BANK OF NOVA SCOTIA $66.73 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $80.4 billion; TSINetwork Rating: Above Average; Dividend yield: 4.1%, www.scotiabank.com) is the third-largest of Canada’s five big banks, with $837.2 billion of assets.
In its fiscal 2015 second quarter, which ended April 30, 2015, Bank of Nova Scotia earned $1.74 billion, or $1.42 a share. That’s up 2.5% from $1.70 billion, or $1.39 a share, a year earlier. Revenue rose 3.7%, to $5.9 billion from $5.7 billion.
The bank set aside $448 million to cover potential bad loans in the latest quarter, up 19.5% from $375 million a year earlier. That’s mainly because it’s loaning more funds to consumers in Canada and Latin America.
Meantime, the bank has now completed its $280-million U.S. acquisition of 51% of the credit card operations of Cencosud S.A., Chile’s largest retailer. As a result, it’s now Chile’s third-largest credit card issuer.
Bank of Nova Scotia has also announced a new plan to buy back up to 24 million worth of its shares, or 2% of the total outstanding, before June 1, 2016.
The bank recently raised its quarterly dividend by 3.0%, to $0.68 a share from $0.66. The new annual rate of $2.72 yields 4.1%. The stock trades at 11.7 times this year’s forecast earnings of $5.70 a share.
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Privacy Policy and Terms of Use
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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Changes to this Policy
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