The bank reported adjusted earnings of $2.18 a share in the three months ending April 30, growing from $1.90 a share last year. Bloomberg analysts had been expecting a profit of $1.97 a share.
Scotiabank noted its results were largely fuelled by Canadian banking earnings, which grew by 27 per cent year-over-year, as well as stronger mortgage and commercial loan growth, lower credit loss provisions and robust revenue from fees. The growth in the mortgage business suggests rising rates have yet to bite down significantly on these revenues.
Earnings from the international banking business exceeded $600 million this quarter, pointing to a stronger rebound in other markets as loan growth finds its footing again.Article content “We are pleased with the very strong growth of 15 per cent and a return on equity of 16.4 per cent,” said Scotiabank president and chief executive officer Brian Porter in a press release accompanying the results. “Continued loan growth of 13 per cent, an improving net interest margin, strong customer balance sheets, combined with prudent expense management, positions the Bank well to grow its earnings.
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