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.
CEO Commentary
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.”
BNS's Dividend
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.
Stock Performance
Shares of BNS were mostly flat during premarket trading Tuesday. The stock is down 6.48% YTD.
The Bottom Line
Bank of Nova Scotia (BNS ) is recommended at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
