Bank of Nova Scotia on May 30 reported fiscal second-quarter net income attributable to common shareholders of C$1.97 billion, or C$1.62 per share. It had been C$1.49 billion, or C$1.23 per share, a year ago.
The S&P Capital IQ consensus normalized EPS estimate was C$1.56.
For the three months ended April 30, Scotiabank recorded C$2.85 billion in noninterest income, down from the C$3.08 billion in second-quarter 2016. Net interest income, on the other hand, rose over the same period — to C$3.73 billion from C$3.52 billion.
The company also reported a C$587 million provision for credit losses, attributed largely to retail portfolio growth in its Canadian banking and international banking segments. The provision had been C$553 million in the linked quarter and C$752 million in the year-ago period.
Under Scotiabank's ongoing normal course issuer bid, the company has already repurchased for cancellation 10,000,000 shares at a volume weighted average price of approximately C$71.00 each. The current plan expires June 1.
Another buyback plan begins June 2. Scotiabank will repurchase up to 24 million more of its common shares, or approximately 2% of its 1,201,878,897 shares outstanding as of May 25. The new buyback program terminates June 1, 2018.