Acquisition Integration Still In Progress, Credit Costs Shoot Higher for Scotiabank in 2Q
Narrow-moat Bank of Nova Scotia, or Scotiabank, reported fiscal second-quarter results which were again a bit weaker than most had expected. The bank’s revenue growth was 8%, on the surface a strong number, however, this was almost entirely due to recent acquisitions, and adjusted EPS growth of negative 1% could be the weakest number we see among the Canadian banks this quarter. Provisioning also shot up 63% year over year, to CAD 873 million. This was due to multiple factors, including the fact...Scotiabank is a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. Through its three operating segments: Canadian Banking, International Banking, and Global Banking and Markets, Co. provides a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. As of Oct 31 2017, Co. had total assets of C$915,273 million and total deposits of C$625,367 million.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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