Scotiabank Q3 Earnings: Profits Up 57 Per Cent As Revenue Rises

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Richard Waugh, President and Chief Executive Officer of Scotiabank. Scotiabank profits grew by 57 per cent in the third quarter as several divisions improved performance and the bank also benefited from the sale of its headquarters in Toronto. (THE CANADIAN PRESS/Liam Richards)
Richard Waugh, President and Chief Executive Officer of Scotiabank. Scotiabank profits grew by 57 per cent in the third quarter as several divisions improved performance and the bank also benefited from the sale of its headquarters in Toronto. (THE CANADIAN PRESS/Liam Richards)

TORONTO - Scotiabank (TSX:BNS) profits grew by 57 per cent in the third quarter as several divisions improved performance and the bank also benefited from the sale of its headquarters in Toronto.

The bank is raising its quarterly dividend by two cents to 57 cents per share.

Net income for the period was $2.05 billion, or $1.69 per share, up from $1.3 billion, or $1.10 per share, a year ago.

Scotiabank's Core EPS, a measurement the bank says best compares with analyst predictions, was $1.22 per share. A survey by Thomson Reuters had shown analysts, on average, expected earnings of $1.19 per share.

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Revenue increased to $5.51 billion from $4.3 billion.

"Canadian banking had a very strong quarter with very good volume growth, disciplined expense control and lower provisions," said Scotiabank president and CEO Rick Waugh in a release.

The bank says the results included an after-tax gain of $614 million from the sale of its headquarters, Scotia Plaza, a 68-storey tower near the corner of King and Bay streets.

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