BUSINESS

Scotiabank Third-Quarter Profits Jump 18 Per Cent

08/30/2011 08:43 EDT | Updated 10/30/2011 05:12 EDT
veggiefrog

TORONTO - Scotiabank reported Tuesday that its third-quarter profits rose 18 per cent to $1.29 billion, helped by recent acquisitions.

Canada's most international bank says the results were equivalent to $1.14 per share, coming in two cents above analyst expectations, according to Thomson Reuters.

The results compare with profits of $1.06 billion, or 99 cents per share, a year ago.

Revenues increased to $4.3 billion from $3.78 billion.

"This quarter's results again demonstrate our ability to earn through challenging times by remaining focused on our core businesses and emphasizing strong risk management practices," president and CEO Rick Waugh said in a release.

"While we are not immune to the volatility in world markets, consistent execution of our straightforward and diversified business strategy will continue to deliver sustainable profitability and growth."

The quarterly profits were helped by the bank's recent buyout of the amount of DundeeWealth it didn't already own.

Scotiabank has nearly 75,000 employees in more than 50 countries.