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Scotiabank posts YOY rise in fiscal Q2 net income

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Scotiabank posts YOY rise in fiscal Q2 net income

Toronto-based Bank of Nova Scotia posted fiscal second-quarter net income attributable to equity holders of C$2.11 billion, or C$1.70 per share, compared to net income of C$2.0 billion, or C$1.62 per share, a year earlier.

The S&P Capital IQ consensus estimate for normalized EPS for the fiscal second quarter was C$1.67.

Scotiabank's Canadian banking segment reported net income attributable to equity holders of C$1.02 billion, up 5% from the year-ago period. The international banking segment's net income rose 14% year over year to C$675 million. Meanwhile, global banking and markets segment's net income was down 14% year over to C$447 million.

Separately, Scotiabank secured approvals from the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions for its normal course issuer bid to purchase up to 24 million of its common shares. The number represents approximately 2% of the company's 1,209,860,365 common shares issued and outstanding as of May 24. Purchases under the bid may begin June 4 and end June 3, 2019. Scotiabank will establish an automatic repurchase plan June 4 under which its broker, Scotia Capital Inc., may periodically purchase its common shares pursuant to the normal course issuer bid within a defined set of criteria.

The company's current normal course issuer bid for the purchase of up to 24 million common shares is set to expire June 1. Under that bid, the company bought 6,250,400 common shares for cancellation at a volume weighted average price of approximately C$76.41 per common share.