NEWS
08/28/2015 06:45 EDT | Updated 08/28/2016 01:12 EDT

Scotiabank reports $1.85-billion Q3 profit, hiking dividend

TORONTO — Scotiabank (TSX:BNS) is raising its dividend following a third quarter that showed increased profits from its Canadian and international banking arms and $1.847 billion of net income.

The overall profit was down from $2.351 billion in net income in last year's third quarter, which included an unusual item worth $555 million.

Excluding the gain from selling most of its investment in CI Financial last year, Scotiabank's net income was up 2.8 per cent.

The profit for the three months ended July 31 amounted to $1.45 per share of net income, which compared with $1.85 per share last year or $1.40 per share last year excluding the special gain.

Scotiabank says its Canadian banking arm contributed $863 million to its net income in this year's third quarter, up $34 million or 4.1 per cent from last year. Iinternational banking contributed $537 million, up $50 million or 10.3 per cent.

Its quarterly dividend will rise by three per cent to 70 cents per share, up two cents, starting with the Oct. 28 payment.

The Canadian Press

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