Scotiabank Profit Rises 28% as International Business Gains
- Canadian banking profit climbs 19%; capital markets decline
- Lender cut 1,140 jobs since July, mostly in Canadian banking
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Bank of Nova Scotia said fiscal fourth-quarter profit rose 28 percent on gains in its international banking business and a decline in expenses, including 1,140 fewer jobs since the end of July.
Net income for the period ended Oct. 31 climbed to C$1.84 billion ($1.38 billion), or C$1.45 a share, from C$1.44 billion, or C$1.10, a year earlier when Scotiabank had restructuring costs, the Toronto-based lender said Tuesday in a statement. Profit excluding some items was C$1.46 a share, beating the C$1.44 average estimate of 15 analysts surveyed by Bloomberg.