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Scotiabank Peru's Q2 profit rises 17.7%

Scotiabank Perú SAA posted a 17.7% rise in its second-quarter profit as stronger interest and service income helped to offset a rise in provisions.

Net income for the three-month period rose to 353.7 million soles, or 52.3 céntimos per share, from 300.4 million soles, or 44.5 céntimos per share, in the year-ago period, according to information filed with Peru's financial regulator.

The Bank of Nova Scotia unit said that total interest income came to 1.02 billion soles for the quarter, up from 898.1 million soles in the year-ago period, as income from its direct loans portfolio grew to 930.7 million soles from 859.8 million soles year over year.

Still, the company's net financial margin dipped to 456.8 million soles from 460.1 million soles as provisions for direct loans grew to 236.8 million soles from 194.1 million soles.

Income from financial services rose to 220.9 million soles from 198.4 million soles, while miscellaneous income ticked to 195.4 million soles from 172.4 million soles.

As of Aug. 26, US$1 was equivalent to 3.38 Peruvian soles.