Bank of Nova Scotia on Tuesday reported slightly lower profit for the second quarter ended April 30.

Profit for the quarter was $596 million, or $1.12 a share, compared with $598 million, or $1.11 a share, a year ago.

The bank said revenue and profit dipped slightly despite improved contributions from its three main business lines.

Scotiabank set aside $248 million for provision for credit losses, compared with $350 million a year ago.

“Our second quarter results, once again, demonstrate our ability to consistently deliver solid earnings from our major businesses,” said Peter Godsoe, chairman and CEO.

“The provision for credit losses has decreased year over year and from last quarter, and we are cautiously optimistic that the worst of the credit cycle is behind us, notwithstanding ongoing economic uncertainty,” he added.

Total revenue was $2.6 billion for the quarter, compared to $2.8 billion in the same quarter last year and $2.6 billion last quarter.

Net interest income (was $1,603 million, down $109 million from the second quarter of 2002, but only $8 million lower than last quarter, despite there being three fewer days in the second quarter.

The bank’s productivity ratio — which measures how efficiently the Bank generates revenues — was 55.6%.

The bank’s Tier 1 capital ratio was 10.3% at the end of the quarter, an improvement of 40 basis points from the prior year, and 30 basis points above last quarter.

The bank also raised its quarterly dividend by 4¢ to 44¢ a share.