Bank of Nova Scotia First Quarter 2024 Earnings: Beats Expectations
Bank of Nova Scotia (TSE:BNS) First Quarter 2024 Results
Key Financial Results
Revenue: CA$7.47b (up 1.8% from 1Q 2023).
Net income: CA$2.07b (up 27% from 1Q 2023).
Profit margin: 28% (up from 22% in 1Q 2023). The increase in margin was primarily driven by lower expenses.
EPS: CA$1.70 (up from CA$1.37 in 1Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Bank of Nova Scotia Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 6.3%.
Looking ahead, revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Banks industry in Canada.
Performance of the Canadian Banks industry.
The company's shares are up 3.1% from a week ago.
Balance Sheet Analysis
Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. See our latest analysis on Bank of Nova Scotia's balance sheet health.
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