Alberta Mirror

Thursday, January 27, 2022

Scotiabank hits off bank earnings with greater gain, dividend raise and buyback scheme

Key takeaways: 

  • Bank increases periodically payout from 90 cents to $1 per common share.
  • Bank of Nova Scotia kicked off a hectic week for Canada’s big banks by declaring surprisingly greater profits, and an anticipated hike to the bank’s quarterly dividend.

Bank Of Nova Scotia started its hectic week: 

Scotiabank increased its quarterly dividend Tuesday as it proclaimed fourth-quarter earnings that increased compared with a year ago and beat expectations.

The first big Canadian bank to announce its fourth-quarter outcomes stated it will now spend a quarterly dividend of $1 per share, up from 90 cents. 

Scotiabank also declared intentions to purchase back up to 24 million of its shares — around two per cent of all of the bank’s display of the stock.

The extended payment to shareholders and share buyback program follows a ruling by the Office of the Superintendent of Financial Institutions ahead this month to raise COVID-19-related limitations and provide federally controlled banks and insurers to raise dividends, return share buybacks and increase executive remuneration.

Scotiabank started its net income calculated approximately $2.6 billion or $1.97 per adulterated share for the quarter closed Oct. 31, up from $1.9 billion or $1.42 per diluted share in the related quarter the previous year.

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Revenue added approximately $7.7 billion, up from $7.5 billion a year ago.

On an adjusted basis, Scotiabank stated it made $2.10 per reduced share, up from adjusted earnings of $1.45 per diluted share in its fourth quarter last year.

Analysts on average had anticipated Scotiabank to get an adjusted profit of $1.90 per share, according to data collected by financial markets data company Refinitiv.

“We ended the year with strong fourth-quarter earnings and exceeded our medium-term financial targets in fiscal 2021,” Scotiabank chief executive Brian Porter responded in a statement.” Source – cbc.ca

“Our diversified business model demonstrated its resilience through the pandemic, and the bank is well-positioned to achieve its full earnings power in the upcoming year.” Source – cbc.ca

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