Scotiabank president and CEO Rick Waugh said consistent execution of company’s strategy and focus on core businesses has led to a strong quarter.
"Canadian Banking had an excellent quarter, reporting net income of $475million, with higher volumes and increased transaction-based revenues. Revenue growth reflects our ongoing strategy to grow our payments, wealth management and card businesses. Each of retail, commercial and small business have performed well," Waugh said.
The Bank’s total revenue (on a taxable equivalent basis) for the latest quarter period, was C$4.7bn ($4.7bn), up 11% from C$4.2bn ($4.2bn) during the same quarter last year.
The quarter’s net interest income (on a taxable equivalent basis) increased 5% to C$2.3bn ($2.3bn) against C$2.2bn ($2.2bn) during the same period a year ago.
Other operating income (on a taxable equivalent basis) was C$75m ($74.97m) higher at $835m ($834.73m) compared to C$760m ($759.75m) quarter -over-quarter compared to last year.
The bank’s Canadian banking segment net income stood at C$475m ($474.86m), while International banking segment performed reasonably well with net income of C$391m ($390.84m) during the latest quarter period.
The bank said that its global wealth management net income for the first quarter was C$288m ($287.86m), while global banking and others net income stood at C$311m ($310.84m).
