Scotiabank raises dividend despite lower profit

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The Bank of Nova Scotia raised its dividend even as it reported its third-quarter profit slipped compared with a year ago, partially due to a hit from acquisition-related costs.

The bank says it will raise its quarterly dividend by three cents to 85 cents per share.

The increase came as Scotiabank reported a third-quarter profit of $1.94 billion or $1.55 per diluted share, down from $2.10 billion or $1.66 per diluted share a year ago.

During the quarter, Scotiabank says it recorded about $320 million in acquisition-related costs after tax.

On an adjusted basis, the Scotiabank says it earned $2.26 billion or $1.76 per diluted share in the quarter, up from $2.12 billion or $1.68 per diluted share a year ago.

Analysts had expected a profit of $1.75 per share, according to Thomson Reuters Eikon.



Source

Business News

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