Bank of Nova Scotia Q2 Earnings Top Expectations

reported better-than-expected earnings for the second quarter and announced its plans to buy back up to 24 million shares. The Toronto, Canada-based company posted quarterly net income of C$1.8 billion, or C$1.42 per share, versus C$1.8 billion, or C$1.39 per share, in the year-earlier quarter. Excluding special items, the company earned C$1.43 per share, beating analysts' estimates of C$1.39 per share. ROE narrowed to 15.1 percent from 16.3 percent last year. The company's board declared a quarterly dividend of 68 Canadian cents per common share. "We delivered solid second quarter results, with earnings per share growth of 2% compared to the same quarter last year," said Brian Porter, President and CEO. "Our strong capital position, including a Common Equity Tier 1 capital ratio of 10.6%, allows us to make further investments to better serve our customers and grow our well-diversified businesses." Scotiabank shares rose 0.43 percent to close at $51.96 yesterday.