SCOTIABANK HAS reported results for the second quarter of 2006, with net profit of $1,767 million.
This was $235 million above the net profit for the quarter ended January 31, 2006 and $333 million above the net profit for the second quarter of 2005.
For the six months ended April 30, net profit was $3,299 million compared to net profit $2,856 million for the same period last year.
Earnings per share (EPS) for the quarter was 60 cents, compared to 49 cents for last year and 52 cents at the end of the previous quarter. Year to date EPS was $1.13, while return on average equity (ROE) annualised for the six months was 27.07 per cent.
William E. Clarke, president and chief executive officer, said "We are pleased with our solid performance through the first half of the fiscal year. While our operating environment continues to be challenging, we expect to meet our 2006 targets as we have the right strategies in place to maintain our long record of success, and the right people to execute them. We look forward to continued strong results that will benefit all our stakeholders in 2006. "
The board of directors at its meeting held last week, approved a second interim dividend of 25 cents per stock unit, payable on July 7, 2006 to stockholders on record at June 15, 2006. This brings the year to date dividend per share to 50 cents, the same as in prior year.
Total revenue comprising net interest revenue and other income was $13,058 million, an increase of $647 million or 5.2 per cent from prior year.
Net interest income was $7,548 million, up $799 million when compared to last year. This is primarily as a result of strong volume growth in our retail portfolio, as net interest margin continue to trend downwards.
