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Scotiabank Profit Beats Estimates as ING Unit Bolsters Earnings

Aug. 27 (Bloomberg) -- Bank of Nova Scotia, Canada’s third-biggest lender by assets, said adjusted quarterly profit rose as its takeover of ING Groep NV’s Canadian business added to earnings. Scotiabank raised its dividend 3.3 percent to 62 cents a share.

Scotiabank earned C$1.32 a share excluding some items for the period ended July 31, the Toronto-based lender said today in a statement, beating the C$1.31 average estimate of 13 analysts surveyed by Bloomberg. Revenue was little changed at C$5.52 billion.

Record earnings from Canadian consumer lending was helped by Scotiabank’s C$3.1 billion purchase of ING Direct Canada in November, which bolstered loans and added about 1.8 million customers. Wealth management also boosted results.

Profit for the period ended July 31 advanced to C$1.77 billion ($1.68 billion), or C$1.37 a share, from C$1.44 billion, or C$1.69, a year earlier after excluding a $614 million gain from the sale of its Scotia Plaza building in Toronto, according to the statement.

(Scotiabank will hold a conference call at 2:30 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: Doug Alexander in Toronto at dalexander3@bloomberg.net

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

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