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March 1, 2017

Scotiabank Q1 net income up 10%

Scotiabank has reported attributable net income of C$1.91bn for the first quarter of 2017, a 10% increase compared to C$1.73bn a year ago.

By Verdict Staff

Scotiabank has reported attributable net income of C$1.91bn for the first quarter of 2017, a 10% increase compared to C$1.73bn a year ago.

For the quarter ended 31 January 2017, the bank's total revenue increased 8% to C$6.87bn from C$6.36 last year.

Net interest income was C$3.64bn, a 3% rise from C$3.52bn in the previous year. Non-interest income increased 13% year-on-year to C$3.22bn.

Scotiabank's provision for credit losses during the period stood at C$553m, a rise of 3% from C$539m a year ago. The bank’s common Equity Tier 1 (CET1) ratio was 11.3% at the end of the quarter, up from 10.1% in the prior year.

Scotiabank president and CEO Brian Porter said: “All our businesses delivered strong results, contributing to solid top line growth and a continued improvement in efficiency. We continue to make good progress against our strategic agenda, which will create medium, as well as long-term, value for our shareholders, and improve our customers’ experience.”

“Canadian Banking had another strong quarter, achieving solid results while investing in digital capabilities to improve customer experience. The emphasis on growing and deepening customer relationships, as well as improving business mix, resulted in good balance sheet growth.

“International Banking continues to generate momentum with record quarterly results reflecting the sixth consecutive quarter of earnings exceeding $500 million. The results were underpinned by solid growth in our key Pacific Alliance countries where we continue to see great potential.”

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