TORONTO — The Bank of Nova Scotia is increasing the size of its share buyback plan.
The bank says it now plans to buy back and cancel up to 36 million of its common shares compared with its initial plan for up to 24 million that it announced late last year.
Scotiabank says the new amount represents about three per cent of its issued and outstanding common shares as of Nov. 22, 2021.
The effective date of the change is Wednesday.
To date, the bank says it has bought back 20.2 million of its common shares for cancellation since the start of its current normal course issuer bid, which ends Dec. 1.
By buying back its shares, the bank spreads its profits over fewer shares, increasing its earnings per share, a key ratio used to evaluate a company.
Companies in this story: (TSX:BNS)