Bank Of Nova Scotia (BNS: Quote,BNS.TO: Quote) reported second-quarter net income attributable to common shareholders of C$1.34 billion versus C$1.53 billion last year. Earnings per share dropped to C$1.15 from C$1.39 in the same quarter a year ago.
Adjusted earnings per share fell to C$1.18 from C$1.41 in the prior-year quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of C$1.15 per share. Analysts' estimates typically exclude special items.
Net interest income, on a taxable equivalent basis, rose year-over-year to C$2.48 billion.
On a taxable equivalent basis, total revenue grew to C$4.77 billion from C$4.71 billion in the prior-year quarter. Analysts expected revenues of C$4.60 billion.
"We are very pleased with the strong performance of all of our business lines," said Rick Waugh, Scotiabank President and CEO. "Our continued focus on sustainable and diversified revenues in high-growth markets, together with ongoing cost-containment initiatives are contributing to solid growth in earnings.
With net income of $461 million, an increase of 23%, Canadian Banking continued its strong contribution to the overall Bank results. Revenues increased from higher net interest income as a result of solid asset growth. Lower provisions for credit losses and expense discipline across the business also contributed to these results...
"Based on our strong performance in the first half of the year, we remain confident of achieving our goals and targets for 2012."
Separately, the company's board announced a dividend of C$0.55 per common share for the quarter ending July 31, 2012.
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by RTT Staff Writer
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