BANK OF NOVA SCOTIA $59(Toronto symbol BNS; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 1.2 billion; Market cap: $70.8 billion; Price-to-sales ratio: 3.3; Dividend yield: 4.7%; TSINetwork Rating: Above Average; www.scotiabank.com) earned $1.85 billion in its fiscal 2015 third quarter, which ended July 31, 2015, up 2.8% from $1.80 billion a year earlier. Earnings per share rose 3.6%, to $1.45 from $1.40, on fewer shares outstanding.
However, revenue fell 5.6%, to $6.1 billion from $6.5 billion, mainly because the bank sold most of its shares in mutual fund provider CI Financial (Toronto symbol CIX) in 2014.
Earnings at the Canadian banking division (49% of total profits) rose 14.9% on improving loan and deposit growth. The international division (30%) saw its earnings rise 10.5%, thanks to strong loan demand in Latin America and favourable currency exchange rates.
However, earnings at the securities-trading division (21%) fell 19.7% on lower trading volumes and underwriting fees. As well, the year-earlier earnings benefited from gains on this business’s investment portfolio.
Bank of Nova Scotia set aside $480 million to cover potential bad loans in the latest quarter, up 20.6% from $398 million a year earlier. That’s mainly because it’s loaning more funds to consumers in Canada and Latin America.
The bank also raised its quarterly dividend by 2.9%, to $0.70 a share from $0.68. The new annual rate of $2.80 yields 4.7%.
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