BANK OF NOVA SCOTIA $53(Toronto symbol BNS; Conservative Growth Portfolio, Finance sector; Shares outstanding: 1.1 billion; Market cap: $58.3 billion; Price-to-sales ratio: 3.4; Dividend yield: 4.2%; TSINetwork Rating: Above Average; www.scotiabank.com) is Canada’s third-largest bank, with assets of $659.7 billion.
Scotia’s overseas operations now supply 30% of its earnings. It prefers to focus on fast-growing regions like Asia and Latin America instead of Europe. The bank holds $2.5 billion of securities from troubled European countries, mainly Italy and Spain, down from $2.6 billion six months ago.
To put these figures in context, Bank of Nova Scotia earned $1.5 billion in the three months ended April 30, 2012. That’s up 16.1% from $1.3 billion a year earlier. Earnings per share rose 8.5%, to $1.15 from $1.06, on more shares outstanding. Revenue rose 1.4%, to $4.7 billion from $4.6 billion.
Loan-loss provisions fell 2.2%, to $264 million from $270 million. Many of the bank’s Canadian borrowers are repaying their loans on time. However, it set aside more funds to cover bad loans overseas, particularly in Latin America.
The bank should earn $4.73 a share in 2012. The stock trades at 11.2 times that forecast. The $2.20 dividend yields 4.2%.
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