The Bank of Nova Scotia(NYSE:BNS) 
The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Banking and Markets, and Global Wealth Manag...
Website: http://www.scotiabank.com
Founded: 1832
Full Time Employees: 92,001
Sector: Financial Services
Industry: Banks-Diversified
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-02 | 2022-11-29 |
|---|---|---|
operating results | ||
net interest income | 21,522,000,000,000 | 18,115,000,000 |
non-interest income | 16,219,000,000,000 | 13,301,000,000 |
total revenue | 37,741,000,000,000 | 31,416,000,000 |
yoy | ||
qoq | 120033.05% | |
provision for credit losses | 4,714,000,000,000 | 1,382,000,000 |
non-interest expenses | 22,518,000,000,000 | 17,102,000,000 |
income tax expense | 2,751,000,000,000 | 2,758,000,000 |
net income | 7,758,000,000,000 | 10,174,000,000 |
yoy | ||
qoq | 76153.19% | |
net income margin % | 20.56% | 32.38% |
net income attributable to common shareholders | 7,283,000,000,000 | 9,656,000,000 |
operating performance | ||
basic earnings per share | 5.84 | 8.05 |
diluted earnings per share | 5.67 | 8.02 |
return on equity | 9.7 | 14.8 |
return on tangible common equity | 11.9 | 18.6 |
productivity ratio | 59.7 | 54.4 |
operating leverage | -2.2 | -2.4 |
net interest margin | 2.33 | 2.2 |
financial position information | ||
cash and deposits with financial institutions | 65,967 | 65,895 |
trading assets | 152,223 | 113,154 |
loans | 771,045 | 744,987 |
total assets | 1,460,042 | 1,349,418 |
deposits | 966,279 | 916,181 |
common equity | 76,927 | 65,150 |
preferred shares and other equity instruments | 9,939 | 8,075 |
assets under administration | 868,347 | 641,636 |
assets under management | 432,375 | 311,099 |
capital and liquidity measures | ||
common equity tier 1 | 13.2 | 11.5 |
tier 1 capital ratio | 15.3 | 13.2 |
total capital ratio | 17.1 | 15.3 |
total loss absorbing capacity | 29.1 | 27.4 |
leverage ratio | 4.5 | 4.2 |
tlac leverage ratio | 8.5 | 8.8 |
risk-weighted assets | 474,453 | 462,448 |
liquidity coverage ratio | 128 | 119 |
net stable funding ratio | 116 | 111 |
credit quality | ||
net impaired loans | 4,903 | 3,151 |
allowance for credit losses | 7,654 | 5,499 |
gross impaired loans as a % of loans and acceptances | 0.93 | 0.62 |
net impaired loans as a % of loans and acceptances | 0.63 | 0.41 |
provision for credit losses as a % of average net loans and acceptances | 0.62 | 0.19 |
provision for credit losses on impaired loans as a % of average net loans and acceptances | 0.54 | 0.24 |
net write-offs as a % of average net loans and acceptances | 0.5 | 0.24 |
adjusted results | ||
adjusted total revenue | 37,731 | |
adjusted non-interest expenses | 20,581 | |
adjusted net income | 9,510 | 10,749 |
adjusted diluted earnings per share | 7.09 | 8.5 |
adjusted return on equity | 11.8 | 15.6 |
adjusted return on tangible common equity | 14.3 | 19.5 |
adjusted productivity ratio | 54.5 | 52.8 |
adjusted operating leverage | 3 | -1.1 |
common share information | ||
closing share price | 91.99 | 65.85 |
shares outstanding | ||
average – basic | 1,244 | 1,199 |
average – diluted | 1,248 | 1,208 |
end of period | 1,236 | 1,191 |
dividends paid per share | 4.32 | 4.06 |
dividend yield | 5.6 | 5.1 |
market capitalization | 113,728 | 78,452 |
book value per common share | 62.22 | 54.68 |
market value to book value multiple | 1.5 | 1.2 |
price to earnings multiple | 15.8 | 8.2 |
other information | ||
employees | 86,431 | 90,979 |
branches and offices | 2,128 | 2,384 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-02 | 2025-04-30 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-11-29 | 2022-10-31 |
