In the third quarter ended July 31, Scotiabank’s total wealth management revenues were $847 million, compared to $818 million a year earlier. Banking revenues were $982 million, up from $918 million.
In Scotiabank’s report to shareholders, the bank says assets under management of $153 billion increased $9 billion, or 6%, from the same quarter last year, driven by market appreciation and net sales. However, both AUM and AUA decreased, by $2 billion and $5 billion respectively, from the previous quarter due to market depreciation.
Overall Q3 earnings
Scotiabank is reporting a $2.1-billion profit for the third quarter ended July 31, compared to $1.95 billion in the same period last year. The bank is increasing its dividend to $0.79 per share, up from $0.76 in Q3 and a 7% bump over last year.
In the report to shareholders, CEO Brian Porter attributes third-quarter growth to “double-digit growth in [Scotiabank’s] Canadian and international personal and commercial banking businesses.”
He also points to the bank’s focus on its investments in digital, with specific mention of Tangerine — in mid-August, CIBC announced its upcoming launch of new brand Simplii Financial, which could be a direct competitor.