August 28, 2018 / 10:28 AM / a month ago

UPDATE 1-Scotiabank reports 5 percent rise in quarterly earnings

(Adds details on net income, margins)

TORONTO, Aug 28 (Reuters) - Bank of Nova Scotia, Canada’s third-biggest lender, reported a 5 percent increase in third-quarter earnings on Tuesday, helped by growth in its domestic and international businesses.

Scotiabank said earnings per share, excluding one-off items, rose to C$1.76 ($1.35) from C$1.68 a year ago in the quarter ended July 31. Analyst had on average forecast earnings of C$1.75, according to Thomson Reuters I/B/E/S.

Net income, excluding one-off items, rose to C$2.26 billion ($1.73 billion) during the period, from C$2.12 billion a year ago. That included a 9 percent rise in earnings at the bank’s Canadian business, driven by improved margins and strong growth in its commercial loan book.

The bank’s international business grew net income by 15 percent, helped by loan growth of over 10 percent in the Pacific Alliance region comprising Mexico, Peru, Chile and Colombia.

Scotiabank, which has the biggest overseas presence of Canada’s major banks, is focusing its international strategy on the Latin American trade bloc. ($1 = 1.3055 Canadian dollars) (Reporting by Matt Scuffham, editing by Louise Heavens)

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