The jump came as the bank reported record third quarter earnings of
Earnings got a boost from a adjusted net interest margin of 1.94 per cent that was higher than any quarter in the bank's history and 0.13 of a percentage point higher than the last quarter.
The jump was also well ahead of the bank's 2022 guidance of flat to moderate growth.
“I think perhaps we were a touch cautious in projecting that to the Street until we actually saw it manifest," said
The bank benefited on the margins with a strategy of being more nimble and responsive to rising interest rates, he said.
"It's been a good management approach to take very little interest rate position."
The bank, which last week closed a
Earnings for the quarter ending
Analysts had been expecting adjusted earnings of
Scotiabank analyst
"While that charge did indeed come in as we had expected, it was overwhelmed by very significant sequential margin expansion and elevated securitization revenue that completely took us by surprise."
This report by The Canadian Press was first published
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