Tue May 27, 2014 6:54am EDT
(Adds details on unit performance, background on M&A moves)
TORONTO May 27 (Reuters) - Bank of Nova Scotia said on Tuesday its second-quarter profit rose 14 percent, beating estimates, as higher income at its domestic banking and global wealth units offset a flat performance in international retail banking.
Scotiabank, Canada's No. 3 bank, earned a net C$1.80 billion ($1.66 billion), or C$1.39 a share, in the quarter ended April 30, compared with C$1.58 billion, or C$1.22 a share, a year earlier.
The result follows reports from Royal Bank of Canada and Toronto-Dominion Bank last week that highlighted strong domestic banking and wealth management profit growth, despite signs that heavily indebted Canadian consumers are slowing their borrowing. )
Excluding an amortization charge, the bank earned C$1.40 a share, ahead of analysts' expectations of a profit of C$1.31 a share.
The bank said it would buy back up to 1 percent of its outstanding shares.
Canadian personal and commercial banking income rose 12 percent to C$565 million, helped by growth in assets in deposits and an increase in interest margins.
Global wealth and insurance profit climbed 11 percent to C$345 million, while the global banking and markets division, Scotiabank's wholesale banking unit, earned C$385 million, up 9 percent.
Income at Scotiabank's international banking division rose by C$1 million to C$416 million, as the impact of loan and deposit growth was offset by higher provisions for credit losses and lower tax recoveries, the bank said.
Overall, loan-loss provisions rose 9 percent to C$375 million.
Scotiabank is best known for its large international footprint that spans Latin America and includes a sizable presence in Asia, but the bank's latest merger and acquisition moves have been domestic.
In early May, the bank said it was buying 20 percent of retailer Canadian Tire Corp Ltd's financial services business, and two weeks ago Scotiabank said it would explore options to sell some or all of its 37 percent stake in asset manager CI Financial.
($1 = 1.0854 Canadian Dollars) (Reporting by Cameron French; Editing by Sofina Mirza-Reid and Bernadette Baum)
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