The Bank Of Nova Scotia (BNS) revealed a profit for its fourth quarter that Increased from the same period last year and beat the Street estimates.
The company's earnings totaled C$2.104 billion, or C$1.65 per share. This compares with C$1.521 billion, or C$1.22 per share, last year.
Excluding items, The Bank Of Nova Scotia reported adjusted earnings of C$2.558 billion or C$1.93 per share for the period.
Analysts on average had expected the company to earn C$1.84 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 15.0% to C$9.803 billion from C$8.526 billion last year.
The Bank Of Nova Scotia earnings at a glance (GAAP) :
-Earnings: C$2.104 Bln. vs. C$1.521 Bln. last year.-EPS: C$1.65 vs. C$1.22 last year.-Revenue: C$9.803 Bln vs. C$8.526 Bln last year.
This increase in fourth-quarter earnings was driven primarily by higher net interest income and non-interest income, partly offset by higher non-interest expenses and income taxes.
Net interest income was C$5.586 billion, higher than C$4.923 billion, due to a higher net interest margin, loan growth and the positive impact of foreign currency translation.
Non-interest income was C$4.217 billion, up from the previous year’s C$3.603 billion. The increase was due mainly to higher income from associated corporations primarily related to the KeyCorp investment, as well as higher wealth management revenues, underwriting and advisory fees, and others.
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