BANK OF NOVA SCOTIA (BNS) Company Report

Analyst Coverage

Research analysts who have asked questions during BANK OF NOVA SCOTIA earnings calls.

Darko Mihelic

RBC Capital Markets

7 questions for BNS

Also covers: , BMO, CM +4 more

Doug Young

Desjardins Capital Markets

7 questions for BNS

Also covers: , BMO, CM +7 more

Gabriel Dechaine

National Bank Financial

7 questions for BNS

Also covers: , BMO, CM +6 more

Paul Holden

CIBC World Markets

7 questions for BNS

Also covers: BMO, GRWTF, GWLIF +5 more

Ebrahim Poonawala

Bank of America Securities

6 questions for BNS

Also covers: , BK, BMO +30 more

Mario Mendonca

TD Securities

6 questions for BNS

Also covers: BMO, CM, GRWTF +5 more

John Aiken

Jefferies Securities

5 questions for BNS

Also covers: BMO, CM, MFC +3 more

Sohrab Movahedi

BMO Capital Markets

5 questions for BNS

Also covers: BAM, BN, CM +2 more

Lemar Persaud

Cormark Securities

3 questions for BNS

Also covers: BMO, CM, MFC +3 more

Jill Shea

UBS Group

2 questions for BNS

Also covers: RY

Matthew Lee

Canaccord Genuity

2 questions for BNS

Also covers: BMO, CAE, CM

Ebrahim Poonawalla

Bank of America

1 question for BNS

Also covers: BMO

Jill Glaser Shea

UBS

1 question for BNS

Also covers: AFRM, RY, SOFI +1 more

John Aitken

Jefferies

1 question for BNS

Also covers: CM

Matthew James Lee

Canaccord Genuity Group

1 question for BNS

Also covers: BMO, RY, TD

Nigel D'Souza

Veritas Investment Research

1 question for BNS

Also covers: CM, GRWTF, MFC +2 more

Latest news

Recent press releases and 8-K filings for BNS.

Scotiabank Outlines 2026 Growth Strategy and Performance Targets

BNS

Guidance Update

Share Buyback

New Projects/Investments

Scotiabank exceeded its 2025 plan with 10% earnings growth, positive operating leverage, a 13% CET1 ratio, and the repurchase of 11 million shares.
For 2026, the bank anticipates double-digit earnings growth overall, driven by double-digit NIAT growth in its Canadian bank and high single-digit NIAT growth in Wealth.
The International Banking segment is projected to achieve mid-single-digit PTPP growth and modest NIAT growth in 2026, with expectations for higher growth and a 15% ROE into 2027.
The company aims for an ROE of over 13% by the end of 2026, primarily through improved business mix and return on assets rather than leverage.
Scotiabank plans to continue investing in its Global Transaction Banking (GTB) in the U.S., with an additional CAD 250 million allocated for 2026, and will increase technology spend from CAD 5.3 billion to CAD 5.8 billion.

5 days ago

Transcript

Scotiabank CEO Scott Thomson Discusses 2026 Growth Outlook and Strategic Priorities

BNS

Guidance Update

New Projects/Investments

Share Buyback

Scotiabank anticipates double-digit earnings growth for the bank in 2026, with the Canadian bank expected to achieve double-digit Net Income After Tax (NIAT) growth.
The bank projects an ROE of over 13% by the end of 2026, ahead of its original target, driven by business mix improvements and return on assets.
International Banking is forecasted to have mid-single-digit Pre-Tax Pre-Provision (PTPP) growth but modest NIAT growth in 2026 due to impaired PCLs in certain regions.
Scotiabank is investing significantly in its Global Transaction Banking (GTB) platform, with CAD 250 million spent in 2025 and another CAD 250 million planned for 2026, to enhance its U.S. franchise and attract sticky deposits.
The company also plans to continue share repurchases in 2026.

