Update on our #1 pick for 2013

Article Excerpt

Bank of Nova Scotia continues to see rising loan demand in Canada, Asia, Latin America and the Caribbean. Its bad loans are also down sharply. These strengths are boosting the bank’s earnings and letting it raise its dividend. BANK OF NOVA SCOTIA $59.16 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $71.5 billion; TSINetwork Rating: Above Average; Div. yield: 4.2%, www.scotiabank.com) is the third-largest of Canada’s five big banks, with assets of $742.6 billion. In its fiscal 2013 third quarter, which ended July 31, 2013, the bank earned $1.30 a share, up 12.1% from $1.16 a year earlier. Higher loan demand and an increase in deposits pushed up the Canadian banking division’s earnings by 13.2%. That includes the contribution from ING Direct, which Bank of Nova Scotia bought for $3.1 billion late last year. ING Direct offers a wide variety of no-fee banking services, mainly…

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