The corporate logo is seen outside Scotiabank headquarters in the financial district in Toronto on December 3, 2002. THE CANADIAN PRESS/Kevin Frayer

TORONTO – Scotiabank (TSX:BNS) will hike its dividend six per cent after delivering stronger profits in the first quarter, and improved results particularly in its Canadian and international businesses.

Canada’s most international bank said Tuesday that it plans to raise its quarterly dividend by three cents per share to 55 cents.

The move came as the bank’s quarterly profits rose to $1.44 billion, or $1.20 per share. The results marked an increase from $1.25 billion or $1.08 per share a year earlier. Revenue grew 11 per cent to $4.64 billion from $4.19 billion.

Analysts, on average, had predicted earnings per share of $1.15 on $4.5 billion in revenue, according to Thomson Reuters.

“Consistent execution of our strategy and focus on our core businesses has led to a strong quarter,” said president and CEO Rick Waugh.

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