BANK OF NOVA SCOTIA $64.40 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $77.9 billion; TSINetwork Rating: Above Average; Div. yield: 3.9%, www.scotiabank.com) is the third-largest of Canada’s five big banks, with assets of $743.8 billion.
In its fiscal 2013 fourth quarter, which ended October 31, 2013, the bank earned $1.30 a share, up 10.2% from $1.18 a year earlier.
Higher loan demand and an increase in deposits pushed up the Canadian banking division’s earnings by 23.3%. That includes the contribution from ING Direct, which Bank of Nova Scotia bought for $3.1 billion in late 2012. ING Direct offers a variety of no-fee banking services, mainly over the Internet. It has 1.8 million customers and $30 billion of deposits.
The international banking division’s earnings rose 4.7%, also on stronger loan demand, particularly in Latin America and Asia. The wealth management division’s earnings gained 8.2%, as rising stock prices increased the value of the assets this business manages.
The bank continues to see rising loan demand in Canada, Asia, Latin America and the Caribbean. That should keep boosting its earnings and letting it raise its dividend—it recently increased its quarterly payout by 3.3%, to $0.62 a share from $0.60. The new annual rate of $2.48 yields 3.9%.
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The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Changes to this Policy
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