Scotiabank’s global wealth management unit has reported a net income C$335 million for the second quarter of 2013, an increase of 12% compared with C$298 million reported in the year ago quarter.
The division’s net fee and commission revenues for the quarter increased to C$738 million from C$627 million in the second quarter of 2012.
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The Canadian bank said that growth in wealth management was driven by higher assets under management (AUM) and assets under administration (AUA) from net sales and improved financial market conditions.
Overall, Scotiabank reported second quarter net income of $1.6 billion compared with net income of $1.46 billion in the same period last year.
Scotiabank says its profit attributable to common shareholders amounted to C$1.23 per share of diluted earnings, up from C$1.15 per share in the second quarter of 2012.
The bank’s total assets at 30 April 2013 were C$754 billion, up C$86 billion or 13% from October 31, 2012, including approximately $41 billion related to the acquisition of ING DIRECT.
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By GlobalData"We continue to have very strong results this quarter driven by very good revenue growth. Each business line made a solid contribution to these good results" said Rick Waugh, Scotiabank CEO, said in a statement.
"Our diversification and straightforward business model have allowed us to take advantage of opportunities to grow."
