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Bank of Nova Scotia beats quarterly profit estimates By Reuters

© Reuters. FILE PHOTO: A woman leaves a Bank of Nova Scotia (Scotiabank) branch in Ottawa, Ontario, Canada, May 31, 2016. REUTERS/Chris Wattie/File Photo

TORONTO (Reuters) – Bank of Nova Scotia beat analysts’ estimates for quarterly profit on Tuesday, driven by strength in its Latin America-focused international unit and a sharp drop in provisions to cover loan losses.

Net income excluding one-off items rose to C$2.48 billion ($2.06 billion), or C$1.9 a share, in the three months ended April 30, compared with C$1.37 billion, or C$1.04, a year earlier. Analysts had expected C$1.76 a share, according to IBES data from Refinitiv.

Canada’s No. 3 lender reported overall net profit of C$2.46 billion, or C$1.88 a share, up from C$1.32 billion, or C$1 a share, a year ago.

($1 = 1.2052 Canadian dollars)

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