thomson Reuters I/B/E/S.

Profit was driven by Scotiabank’s international division, which spans about 50 countries, mostly in Latin America. Scotiabank has made several small international acquisitions in the wake of the 2008 financial crisis.

International banking income rose 27 percent.

Wealth management income rose 16 percent, driven by Scotiabank’s acquisition of asset manager DundeeWealth earlier this year.

Canadian banking, its biggest division, climbed 4 percent on loan growth, while income at the bank’s capital markets division eased 5 percent,

The results follow disappointing results by Royal Bank of Canada (RY.TO) on Friday. Shares of Canada’s largest bank sold off after the report, which showed much less markets-related profit than expected.

$1=$0.98 Canadian Reporting by Cameron French

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below