UPDATE: Scotiabank Posts Higher FQ2 Profit

Bank of Nova Scotia BNS posted a 14% rise in its FQ2 profit. Scotiabank's quarterly earnings jumped to 1.8 billion Canadian dollars ($1.66 billion), or C$1.39 per share, versus C$1.58 billion, or C$1.22 per share, in the year-ago period. Excluding certain items, it earned C$1.40 per share, versus analysts' estimates of C$1.31 per share. Scotiabank's Canadian banking earnings surged 12% y/y, while global wealth and insurance earnings climbed 11%. Scotiabank's loan-loss provisions increased to C$375 million versus C$343 million, while return on equity narrowed to 16.3% from 16.5%. The bank also announced its plans to repurchase up to 12 million of its common shares and declared a quarterly dividend of 64 cents per common share. Brian Porter, Scotiabank President and CEO said, "We had strong results this quarter across our businesses, particularly in Canadian Banking and Global Wealth & Insurance." The executive continued, "We continue to focus on deepening customer relationships to deliver results and grow all of our businesses. As well, expense growth was prudently managed.” Scotiabank shares gained 0.29% to close at $62.51 on Friday.