BANK OF NOVA SCOTIA $47.64 (Toronto symbol BNS: Shares outstanding: 992 million; Market cap: $47.3 billion; SI Rating: Above Average) is the third-largest of Canada’s five big banks, with assets of $513.6 billion.
In the three months ended April 30, 2009, Bank of Nova Scotia’s revenue rose 13.4%, to $3.6 billion from $3.2 billion. However, earnings per share fell 16.5%, to $0.81 from $0.97. That’s because the bank raised its loan-loss provisions by 219.6%.
Bank of Nova Scotia has the largest international operations of the big-five banks, with a third of its earnings coming from overseas. It prefers to focus on developing countries in Latin America and Asia, where it can quickly increase its earnings and market share.
The bank has long held off on significantly expanding its market share in the mature U.S. market. But it may change this approach, now that many small U.S. banks are trading at attractive prices.
To cut its risk while it waits for an economic rebound, Bank of Nova Scotia continues to tighten its lending standards and raise the rates it charges on loans. The stock trades at 13.4 times the bank’s likely 2009 earnings of $3.55 a share. The $1.96 dividend yields 4.1%.
Bank of Nova Scotia is still a safety-conscious buy.
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