The Bank of Nova Scotia (NYSE:BNS) TD Financial Services and Fintech Summit Conference June 6, 2024 9:45 AM ET Company Participants Francisco Aristeguieta - Group Head of International Banking Conference Call Participants Mario Mendonca - TD Securities Mario Mendonca Good morning, everyone. So now we've got Francisco, Head of Scotiabank's, Group Head of Scotiabank's International Banking. Francisco, thank you very much for joining us this morning. Before we get started with my queue -- my questions, let me ...

Good morning, everyone. So now we've got Francisco, Head of Scotiabank's, Group Head of Scotiabank's International Banking. Francisco, thank you very much for joining us this morning. Now what does that entail? We have a ways to go in Canada, so you're going to see us prioritizing capital investment and deployment in Canada above U.S. and above Mexico. generated this need for the U.S. to support Mexico out of the crisis. I think it's proven to be a brilliant decision. I think Mexico's destiny was changed wi ...

The Bank of Nova Scotia's (BNS) second-quarter fiscal 2024 (ended Apr 30) adjusted net income was C$2.11 billion ($1.55 billion), which declined 2.6% year over year. A rise in expenses and a surge in provisions for credit losses hurt the results. However, higher revenues, an increase in loan balance and solid capital ratios were tailwinds. After considering non-recurring items, net income was C$2.09 billion ($1.54 billion), down 2.5% from the prior-year quarter. Adjusted Revenues Rise, Expenses Increase Tot ...

The Bank of Nova Scotia (NYSE:BNS) Q2 2024 Earnings Conference Call May 28, 2024 8:00 AM ET Company Participants John McCartney - Head of IR Scott Thomson - President and Chief Executive Officer Raj Viswanathan - Chief Financial Officer Phil Thomas - Group Head and Chief Risk Officer Francisco Aristeguieta - Group Head, International Banking Aris Bogdaneris - Group Head, Canadian Banking Conference Call Participants Ebrahim Poonawala - Bank of America Doug Young - Desjardins Capital Markets Paul Holden - CI ...

Bank of Nova Scotia (BNS) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.14 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.75%. A quarter ago, it was expected that this bank would post earnings of $1.19 per share when it actually produced earnings of $1.25, delivering a surprise of 5.04%. Over the last four quarters, the company ...

