Marketwire Canada
---------------------------------------------------------------------------- All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended January 31, 2016 and related notes prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise noted. Our complete First Quarter 2016 Report to Shareholders, including our unaudited interim financial statements for the period January 31, 2016, can also be found on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov. In addition, Supplementary Financial Information is also available, together with the First Quarter 2016 Report on the Investor Relations page of www.scotiabank.com. ----------------------------------------------------------------------------
First Quarter Highlights (versus Q1, 2015)
-- Net income of $1,814 million, compared to $1,726 million -- Earnings per share (diluted) of $1.43 compared to $1.35 -- ROE of 13.8%, compared to 14.2% -- Quarterly dividend increase of 2 cents to 72 cents per common share
Scotiabank (TSX:BNS)(NYSE:BNS) today reported first quarter net income of $1,814 million, a 5% increase from $1,726 million reported in the same period last year. Diluted earnings per share were up 6% to $1.43 compared to $1.35 in the same period a year ago. Return on equity was 13.8% compared to 14.2% last year.
"We delivered strong earnings to start 2016 with solid top line growth in both our Canadian Banking and our International Banking businesses," said Brian Porter, President and CEO at Scotiabank. "The Bank's diversified business model has delivered growth despite continued volatility in the markets and some moderation in select areas of our operations.
"Canadian Banking's focus on growing and deepening customer relationships continued to drive higher year-over-year earnings. These efforts resulted in strong volume growth in targeted areas across both retail and commercial loans and deposits, which improved our business mix and resulted in a 19 basis point increase in the net interest margin this quarter.
"International Banking's strong performance continued in the first quarter of 2016, with good year-over-year growth. The Pacific Alliance countries of Mexico, Peru, Chile and Colombia continued to deliver robust loan, deposit and fee growth - and we continue to see great potential in these markets.
"The Bank's Common Equity Tier 1 capital ratio remains strong at 10.1%. We increased our quarterly dividend 2 cents to 72 cents per share - 6% higher than a year ago.
"We remain focused on building an even better Bank. With a strong team in place, we are executing against a strategy that will drive value for shareholders."
Financial results
The 2016 first quarter results are presented below:
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For the three months ended
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(Unaudited) ($ millions) Jan 31 Oct 31 Jan 31
2016 2015 2015
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Net interest income $ 3,519 $ 3,371 $ 3,169
Non-interest income 2,846 2,754 2,694
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Total revenue 6,365 6,125 5,863
Provision for credit losses 539 551 463
Non-interest expenses 3,568 3,286 3,197
Income tax expense 444 445 477
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Net income $ 1,814 $ 1,843 $ 1,726
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Net income attributable to non-controlling
interests in subsidiaries 56 60 47
Net income attributable to equity holders of
the Bank $ 1,758 $ 1,783 $ 1,679
Preferred 28 29 30
Common 1,730 1,754 1,649
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Earnings per common share (in dollars)
Basic $ 1.44 $ 1.46 $ 1.36
Diluted $ 1.43 $ 1.45 $ 1.35
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