Bank of Nova Scotia (BNS,BNS.TO) or Scotiabank reported first quarter net income attributable to common shareholders increased to C$1.504 billion from C$1.343 billion in the year ago quarter. Earnings per share were C$1.25, compared to C$1.20 in the same period a year ago.
Scotiabank's net income was C$1.625 billion in the first quarter, an increase of C$189 million or 13% from the same period a year ago. Last year's results included an after-tax real estate gain of C$94 million. Excluding this gain, net income was up 21%. Acquisitions, primarily ING Bank of Canada and Banco Colpatria, contributed approximately 40% to the year-over-year growth.
Adjusted earnings per share for the quarter was C$1.27 up from C$1.22 in the comparable quarter last year.
Total revenue for the quarter rose to C$5.182 billion from C$4.621 billion in the year ago quarter. Total revenue, on a taxable equivalent basis, for the quarter was C$5.256 billion, up from C$4.689 billion last year. The remaining increase was attributable to higher net interest income from asset growth, strong banking and wealth management fees, improved trading revenues, and increased contributions from associated corporations.
Analysts polled by Thomson Reuters expected the company to report earnings ofC $1.25 per share on revenues ofC $5.04 billion for the quarter. Analysts' estimates typically exclude special items.
Scotiabank declared a quarterly dividend of C$0.60 per share on the company's outstanding common stock, which represented an increase of 3 cents. The dividend will be paid on April 26, 2013 to shareholders of record as of the close of business on April 2, 2013.
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