Forward-Looking Statements and Risks - Forward-looking statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation[12] - Forward-looking statements include objectives, strategies, regulatory environment, anticipated financial results, and economic outlook for Canada, U.S., and global markets[12] - Key risks to forward-looking statements include economic conditions, currency and interest rate changes, geopolitical risks, technological changes, and operational risks[12] - The Bank's business involves significant exposure to loans and commitments to specific companies, industries, or countries, which could be adversely affected by unforeseen events[12] - Material economic assumptions underlying forward-looking statements are detailed in the 2023 Annual Report under the "Outlook" section[12] - The "Outlook" and "2024 Priorities" sections are based on the Bank's views, but actual outcomes remain uncertain[12] - The Bank does not undertake to update forward-looking statements except as required by law[12] - Additional information about the Bank can be found on the SEDAR+ and SEC EDGAR websites[12] Financial Performance and Key Metrics - Net income for the quarter ended April 30, 2024, was $2,092 million, compared to $2,146 million in the same period last year[13] - Total revenue for the quarter increased to $8,347 million from $7,913 million in the prior year period[13] - Provision for credit losses rose to $1,007 million, up from $709 million in the previous year[13] - Common Equity Tier 1 (CET1) capital ratio improved to 13.2%, up from 12.3% a year ago[13] - The effective tax rate for the quarter was 20.4%, slightly higher than the 20.2% average over the period[14] - Dividends paid per share increased to $1.06, up from $1.03 in the prior year[13] - Market capitalization stood at $77,660 million as of April 30, 2024[13] - Q4 2023 net gain of $367 million ($319 million after-tax) from the sale of 20% equity interest in Canadian Tire's Financial Services business[38] - Q4 2023 restructuring charge and severance provisions of $354 million ($258 million after-tax) due to workforce reductions and digitization efforts[38] - Q4 2023 real estate consolidation and contract termination costs of $87 million ($63 million after-tax)[38] - Q4 2023 impairment charges of $185 million ($159 million after-tax) related to investment in Bank of Xi'an Co. Ltd. in China[38] - Q4 2023 impairment of intangible assets, including software, of $161 million ($114 million after-tax)[38] - Q1 2023 additional income tax expense of $579 million for the Canada Recovery Dividend (CRD)[39] - Q4 2022 net loss of $361 million ($340 million after-tax) from divestitures and wind-down of operations in Asia Pacific[39] - Q4 2022 costs of $133 million ($98 million after-tax) to support the expansion of the Scene+ loyalty program[39] - Q2 2024 reported net income of $2,092 million, with adjusted net income of $2,105 million[40] - Q1 2024 reported net income of $2,199 million, with adjusted net income of $2,212 million[40] - Canadian Banking reported net income of $1,055 million for the three months ended April 30, 2023, and $2,103 million for the six months ended April 30, 2024[42][43] - International Banking reported net income of $657 million for the three months ended April 30, 2023, and $1,463 million for the six months ended April 30, 2024[42][43] - Global Wealth Management reported net income of $356 million for the three months ended April 30, 2023, and $753 million for the six months ended April 30, 2024[42][43] - Global Banking Markets reported net income of $401 million for the three months ended April 30, 2023, and $867 million for the six months ended April 30, 2024[42][43] - Adjusted net income attributable to common shareholders was $2,018 million for the three months ended April 30, 2023, and $4,009 million for the six months ended April 30, 2024[42][43] - Total non-interest expenses adjustments (Pre-tax) were $21 million for the three months ended April 30, 2023, and $36 million for the six months ended April 30, 2024[42][43] - Impact of adjusting items on net income before taxes was $21 million for the three months ended April 30, 2023, and $36 million for the six months ended April 30, 2024[42][43] - Total impact of adjusting items on net income was $15 million for the three months ended April 30, 2023, and $26 million for the six months ended April 30, 2024[42][43] - Adjusted net income attributable to equity holders was $2,137 million for the three months ended April 30, 2023, and $4,266 million for the six months ended April 30, 2024[42][43] - The Bank adopted IFRS 17 effective November 1, 2023, and prior period amounts have been restated accordingly[43] - Net interest income for the three months ended April 30, 2024, was $2,246 million, an increase from $1,999 million in the same period in 2023[45] - Non-interest income for the three months ended April 30, 2024, was $857 million, compared to $743 million in the same period in 2023[45] - Total revenue for the three months ended April 30, 2024, was $3,103 million, up from $2,742 million in the same period in 2023[45] - Provision for credit losses increased to $574 million for the three months ended April 30, 2024, from $436 million in the same period in 2023[45] - Net income for the three months ended April 30, 2024, was $768 million, compared to $657 million in the same period in 2023[45] - Average assets for the three months ended April 30, 2024, were $236 billion, slightly down from $239 billion in the same period in 2023[45] - Canadian Banking net interest income increased due to deposit growth, margin expansion, and loan