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Scotiabank Q1 2013 net income increases by 13% to $1.62bn

Scotiabank has reported net income of $1.62bn for the first quarter of 2013, up by 13% compared to $1.4bn during the comparable period last financial year, backed by higher net interest income, growth in wealth management and transaction-based banking revenues.

Diluted earnings per share were $1.25, against $1.2 during the same period a year ago, which included a gain on sale of a real estate asset in Western Canada of 8 cents per share.

For the first quarter period ended on 31 January 2013, its total revenues stood at $5.256bn, with an increase of 12% from $4.68bn during the same period earlier year.

This quarter’s net interest income (on a taxable equivalent basis) grew by 17% to $2.77bn, compared to $2.38bn during the corresponding period last fiscal.

Canadian Banking segment reported net income attributable to equity holders of $574m, up by 21% from $474m, while International Banking segment net income attributable to equity holders was $416m, up by 12% from $373m during the same period a year ago.

Global Wealth Management segment net income attributable to equity holders grew by 7% to $301m, versus $282m, while Global Banking and Markets segment net income attributable to equity holders was $399m, up by 28% from $311m during the comparable period in 2012.

As at 31 October 2012, the Basel II Tier 1 and Total Capital ratios were 13.6% and 16.7% respectively.