The net income of Scotiabank grew to $2,177 million in the second quarter of 2018, up from $2,061 million in 2018. Diluted earnings per share were $1.70 compared to $1.62 in the same period.
"We are pleased with the performance of our businesses this quarter, which demonstrates the strength of our personal and commercial businesses, both in International Banking as well as in Canada," said Scotiabank President and CEO Brian Porter. "Our diversified business model continues to contribute to our overall performance and we remain focused on investments in digital banking and improving the customer experience.”
As part of Scotiabank’s strategic commitment to diversify and grow its global wealth management business, it also completed the acquisition of Jarislowsky Fraser, one of Canada's leading independent investment firms, effective May 1.
It also announced acquisitions in Chile, Colombia, Peru and here in Canada, strategically deploying its capital to deliver stronger market positions and improve connectivity throughout their various operations.
The company’s International Banking reported strong results with net income attributable to equity holders amounting to $1,342 million, 15% higher compared to last year. This was driven by strong loan growth in Latin America, higher fee income, increased contributions from associated corporations, and a lower effective tax rate, partly balanced by higher provision for credit losses and non-interest expenses.
Meanwhile, net income from Canadian Banking reached $2,119 million, a 9% or $167 million increase versus the same period in 2017. Global Banking and Markets registered a net income of $901 million, lower by $85 million or 9%, due to non-interest income, increased non-interest expenses and the high levels of client trading activity in equities last year.
Supporting both further investment in and growth of the bank, its Common Equity Tier 1 ratio increased to 12.0% this quarter, while Return on equity stood at 14.9%, the same as last year.
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