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Winnipeg Free Press - PRINT EDITION
Bank of Nova Scotia profits slip
Kevin Frayer / The Canadian Press archives Profits dropped to $1.46 billion. (CP)
TORONTO -- Bank of Nova Scotia profits dropped nearly 10 per cent in the second quarter, but the bank says it remains on target to meet financial objectives for the year, helped in part by tightening expenses in some divisions.
Scotiabank said profit slipped to $1.46 billion, or $1.15 per diluted share, compared with $1.62 billion, or $1.39 per share, in the year-earlier period. That's when the bank logged non-recurring, acquisition-related gains of $286 million and foreign currency-related gains of $77 million arising from the conversion to international financial reporting standards. Together they amounted to a boost of 33 cents per share.
Scotiabank said income grew 16 per cent year-over-year when excluding the non-recurring gains.
Results were equal to $1.18 per share on an adjusted basis, which is three cents higher than the consensus estimate of analysts compiled by Thomson Reuters.
Revenue in the three-month period ended April 30 rose two per cent to $4.7 billion from $4.63 billion in the year-earlier period.
The performance "demonstrates the results of our continued focus on our ongoing revenue and cost-containment initiatives and acquisitions in high-growth markets," president and CEO Rick Waugh told analysts in a conference call.
"Based on this good performance in the first half of the year, we are confident in achieving our financial objective."
Scotia's shares rose 2.38 per cent, or $1.21, to close at $52, outperforming most of its peers Tuesday on the Toronto Stock Exchange.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition May 30, 2012 B5
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