Bank of Nova Scotia Reports Q2 Profit Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Source: NASDAQ.COM
- Significant Profit Growth: The Bank of Nova Scotia reported a net profit of C$2.468 billion for Q2, translating to C$2 per share, which marks a substantial increase from last year's C$1.841 billion and C$1.48 per share, indicating strong profitability improvement.
- Adjusted Earnings Performance: Excluding special items, the bank's adjusted earnings reached C$2.488 billion or C$2.02 per share, demonstrating robust performance in core operations and a sustained enhancement in profitability.
- Revenue Growth Momentum: The bank's revenue rose by 8.3% year-over-year to C$9.837 billion, up from C$9.080 billion last year, reflecting the company's competitiveness and success in business expansion.
- Financial Health Status: The growth in profit and revenue not only strengthens the bank's financial foundation but also provides robust support for future investments and expansions, showcasing the company's resilience and adaptability in the current economic environment.
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Analyst Views on BNS
Wall Street analysts forecast BNS stock price to fall
10 Analyst Rating
4 Buy
6 Hold
0 Sell
Moderate Buy
Current: 79.790
Low
68.69
Averages
75.58
High
79.76
Current: 79.790
Low
68.69
Averages
75.58
High
79.76
About BNS
The Bank of Nova Scotia (the Bank) is a chartered Schedule I bank. The Bank is a global financial services provider offering a range of products and services, including personal, commercial, corporate and investment banking. Its segments include Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. Canadian Banking segment provides a full suite of financial advice and banking solutions. Canadian Banking segment comprises retail banking and business banking. International Banking segment is a diverse franchise that provides financial advice and solutions to retail, corporate, and commercial clients. Its geographic presence spans over 15 countries including Mexico, Chile, and Peru. Global Wealth Management segment is comprised of wealth management and asset management businesses. Global Banking and Markets segment provides corporate clients with lending and transaction services, investment banking advice and access to capital markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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