Bank of Nova Scotia said on Tuesday its second-quarter profit rose 14 percent, beating estimates, and the lender's CEO suggested its strong capital levels will be directed toward acquisitions rather than large share buybacks.The bank's stock surged to an all-time high on the results.Brian Porter, who has emphasized organic growth since taking over as chief executive officer last year, said the bank was eyeing expansion in credit cards, as well as wealth management and retail banking growth in Peru, Colombia, Mexico and Chile."We do have a pipeline of acquisitions that we're looking at ... if they fit our criteria, we want to have the ability to capitalize on those," Porter said on a conference call.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS traded higher by 1.31% or $0.82/share to $63.33. In the past year, the shares have traded as low as $52.05 and as high as $63.72. On average, 297930 shares of BNS exchange hands on a given day and today's volume is recorded at 367281.
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