Toronto, December 9, 2013 – Scotiabank reported a record net income of $6.697 million for the full year, compared with net income of $6.466 million in 2012. Diluted earnings per share were $5.15, compared to $5.22 in 2012. This year had a net benefit of 7 cents per share related to non-recurring items in International Banking, while last year’s results benefitted 61 cents from real estate gains. Adjusting for both these items, diluted earnings per share grew 10.2%.
Scotiabank reported net income for the fourth quarter ended October 31, 2013 of $1.703 million, up 12% from $1.519 million for the same period last year. Diluted earnings per share (EPS) were $1.30, compared to $1.18 last year, an increase of 10%. Return on equity was 15.7%, compared to 16.4% from last year. A dividend of 62 cents per common share was announced.
Scotiabank President and CEO Brian Porter said:
“Scotiabank experienced another year of solid performance with underlying earnings growing 15%. The Bank’s enterprise strategy and diversified business model continue to differentiate us from our competitors in Canada and internationally and once again have enabled us to deliver strong results.”
Mr. Porter provided further insight into the results, noting:
“With net income of $593 million, Canadian Banking had a second consecutive quarter of record earnings. In addition to a solid contribution from ING DIRECT Canada, to be renamed Tangerine in the spring, existing businesses performed very well with an increased margin, lower loan loss provisions and strong asset growth.
“International Banking continues to benefit from its diversification by product and geography, achieving solid earnings of $420 million. The quarter saw asset growth rebound in Latin America and Asia, which complemented the seasonally higher fee income earned in Latin America. These results helped us earn through continuing margin pressure from lower interest rates in key markets and increasing competition. Expenses remain a key focus.
“Global Wealth & Insurance reported results of $318 million this quarter up 8% compared to same period last year from strong performance in mutual funds and insurance. Assets under management and assets under administration grew by 27% and 15% respectively from stronger markets, new customers and our acquisitions in Colombia and Peru.
“Global Banking and Markets’ earnings of $336 million, declined from the strong results in the same period last year as market conditions were challenging across the businesses in the last quarter of 2013. This quarter’s results reflect higher revenues from the equities business and growth in European lending, which were more than offset by declines in other areas of the business.
“I would like to thank all of our employees – some 83,000 strong in more than 55 countries – for their continued commitment to our customers and the communities we serve. Twenty-one million customers choose Scotiabank and we will continue to earn their business and maintain their trust and loyalty.
“We appreciate the confidence of our shareholders and remain committed to continuing to deliver strong, consistent and predictable results. The success that we achieved in the last fiscal year and our strong capital base, together with our deliberate customer focus, unique strategy and diversified business model position us well for future growth.”
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