growth[50] - International Banking net interest income trended upward due to growth in residential mortgages, business loans, and central bank rate increases[50] - Provision for credit losses increased due to an unfavorable macroeconomic outlook, retail portfolio growth, and higher interest rates[54] - Non-interest expenses reflect investments in personnel and technology, partly offset by expense management and efficiency initiatives[54] - Net income attributable to common shareholders for the six months ended April 30, 2024, was $4,009 million, compared to $3,638 million in the same period in 2023[66] - Adjusted net income attributable to common shareholders for the six months ended April 30, 2024, was $4,035 million, compared to $4,247 million in the same period in 2023[66] - Return on tangible common equity (adjusted) for the six months ended April 30, 2024, was 14.2%, compared to 16.0% in the same period in 2023[66] - Core net interest income for the six months ended April 30, 2024, was $9,804 million, compared to $9,432 million in the same period in 2023[60] - Net interest margin for the six months ended April 30, 2024, was 2.18%, compared to 2.12% in the same period in 2023[60] - Average core earning assets for the six months ended April 30, 2024, were $903,456 million, compared to $898,261 million in the same period in 2023[60] - Net interest income (reported) for the six months ended April 30, 2024, was $9,467 million, compared to $9,023 million in the same period in 2023[60] - Average tangible common equity for the six months ended April 30, 2024, was $57,026 million, compared to $53,603 million in the same period in 2023[66] - The Bank adopted IFRS 17 effective November 1, 2023, resulting in restated prior period amounts[66][60] - The Bank increased the capital attributed to its business lines to approximate 11.5% of the Basel III common equity capital requirements, up from 10.5% previously[63] - Reported Net income attributable to common shareholders for the three months ended January 31, 2024 was $2,066 million, compared to $2,018 million for the same period in 2023[64] - Total average common equity for the three months ended January 31, 2024 was $69,372 million, up from $67,574 million in the same period last year[64] - Return on equity for the three months ended January 31, 2024 was 11.8%, compared to 12.2% in the same period last year[64] - Adjusted Net income attributable to common shareholders for the three months ended January 31, 2024 was $2,079 million, up from $2,033 million in the same period last year[64] - Reported Net income attributable to common shareholders for the six months ended April 30, 2024 was $4,009 million, compared to $3,638 million for the same period in 2023[65] - Total average common equity for the six months ended April 30, 2024 was $69,774 million, up from $66,766 million in the same period last year[65] - Return on equity for the six months ended April 30, 2024 was 11.6%, compared to 11.0% in the same period last year[65] - Adjusted Net income attributable to common shareholders for the six months ended April 30, 2024 was $4,035 million, up from $4,247 million in the same period last year[65] - The Bank adopted IFRS 17 effective November 1, 2023, requiring restatement of prior period amounts[64][65] - Effective Q1 2024, the Bank increased the capital attributed to business lines to approximate 11.5% of Basel III common equity capital requirements, up from 10.5% previously[69][71] - The Bank's reported net income for Q2 2024 was $2,092 million, a decrease of 3% compared to $2,146 million in Q2 2023 and a decrease of 5% compared to $2,199 million in Q1 2024[73][80] - Adjusted net income for Q2 2024 was $2,105 million, a decrease of 3% compared to $2,161 million in Q2 2023 and a decrease of 5% compared to $2,212 million in Q1 2024[73][80] - Revenues for Q2 2024 were $8,347 million, an increase of 5% compared to $7,913 million in Q2 2023, driven by a 5% increase in net interest income to $4,694 million and a 6% increase in non-interest income to $3,653 million[82] - The provision for credit losses for Q2 2024 was $1,007 million, an increase of $298 million (42%) compared to $709 million in Q2 2023, with the provision for credit losses ratio increasing 17 basis points to 54 basis points[85] - Non-interest expenses for Q2 2024 were $4,711 million, an increase of $137 million (3%) compared to $4,574 million in Q2 2023, driven by higher technology-related costs, personnel costs, and advertising expenses[89] - The net interest margin for Q2 2024 was 2.17%, an increase of 5 basis points compared to Q2 2023, driven by higher margins in International Banking and Canadian Banking[82] - The productivity ratio for Q2 2024 improved to 56.4% compared to 57.8% in Q2 2023, with the adjusted productivity ratio improving to 56.2% compared to 57.5%[89] - Year-to-date net income for Q2 2024 was $4,291 million, an increase of 10% compared to $3,904 million in the same period last year, driven by higher revenues and lower provision for income taxes[81] - Year-to-date revenues for Q2 2024 were $16,780 million, an increase of 6% compared to $15,875 million in the same period last year, with net interest income increasing 5% to $9,467 million and non-interest income increasing 7% to $7,313 million[84] - The provision for credit losses on impaired loans for Q2 2024 was $975 million, an increase of $354 million (57%) compared to $621 million in Q2 2023, with the provision for credit losses ratio on impaired loans increasing 19 basis points to 52 basis points[85] - Non-interest expenses decreased by $28 million or 1% in Q2 2024 compared to Q1 2024, driven by