BANK OF NOVA SCOTIA (BNS) Company Report

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.

Sep 15, 2025, 4:05 PM

6-K

Bank of Nova Scotia Discusses Strategic Pivot and Financial Performance

BNS

Revenue Acceleration/Inflection

Share Buyback

New Projects/Investments

Bank of Nova Scotia is successfully executing its "value over volume" strategy, leading to balance sheet optimization and improved profitability across segments like Global Banking and Markets (GBM) and International Banking, and is on track to meet or beat its medium-term targets.
The bank has fortified its balance sheet, building $2 billion in Allowance for Credit Losses (ACL), with $1.3 billion performing, and the ACL ratio is 94 bps. Impaired loans decreased this quarter, primarily in Canadian retail, and are expected to continue declining through 2026.
Key business segments are showing positive trends: GBM achieved a 14% balance sheet reduction with a 29% increase in fees ; International Banking's Return on Equity (ROE) increased by 350 basis points over the last two years ; Canadian Banking is targeting positive operating leverage by 2026 ; and Wealth Management experienced an $11 billion positive shift in fund flows.
The bank prioritizes organic growth and is actively engaged in share repurchases through an NCIB, with capital allocation focused on the North American corridor (Canada, U.S., Mexico).