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Ebrahim Poonawalla

Head Managing Director of American Banks Research at Bank of America

Ebrahim Poonawala is a Head Managing Director of American Banks Research at Bank of America Securities, specializing in US mid-cap and Canadian bank coverage. He maintains a 68% success rate on his 755+ ratings with an average return of 12.90% per recommendation, consistently ranking among the top Wall Street analysts on TipRanks with a 4.93-star rating (#238 out of 10,084 analysts). His career spans over a decade in sell-side equity research, including previous roles as Vice President and Senior Equity Research Analyst at Morgan Keegan (2006-2012), followed by positions at Atlantic Union Bank, Morgan Stanley, and SBFC Finance, before joining Bank of America in 2012.

Ebrahim Poonawalla's questions to BANK OF NOVA SCOTIA (BNS) leadership

Question · Q4 2025

Ebrahim Poonawalla inquired about the drivers of Scotiabank's double-digit EPS growth outlook for the Canadian banking segment, focusing on PCL normalization, pre-tax pre-provision (PTPP) growth, and the bank's ROE trajectory and capital deployment strategy, including potential M&A.

Answer

CFO Raj Viswanathan and Group Head of Canadian Banking Aris Bogdaneris detailed Canadian banking's expected mid-single-digit PTPP growth from margin expansion, disciplined expenses, and strong fee income, with PCLs normalizing to the high 30s. President and CEO Scott Thomson expressed confidence in surpassing the 14%+ ROE target ahead of schedule, prioritizing organic capital deployment, share repurchases, and selective U.S. tuck-in acquisitions.

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