Scotiabank has reported net income of C$2.33bn ($1.8bn) for the first quarter of fiscal year 2018, an increase of 16% from C$2.01bn ($1.5bn) reported a year ago.
The bank said that the results included an accounting benefit of C$150m due to changes in employee benefit plans.
The banking group’s total revenue for the quarter ended 31 January 2018 stood at C$7.09bn, up 3% from $6.87bn in the same period last year.
Net interest income increased 8% to C$3.93bn from C$3.64bn last year, while non-interest income dipped 2% year-on-year to C$3.15bn.
Provision for credit losses was C$544m, down 1% from C$553m in the previous year.
The group’s return on equity at the end of January 2018 stood at 16.2%, versus 14.3% a year ago.
Scotiabank president and CEO Brian Porter said: “All of our businesses delivered strong results, contributing to solid top line growth and a continued improvement in efficiency. We continue to focus on internal alignment and harnessing the untapped potential within our businesses and our operations, which will create medium and long-term value for our shareholders.
“We are also excited about our recent announcements on a number of upcoming acquisitions as we strategically invest our capital. Growing our market presence in Chile and Colombia, and building out our asset and wealth management capabilities here in Canada, will provide a stronger platform to grow and expand our business.”