Bank Of Nova Scotia 2Q Net Down 10%; Gains Help Year-Ago Results
First Published Tuesday, 29th May 2012 12:36 pm - © 2012 Dow Jones
Dow Jones NEWSWIRES
Bank of Nova Scotia (BNS) said its fiscal second-quarter profit fell almost 10% to C$1.46 billion in the absence of acquisition-related gains recorded in the year-earlier period.
The Canadian chartered bank, Canada's third-largest by assets, said earnings excluding the year-earlier gains were up 16%, fueled by improved performances across all of its business lines.
The bank said it earned C$1.46 billion, or C$1.15 a share, in its latest quarter, down from C$1.62 billion, or C$1.39 a share, a year earlier. Results in the year-earlier quarter benefited from gains totaling 33 Canadian cents a share.
Adjusted earnings, which the bank said add back the non-cash, after-tax amortization of intangible assets, fell to C$1.18 a share from C$1.41 a share, but came in ahead of the Thomson Reuters mean estimate of C$1.15 a share.
Scotiabank said revenue edged up to C$4.70 billion from C$4.63 billion. Analysts were projecting revenue of C$4.60 billion.
The bank said loan-loss provisions totaled C$264 million, down from C$270 million a year earlier. Return on equity was 18.6% versus 25.7%.
Scotiabank said Canadian banking operations added C$461 million to results in the latest quarter and International banking added C$448 million.
"Based on our strong performance in the first half of the year, we remain confident of achieving our goals and targets for 2012," Scotiabank said in its earnings release.
-By Judy McKinnon, Dow Jones Newswires; 416-306-2100; email@example.com