Scotiabank reported second quarter net income of $2,177 million compared to $2,061 million in the same period last year.
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Diluted earnings per share were $1.70, compared to $1.62 in the same period a year ago. Return on equity was 14.9%, the same as last year.
"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 Brian Porter, President and CEO of Scotiabank.
"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.
"Canadian Banking delivered strong commercial banking results, along with growth in its personal banking business driven by solid loan growth, margin expansion and better credit performance.
"We completed the acquisition of Jarislowsky Fraser, effective May 1, one of Canada's leading independent investment firms, which aligns with our strategic commitment to diversify and grow our global wealth management business.
"International Banking reported strong results with another quarter of double-digit earnings growth. This was driven by continued momentum in the Pacific Alliance region, better credit performance and productivity gains.
"Recently announced acquisitions in Chile, Colombia and Peru, all expected to close in the second half of this fiscal year, will further grow our customer base and improve our presence in the Pacific Alliance region.
"The Bank's Common Equity Tier 1 ratio climbed to 12.0% this quarter, which supports both further investment in and growth of the Bank.
"The recently announced acquisitions in Chile, Colombia, Peru and here in Canada are examples of strategically deploying our capital to deliver stronger market positions and improve connectivity throughout our various operations.
"We are pleased with our performance over the first half of 2018, with earnings per share up 12%.
"We are committed to making the investments to build a better bank for our customers across our footprint which will drive continued growth for the Bank." ■