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Bank of Nova Scotia (BNS.TO), Canada’s third-largest bank, reported a 5.1 per cent rise in quarterly profit, helped by growth in its international banking business.
The results from Scotiabank round out the first-quarter earnings season from the six biggest Canadian banks, which are seen as at risk of a broader ripple effect from the oil price slump.
Scotiabank said provision for credit losses rose 16 per cent to $539-million in the first quarter ended Jan. 31, mainly due to higher provisions in the oil and gas sector and in the Canadian retail portfolio.
Net income attributable to shareholders at the lender’s international banking unit jumped 21 per cent to $505-million, helped by a weak Canadian dollar and growth in Latin America.
Scotiabank raised its quarterly dividend by 2 cents to 72 cents per share.
Quarterly net income rose to $1.81-billion, or $1.43 per share, from $1.73-billion, or $1.35 per share, a year earlier.