Bank of Nova Scotia reports record quarterly Q1 profits

Scotiabank reports record quarterly profits as credit losses materially decline

Canada’s third-largest Bank, the Bank of Nova Scotia, reported today first quarter 2010 earnings, beating analyst expectations.

The bank earned just under $4-billion in total revenue for Q1, reporting $988-million ($0.91 per share) in total profits for the period, compared to $842-million net income in the same period last year. Analysts surveyed by Thomson Reuters were expecting $3.8-billion in total revenue and profits of $0.88 on a per share basis.

 The increase in profits is attributable to an increase in revenue from deposits, and the improved credit market as more consumers seek mortgages to take buy homes on the lower interest rates. We do warn, people should strongly consider their finances if considering to purchase a real-estate given new provincial regulations and the expected increase in interest rates that could send monthly payments up in the next few years.

The bank’s Canadian operations performed better than expected, hitting record profits for the bank. Net income from Canadian operations totaled $560-million, the most ever recorded in a single quarter for the bank.

Net income from capital markets were $381-million, up 27-percent over the same period last year., Net credit losses also declined down to $371-million compared to $420-million in Q1 2009, indicating the economy is recovering.

The Bank of Nova Scotia CEO Rick Waugh warned today the economic recovery is “in the early days,”

Despite the positive news, the Scotiabank’s stock (NYSE:BNS) dropped by 1.1% today to close at $48.16 per share.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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