All amounts are in
Canadian dollars and are based on our unaudited Interim Condensed
Consolidated Financial Statements for the quarter ended January 31,
2024 and related notes prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB), unless otherwise noted. Our
complete First Quarter 2024 Report to Shareholders, including our
unaudited interim financial statements for the period ended January
31, 2024, can also be found on the SEDAR+ website at
www.sedarplus.ca and on the EDGAR section of the SEC's website at
www.sec.gov. Supplementary Financial Information is also available,
together with the First Quarter 2024 Report to Shareholders on the
Investor Relations page at www.scotiabank.com.
|
First Quarter 2024
Highlights on a Reported Basis
|
First Quarter 2024
Highlights on an Adjusted
Basis(1)
|
(versus Q1
2023)
|
(versus Q1
2023)
|
• Net income of
$2,199 million, compared to $1,758 million
|
• Net income of
$2,212 million, compared to $2,352 million
|
• Earnings per
share (diluted) of $1.68, compared to $1.35
|
• Earnings per
share (diluted) of $1.69, compared to $1.84
|
•
Return on equity(2) of 11.8%,
compared to 9.8%
|
•
Return on equity of 11.9%, compared to
13.4%
|
TORONTO, Feb. 27,
2024 /CNW/ - The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE:
BNS) reported first quarter net income of $2,199 million compared to $1,758 million in the same period last year.
Diluted earnings per share (EPS) were $1.68, compared to $1.35 in the same period a year ago.
Adjusted net income(1) for the first quarter was
$2,212 million and diluted EPS was
$1.69, down from $1.84 last year. Adjusted return on equity was
11.9% compared to 13.4% a year ago.
"The Bank delivered solid earnings this quarter driven by strong
revenue growth, margin expansion and expense discipline. I am
encouraged by the early progress against our strategic priorities,
and the further strengthening of our balance sheet metrics," said
Scott Thomson, President and CEO of
Scotiabank.
Canadian Banking delivered adjusted earnings(1) of
$1,096 million this quarter as solid
revenue growth from margin expansion, continued deposit growth and
expense management were partly offset by higher provision for
credit losses.
International Banking generated adjusted earnings(1)
of $774 million. The 32%
quarter-over-quarter earnings growth was driven by double-digit
revenue growth, partly offset by higher provision for credit losses
and expenses.
Global Wealth Management adjusted earnings(1) were
$377 million. Higher mutual fund fees
and lower expenses contributed to 13% earnings growth compared to
the prior quarter.
Global Banking and Markets reported earnings of $439 million, up 6% compared to the prior
quarter. Results were supported by lower provision for credit
losses and revenue growth, partly offset by higher expenses.
The Bank reported an increased Common Equity Tier 1 (CET1)
capital ratio(3) of 12.9%, up from 11.5% last year.
"We are making positive progress towards our goal of delivering
sustainable, long-term value for our shareholders. With the release
of our new strategy at our Investor Day in December, our team of
Scotiabankers globally are energized and focused on executing our
strategic priorities," continued Mr. Thomson.
____________________________________________
|
(1)
|
Refer to Non-GAAP
Measures section starting on page 5.
|
(2)
|
Refer to page 50 of the
Management's Discussion & Analysis in the Bank's First Quarter
2024 Report to Shareholders, available on www.sedarplus.ca, for an
explanation of the composition of the measure. Such explanation is
incorporated by reference hereto.
|
(3)
|
The Q1 2024 regulatory
capital ratios are based on Revised Basel III requirements as
determined in accordance with OSFI Guideline - Capital Adequacy
Requirements (November 2023). The Q1 2023 regulatory capital ratios
were prepared in accordance with OSFI Guideline - Capital Adequacy
Requirements (November 2018).
