Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinanceBankingScotiabank tops earnings expectations, raises dividendBeat driven by stronger profits in capital markets, wealth management and Canadian businessesLast updated 18 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Bank of Nova Scotia reported earnings Wednesday. Photo by Galit Rodan/BloombergBank of Nova Scotia topped analysts’ second-quarter earnings expectations, driven by stronger profits in its capital markets, wealth management and Canadian businesses.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe bank’s adjusted net income — which removes the impact of non-recurring items — was $2.65 billion, up 28 per cent year over year, resulting in adjusted earnings per share of $2.02, which topped analysts’ expectations of about $1.93 per share.“The bank remains on track to achieve its financial objectives for fiscal 2026,” chief executive Scott Thomson said in a statement on Wednesday. “Our focus on evolving our business mix drove strong fee income and wealth management revenues, along with sequential Canadian commercial and small business loan growth.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againScotiabank’s net income for the three months ending April 30 was $2.6 billion, compared to $2.03 billion a year ago, resulting in net earnings per share of $2.00.Its non-interest income, which represents revenue earned from fees and charges, was $4.3 billion for the quarter, higher than $3.8 billion reported during the same time last year and the $4.06 reported in the previous quarter.The Big Six dominate the majority of Canada’s financial market, so their results provide key insights on the broader economy. This is the first time the banks will be reporting their results after the start of the war on Iran, which has led to an increase in energy prices and further dampened the economic outlook alongside the banks’ credit outlook.Analysts following the Big Six expected all of them to post higher profits and post positive results, but they also expected the ongoing uncertainty in the economy to compel the banks to continue keeping aside a high amount of money to tackle loans that may potentially go bad. Previously, the expectation was that provisions for credit losses (PCLs) would start decreasing in the second half of 2026.Scotiabank’s PCLs for the quarter were $1.2 billion, which was lower than the $1.39 billion reported a year ago, but higher than $1.17 billion in the previous quarter. It reported higher impaired loans for both timelines.The bank’s Canadian business reported earnings of about $935 million, up 53 per cent from last year.“The business grew day to day and savings deposits and delivered another quarter of solid positive operating leverage,” the bank said.The global wealth management business reported earnings of $476 million, up 19 per cent year over year, while global banking and markets reported earnings of $457 million, up 11 per cent.Scotiabank increased its quarterly dividend by four cents to $1.14 per share, which will be paid on July 29.Scotiabank, Bank of Montreal and National Bank of Canada report their results on Wednesday, while Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce will report them on Thursday.nkarim@postmedia.com Get the latest from Naimul Karim straight to your inbox Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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