seasonally lower share-based compensation and fewer days in the quarter[90] - Adjusted non-interest expenses increased by $421 million or 5% in Q2 2024 compared to Q2 2023, primarily due to higher personnel costs, technology-related costs, and foreign currency translation impacts[91] - The productivity ratio improved to 56.3% in Q2 2024 from 56.9% in Q2 2023, with the adjusted productivity ratio also improving to 56.1% from 56.6%[91] - Net interest income for Canadian Banking increased to $2,634 million in Q2 2024 from $2,342 million in Q2 2023, reflecting growth in this segment[98] - The effective tax rate rose to 20.4% in Q2 2024 from 18.4% in Q2 2023, primarily due to lower tax-exempt income and proposed tax measures[95] - Total revenue for Canadian Banking grew to $3,336 million in Q2 2024 from $3,128 million in Q2 2023, driven by higher net interest and non-interest income[98] - Provision for credit losses increased to $428 million in Q2 2024 from $218 million in Q2 2023, reflecting higher credit risk provisions[98] - Return on equity for Canadian Banking was 20.0% in Q2 2024, down from 22.7% in Q2 2023, indicating a slight decline in profitability[98] - Net interest margin for Canadian Banking remained stable at 2.56% in Q2 2024, compared to 2.30% in Q2 2023, showing consistent performance[98] - Average assets for Canadian Banking were $445 billion in Q2 2024, slightly down from $451 billion in Q2 2023, reflecting minor adjustments in asset management[98] - Net income attributable to equity holders decreased by $47 million or 4% in Q2 2024 compared to Q2 2023, primarily due to higher provision for credit losses and non-interest expenses[100] - Average assets decreased by $6 billion or 1% in Q2 2024 compared to Q2 2023, driven by a $13 billion or 5% decline in residential mortgages, partly offset by growth in business loans and credit cards[100] - Net interest income increased by $292 million or 12% in Q2 2024 compared to Q2 2023, driven by deposit growth and margin expansion, with the net interest margin rising 26 basis points to 2.56%[101] - Provision for credit losses increased by $210 million in Q2 2024 compared to Q2 2023, with the provision ratio rising 20 basis points to 40 basis points, driven by retail migration and an unfavourable macroeconomic outlook[104] - Non-interest expenses increased by $62 million or 4% in Q2 2024 compared to Q2 2023, primarily due to higher technology, personnel, and advertising costs to support business growth[107] - Year-to-date revenues increased by $432 million or 7% in Q2 2024 compared to Q2 2023, with net interest income rising $558 million or 12% and non-interest income declining $126 million or 8%[103] - Year-to-date provision for credit losses increased by $370 million in Q2 2024 compared to Q2 2023, with the provision ratio rising 17 basis points to 37 basis points, driven by higher retail and commercial formations[106] - Year-to-date non-interest expenses increased by $111 million or 4% in Q2 2024 compared to Q2 2023, primarily due to higher technology, personnel, and advertising costs[110] - The effective tax rate remained stable at 27.5% in Q2 2024, consistent with the prior year and prior quarter[111] - Average liabilities increased by $22 billion or 6% in Q2 2024 compared to Q2 2023, driven by growth in personal and non-personal deposits[100] - Net income attributable to equity holders increased by $35 million to $671 million in Q2 2024 compared to Q2 2023, driven by higher net interest income and foreign currency translation[114] - Adjusted net income attributable to equity holders decreased by $75 million or 10% in Q2 2024 compared to Q1 2024, primarily due to lower non-interest income and higher provision for income taxes[115] - Year-to-date Q2 2024 net income attributable to equity holders was $1,417 million, a 2% increase from $1,384 million in the same period last year, driven by higher net interest income[118] - Average assets remained stable at $235 billion in Q2 2024, with total loans decreasing by 2% primarily in Brazil and Peru, offset by a 6% increase in residential mortgages[119] - Net interest income increased to $2,261 million in Q2 2024, up from $1,999 million in Q2 2023, contributing to higher total revenue of $2,992 million[113] - Provision for credit losses rose to $566

The market expects Bank of Nova Scotia (BNS) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be re ...

Regulatory risk is high today at TD Bank. Scotiabank's turnaround plan and its notably higher yield might be more attractive to investors. I own shares of Toronto-Dominion Bank (TD -0.75%) and Bank of Nova Scotia (BNS -0.70%), so I'm fond of both companies. However, TD Bank is facing a unique regulatory headwind that might bother more conservative investors. Although Scotiabank has its own problems, it isn't facing the same regulatory issues and has a higher yield. If you are considering investing in TD Ban ...

Investors looking for stocks in the Banks - Foreign sector might want to consider either Bank of Nova Scotia (BNS) or DBS Group Holdings Ltd (DBSDY) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks ...

Redfox_Ca Bank of Nova Scotia (TSX:BNS:CA)(NYSE:BNS) offers an attractive dividend, trades at a cheap price-to-earnings multiple based on 2025's expected earnings, and has additional upside if the new CEO can execute an ambitious turnaround plan. (All numbers in Canadian Dollars unless otherwise noted) Introduction Bank of Nova Scotia (or as it's commonly referred to, Scotiabank) is a member of Canada's so-called "big six" banking oligarchy which, collectively, controls approximately 93% of banking asse ...