Published: Wed, November 29, 2017
Money | By Michele Stevens

Scotiabank sees profit bump, bids $2.9-billion for stake in Chilean bank

Scotiabank sees profit bump, bids $2.9-billion for stake in Chilean bank

Alongside earnings, the lender announced a $2.9B bid for BBVA's (NYSE:BBVA) 68% stake in its Chilean unit, BBVA Chile. The Said family owns more than 31 per cent of BBVA Chile. Bank of Nova Scotia's quarterly earnings, released at the start of the Canadian bank earnings season, also missed expectations. Adjusted profit was $1.65 a share, missing by 1 cent the average estimate of 15 analysts surveyed by Bloomberg.

Worldwide banking profit rose 11 per cent to $605 million amid loan and deposit growth in Latin America. "Soft revenues held back the results this quarter".

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For the year, the company reported profit of $6.41 billion, or $5.20 per share.

Its key measure of financial health, the common equity tier 1 ratio (CET1), increased to 11.5 per cent, up from 11.3 per cent in its third quarter and 11.0 per cent in the fourth quarter past year.

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If successful, Scotiabank expects to settle the transaction during its first quarter, which ends on January 31, and close the deal in the summer of 2018, bank executives said. The bank said lower returns from its fixed income and precious metals businesses, combined with a negative impact from foreign currency, more than offset gains in its equities business and Canadian corporate banking. The bank increased its allowance for losses from the recent hurricanes, but that was offset by holding a smaller sum to guard against exposure in the energy sector. The stock was trading down 1.83 per cent at $81.95 by mid-afternoon.

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