Scotiabank Global Wealth Management recorded a net income of $390m in Q3 2021, an increase of $69m or 21% year-on-year.
Adjusted net income rose to $397m, a rise of $65m or 19% year-on-year. This was attributed to higher mutual fund fees and brokerage revenues, partially offset by higher volume-related expenses.
In addition, there was strong revenue growth, positive operating leverage for the seventh consecutive quarter. Furthermore, there was a 17% growth in AuM and AuA on higher net sales.
In terms of the year to date, net income totalled $1,180m, a 27% rise that amounts to $251m.
Scotiabank in Q3 2021
Net income for Scotiabank totalled $2,542m for Q3 2021, compared to $1,304m in Q3 2020.
Diluted earnings per share (EPS) were $1.99, up 91% from $1.04 in the previous year. Return on equity was 15.0%, up from 8.3% in the previous year.
Canadian banking delivered earnings of $1,083m thanks to higher non-interest income, lower provision for credit losses, and also strong asset and deposit growth.
“We delivered another quarter of strong results, with contributions from all our operating segments, reflecting the benefits of a well-diversified business model. While the economic recovery is unfolding at different rates across our footprint, I’m very proud of the Scotiabank team’s on-going resilience and continued commitment to our customers,” said Brian Porter, president and CEO of Scotiabank.
“During the quarter, the Bank was recognised as the Most Innovative in Data by The Banker’s Global Innovation in Digital Banking Awards 2021. This award recognizes our commitment to data and analytics and highlights our ability to identify and support our most vulnerable customers. We are also proud to highlight the Bank’s recent closing of its inaugural USD $1 billion 3-year sustainability bond offering, the largest sustainability bond issued by a Canadian corporate to date. This offering is yet another example of our social responsibility initiatives in support of our commitment to making a positive impact and creating better communities for every future.”