Bank of Nova Scotia (TSX, NYSE: BNS)

Scotiabank is the most internationally oriented of the Big Six Canadian chartered banks, with approximately 35% of its earnings coming from its international operations, primarily from Mexico, Colombia, Peru, and Chile.


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Income Investor

Net profits for the year ended Oct. 31 were down by one-third, from $2.1 billion ($1.02 per share) to $1.4 billion ($1.63 per share), or $1.26 per share adjusted for exceptional items. These included $590 million in charges for a 50% write-down on its stake in Bank of Xian in China, cutting 1,500 staff (3% of its workforce), and markdowns on some its office properties. That was partially offset by a $319 million profit on the sale of its stake in Canadian Tire Financial Services business. - Gavin Graham

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BNS was first recommended here on August 29, 2007







TSX,NYSE:BNS