Scotiabank beats, boosts dividend

|By:, SA News Editor

FQ1 net income of $1.814M or $1.43 per share vs. $1.726M and $1.35 one year ago.

Canadian Banking net income of $875M up 7% Y/Y.

International Banking net income of $505M up 21% Y/Y, helped by positive currency effects.

Global Banking and Markets net income of $366M down 9% Y/Y, with higher provisions for credit losses, and lower contributions from investment banking.

Provisions for credit losses of $539M up 16%, and as a percentage of loans up three basis points to 0.45%. Higher provisions in oil and gas were a culprit.

CET1 ratio of 10.1% down 20 bps for the quarter.

Dividend is hiked by two cents to $0.72 per share, quarterly.

Conference call at 8 ET

Previously: Bank of Nova Scotia beats by C$0.01, beats on revenue (March 1)

BNS flat premarket

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