The Bank of Nova Scotia reported a second-quarter net income of $2.63 billion. This result marks an increase from $2.03 billion in the prior year. Diluted earnings per share rose to $2.00 from $1.48. Adjusted earnings reached $2.02 per share, beating analyst estimates of $1.93.
The Canadian Banking division drove the performance as earnings surged 53% to $935 million. Higher revenue and lower credit loss provisions supported the division's growth. Global Wealth Management earnings grew 19% during the period. The Global Banking and Markets segment posted an 11% increase in earnings.
Scotiabank raised its dividend 4% to $1.14 per share following the strong quarterly results.