Scotiabank Q4 Net Income Rises

(RTTNews) - Scotiabank (BNS.TO, BNS) reported fourth-quarter net income to shareholders of C$1.75 billion, compared to C$1.34 billion, last year. Earnings per share were C$1.45, compared to C$1.10. Adjusting for the notable items in prior year period, net income was up 8%. Adjusted earnings per share was C$1.46, for the quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of C$1.43 for the quarter. Analysts' estimates typically exclude special items. Scotiabank said its strong asset growth and the positive impact of foreign currency translation were partly offset by increased provision for credit losses and higher non-interest expenses.

Net interest income on a taxable equivalent basis was C$3.37 billion, an increase of 9%. The company said the increase was attributable to asset growth primarily in retail and commercial loans in International Banking, automotive and commercial loans in Canadian Banking, corporate loans in Global Banking and Markets, and the positive impact of foreign currency translation.

Non-interest income on a taxable equivalent basis was C$2.82 billion, up 3%. The company said, adjusting for the 2014 notable items, its non-interest income was in line with last year.

Total revenue was C$6.12 billion compared to C$5.75 billion, a year ago. Analysts expected revenue of C$6.23 billion for the quarter. Total revenue on a taxable equivalent basis was C$6.20 billion, for the quarter.

The Board of Scotiabank at its meeting approved the quarterly dividend of 70 cents per common share. The quarterly dividend applies to shareholders of record as of January 5, 2016 and is payable January 27, 2016.