Bank of Nova ScotiaBNS
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Q3 results beat its medium-term profit target with ROE 14.2%, adjusted net income $2.97B and EPS up 21% to $2.28.
Impact on stocks 1
Financials
Bank of Nova ScotiaThe Bank of Nova Scotia reported third-quarter results that surpassed its medium-term profit target, with return on equity reaching 14.2%, adjusted net income climbing to $2.97 billion, and adjusted earnings per share rising 21% to $2.28. CEO Scott Thomson signaled that 14% won't be the high-water mark for returns. Canadian Banking earned $1.1 billion, up 12%, while Global Banking and Markets posted its best quarterly net income ever at $647 million, and Global Wealth Management earnings rose 23% to $515 million. International Banking added $725 million, up 6% on a constant dollar basis. However, expenses grew 14% year over year, and the bank flagged elevated mortgage delinquencies and a $57 million provision tied to a corporate account in Brazil. Fourth-quarter headwinds include a 15 basis point hit to capital ratios and a one-time deferred tax asset write-down from Chile's corporate tax cut.
Bank of Nova ScotiaQ3 results beat its medium-term profit target with ROE 14.2%, adjusted net income $2.97B and EPS up 21% to $2.28.