Theres another side to the housing markets gigantic problem

dayonehk.com
(Adds details) March 1 (Reuters) - Bank of Nova Scotia, Canadas third-largest bank, reported a 5.1 percent rise in quarterly profit, helped by growth in its international banking business. The results from Scotiabank, as the lender is known, round out the first-quarter earnings season from the six biggest Canadian banks, which are seen as at risk of a broader ripple effect from the oil price slump. Scotiabank said provision for credit losses rose 16 percent to C$539 million in the first quarter ended Jan. 31, mainly due to higher provisions in the oil and gas sector and in the Canadian retail portfolio. Net income attributable to shareholders at the lenders international banking unit jumped 21 percent to C$505 million, helped by a weak Canadian dollar and growth in Latin America. Scotiabank raised its quarterly dividend by 2 Canadian cents to 72 Canadian cents per share. Quarterly net income rose to C$1.81 billion ($1.34 billion), or C$1.43 per share, from C$1.73 billion, or C$1.35 per share, a year earlier. ($1 = C$1.35) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta) View comments
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