Scotiabank Q1 Profit Rises 13%; Beats Expectations; Boosts Dividend 5% (BNS)
Before the bell on Tuesday, Canadian financial services company The Bank of Nova Scotia (or Scotiabank) (BNS) reported an increase in its first quarter profit and revenue, topping Wall Street estimates.
The Toronto-based, Canadian bank said it earned C$1.625 billion, or C$1.25 per share, in the first quarter, up 13% from C$1.436 billion, or C$1.20 per share, in the same period a year earlier.
Adjusted earnings per share came in at C$1.27 in the first quarter, up from C$1.22 a year ago. Analysts polled by Thomson Reuters had expected BNS to earn C$1.25 per share in the quarter.
Scotiabank’s total revenue for the first quarter was C$5.182 billion. A year earlier the bank’s revenue was C$4.621 billion. Analysts were expecting revenue to be C$5.04 billion in the quarter.
Moreover, BNS said it was raising its dividend from 57 Canadian cents per share to 60 Canadian cents per share, an increase of 5%. This dividend will be paid on April 26 with an ex-dividend date of March 28.
Bank of Nova Scotia shares were up 66 cents, or +1.10%, during Tuesday morning trading. The stock is up about +15% over the past twelve months.
The Bottom Line
Shares of Bank of Nova Scotia (BNS) have a dividend yield of 4.01% based on Tuesday’s intraday trading price of $59.89 and the company’s updated annualized dividend payout of $2.40 per share.
The Bank of Nova Scotia (BNS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 0.0 out of 5 stars.
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