TORONTO, (Reuters) – The Bank of Nova Scotia launched fourth quarter results reporting on Tuesday. It beat analysts’ estimates thanks to lower credit losses and increased revenues in Canada.

Canada’s third largest lender announced that it would pay a C$1 per share instead of the 90 Canadian cents it had been paying over the past eight quarters.

In the three-months ended Oct. 31, net income (net income not including one-off items) rose to C$2.72 trillion ($2.13 billion), C$2.10, as opposed with C$1.9 billion or C$1.45 a year prior. Refinitiv data shows that analysts expected C$1.90 per share.

This was mainly due to its Pacific Alliance-focused International Unit, where adjusted profit jumped 74%. Its Canadian business saw an increase of 59% thanks to higher revenues.

The quarter saw provision of C$168million, a decrease from C$1.1billion a year earlier.

Excluding the effects of taxes and provisions, the bank recorded an adjusted profit C$3.6 billion. That’s a 44% increase over the year before.

Overall net profit at the bank was C$1.97 per share, an increase of C$1.42 from a year earlier.

($1 = 1.2766 Canadian dollars)