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Scotia Bank Increased Its Dividend | Credit Lynk

Scotia Bank Increased Its Dividend

Scotiabank intends to increase its dividend, while its net profit rose 15% in the first quarter, according to results released Tuesday.

The profits of the financial institution totaling $ 1.4 billion in the quarter ended Jan. 31, compared to $ 1.2 billion the same quarter of fiscal 2011.

The quarterly dividend on common shares will be increased by three hundred and rise to 55 cents per share.

Earnings per share is assessed for its share of 11% to $ 1.20, but taking advantage of an exceptional gain of eight cents per share related to the sale of real estate assets in Western Canada. The consensus of analysts surveyed by Bloomberg had fixed the target earnings per share to $ 1.15.

Income for their share rose from 4.2 to $ 4.6 billion, a record for Scotia. However, the return on equity slid to 19.8%, compared to 20.9% a year ago.

Wealth Management

Quarterly net earnings of the worldwide asset management rose 34% from the first quarter of 2011, reaching $ 288 million. “The increase in net interest income, the revenue growth of wealth management services reflecting the addition of DundeeWealth, the higher revenues from trading activities and high commissions related to transactions contributed to these excellent results, “said the bank in a statement.

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