Canada's Scotiabank posts higher quarterly profit as interest income rises

The bank reported net income of C$2.95 billion ($2.13 billion), or C$2.27 per share, for the three months ended July 31, compared with C$2.53 billion, or C$1.84 per share, in the year-ago period.

Shares of the lender have gained nearly 18.8% year-to-date.

($1 = 1.3854 Canadian dollars)

Bank of Nova Scotia BNS.TO reported a rise in third-quarter profit on Tuesday, helped by higher interest income.

Canada's economy remained resilient despite escalating trade tensions with the United States and a prolonged conflict in the Middle East, which has pushed up commodity and energy prices and put pressure on household finances.

Scotiabank's net interest income, the difference between what banks make on loans and pay out on deposits, stood at C$5.87 billion during the quarter. That compares with C$5.49 billion reported a year earlier.

Net income attributable to equity holders in the bank's global banking and markets unit came in at C$647 million, compared to C$473 million in the year earlier, driven by strong revenue performance in capital markets business and record underwriting and advisory fees.