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Scotiabank Fourth-Quarter Profit Rises on Capital Markets

Dec. 7 (Bloomberg) -- Bank of Nova Scotia, the last of Canada’s six main banks to report fourth-quarter results, said profit climbed 31 percent on gains from capital markets-related businesses.

Net income for the period ended Oct. 31 climbed to C$1.52 billion ($1.53 billion), or C$1.18 a share, from C$1.16 billion, or 97 cents, a year earlier, the Toronto-based lender said today in a statement.

Scotiabank joins competitors such as Royal Bank of Canada and Bank of Montreal in reporting higher fees for advising on takeovers and arranging stock sales, offsetting slower growth in consumer banking. Profit from the Scotiabank Global Banking and Markets division rose 63 percent to C$396 million.

On an adjusted basis, Scotiabank earned C$1.21 a share. That topped the C$1.19 a share average estimate of 16 analysts surveyed by Bloomberg.

Scotiabank fell 0.5 percent to C$55.56 in trading yesterday on the Toronto Stock Exchange. The shares have climbed 9.3 percent this year, the third-best performer on the 10-member S&P/TSX Banks Index.

Domestic consumer banking profit climbed 15 percent to C$481 million, while international banking increased 22 percent to C$453 million. Scotiabank has operations in more than 50 countries, including Chile, Mexico and Thailand. Wealth management profit increased 15 percent to C$300 million.

Scotiabank said it expects to have earnings per share growth of 5 percent to 10 percent in 2013 and a return on equity of 15 percent to 18 percent, matching its forecast for 2012.

(Scotiabank will hold a conference call at 2 p.m. Toronto time to discuss results. To listen, dial +1-416-644-3414 or +1-800-814-4859.)

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net

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