Before the opening bell on Tuesday morning, Bank of Nova Scotia (BNS ) reported higher results for its first quarter. While revenue beat estimates, profit fell short of expectations.
BNS's Earnings in Brief
- The bank reported net income of C$1.65 billion, or C$1.35 per share, up from C$1.61 billion or C$1.32 per share, a year ago.
- Excluding special items, EPS was C$1.36 per share – below analysts estimate of C$1.38 per share.
- Revenue came in at C$5.96 billion from C$5.73 billion last year Analysts expected to see revenue of C$5.92 billion.
The banks President and CEO Brian Porter commented: “All three business lines contributed to a solid start to the year. Despite some challenging market conditions, we will continue to grow by focusing on our customers and deepening our relationships with them.”
The company boosted its dividend from 66 cents to 68 cents, or $2.72 annually. The next dividend will be paid on April 28 to shareholders of record on April 7.
Shares of BNS were mostly flat during premarket trading Tuesday. The stock is down 6.48% YTD.