|---|---|---|---|---|---|---|---|
assets | |||||||
cash, deposits with financial institutions and precious metals | 71,100,000,000 | 66,400,000,000 | 66,400,000,000 | ||||
trading assets | 152,200,000,000 | 113,200,000,000 | 113,200,000,000 | ||||
securities purchased under resale agreements and securities borrowed | 203,000,000,000 | 192,632,000,000 | 195,258,000,000 | 199,061,000,000 | 178,690,000,000 | 175,300,000,000 | 175,300,000,000 |
derivative financial instruments | 46,500,000,000 | 47,937,000,000 | 48,035,000,000 | 39,611,000,000 | 44,820,000,000 | ||
investment securities | 150,000,000,000 | 154,291,000,000 | 153,019,000,000 | 140,259,000,000 | 111,004,000,000 | 110,000,000,000 | 110,000,000,000 |
loans | 771,000,000,000 | 7,841,000,000 | 8,048,000,000 | 7,640,000,000 | 7,642,000,000 | 745,000,000,000 | 745,000,000,000 |
other | 66,200,000,000 | 2,844,000,000 | 2,641,000,000 | 1,883,000,000 | 1,969,000,000 | 139,500,000,000 | 139,500,000,000 |
total assets | 1,460,000,000,000 | 1,415,465,000,000 | 1,439,151,000,000 | 1,392,886,000,000 | 1,374,438,000,000 | 1,349,400,000,000 | 1,349,400,000,000 |
liabilities | |||||||
deposits | 966,300,000,000 | 916,200,000,000 | 916,200,000,000 | ||||
obligations related to securities sold under repurchase agreements and securities lent | 189,100,000,000 | 177,987,000,000 | 182,259,000,000 | 162,115,000,000 | 132,206,000,000 | 139,000,000,000 | 139,000,000,000 |
subordinated debentures | 7,700,000,000 | 7,891,000,000 | 8,042,000,000 | 7,984,000,000 | 8,713,000,000 | 8,500,000,000 | 8,500,000,000 |
total liabilities | 1,371,400,000,000 | 1,328,959,000,000 | 1,352,730,000,000 | 1,312,434,000,000 | 1,298,687,000,000 | 1,274,700,000,000 | 1,274,700,000,000 |
equity | |||||||
common equity | 76,900,000,000 | 65,100,000,000 | 65,100,000,000 | ||||
preferred shares and other equity instruments | 10,000,000,000 | 10,232,000,000 | 10,232,000,000 | 8,779,000,000 | 8,075,000,000 | 8,100,000,000 | 8,100,000,000 |
non-controlling interests in subsidiaries | 1,700,000,000 | 1,588,000,000 | 1,626,000,000 | 1,696,000,000 | 1,564,000,000 | ||
total equity | 88,600,000,000 | 86,506,000,000 | 86,421,000,000 | 80,452,000,000 | 75,751,000,000 | 74,700,000,000 | 74,700,000,000 |
total liabilities and equity | 1,460,000,000,000 | 1,415,465,000,000 | 1,439,151,000,000 | 1,392,886,000,000 | 1,374,438,000,000 | 1,349,400,000,000 | 1,349,400,000,000 |
cash and deposits with financial institutions | 63,577,000,000 | 70,198,000,000 | 67,249,000,000 | 81,386,000,000 | |||
precious metals | 5,971,000,000 | 3,687,000,000 | 807,000,000 | 725,000,000 | |||
securities | 118,302,000,000 | 126,019,000,000 | 116,864,000,000 | 106,735,000,000 | |||
residential mortgages | 359,792,000,000 | 358,791,000,000 | 341,042,000,000 | 353,527,000,000 | |||
personal loans | 105,953,000,000 | 106,635,000,000 | 104,124,000,000 | 101,041,000,000 | |||
credit cards | 17,224,000,000 | 17,548,000,000 | 17,166,000,000 | 15,494,000,000 | |||
business and government | 280,487,000,000 | 290,188,000,000 | 287,888,000,000 | 290,608,000,000 | |||
allowance for credit losses | 7,084,000,000 | 6,857,000,000 | 6,328,000,000 | 5,513,000,000 | |||
customers’ liability under acceptances, net of allowance | 189,000,000 | 207,000,000 | 15,998,000,000 | 21,872,000,000 | |||
property and equipment | 4,809,000,000 | 4,902,000,000 | 5,519,000,000 | 5,699,000,000 | |||
investments in associates | 5,868,000,000 | 5,940,000,000 | 1,957,000,000 | 2,684,000,000 | |||
