Bank of Nova Scotia, one of the world's biggest bullion banks, on Tuesday reported its best quarterly trading revenue from commodities in over a year due to improving precious metals markets even as scrutiny of global bullion pricing intensifies. In its second quarter to end-March, Canada's third-largest bank said trading revenue from commodities hit C$98 million, up 9 percent from the prior quarter and highest since the first quarter to end-December 2012, according to a filing.Commodities was the second-biggest revenue driver in its trading operations after interest rates and credit, accounting for almost a quarter of the total.In a statement, Scotiabank said global banking and markets net income was boosted by stronger results in precious metals as well as lending and fixed income offset a decline in global equities and Canadian lending.The results may reflect improving confidence among institutional and retail investors after the gold market's roiling last year. Prolonged strikes in South Africa, a major platinum and palladium producer, also attracted investor interest this year amid concerns about tight supplies.
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 $63.50. On average, 300842 shares of BNS exchange hands on a given day and today's volume is recorded at 367281.
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