Canadian multi-national bank Scotiabank has reported a net income of C$1.93bn ($1.28bn) for the third quarter of 2018, compared to C$2.10bn ($2.12bn) in the same period last year.
Image: Scotiabank reported a net income of $1.5bn in the third quarter 2018. Photo: courtesy of Scotiabank.com.
Total revenue was C$7.18bn ($5.54bn) in Q3, compared to C$7.05bn ($5.44bn) in the year-ago period.
However, the bank reported spending an amount of around C$320m ($247.82m) after tax on acquisitions during the reported quarter.
Scotiabank said that both its Canadian banking and international banking businesses had achieved strong growth while the recent acquisitions of Jarislowsky Fraser and BBVA Chile are expected to further bolster its platform. It added that its Global Banking and Markets unit has continued to produce consistent results.
The bank’s Canadian banking unit reported net income of C$1.13bn ($880m) for the third quarter this year, an increase by 8% compared to C$1.045bn ($810m) in the same quarter last year.
Its international banking’s net income dropped by 15% at C$519m ($401.93m) compared to the figure of C$614bm ($475.51m) reported in Q3 2017.
The Global Banking and Markets business, on the other hand, fetched it a net income of C$441m ($341.53m), which is in line with revenue made during the same period last year.
The Canadian bank said that it has increased the quarterly dividend by C$0.03 ($0.023) cents to C$0.85 (C$66) per share, which is 8% higher than what it was in 2017.
Scotiabank president and CEO Brian Porter said: “Year-to-date investments to strengthen the Bank are enabling us to deliver an excellent customer experience, and are reflected in our third quarter results.
“The strong results from our Pacific Alliance operations demonstrate the continued strength of our diversified geography and business mix and our recent acquisitions will continue to enhance our operations in this key region. In the next quarter, we look forward to completing the acquisition of MD Financial.”
In late May, Scotiabank signed a deal to acquire Canadian financial services company MD Financial Management for C$2.56bn ($1.98bn).
Earlier this month, Scotiabank entered into a deal to buy Banco Dominicano del Progreso which operates 57 branches in Dominican Republic.