BANK OF NOVA SCOTIA $66(Toronto symbol BNS; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 1.2 billion; Market cap: $79.2 billion; Price-to-sales ratio: 3.6; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www.scotiabank.com) has now purchased 51% of the credit card operations of Cencosud S.A., Chile’s largest retailer, for $280 million U.S. The deal made the bank Chile’s third-largest credit card issuer.
Meanwhile, Bank of Nova Scotia earned $1.73 billion, or $1.42 a share, in its fiscal 2015 second quarter, which ended April 30, 2015. That’s up 1.6% from $1.70 billion, or $1.39, a year earlier. Revenue rose 3.7%, to $5.9 billion from $5.7 billion.
Earnings at the Canadian banking division (48% of the bank’s total) rose 0.7%, mainly because it sold most of its shares in mutual fund provider CI Financial (Toronto symbol CIX) in 2014. If you exclude CI and adjust for a change in tax rates, this division’s earnings rose 9% on improving loan and deposit growth.
The international division (26% of total earnings) saw its earnings decline 0.9%. Demand for new loans remains strong, but the bank is earning less interest income from the money it lends. However, earnings at the securities-trading division (26%) rose 3.0% on higher volumes and favourable currency rates.
The bank set aside $448 million to cover potential bad loans in the latest quarter, up 19.5% from $375 million a year earlier. That’s mainly because it’s loaning more funds to consumers in Canada and Latin America.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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