Topic: How To Invest

BANK OF NOVA SCOTIA $63.54 – Toronto symbol BNS

BANK OF NOVA SCOTIA $63.54 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $76.2 billion; TSINetwork Rating: Above Average; Dividend yield: 4.3%, www.scotiabank.com) reported revenue of $5.9 billion in its fiscal 2015 first quarter, which ended January 31, 2015. That was up 3.9% from $5.6 billion a year earlier.

Excluding unusual items, the bank earned $1.36 a share, up 1.5% from $1.34.

Gains at Bank of Nova Scotia’s securitiestrading division offset lower profits in Canadian and international banking.

The bank set aside $463 million to cover potential bad loans in the latest quarter, up 30.1% from $356 million. However, that’s mainly because it’s rapidly expanding its lending to customers in Canada and Latin America.

The bank also raised its quarterly dividend by 3.0%, to $0.68 a share from $0.66. The new annual rate of $2.72 yields 4.3%.

Bank of Nova Scotia is a buy.

Comments

Tell Us What YOU Think

You must be logged in to post a comment.

Please be respectful with your comments and help us keep this an area that everyone can enjoy. If you believe a comment is abusive or otherwise violates our Terms of Use, please click here to report it to the administrator.