Scotiabank has reported net income of CAD2.10bn ($1.68bn) for the third quarter of fiscal year 2017, an increase of 7% compared to CAD1.96bn ($1.56bn) a year ago.
For the period ended 31 July 2017, the banking group’s total revenue was CAD6.89bn, up 4% from CAD6.64bn in the third quarter of last year.
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Net interest income rose 6% year-on-year to CAD3.83bn, while non-interest income rose 0.7% year-on-year to CAD3.06bn.
Provision for credit losses during the quarter was CAD573m, versus CAD571m in the previous year.
The group’s return on equity at the end of July 2017 stood at 14.8%.
Scotiabank president and CEO Brian Porter said: “The Bank delivered strong quarterly earnings, generating double digit growth in our Canadian and International personal and commercial banking businesses.
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By GlobalData“Our good earnings momentum supported a quarterly dividend increase of 3 cents per common share – a 7% increase from last year. As well, we remain focused on leveraging our investments in digital and enhancing our capabilities to deliver a stronger customer experience.”
