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Scotiabank Points to Overseas
Acquisitions As Reason For Big
Profits
The Bank of Nova Scotia (BNS) in
Canada is pointing to
acquisitions in Costa Riac and
elsewhere in the region as the
main factors for the 20 per cent
rise in its first-quarter
profit.
BNS, which is Canada's
third-biggest bank by assets,
says it earned $1 billion
dollars in the three months
ended January 31.
That compares to earnings of
$852 million Canadian during the
corresponding period last year.
The results were better than
analysts had expected.
Quarterly revenue from
operations was $3 billion
dollars, up 14 per cent from a
year earlier.
The robust results were driven
by profit in international
banking, which surged 36 per
cent to a record $316 million.
Scotiabank cited internal growth
across its international
business, plus the contribution
of Jamaica, Peru, Costa Rica and
the Dominican Republic.
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