Scotiabank (TSX:BNS) says profits rose nearly two per cent in the second quarter as it benefited from growth in consumer and business loans and results from its wealth management division.
The bank, which was the last of the five biggest Canadian banks to report its results, says net income attributable to common shareholders was $1.73 billion, or $1.42 per share, an increase from $1.7 billion or $1.39 per share a year earlier.
On an adjusted basis, the results were equal to $1.43 a share.
Revenue grew to $5.94 billion from $5.73 billion.
Domestic banking operations reported net income of $829 million, an increase of $6 million from a year ago, on growth in assets and deposits.
Wealth management operations reported profits of $824 million, rising $77 million from the comparable period, on stronger revenues.
Scotiabank also plans to buy back up to 24 million of its shares, representing about two per cent of its outstanding shares.