Scotiabank reports record annual profit, Q4 profit rises 12% to $1.7 billion - InfoNews

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Scotiabank reports record annual profit, Q4 profit rises 12% to $1.7 billion

The Scotiabank logo is seen outside headquarters in Toronto on December 3, 2002. THE CANADIAN PRESS/Kevin Frayer
December 06, 2013 - 5:15 AM

TORONTO, Cananda - Bank of Nova Scotia (TSX:BNS) a record annual profit of nearly $6.7 billion in 2013 but its fourth-quarter core earnings came in slightly below some analyst estimates.

Its profit for the three months ended Oct. 31 was $1.7 billion — up 12 per cent from last year's fiscal fourth quarter, but down from $1.77 billion in the previous quarter ended July 31.

Under standard accounting, that amounted to $1.30 per share of net income, up from $1.18 a year earlier.

However, Scotiabank's core earnings were $1.31 per share, a penny short of estimates compiled by Thomson Reuters, which said analysts were looking for $1.32 per share of adjusted earnings.

For the full year ended Oct. 31, Scotiabank had $5.21 per share of core earnings, or $5.15 under standard accounting, totalling $6.687 billion.

In fiscal 2012, Scotiabank had $6.466 billion of net income, or $5.22 per share under standard accounting. Its annual core earnings last year were equal to $5.28 per share, with fewer shares outstanding.

Scotiabank's next dividend will be 62 cents per share.

News from © The Canadian Press, 2013
The Canadian Press

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