Scotiabank reported its 4Q2021 results with net income up 35% YoY to CAD 2.6bn ($2bn). Profits were helped by a reduction in provisions to CAD 168mn ($132mn) from CAD 1.1bn ($860mn) a year ago. The lender also announced its first dividend hike in nine quarters by 10 cents to CAD 1/share, becoming the first major Canadian bank to do so following the lifting of restrictions by Canada’s financial regulator in November. Scotiabank also said that it will buy back 24mn shares or ~2% of its outstanding shares. “We ended the year with strong fourth quarter earnings and exceeded our medium-term financial targets in fiscal 2021. Our diversified business model demonstrated its resilience through the pandemic, and the Bank is well positioned to achieve its full earnings power in the upcoming year”, said Brian Porter, President and CEO of Scotiabank.
Scotiabank’s dollar bonds were stable with its 4.9% Perp at 105.58, yielding 3.21%.
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