December 3, 2010 / 12:55 PM / 9 years ago

UPDATE 1-Scotiabank profit rises on strong retail banking

* Q4 EPS C$1.00 vs est C$1.00

* Domestic and international banking stronger

* Trading fees drop

TORONTO, Dec 3 (Reuters) - Bank of Nova Scotia (BNS.TO) said on Friday its fourth-quarter profit rose 21 percent, boosted by stronger domestic and international retail banking income, partially offset by weaker trading revenue.

The bank, Canada’s third-biggest lender, earned C$1.1 billion ($1.1 billion), or C$1.00 a share, in the quarter ended Oct. 31. That compared with a profit of C$902 million, or 83 Canadian cents a share, in the year-before period.

Analysts polled by Thomson Reuters I/B/E/S/ had expected, on average, a profit of C$1.00 a share.

Scotiabank, which agreed last month to buy the 82 percent of DundeeWealth DW.TO it does not already own for C$2.3 billion, said provisions for credit losses fell to C$254 million in the quarter from C$420 million a year earlier.

Return on equity rose to 17.9 percent from 16.4 percent, while the bank’s Tier 1 capital ratio was 11.8 percent at quarter end.

$1=$1.00 Canadian Reporting by Cameron French, editing by Dave Zimmerman

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