UPDATE: Scotiabank Q4 Profit Surges 12%

Canada's Bank of Nova Scotia BNS reported a 12% gain in its fourth-quarter profit. Scotiabank's quarterly net profit surged to C$1.70 billion ($1.60 billion), or C$1.30 a share, versus a year-ago profit of C$1.52 billion, or C$1.18 a share. Excluding one-time items, Scotiabank earned C$1.31 a share, versus analysts' expectations of C$1.32 a share. Scotiabank's profit from international division climbed 5%. Scotiabank's shares closed at $59.58 yesterday.