Scotia hikes dividend on profit rise

Scotia Group raises dividend with the Board of Directors approving a final dividend of 45 cents per stock unit in respect of this financial year, which is payable on January 18, 2017 to stockholders on record as at December 27, 2016.
The proposed payment brings the total payment for the year to $1.71 and represents a 6 percent increase in dividends year over year and a dividend payout ratio of 47.08 percent of profit. The final payment means that the 2017 payout should be no less than $1.80, with the proposed payment setting the stage for future quarterly payments. Scotia Group released results with earnings per share ending at $3.63 compared to $3.19 for 2015.
At the same time Scotia Investments held dividends at 45 cents per share the same amount they have been paying in recent times although the company report net profit of $1.35 billion for the year ended October compared with $1.02 billion for the prior. The 2016 profits rose by 32 percent or $325 million net income of $537 million for the quarter ended October, up from $288 million the quarter ending October 2015.
Strong gains of $527 million in fee income, foreign exchange trading gains and gains on financial assets were the main contributing areas that gave rise to the increased profit for the year, for Scotia Investments with earnings per share of $3.19.