The Bank of Nova Scotia (operating under the name Scotiabank ) reported its first quarter 2022 earnings that surpassed analysts’ expectations.
The banking behemoth’s adjusted earnings came in at C$2.15 a share in the quarter, beating analysts’ expectations of $2.05. The figure is also higher than year-ago quarter’s $1.88.
The Canadian banking segment adjusted earnings climbed +32% year-over-year, to C$1.2 billion, on the back of solid loan and mortgage growth.
International banking business experienced a +38% growth in its adjusted earnings to C$552 million, on strong demand for mortgage and commercial loans growth.
The global wealth management and global banking and markets division’s earnings grew from the year-ago quarter to C$419 million and $561 million, respectively.