The Bank of Nova Scotia (NYSE:BNS) RBC Capital Markets Canadian Bank CEO Conference January 9, 2024 9:20 AM ET Company Participants Scott Thomson - President and Chief Executive Officer Conference Call Participants Darko Mihelic - RBC Capital Markets Darko Mihelic Okay. Join me on the stage now is Scott Thomson, the CEO of Scotiabank. Question-and-Answer Session Q - Darko Mihelic And Scott, I think I'm going to start in a similar place with you this morning in terms of the questioning. Starting I think on t ...

Financial Data and Key Metrics Changes - The bank reported adjusted earnings of $8.4 billion or $6.54 per share in fiscal 2023, with a return on equity of 11.7% [160] - The liquidity coverage ratio improved to 136%, up from 119%, and the net stable funding ratio increased from 111% to 116% [2] - The effective tax rate decreased to 14.7% from 17.6% year-over-year, influenced by higher tax-exempt income [9] Business Line Data and Key Metrics Changes - Canadian Banking earnings were $4 billion, down 16% year-over-year, primarily due to a $1.2 billion increase in provisions for credit losses, while revenues grew by 7% [6] - Global Banking and Markets reported earnings of $1.8 billion, down 7%, with revenues growing by 7% but expenses increasing by 15% [18] - International Banking earnings were $2.5 billion, down 4% on a constant dollar basis, with revenues up 7% but provisions for credit losses increasing by $638 million [29] Market Data and Key Metrics Changes - Economic growth in Mexico is forecasted at 3.5% for the year, significantly outpacing the sub-1% growth expected for Canada and the U.S. [3] - The Canadian loan-to-deposit ratio improved to 110% from 116% year-over-year, indicating stronger deposit growth [8] - Deposit growth outpaced loan growth, with deposits increasing by 10% year-over-year in Canadian Banking [24] Company Strategy and Development Direction - The company is focusing on balanced growth and improving profitability through strategic initiatives, including a strong emphasis on deposits [23] - The bank aims to generate positive operating leverage in 2024, with expectations of revenue growth exceeding expense growth [144] - The strategy includes a shift towards higher quality originations and a more secured business mix across its footprint [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in earnings growth for 2024, driven by strong net interest income growth and modest loan growth [30] - The bank anticipates a challenging environment for consumers and businesses in 2024, with Canadian GDP growth expected to remain muted [137] - Management highlighted the importance of monitoring unemployment rates and interest rate impacts on credit quality [117] Other Important Information - The bank has significantly increased allowances for credit losses throughout the year, totaling approximately $1.1 billion, mostly in performing allowances [166] - The Scene+ loyalty program has surpassed 14 million members, contributing to customer growth [4] - The bank was recognized for its commitment to sustainable finance and as one of the best workplaces in Canada [164] Q&A Session Summary Question: What is the outlook for earnings growth in 2024? - Management indicated that earnings growth is expected to be marginal in 2024, with net interest income growth supporting this outlook [122][123] Question: How will the bank manage its capital ratios in 2024? - The bank aims to maintain a capital ratio around 12.5% for 2024, with ongoing assessments based on regulatory changes [147] Question: What are the biggest risks for provisions for credit losses? - Management identified unemployment and interest rate uncertainty as significant risks impacting provisions for credit losses [100][101]

| --- | --- | --- | --- | |----------------------------------------|---------|-----------|-------------------------------------------------------------| | $MM, except EPS Reported | 2023 | Y/Y | WHOLE YEAR HIGHLIGHTS | | Net Income | $7,528 | (26%) | • Adjusted diluted EPS down 23% (reported down 28%) | | Pre-Tax, Pre-Provision Profit1 | $13,176 | (8%) | o Higher PCLs and expenses, offset by lower provision for | | Diluted EPS | $5.78 | (28%) | income taxes | | Revenue | $32,307 | 3% | • Adjusted revenues u ...

Table of Contents 2023 Scotiabank Annual Report | 139 The management of The Bank of Nova Scotia (the Bank) is responsible for the integrity and fair presentation of the financial information contained in this Annual Report. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements also comply with the accounting requirements of the Bank ...

Bank of Nova Scotia (NYSE:BNS) 24th Annual Global Banking and Markets Financials Summit September 6, 2023 9:00 AM ET Company Participants Scott Thompson - President and Chief Executive Officer Conference Call Participants Meny Grauman - Senior Financial Services Research Analyst Operator Good morning, everyone. My name is Michelle Khalilay, and I'm the Managing Director and Head of Global Equity Capital Markets at Scotiabank. I'm very pleased to welcome you to our 24th Annual Scotiabank Financial Summit. O ...

The Bank of Nova Scotia (NYSE:BNS) Q3 2023 Earnings Conference Call August 29, 2023 8:15 AM ET Company Participants John McCartney - Head of Investor Relations Scott Thomson - President and Chief Executive Officer Raj Viswanathan - Chief Financial Officer Phil Thomas - Chief Risk Officer Dan Rees - Canadian Banking Glen Gowland - Global Wealth Management Francisco Aristeguieta - International Banking Jake Lawrence - Global Banking and Markets Conference Call Participants Ebrahim Poonawala - Bank of America ...

TORONTO, August 29, 2023 – Scotiabank reported third quarter net income of $2,212 million compared to $2,594 million in the same period last year. Diluted earnings per share (EPS) were $1.72, compared to $2.09 in the same period a year ago. Adjusted net income(1) for the third quarter was $2,227 million and EPS was $1.73, down from $2.10 last year. Adjusted return on equity was 12.2% compared to 15.4% a year ago. "The Bank delivered another quarter of stable earnings, strengthening our capital and liquidity ...

The Bank of Nova Scotia (NYSE:BNS) Q2 2023 Earnings Conference Call May 24, 2023 7:15 AM ET Company Participants John McCartney - Head of Investor Relations Scott Thomson - President and Chief Executive Officer Raj Viswanathan - Chief Financial Officer Phil Thomas - Chief Risk Officer Dan Rees - Canadian Banking Glen Gowland - Global Wealth Management Francisco Aristeguieta - International Banking Jake Lawrence - Global Banking and Markets Conference Call Participants Ebrahim Poonawala - Bank of America Gab ...

Scotiabank reports second quarter results Live audio Web broadcast of the Bank's analysts' conference call. See page 91 for details. Below is the index of EDTF recommendations to facilitate easy reference in the Bank's public disclosure documents available on www.scotiabank.com/investorrelations. MANAGEMENT'S DISCUSSION & ANALYSIS The Bank uses a number of financial measures and ratios to assess its performance, as well as the performance of its operating segments. Some of these financial measures and ratio ...

The Bank of Nova Scotia (NYSE:BNS) Q1 2023 Earnings Conference Call February 28, 2023 8:15 AM ET Company Participants John McCartney - Head of Investor Relations Scott Thompson - President & Chief Executive Officer Raj Viswanathan - Chief Financial Officer Phil Thomas - Chief Risk Officer Dan Rees - Canadian Banking Nacho Deschamps - International Banking Glen Gowland - Global Wealth Management Conference Call Participants Mario Mendonca - TD Securities Doug Young - Desjardins Capital Markets Gabriel Dechai ...