NEW YORK (TheStreet) -- Bank of Nova Scotia (BNS) - Get Report shares closed trading up by 1.37% to $52.67 on Friday afternoon,  following the release of the bank's second quarter earnings results.

The company reported second quarter net income of C$1.8 billion, or C$1.43 per diluted share on an adjusted basis, topping analysts' expectations of C$1.39 for the period. 

The bank attributed its solid quarter to strong performances in its global banking and markets division.

Separately, the bank announced the approval of a 24 million share buyback program, representing about 2% of its outstanding shares. The program will begin June 2, 2015 and run through June 1, 2016.

TheStreet Ratings team rates BANK OF NOVA SCOTIA as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate BANK OF NOVA SCOTIA (BNS) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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