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published in Blogs
Mar 07, 2022
Scotiabank (BNS, $73.26) beats fiscal Q1 earnings expectations

Scotiabank (BNS, $73.26) beats fiscal Q1 earnings expectations

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.

Related Tickers: BNS