Skip to main content
Complete Olympic Games coverage at your fingertips
Your inside track on the Olympic Games
Enjoy unlimited digital access
$1.99
per week for 24 weeks
Complete Olympic Games coverage at your fingertips
Your inside track onthe Olympics Games
$1.99
per week
for 24 weeks
// //

A man walks past a Scotiabank branch on Bloor Street West in Toronto in this file photo.

Darren Calabrese/The Globe and Mail

Bank of Nova Scotia hiked its dividend by nearly 4 per cent as third-quarter profit climbed faster than expected.

Canada's third-largest lender by assets reported profit of $2.1-billion for the quarter that ended July 31, up 7 per cent from $1.96-billion a year ago.

The bank earned $1.66 per share, up from $1.54 a share in the same quarter last year.

Story continues below advertisement

Adjusted to exclude certain items, the bank earned $1.68 per share. Analysts surveyed by Bloomberg were expecting $1.64 a share.

Scotiabank's dividend increased by 3 cents a share to 79 cents per share.

"We are pleased with our results," said chief executive officer Brian Porter, in a news release, pointing to "strong performance of our underlying businesses, combined with high capital levels."

Scotiabank's common equity tier 1 ratio – one measure used to assess the strength of a bank's capital – rose to 11.3 per cent, from 10.5 per cent a year ago.

Return on equity remained flat at 14.8 per cent compared with the third quarter of 2016.

The bank also generated higher profit from each of its three main business lines. Earnings in Scotiabank's core Canadian retail arm rose 12 per cent to $1.05-billion, though 4 per cent of the increase came from higher gains on the sale of real estate.

In the international division, which includes operations in Mexico, Peru, Chile and Colombia, profit climbed 16 per cent higher than it was a year ago, to $614-million.

Story continues below advertisement

And the global banking and markets division bucked a recent trend of declining capital markets earnings by posting profit of $441-million, up 5 per cent from the same quarter a year ago. Higher contributions from the bank's equities business helped drive the improved results.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies