Canada's Scotiabank fourth-quarter earnings up 4 percent
29 November, 2017, 01:28
Bank of Nova Scotia's (BNS.TO) fourth-quarter profit rose three per cent as double-digit growth in its core Canadian banking and global units was partially offset by weakness in capital markets. Bank of Nova Scotia's quarterly earnings, released at the start of the Canadian bank earnings season, also missed expectations. Analysts had on average forecast earnings of C$1.66 per share, Thomson Reuters I/B/E/S data showed. "Soft revenues held back the results this quarter".
Lower trading revenue and investment-banking fees contributed to a 15 per cent drop in earnings for Scotiabank's capital markets business, the only division to report a decline for the fiscal period ended October 31. "However, there is very little in our first cut on the earnings to dissuade us on our growth thesis for the bank". Canada's six largest are expected to increase profit by an average 6 per cent in the period from a year earlier, according to Bloomberg Intelligence analyst Paul Gulberg.
In Scotiabank's worldwide arm, profit climbed by 11 per cent to $605-million, as the impact of hurricanes that battered its Caribbean operations were mostly offset by gains from the sale of a retail loan portfolio in the region. Should it choose not to exercise, BBVA will sell to Scotiabank.
Its key measure of financial health, the common equity tier 1 ratio (CET1), increased to 11.5 per cent, up from 11.3 per cent in its third quarter and 11.0 per cent in the fourth quarter a year ago. On an adjusted basis, Scotia earning $1.65 per share. The stock was trading down 1.83 per cent at $81.95 by mid-afternoon.
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