Scotiabank’s global wealth and insurance division has reported net income attributable to equity holders of C$327 million for the first quarter of fiscal 2014, an increase of C$42 million or 15% from the same quarter last year.
The bank attributed the rise in the net income to strong broad-based results in both the wealth management and insurance businesses.
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"Growth in wealth management was driven by higher assets under management (AUM) and assets under administration (AUA) from higher net sales, improved financial market conditions and recent acquisitions of Colfondos in Colombia and AFP Horizonte in Peru," the bank said in it earning release.
For the quarter ended 31 January 2014, the division’s posted total revenues of C$1.09 billion compared with C$1.02 billion a year ago.
Net fee and commission revenues increased to C$807 from C$752 million a year ago.
Scotiabank CEO Brian Porter said the bank planned to keep looking for international acquisitions, particularly in its wealth management and insurance business.
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By GlobalDataOverall, the Scotiabank group posted net income of C$1.709 billion for the first quarter, up 6.5% from a year earlier.
The bank also announced a higher dividend, which will rise to 64 cents per Scotiabank common share starting April 28, up 3%.
