Scotiabank (BNS) Reports Record Profits
My favorite Canadian Bank, Scotiabank (BNS) , reported record profits of over $1 Billion this morning, just as I expected. Also, as I mentioned in a previous post, I love their international strategy. While the other Canadian banks are spinning their wheels in the United States market, Scotiabank is raking it in elsewhere. Here is proof from their CEO and President Rick Waugh.
“Our strategy of diversifying across three business lines - Domestic Banking, Scotia Capital and International Banking - continues to deliver strong, sustainable growth,” said Scotiabank President and CEO Rick Waugh.
“Our International results were particularly robust, with widespread organic growth across the business and contributions from recent acquisitions in Peru and Costa Rica. Our Mexican operations continue to make a significant contribution, with very strong growth in retail loans, credit cards and mortgages.
Read more from Yahoo.
