Scotiabank hikes dividend as third-quarter profits rise to $1.98 billion
Posted August 27, 2019 6:46 am.
Last Updated August 27, 2019 10:32 am.
This article is more than 5 years old.
TORONTO — The Bank of Nova Scotia raised its dividend as its third-quarter earnings beat expectations, with growth in international banking offset by acquisition and divestiture-related costs and lower profits in global banking and markets.
The Toronto-based lender says it will raise its quarterly payment to shareholders by three cents to 90 cents per share.
The dividend hike came as Scotiabank reported net income for the quarter ended July 31 of $1.98 billion or $1.50 per diluted share, compared with $1.94 billion or $1.55 a year prior.
On an adjusted basis, the Toronto-based lender says it earned $2.455 billion or $1.88 per diluted share, compared with $2.26 billion or $1.76 during the same period in 2018.
Analysts had expected a profit of $1.85 per diluted share, according to the financial markets data firm Refinitiv.
Scotiabank chief executive Brian Porter says “meaningful progress” was made during the quarter to reposition the bank and simplify its operations, such as the divestiture of its operations in Puerto Rico and U.S. Virgin Islands.
“As a result, we are better positioned for growth in our key markets,” he said in a statement.
Companies in this story: (TSX:BNS)
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