Scotiabank aims for global growth

Article Excerpt

Bank of Nova Scotia continues to prosper in its domestic Canadian market. That gives it a solid base to fund its continuing international expansion. Recently, it made a big acquisition in the rapidly growing Chinese financial industry. BANK OF NOVA SCOTIA $45.68 (Toronto symbol BNS: Shares outstanding: 1.0 billion; Market cap: $46.8 billion; SI Rating: Above Average; Dividend yield: 4.3%) is the third-largest of Canada’s five big banks, with assets of $496.5 billion. In the year ended October 31, 2009, Bank of Nova Scotia’s revenue rose 21.7%, to $14.5 billion from $11.9 billion. Earnings per share rose 21.3%, to $3.70 from $3.05. Low interest rates continue to drive up demand for mortgages and other loans. As well, revenue from the bank’s international operations climbed 14%. Bank of Nova Scotia has the largest international operations of the big-five banks. It now gets a third of its earnings from overseas. The bank prefers to focus on developing countries in Latin America and Asia, where it…