By Cristina Roca

Bank of Nova Scotia on Wednesday reported a rise in second-quarter profit, helped by strong trends across most of its businesses.

For the three months ended April 30, the Canadian financial institution said earnings per share were 2.16 Canadian dollars ($1.68), up from C$1.88 in the comparable quarter a year ago.

Net income attributable to equity holders of the bank was C$2.67 billion, up from C$2.37 billion a year ago.

Adjusted earnings were C$2.18 a share, up from C$1.90 a year prior. According to FactSet, analysts were expecting C$1.97 a share.

Revenue rose to C$7.94 billion from C$7.74 billion, ahead of analyst expectations of C$7.88 billion.

"Continued loan growth of 13%, an improving net interest margin, strong customer balance sheets, combined with prudent expense management, positions the bank well to grow its earnings," said Brian Porter, president and chief executive of Scotiabank.

Provisions for credit losses were C$219 million, down from C$496 million a year prior.

Scotiabank's tier 1 capital ratio, which measures the equity capital and disclosed reserves, was stood at 12.8% at the end of the quarter, down about 60 basis points from the prior quarter.

The bank announced a quarterly dividend of C$1.03 per common share, up from C$1 a year earlier.


Write to Cristina Roca at cristina.roca@wsj.com


(END) Dow Jones Newswires

05-25-22 0607ET