The rise in net income was contributed by recent acquisitions as well as higher net interest income, growth in transaction-based fees and wealth management revenues and increased net gains on investment securities.
Diluted earnings per share stood at C$1.23, up by 7% from C$1.15, and return on equity remained at 16.2%, compared to 18.6% during the same period a year ago.
For the current quarter period, its total revenue on a taxable equivalent basis (TEB) was C$5.3bn, up by 11% from C$4.7bn during the corresponding period earlier year.
Increase in revenue was boosted due to C$202m in acquisitions, while remaining growth was attributable to higher net interest income from asset growth, increased banking fees, stronger wealth management and insurance revenues, among other factors.
Net interest income on TEB grew by 12% to C$2.78bn compared to C$2.48bn; while net fee and commission revenues stood at C$1.73bn, up by 10% during the same period last fiscal.
Scotiabank CEO Rick Waugh said, "The Bank’s Common Equity Tier 1 capital ratio, on an all-in basis, was 8.6%, well above the 7% minimum."
Canada-based Scotiabank provides an array of products and services, including personal, commercial, and corporate and investment banking to more than 19 million customers in over 55 nations across the world.
