Bank of Nova Scotia posts 4Q profit

Bank of Nova Scotia posts 4Q profit

In Scotiabank's global arm, profit climbed by 11 per cent to $605-million, as the impact of hurricanes that battered its Caribbean operations were mostly offset by gains from the sale of a retail loan portfolio in the region. CIBC's Robert Sedran: "We had been anticipating a weak close to the capital markets year for the group and, at least so far, that is what we have gotten".

Scotiabank held its quarterly dividend steady at 79 cents per share.

Even still, the bank reported a almost 11 per cent increase in net income for the fiscal year to $8.24 billion up from $7.37 billion a year earlier.

BBVA said that the transaction would generate a net capital gain of 640 million euros ($763 million) and have a positive impact on the group's common equity tier 1 (fully loaded), a key measure of capital strength of banks, of about 50 basis points. The decline pared this year's advance to 8.9 per cent.

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AAA Michigan reports that the post-Thanksgiving statewide average daily gas price decreased about 10 cents. The average price of gasoline in MA is 42 cents higher than it was at this time previous year .

For the year, the company reported profit of $6.41 billion, or $5.20 per share.

BBVA is willing to accept Scotiabank's offer if its minority partner, Chile's Said family, does not exercise a first right of refusal it enjoys under a shareholder agreement. Scotiabank's chief financial officer Sean McGuckin told analysts that he expects the CET1 ratio to stay above 10.5.

Lower trading revenue and investment-banking fees contributed to a 15 per cent drop in earnings for Scotiabank's capital markets business, the only division to report a decline for the fiscal period ended October 31.

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