goodwill and other intangible assets | 16,089,000,000 | 16,218,000,000 | 16,981,000,000 | 17,170,000,000 | |||
deferred tax assets | 2,950,000,000 | 2,892,000,000 | 3,186,000,000 | 2,508,000,000 | |||
other assets | 35,793,000,000 | 35,782,000,000 | 31,979,000,000 | 36,377,000,000 | |||
personal | 301,069,000,000 | 303,798,000,000 | 292,576,000,000 | 274,879,000,000 | |||
financial institutions | 40,467,000,000 | 44,377,000,000 | 50,083,000,000 | 53,268,000,000 | |||
financial instruments designated at fair value through profit or loss | 39,127,000,000 | 39,594,000,000 | 32,074,000,000 | 26,583,000,000 | |||
acceptances | 190,000,000 | 210,000,000 | 16,094,000,000 | 21,912,000,000 | |||
obligations related to securities sold short | 36,543,000,000 | 34,855,000,000 | 43,621,000,000 | 43,439,000,000 | |||
other liabilities | 59,445,000,000 | 61,874,000,000 | 63,639,000,000 | 63,201,000,000 | |||
common shares | 22,138,000,000 | 22,136,000,000 | 20,599,000,000 | 18,732,000,000 | |||
retained earnings | 57,965,000,000 | 57,445,000,000 | 56,443,000,000 | 54,165,000,000 | |||
accumulated other comprehensive income | -5,191,000,000 | -4,789,000,000 | -6,998,000,000 | -6,640,000,000 | |||
other reserves | -226,000,000 | -229,000,000 | -67,000,000 | -145,000,000 | |||
total common equity | 74,686,000,000 | 74,563,000,000 | 69,977,000,000 | 66,112,000,000 | |||
total equity attributable to equity holders of the bank | 84,918,000,000 | 84,795,000,000 | 78,756,000,000 | 74,187,000,000 | |||
non–controlling interests in subsidiaries | 1,500,000,000 | 1,500,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-04-30 | 2025-01-31 | 2024-01-31 |
|---|---|---|---|
cash flows from operating activities | |||
net income | 1,039,000,000 | 993,000,000 | 2,199,000,000 |
adjustment for: | |||
net interest income | -97,000,000 | -5,173,000,000 | -4,773,000,000 |
depreciation and amortization | -10,000,000 | 403,000,000 | 421,000,000 |
provision for credit losses | |||
impairment on investments in associates | |||
equity-settled share-based payment expense | -5,000,000 | 8,000,000 | 10,000,000 |
net gain on sale of investment securities | 24,000,000 | -31,000,000 | -3,000,000 |
net loss on divestitures | |||
net income from investments in associated corporations | -46,000,000 | -113,000,000 | -46,000,000 |
income tax expense | -186,000,000 | 726,000,000 | 533,000,000 |
changes in operating assets and liabilities: | |||
trading assets | 9,488,000,000 | -4,277,000,000 | -9,682,000,000 |
securities purchased under resale agreements and securities borrowed | -12,972,000,000 | 10,288,000,000 | -3,332,000,000 |
loans | -4,111,000,000 | 2,872,000,000 | -473,000,000 |
deposits | -10,913,000,000 | 8,050,000,000 | 2,645,000,000 |
obligations related to securities sold short | 2,874,000,000 | -727,000,000 | 7,552,000,000 |
obligations related to securities sold under repurchase agreements and securities lent | 15,248,000,000 | -13,728,000,000 | 5,230,000,000 |
net derivative financial instruments | 395,000,000 | 4,567,000,000 | 1,272,000,000 |
other | -2,817,000,000 | -5,348,000,000 | -4,763,000,000 |
interest and dividends received | -1,081,000,000 | 15,455,000,000 | |
interest paid | 1,437,000,000 | -10,511,000,000 | -10,327,000,000 |
income tax paid | 569,000,000 | -1,244,000,000 | -31,000,000 |
net cash from operating activities | |||
capital expenditures | |||
free cash flows | |||
cash flows from investing activities | |||
interest-bearing deposits with financial institutions | 9,613,000,000 | -4,065,000,000 | 21,038,000,000 |
purchase of investment securities | -8,449,000,000 | -17,115,000,000 | -39,777,000,000 |
