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UPDATE: Scotiabank Posts Rise In Q3 Profit, Lifts Dividend


Bank of Nova Scotia (NYSE: BNS) reported a 35% rise in its third-quarter profit and lifted its quarterly dividend.

The bank's quarterly earnings surged to $2.35 billion Canadian dollars ($2.14 billion), or C$1.85 per diluted share, versus C$1.75 billion, or C$1.36 per share, in the year-ago period. Excluding extraordinary items, the bank earned C$1.40 per share, versus analysts' estimates of C$1.41 per share.

The bank's domestic banking earnings rose to C$565 million from C$550 million, while international-banking division's earnings fell to C$410 million from C$490 million.

Global wealth & insurance division's profit climbed to C$846 million from C$310 million, while global banking-and-markets division's profit surged to C$408 million from C$378 million.

Scotiabank lifted its quarterly dividend by 2 Canadian cents to 66 Canadian cents per share.

"This quarter benefited from good results across our businesses and a gain on the sale of our investment in CI Financial", said Brian Porter, Scotiabank President and CEO.

Scotiabank shares fell 0.38% to $67.29 in pre-market trading.


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