A branch of Scotiabank is pictured in downtown Toronto on Tuesday, April 10, 2018. THE CANADIAN PRESS/Chris Young
TORONTO – Scotiabank raised its quarterly dividend as it reported a second-quarter profit of $2.16 billion, down from $2.75 billion in the same quarter last year.
The bank says it will now pay a quarterly dividend of $1.06 per share, up from $1.03 per share.
The increased payment to shareholders came as the bank says it earned $1.69 per diluted share for the quarter ended April 30, down from a profit of $2.16 per diluted share a year earlier.
Revenue totalled $7.93 billion, down from $7.94 billion in the same quarter last year, while provisions for credit losses totalled $709 million, up from $219 million a year ago.
On an adjusted basis, Scotiabank says it earned $1.70 per diluted share in its latest quarter, down from an adjusted profit of $2.18 per diluted share in the same quarter last year.
Analysts on average had expected an adjusted profit of $1.78 per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 24, 2023.
Companies in this story: (TSX:BNS)
