Scotiabank hiking dividend after strong Q1
TORONTO - Bank of Nova Scotia has joined most of its peers in raising its quarterly dividend following a strong first quarter that beat analyst estimates.
The bank says it had $1.625 billion of net income and $5.18 billion of revenue in the three-months ended Jan. 31, both up from last year.
Scotiabank (TSX:BNS) says the net income amounted to $1.25 per share before adjustments or $1.27 per share on an adjusted basis.
Analysts had been looking for Scotiabank to report $1.25 per share of adjusted diluted earnings and about $5 billion of revenue in the quarter ended Jan. 31.
Scotiabank also announced a higher dividend, as anticipated, joining most of the other big Canadian banks in hiking the payout to shareholders.
The bank's quarterly dividend will rise by three cents to 60 cents per share.