Money: Canada's Scotiabank Reporting Great Third Quarter Performance
The Scotiabank reported today that their third quarter results are nearly a record. Income over the quarter amounted to $1,032 million versus $936 million the same period last year. This quarter's earnings are down slightly from quarter two due to the force of lower interest and loan loss recoveries.
Shareholders will be happy, as earnings per share have increased 10% to $1.02 from $0.93 in the same period a year ago.
Rick Waugh, Scotiabank President and CEO said of the third quarter results, "This performance underscores our diversification and ability to invest in long-term growth initiatives while continuing Scotiabank's record of achieving strong quarterly results."
Waugh continued with, "International Banking achieved positive underlying growth excluding the value added tax recovery in the same quarter a year ago. Solid results were reported by operations in Peru, the Caribbean and Central America, and Chile. We continue to move forward with our strategy to grow and invest in our international business, and over the quarter we opened new branches in several countries, introduced new products, and completed our investment in Thailand."
In their message to shareholders, Scotiabank said they would continue working towards being the best Canadian-based international financial services company. Highlights of the message included focusing on domestic markets, sustainable revenue growth, effective management of capital under their control, and in International Banking their focus would remain on organic growth with strategic acquisitions and alliances.
