Scotiabank earnings up 14%; to buy back 12M shares

Net income of $1.8B up 14% Y/Y. Adjusted EPS of $1.40 up 14%.

Net interest income of $3.054B up 10% Y/Y, with core banking margin of 2.42% up 12 basis points. Noninterest revenue of $2.755B up 9.6%. Provision for credit losses of $375M up 9.3%. Operating expenses of $2.995B up 5%.

Canadian banking net income of $565M up 12%.

International banking net income of $416M about flat.

Global Wealth & Insurance net income of $345M up 11%.

Global Banking & Markets net income of $724M falls 2%, with weak capital markets offsetting big gains in investment banking.

BNS receives regulatory approval to buy back up to 12M shares or about 1% of the float.

Previously: Bank of Nova Scotia beats by C$0.08, beats on revenue

CC at 8 ET

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