CLARKE
SCOTIABANK YESTERDAY reported results for the third quarter of 2005, with net profit of $1,433 million, an increase of $149 million when compared with the same period last year. For the nine months ended July 31, 2005, net profit was $4.2 billion compared to $4.5 billion for the same period last year.
Earnings per share (EPS) for the quarter was $0.49, and return on average equity (ROE) annualised, for the quarter was 26 per cent. Year-to-date, EPS was $1.47, while return on average equity was 26 per cent.
Yesterday, at a board meeting, Scotiabank's directors approved a third interim dividend of 25 cents per stock unit, payable on October 13, 2005 to stockholders on record at September 21, 2005. This brings the year to date dividend per share to 75 cents compared to 67.50 cents in prior year, an increase of 7.5 cents per share.
"We are very pleased with our continued strong performance through the first three quarters of the fiscal year, particularly in this interest rate environment. Our performance is attributable to continued focus on our strategy with solid execution of our plans and strong volume growth in key business lines," said president and CEO of Scotiabank, William E. Clarke.
Mr. Clarke said, "We expect continued challenges for the rest of the fiscal year." We, however, remain confident that we will achieve our 2005 targets, as well as, our longer-term objectives. We have a well-diversified portfolio, strong risk management and expense control, and a team of over 1,800 staff members who are dedicated to helping our customers become financially better off."
