http://www.tsxcommentary.com Canadian Market Commentary Fri, 26 Feb 2010 15:46:00 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 http://www.tsxcommentary.com/2009/bank-of-nova-scotia/bns-q309-better-than-expected-on-trading/ http://www.tsxcommentary.com/2009/bank-of-nova-scotia/bns-q309-better-than-expected-on-trading/#comments Mon, 31 Aug 2009 15:25:56 +0000 admin http://www.tsxcommentary.com/?p=106
BNS reported Q3/F09 diluted cash EPS of $0.88. Adjusted for items of note
(a general provision and a sectoral reserve), core cash EPS was $0.94
but below last year’s EPS of $0.99. The quarterly dividend on common shares was unchanged at $0.49/share.

The positive $0.07/share variance to our EPS estimate was due primarily to
‘outsized’ trading revenue ($0.21), while lower LLPs helped by $0.03. Partly
offsetting was weaker other income (-$0.09), a higher tax rate (-$0.06),
and higher non-interest expenses (-$0.03).

Trading revenue was ‘outsized’ at $514mm versus our estimate of $250mm
and last year’s $247mm. We believe this was mainly due to a favorable
environment and is not sustainable.

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