The Financial Post reports in its Wednesday edition that Bank of Nova Scotia earned $9.1-billion in fiscal 2018, up 10 per cent from 2017. The Post's Geoff Zochodne writes that of that, $4.4-billion came from Scotiabank's Canadian banking business, an 8-per-cent increase over last year, while another $3.1-billion came from its international banking unit, up 17 per cent year-over-year.
Scotiabank has been on an acquisition binge over the past year, expanding its wealth management operations as well as in Latin America, where it is forecasting strong growth. Its deals include the purchase of a majority stake in a bank in Chile from Banco Bilbao Vizcaya Argentaria S.A., turning it into one of the biggest private lenders in that country.
The lender also announced in August that it had reached an agreement to buy a bank in the Dominican Republic.
National Bank analyst Gabriel Dechaine said in a note that Scotiabank's outlook emphasized the integration of its purchases, a message he said was "critically important, as executing on $7 billion worth of acquisitions (i.e., deriving synergies) is necessary to drive (return on invested capital) from the mid-single digits to the double-digits over the next few years."
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