The same analysts are projecting that Bank of Nova Scotia (NYSE:BNS) will report EPS of $1.15 when the firm next issues their quarterly earnings release on or around 2015-08-28.
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Net income for the fiscal quarter ended July 31 was C$1.85 billion ($1.4 billion), or C$1.45 a share, down from a record C$2.35 billion, or C$1.85, a year earlier when it reported a gain from selling a stake in money manager CI Financial Corp., the Toronto-based company said Friday in a statement.
“Our focus on customers across our diversified businesses contributed to our growth despite some challenging economic conditions”, Porter added.
Excluding $555 million in one-time gains in last year’s third quarter, Scotiabank’s net income last year was worth $1.40 per share. Iinternational banking contributed $537 million, up $50 million or 10.3 per cent.
Gross impaired loans to the oil and gas sector more than doubled in the third quarter to C$96 million from the same period a year ago.
Scotiabank, that features work in a little over 55 global locations, is that focuses on Latin America for production, especially in Peru, Colombia, Mexico and Chile, Chief Executive Officer Brian Porter has reported.
The bank is encouraging energy companies to curtail investments in exploration, cut dividends, raise equity or debt, and sell assets in order to strengthen their balance sheets, he said in an interview.
Scotiabank’s results capped off what analysts have described as a solid quarter for the banks despite a flurry of concerns in recent months about how oilpatch woes might affect the lenders.
However, the global banking and markets segment of the lender saw a drop of 20% in profit, which reflected the weakness in its investment banking along with higher provisions needed for credit losses.
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The company lifted its dividend 2.9% to C$0.70 per share.
