TORONTO — The Bank of Nova Scotia raised its dividend even as it reported its third-quarter profit slipped compared with a year ago, partially due to a hit from acquisition-related costs.
The bank says it will raise its quarterly dividend by three cents to 85 cents per share.
The increase came as Scotiabank reported a third-quarter profit of $1.94 billion or $1.55 per diluted share, down from $2.10 billion or $1.66 per diluted share a year ago.
During the quarter, Scotiabank says it recorded about $320 million in acquisition-related costs after tax.
On an adjusted basis, the Scotiabank says it earned $2.26 billion or $1.76 per diluted share in the quarter, up from $2.12 billion or $1.68 per diluted share a year ago.
Analysts had expected a profit of $1.75 per share, according to Thomson Reuters Eikon.
Companies in this story: (TSX:BNS)
The Canadian Press