Scotiabank Posts Higher Q4 Earnings

reported a rise in its profit for the fourth quarter on Tuesday. The Toronto, Canada-based company posted quarterly earnings of C$1.84 billion Canadian dollars ($1.38 billion), or C$1.45 per share, compared to C$1.44 billion, or C$1.10 per share, in the year-ago quarter. Excluding items, Bank of Nova Scotia's earnings came in at C$1.46 per share. However, analysts were projecting earnings of C$1.43 per share. Its total revenue rose to C$6.12 billion from C$5.75 billion, while revenue on a taxable equivalent basis came in at C$6.2 billion in the quarter. The bank's board approved the quarterly dividend of 70 cents per common share. The bank's ROE widened to 14.2 percent in the fourth quarter, from 11.9 percent in the year-ago quarter. "The Bank's earnings growth in 2015 was driven by very good performances in our personal, commercial and wealth businesses, both in Canada and internationally," said Brian Porter, President and CEO. "The Bank continues to perform well, given challenging conditions in certain businesses and markets, and we are well-positioned, including throughout the Pacific Alliance countries, for future growth." Scotiabank shares rose 0.24 percent to close at $45.55 yesterday.