Scotiabank, Canada’s third largest bank by
assets, has posted positive and strong results for six months to
end-April:

Scotia’s net income in the second quarter was
C$1.54bn ($1.59bn) – a 40% increase over the same period a year
ago.

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Cumulative net income for the six months to
end-April was C$2.6bn, 30% higher than the corresponding period a
year ago.

Net interest income rose 7.3% to C$4.5bn
year-on-year.

Total assets were C$571.54bn, 8.6% higher than a year ago.

 

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Second quarter highlights

Provisions continued to fall at the bank’s
Canadian retail division, totalling C$123m, which represented a
17.4% decline over the year ago quarter;

Provisions at the bank’s international retail
banking unit fell 7.2% year-on-year to C$116m;

Total deposits rose 6.7% year-on-year to
C$396bn, while personal loans increased by 5.5% to C$131bn.

Total loans rose by 4.8% to C$286.7bn, but
personal and credit card loans remained unchanged from a year ago
at C$61bn.

 

Canadian net income down,
international net income up

In Canada, Scotia’s net income fell by 1.5%
year-on-year to C$444m – but strong organic growth in retail and
commercial banking outside of its home market boosted Scotia’s
international banking net income by 56.4% over the year-ago quarter
to C$402m.

Personal loans in Canada rose marginally by
just under 1% from a year ago to C$36.6bn, while credit card loans
declined by 0.4% to C$8.7bn. On a positive note, personal deposits
increased by 3.9% to C$100.4bn.

Scotia’s market share in Canada improved
marginally:

Market share in residential mortgages rose
from 20.28% to 20.47%;

Market share in personal lending fell from
18.26% to 18.14%, and

Market share in personal deposits rose from
10.89% to 10.94%.