Business

Scotiabank hikes dividend on higher profit

Scotiabank is reporting a $2.1-billion profit in its third quarter and a dividend increase.
The Bank of Nova Scotia raised its dividend after strong quarterly results. (The Canadian Press)

Scotiabank is reporting a $2.1-billion profit in its third quarter and a dividend increase.

The bank says its net income equalled $1.66 per share, up from $1.54 per share in last year's third quarter.

About half of the quarter's profit was from Scotiabank's Canadian banking arm, which reported improved margins.

Scotiabank's revenue up about four per cent, rising to $6.89 billion.

Its dividend will rise by three cents or seven per cent to 79 cents per share.

"Canadian Banking had a strong quarter exceeding $1 billion in earnings, driven by loan and deposit growth, margin expansion and productivity improvements," CEO Brian Porter said in a statement, adding that the international banking added more than $600 million in profit.

"We are pleased with our results," Porter said.

With files from CBC News

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