Scotiabank in Canada has reported third-quarter income of CAN$1.3 billion (BDS$2.6 billion) compared to net income before non-controlling interests of CAN$1.1 billion (BDS$2.2 billion) in the same period last year.
Year over year, net income of the Canadian bank was up 18 per cent.
“This quarter’s results again demonstrate our ability to earn through challenging times by remaining focused on our core businesses and emphasizing strong risk-management practices,” said Rick Waugh, Scotiabank president and chief executive officer.
“While we are not immune to the volatility in world markets, consistent execution of our straightforward and diversified business strategy will continue to deliver sustainable profitability and growth.
“Canadian banking had a strong quarter and achieved net income of CAN$461 million (BDS$927 million).
Revenues increased from volume growth in residential mortgages, higher small business deposits and stronger commercial banking, partially offset by ongoing competitive pricing pressures.
“International banking reported a solid quarter with net income of CAN$350 million (BDS$703.8 million).
This business line delivered solid asset growth, particularly in Asia and Latin America. We continue to explore opportunities for expansion in both existing and new markets.
“Global wealth management delivered net income of CAN$256 million (BDS$514.8 million), driven by growth in both its wealth and insurance businesses . . . .
“Scotia capital reported net income of CAN$289 million (BDS$581 million) this quarter.
“While challenging market conditions negatively impacted trading revenues, this was partially offset by higher client trading in precious metals and foreign exchange,” the Scotia president noted.
Waugh told shareholders that the bank’s capital levels remained strong, underpinned by “high and consistent internal capital generation and supplemented by continued dividend reinvestment by shareholders”.
He said the bank had “very limited exposures in international areas of concern” and was well positioned in areas of strength in Canada, the Americas and Asia. (GE/PR)