5 days ago

Transcript

Scotiabank CEO Discusses 2026 Growth Outlook and 2025 Performance

BNS

Guidance Update

Share Buyback

New Projects/Investments

Scotiabank (BNS) anticipates double-digit earnings growth for 2026, with the Canadian bank projected for double-digit Net Income After Tax (NIAT) growth and Wealth for high single-digit NIAT growth, while the International Bank and Global Banking and Markets (GBM) are expected to see modest NIAT growth.
The bank exceeded its 2025 targets, achieving 10% earnings growth and positive operating leverage, and repurchased 11 million shares.
Scotiabank's Return on Equity (ROE) reached 12.5% by Q4 2025, a year ahead of its target, and is forecast to be over 13% by Q4 2026, driven by business mix and return on assets.
The company is investing significantly in Global Transaction Banking (GTB), including CAD 250 million in the U.S. in 2025 and another CAD 250 million in 2026, with full U.S. capabilities expected by 2027.
Scotiabank plans to continue share repurchases in 2026, aiming to maintain its CET1 ratio at 13%, and projects an impaired PCL ratio in the high 40s to mid-50s basis points for 2026.

5 days ago

Transcript

Bank of Nova Scotia Reports Fiscal 2025 and Q4 2025 Financial Results

BNS

Earnings

Revenue Acceleration/Inflection

For the fiscal year ended October 31, 2025, Bank of Nova Scotia's net income decreased 2% to $7,758 million, while adjusted net income increased 10% to $9,510 million.
Diluted earnings per share (EPS) for fiscal 2025 was $5.67, down from $5.87 in 2024, but adjusted diluted EPS rose to $7.09 from $6.47.
Total revenue for fiscal 2025 increased to $37,741 million from $33,670 million in 2024, driven by a 12% increase in net interest income and a 12% increase in non-interest income.
In the fourth quarter of 2025, net income increased 31% year-over-year to $2,206 million, and adjusted net income increased 21% to $2,558 million.
The Common Equity Tier 1 (CET1) capital ratio stood at 13.2% as of October 31, 2025, slightly up from 13.1% in 2024.

Dec 2, 2025, 1:51 PM

6-K

Scotiabank Announces Fiscal Year and Fourth Quarter 2025 Results

BNS

Earnings

Revenue Acceleration/Inflection

Restructuring

Scotiabank reported adjusted net income of $9,510 million for fiscal year 2025, an increase from $8,627 million in the previous year, with adjusted diluted EPS of $7.09 compared to $6.47 in fiscal year 2024.
For the fourth quarter of 2025, adjusted net income was $2,558 million, up from $2,119 million in Q4 2024, and adjusted diluted EPS was $1.93, compared to $1.57 in the prior year quarter.
The bank's adjusted return on equity for fiscal year 2025 was 11.8%, up from 11.3% in the previous year, and for Q4 2025, it was 12.5%, compared to 10.6% in Q4 2024.
Scotiabank maintained a strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 13.2% as of October 31, 2025.
CEO Scott Thomson highlighted that 2025 was a "very positive year" for the Bank, noting improving results, a strengthened balance sheet, and increased return on equity, with all business lines reporting year-over-year earnings growth in the fourth quarter.

Dec 2, 2025, 1:35 PM

6-K

Scotiabank Reports Strong Q4 and Full-Year 2025 Results, Provides Optimistic 2026 Outlook

BNS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Scotiabank reported strong Q4 2025 results with earnings of CAD 2.6 billion and diluted EPS of CAD 1.93, representing a 23% year-over-year increase in earnings. For the full fiscal year 2025, adjusted diluted EPS grew 10% to $7.09, with a Return on Equity (ROE) of 11.8%.
The bank achieved significant strategic progress in 2025, including adding 400,000 primary clients and increasing closed referrals between Canadian retail, commercial, and wealth to CAD 15 billion, an 18% increase year-over-year. Global Banking and Markets (GBM) delivered a strong year with earnings up 30% and underwriting and advisory fees rising 35%.
Looking ahead to fiscal year 2026, Scotiabank anticipates strong earnings growth and double-digit annual EPS growth, targeting an ROE of 14% plus. This outlook is supported by expected positive operating leverage, continued net interest margin expansion, and projected double-digit earnings growth in Canadian banking.
Strategic investments in 2026 will focus on technology, including AI investments and enhancing global transaction banking platforms. Global Banking and Markets expects double-digit loan growth for the first time in several years, following a deliberate effort to deselect low-returning loans in 2025.

