(Toronto) Scotiabank is increasing the size of its share buyback program.
Posted at 3:23 p.m.
The bank clarified on Monday that it now intends to repurchase for cancellation a maximum of 36 million ordinary shares, up from the previous maximum of 24 million ordinary shares announced at the end of the year. last.
The new amount represents approximately 3% of its issued and outstanding common shares, as of November 22.
The change will take effect on Wednesday.
To date, the bank said it has repurchased 20.2 million common shares for cancellation since the start of its normal course issuer bid, which will expire on June 1.er December.
By buying back its shares, the bank spreads its profits over fewer shares, increasing its earnings per share, a key ratio used in valuing a company.