Investing.com – Bank of Nova Scotia reported stronger-than-expected first-quarter earnings, boosted by its Canadian and international banking operations, even as provisions for credit losses rose.
Scotiabank (TSX:BNS) recorded an income of C$2.17 billion, or C$1.68 a share, versus C$1.72 billion, or C$1.35, a year earlier.
On an adjusted basis earnings were C$1.69 a share, beating estimates for C$1.61 forecast by analysts.
Revenue for the three-month period totalled C$8.43 billion, up from C$7.96 billion in its first quarter last year.
Net interest income rose to C$4.77 billion from C$4.56 billion a year earlier.
Total provision for credit losses rose to C$962 million, an increase of C$324 million year-over-year.
"The bank delivered solid earnings this quarter driven by strong revenue growth, margin expansion and expense discipline," Scotiabank chief executive Scott Thomson said in a statement.
"I am encouraged by the early progress against our strategic priorities, and the further strengthening of our balance sheet metrics."
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