Canadian Press NewsAlert:Scotiabank fourth-quarter profit rises 31 per cent to $1.5 billion

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TORONTO - Bank of Nova Scotia reports it had $1.5 billion of net income for the fourth quarter, a 31 per cent increase over the same time last year.

The quarter brought Scotiabank's total net income for the 2012 financial year to nearly $6.5 billion — a record for the bank (TSX:BNS).

The profit amounted to $1.18 per share of diluted net earnings, or $1.21 per share on an adjusted basis.

The quarter's adjusted earnings beat analyst estimates by three cents per share.

Organizations: Scotiabank, Press NewsAlert, Bank of Nova Scotia TSX

Geographic location: TORONTO

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