The Globe and Mail reports in its Wednesday edition that robust expansion in international banking helped Bank of Nova Scotia battle through volatility in financial markets in the first fiscal quarter. The Globe's
James Bradshaw writes that in a challenging quarter, Scotiabank posted a 17-per-cent rise in profit from international banking compared with a year earlier. However, a 4-per-cent decline in overall year-over-year profit still disappointed investors as the bank grapples with higher expenses while juggling a string of recent acquisitions and divestitures across a number of countries.
The outlook for the rest of 2019 still looks positive for Canada's biggest banks, even if it is more muted than it was a year ago.
Scotiabank has undertaken major changes over the past year, spending more than $7-billion on acquisitions to bolster its businesses in Chile and in wealth management, while selling a number of international operations in the Caribbean and El Salvador.
The changing face of Scotiabank's business has come at a short-term cost, however, as acquisition costs and other one-time items hurt the bottom line. The bank posted profit of $2.25-billion compared with $2.34-billion a year ago.
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