Bank of Nova Scotia reported $519 million in global banking and markets revenue in the fourth quarter, up 49.5 per cent year-on-year and above analyst forecasts compiled by Visible Alpha. Its global wealth management division generated $450 million in profit, up 18 per cent from $382 million last year. (The Logic)

Talking point: Scotiabank is the first of the Big Six banks to report earnings this week, posting a 30 per cent rise in net income to $2.2 billion. That was about 10 per cent lower than analysts had expected for the lender, according to Visible Alpha data. Overall profit was weighed down by a $373-million restructuring charge, largely tied to cutting staff and “right-sizing” their Asian capital markets operations, the bank said in an investor presentation on Tuesday. The lender also put more money aside for bad loans than they did last year—$1.11 billion, up from $1.03 billion. In a note to clients, Jefferies analyst John Aiken said that they expect these “solid results to garner relative valuation support.”

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