NEW YORK (TheStreet) -- Bank of Nova Scotia (BNS) - Get Bank of Nova Scotia Report shares are down by 1.61% to $44.55 on Friday morning, following today's release of the company's 2015 third quarter earnings results.

The bank reported third quarter net income of $1.33 billion, or $1.18 per share on revenue that fell 8.5% year over year to $4.92 billion.

Analysts on average were expecting the company to report earnings of $1.15 per share on revenue of $4.87 billion for the most recent quarter.

"We delivered solid third quarter results for shareholders, with strong earnings in our personal and commercial businesses in Canadian and International Banking," CEO Brian Porter said in a statement.

"Our focus on customers across our diversified businesses contributed to our growth despite some challenging economic conditions," Porter added.

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Separately, 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 some concerns, 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. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."

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