Scotiabank hiked its dividend to 68 cents per share despite missing analyst expectations for profit.
The Bank of Nova Scotia is increasing its dividend by two cents a share even as first-quarter earnings, though up slightly, missed analyst expectations.
Scotiabank, the last of the big five to report its first-quarter results, reported Tuesday that net income in the three months ended Jan. 31 was $1.73 billion or $1.35 per diluted share, up from $1.71 billion or $1.32 in the comparable year-earlier period.
Adjusted diluted earnings were $1.36 per share, up from $1.34.
Revenue rose to $5.96 billion from $5.73 billion.
Analysts were expecting adjusted earnings of $1.38 per share and revenue of $5.9 billion, according to estimates compiled by Thomson Reuters.
The bank said the improvement was driven by higher net interest income, driven by asset growth and higher interest margin, as well as growth in wealth management revenues and the positive impact of foreign currency translation.
Those were partly offset by increased provision for credit losses, higher non-interest expenses and lower contribution from investments from associates.
The bank said it would increase its dividend to 68 cents per share from 66 cents payable April 28 to shareholders of record on April 7.
"All three business lines contributed to a solid start to the year," president and CEO Brian Porter said in the bank's earnings report.
"Despite some challenging market conditions, we will continue to grow by focusing on our customers and deepening our relationships with them."
Porter noted that around the world various industries are managing through volatility, adding that "part of our role as a bank is to act as a shock absorber for our customers as they experience the ebb and flow of these cycles by looking at the big picture and taking the long-term view."
"We continue to build our business and deepen our relationships with our customers. Our asset and deposit volumes are growing and we will continue to make acquisitions in key areas and invest in new technologies to help us better serve our customers."
The bank announced in November that it was cutting 1,500 jobs, about two thirds of them in Canada, and shuttering 120 international branches. None of the Canadian branches are planned to close.
In December, Scotiabank struck a deal to buy Citibank's retail and commercial banking operations in Peru for an undisclosed amount. Citibank's eight Peruvian branches serve more than 130,000 retail and commercial banking customers.
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