Scotiabank reports fourth-quarter net income climbs to $2.27 billion

TORONTO -- The Bank of Nova Scotia reported an increase in fourth-quarter net income compared with a year ago, but fell short of analyst expectations.

Scotiabank earned $2.27 billion or $1.71 per diluted share for the three months ended Oct. 31, up from $2.07 billion or $1.64 per diluted share in net income during the same time last year.

The result amounted to adjusted diluted earnings per share of $1.77 compared with $1.65 a year ago.

Analysts on average had expected adjusted diluted earnings per share of $1.79 during the bank's fourth quarter, according to Thomson Reuters Eikon.

The Toronto-based bank's results were fuelled by its international banking division which saw quarterly net income rise more than 21 per cent to $804 million.

For its full 2018 financial year, Scotiabank says it earned $8.72 billion or $6.82 per diluted share, compared with a profit of $8.24 billion or $6.49 per diluted share in 2017.

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