The Globe and Mail reports in its Wednesday edition that Scotiabank and BMO posted first-quarter profits that beat analyst expectations Tuesday. The Globe's Stefanie Marotta writes that BMO's net income surged 65 per cent to $2.14-billion as capital markets and wealth management activity surged. Adjusted to exclude certain items, the bank said it earned $3.04 per share, topping the $2.41 per share analysts expected. Scotiabank posted $993-million in profit, a 55-per-cent drop from the same quarter a year prior. On an adjusted basis, including impairment costs related to the sale of some banking operations in Latin America, the bank's profit climbed 7 per cent from a year prior to $2.4-billion, or $1.76 per share. That edged out the $1.65 per share analysts expected. As part of its strategic turnaround plan, Scotiabank has been reallocating capital from its businesses in Latin America to Canada and the United States. In January, the bank announced that it is selling its operations in Colombia, Costa Rica and Panama to Colombian bank Davivienda. The sale resulted in an impairment cost of $1.4-billion, which weighed heavily on the bank's reported net income. National Bank of Canada will post earnings today.