TORONTO, ONTARIO - May 31, 2016 /CNW/ - Scotiabank (TSX:BNS)(NYSE:BNS) today announced a dividend on the outstanding shares of the Bank for the quarter ending July 31, 2016, as follows, payable on July 27, 2016 to shareholders of record at the close of business on July 5, 2016:

Common Shares

• Dividend No. 588 of $0.72 per share;

Non-Cumulative Preferred Shares

• Series 15, Dividend No. 37 of $0.281250 per share;
• Series 16, Dividend No. 35 of $0.328125 per share;
• Series 17, Dividend No. 34 of $0.350000 per share;
• Series 18, Dividend No. 33 of $0.209375 per share;
• Series 19, Dividend No. 13 of $0.157000 per share;
• Series 20, Dividend No. 33 of $0.225625 per share;
• Series 21, Dividend No. 11 of $0.135125 per share;
• Series 22, Dividend No. 31 of $0.239375 per share;
• Series 23, Dividend No. 10 of $0.146375 per share;
• Series 30, Dividend No. 25 of $0.113750 per share;
• Series 31, Dividend No. 5 of $0.091375 per share;
• Series 32, Dividend No. 23 of $0.128938 per share;
• Series 33, Dividend No. 2 of $0.103677 per share;
• Series 34, Dividend No. 2 of $0.343750 per share.
• Series 36, Dividend No. 1 of $0.508600 per share.

Holders may elect to receive their dividends in common shares of the Bank in lieu of cash dividends, in accordance with the Bank's Shareholder Dividend and Share Purchase Plan (the "Plan"). As previously announced, until such time as the Bank elects otherwise for the purposes of dividend reinvestments, stock dividends and optional share purchase under the Plan, the Bank will (i) issue Common Shares from treasury at the average market price (as defined in the Plan) and (ii) discontinue the purchase of Common Shares in the secondary market. Such shares will be allotted for issuance by Computershare Trust Company of Canada, as agent under the Plan, for the account of participants in the Plan, in an amount determined in accordance with the provisions of the Plan.