Dec 2, 2025, 1:15 PM

Transcript

Scotiabank Reports Strong Q4 and Full-Year 2025 Results, Provides Optimistic 2026 Outlook

BNS

Earnings

Guidance Update

Share Buyback

Scotiabank reported Q4 2025 earnings of CAD 2.6 billion and diluted earnings per share of CAD 1.93, marking a 23% year-over-year increase in earnings. The bank achieved a Return on Equity (ROE) of 12.5% in Q4, up 190 basis points year-over-year, and full-year adjusted diluted EPS grew 10% to $7.09.
The bank maintained a strong capital position with a CET1 ratio of 13.2% at year-end and repurchased 10.8 million shares in fiscal 2025.
For fiscal year 2026, Scotiabank anticipates strong earnings growth, including double-digit earnings growth in Canadian banking, driven by increased net interest income and non-interest revenue, and expects positive operating leverage. The full-year impaired PCL ratio is projected to be in the high 40s to mid-50s basis point range.
A CAD 299 million after-tax restructuring charge, equivalent to $0.28 per share, was recorded in Q4 2025, primarily to simplify Canadian banking operations.

Dec 2, 2025, 1:15 PM

Transcript

Scotiabank Reports Strong Q4 and Full-Year 2025 Results, Projects Robust Earnings Growth for 2026

BNS

Earnings

Guidance Update

Share Buyback

Scotiabank reported Q4 2025 earnings of CAD 2.6 billion and diluted earnings per share of CAD 1.93, marking a 21% and 23% year-over-year increase, respectively, with a Return on Equity (ROE) of 12.5%. For the full fiscal year 2025, adjusted diluted EPS grew 10% to $7.09, and adjusted ROE was 11.8%.
The bank demonstrated strong operational progress in fiscal 2025, adding 400,000 primary clients and increasing closed referrals between Canadian retail, commercial, and wealth to CAD 15 billion. Global Wealth Management saw full-year net sales improve by CAD 11.5 billion , and Global Banking and Markets achieved its best year for underwriting and advisory fees, rising 35%.
Scotiabank repurchased 10.8 million shares in fiscal 2025, ending the year with a CET1 ratio of 13.2%. The bank plans to continue share repurchases in 2026, prioritizing organic growth and considering small tuck-in acquisitions.
Looking ahead to fiscal 2026, the bank anticipates strong earnings growth, driven by increases in net interest income and non-interest revenue, and expects lower provision for credit losses. Canadian banking is projected for double-digit earnings growth, and the full-year impaired ratio is expected to be in the high 40s to mid-50s basis point range. The CEO is confident that ROE will reach closer to 14% earlier than initially projected.

Dec 2, 2025, 1:15 PM

Transcript

Scotiabank and Davivienda Close Transaction for Banking Operations Transfer

BNS

M&A

New Projects/Investments

Accounting Changes

Scotiabank and Davivienda have closed the previously announced transaction to transfer Scotiabank's banking operations in Colombia, Costa Rica, and Panama to Davivienda.
As a result of the transaction, Scotiabank received an approximate 20% ownership stake in the new combined entity, Davivienda Group.
Scotiabank expects to record a loss of approximately CAD $300 million after-tax in Q1 2026 in the Other segment, primarily due to the release of cumulative foreign currency translation losses.
The transaction is anticipated to benefit Scotiabank's CET1 ratio by approximately 10 basis points in Q1 2026, mainly from the reduction in risk-weighted assets.

Dec 1, 2025, 4:26 PM

6-K

The Bank of Nova Scotia issues US$2.25 billion in Senior Medium-Term Notes

BNS

Debt Issuance

The Bank of Nova Scotia filed a 6-K report on September 15, 2025, regarding the issuance and sale of Senior Medium-Term Notes.
The issuance includes US$600,000,000 Floating Rate Senior Medium-Term Notes due 2028, US$800,000,000 4.043% Fixed-to-Floating Rate Senior Medium-Term Notes due 2028, and US$850,000,000 4.338% Fixed-to-Floating Rate Senior Medium-Term Notes due 2031.
The total aggregate principal amount of these Notes issued is US$2,250,000,000.