Scotiabank beats profit estimates on wealth management, capital market strength

-Bank of Nova Scotia on Tuesday reported better than expected quarterly earnings, boosted by gains in its capital market business, rises in brokerage revenue in Canada and mutual fund fees overseas.

"The reality of a higher for longer rate scenario will naturally result in a continuation of elevated credit provision in our retail portfolios." "We have a mildly positive view," RBC Capital markets analyst Darko Mihelic said, noting Scotiabank's credit quality was stable and had positive operating leverage.

Its profit declined to C$2.11 billion, or C$1.58 per share, for the three months ended April 30, from C$2.16 billion, or C$1.69 per diluted share, a year earlier.Scotiabank today announced a dividend on the outstanding shares of the Bank, payable July 29, 2024, to shareholders of record at the close of business on July 3, 2024:Bank of Nova Scotia delivered earnings and revenue surprises of 1.75% and 0.84%, respectively, for the quarter ended April 2024.

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