proceeds from sale and maturity of investment securities | 766,000,000 | 20,067,000,000 | 17,859,000,000 |
acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired | 3,059,000,000 | -2,848,000,000 | |
property and equipment, net of disposals | -112,000,000 | -8,000,000 | -146,000,000 |
net cash from investing activities | |||
cash flows from financing activities | |||
proceeds from issue of subordinated debentures | |||
redemption of subordinated debentures | -1,750,000,000 | ||
proceeds from preferred shares and other equity instruments issued | 1,453,000,000 | 1,004,000,000 | |
redemption of preferred shares and other equity instruments | |||
proceeds from common shares issued | -80,000,000 | 82,000,000 | 490,000,000 |
common shares purchased for cancellation | |||
cash dividends and distributions paid | -14,000,000 | -1,442,000,000 | -1,395,000,000 |
distributions to non-controlling interests | -15,000,000 | -16,000,000 | -15,000,000 |
payment of lease liabilities | 3,000,000 | -76,000,000 | -80,000,000 |
net cash from financing activities | |||
effect of exchange rate changes on cash and cash equivalents | -587,000,000 | 275,000,000 | -204,000,000 |
net change in cash and cash equivalents | 420,000,000 | 491,000,000 | -962,000,000 |
cash and cash equivalents at beginning of year | |||
cash and cash equivalents at end of year | |||
benefit from credit losses | 236,000,000 | 1,162,000,000 | 962,000,000 |
net (gain)/loss on divestitures | -1,327,000,000 | 1,362,000,000 | |
net cash from/(used in) operating activities | -2,255,000,000 | 4,734,000,000 | 2,297,000,000 |
net cash from/(used in) investing activities | 4,964,000,000 | -4,112,000,000 | -1,193,000,000 |
net cash from/(used in) financing activities | -1,702,000,000 | -406,000,000 | -1,862,000,000 |
redemption of preferred shares | -300,000,000 | ||
cash and cash equivalents at beginning of period | 491,000,000 | 9,406,000,000 | 10,173,000,000 |
cash and cash equivalents at end of period | 911,000,000 | 9,897,000,000 | 9,211,000,000 |
represents cash and non-interest-bearing deposits with financial institutions (refer to note 5). | |||
scotiabank second quarter report 2025 | |||
60 | |||
1. | |||
2. | |||
• | |||
3. | |||
4. | |||
scotiabank first quarter report 2025 | 61,000,000 | ||
5. | |||
cash and non-interest-bearing deposits with financial institutions | 9,897,000,000 | ||
total | 70,198,000,000 | ||
6. | |||
debt investment securities measured at fvoci | 122,132,000,000 | ||
debt investment securities measured at amortized cost | 28,494,000,000 | ||
equity investment securities designated at fvoci | 290,000,000 | ||
equity investment securities measured at fvtpl | 2,076,000,000 | ||
debt investment securities measured at fvtpl | 27,000,000 | ||
total investment securities | 153,019,000,000 | ||
as at january 31, 2025 | |||
canadian federal government issued or guaranteed debt | 21,039,000,000 | ||
canadian provincial and municipal debt | 19,090,000,000 | ||
u.s. treasury and other u.s. agency debt | 49,249,000,000 | ||
other foreign government debt | 29,882,000,000 | ||
other debt | 3,668,000,000 | ||
as at october 31, 2024 | |||
canadian federal and provincial government issued or guaranteed debt | 7,886,000,000 | ||
corporate debt | 215,000,000 | ||
62 | |||
dividends received | 154,000,000 | ||
interest received | 14,749,000,000 | ||
represents cash and non-interest-bearing deposits with financial institutions (refer to note 6). | |||
acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash | |||
redemption/repurchase of subordinated debentures |