Bank of Nova Scotia is reporting a jump in profit for the first quarter ended January 31. The bank also a two-for-one stock split.

quarter profit rose nearly 20 percent, beating expectations, and it announced

Scotiabank said net income in the quarter rose nearly 20% to $704 million or $1.33 a share, up from $595 million, or $1.11 a share, in the year ago period.

The bank said revenues dipped to $2.59 billion from $2.65 billion.

Return on equity was 19.4%, up from 16.6%.

Loan loss provisions fell to $170 million, compared with $325 million in the same quarter last year.

The bank also declared a two-for-one stock split of its common shares, payable on April 28. The bank said this would make its common shares more affordable for the average investor. Scotiabank’s last share split occurred in 1998.

Scotiabank said trading in its common shares would traded on a post-stock dividend basis on the Toronto Stock Exchange on April 2 and on the New York Stock Exchange on April 29.

The bank’s shares finished at $68.01 on the Toronto Stock Exchange on Monday.