|
Financial Highlights
Reported
Results
|
For the three months ended
|
|
January
31
|
|
October 31
|
|
January 31
|
(Unaudited) ($
millions)
|
|
2024(1)
|
|
|
2023(1)
|
|
|
2023(1)
|
Operating
results
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
4,773
|
|
$
|
4,666
|
|
$
|
4,563
|
Non-interest
income
|
|
3,660
|
|
|
3,606
|
|
|
3,399
|
Total
revenue
|
$
|
8,433
|
|
$
|
8,272
|
|
$
|
7,962
|
Provision for credit
losses
|
|
962
|
|
|
1,256
|
|
|
638
|
Non-interest
expenses
|
|
4,739
|
|
|
5,527
|
|
|
4,461
|
Income tax
expense
|
|
533
|
|
|
135
|
|
|
1,105
|
Net
income
|
$
|
2,199
|
|
$
|
1,354
|
|
$
|
1,758
|
Net income attributable
to non-controlling interests in subsidiaries
|
|
25
|
|
|
31
|
|
|
37
|
Net income attributable
to equity holders of the Bank
|
$
|
2,174
|
|
$
|
1,323
|
|
$
|
1,721
|
Preferred shareholders
and other equity instrument holders
|
|
108
|
|
|
109
|
|
|
101
|
Common
shareholders
|
$
|
2,066
|
|
$
|
1,214
|
|
$
|
1,620
|
Earnings per common
share (in dollars)
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.70
|
|
$
|
1.01
|
|
$
|
1.36
|
Diluted
|
$
|
1.68
|
|
$
|
0.99
|
|
$
|
1.35
|
(1) The amounts for the
period ended January 31, 2024 have been prepared in accordance with
IFRS 17. As required under the new accounting standard, prior
period amounts have been restated. Refer to Note 4 of the condensed
interim consolidated financial statements in the Bank's Q1 2024
Quarterly Report to Shareholders.
|
Adoption of IFRS 17
On November 1, 2023, the Bank
adopted IFRS 17 Insurance Contracts, which provides a comprehensive
principle-based framework for the recognition, measurement,
presentation, and disclosure of insurance contracts and replaces
IFRS 4, the previous accounting standard for insurance contracts.
The Bank adopted IFRS 17 on a retrospective basis, restating the
results from the transition date of November
1, 2022. Accordingly, results for fiscal 2023 have been
restated to reflect the IFRS 17 basis of accounting for insurance
contracts. Refer to Notes 3 and 4 of the condensed interim
financial statements in the Bank's Q1 2024 Quarterly Report to
Shareholders for details.
Business Segment Review
Canadian Banking
Q1 2024 vs Q1 2023
Net income attributable to equity holders was $1,095 million, compared to $1,086 million. Adjusted net income attributable
to equity holders was $1,096 million,
an increase of $9 million or 1%. The
increase was due primarily to higher revenue, mostly offset by
higher provision for credit losses and non-interest expenses.
Q1 2024 vs Q4 2023
Net income attributable to equity holders increased $302 million or 38%. The increase was due
primarily to lower provision for credit losses, higher revenue, and
lower non-interest expenses.
International Banking
Q1 2024 vs Q1 2023
Net income attributable to equity holders increased $102 million to $746
million. Adjusted net income attributable to equity holders
increased $101 million to
$752 million. The increase was driven
by higher net interest income, non-interest income and the positive
impact of foreign currency translation, partly offset by higher
provision for credit losses, non-interest expenses and income
taxes.
Q1 2024 vs Q4 2023
Net income attributable to equity holders increased by
$198 million or 36%. Adjusted net
income attributable to equity holders increased by $196 million or 35%. The increase was due
primarily to higher non-interest income and net interest income,
partly offset by higher provision for credit losses, non-interest
expenses and income taxes.
Financial Performance on a Constant Dollar
Basis
The discussion below on the results of operations is on a
constant dollar basis. Under the constant dollar basis, prior
period amounts are recalculated using current period average
foreign currency rates, which is a non-GAAP financial measure
(refer to Non-GAAP Measures starting on page 5). The Bank believes
that constant dollar is useful for readers in assessing ongoing
business performance without the impact of foreign currency
translation and is used by management to assess the performance of
the business segment.
Q1 2024 vs Q1 2023
Net income attributable to equity holders was $746 million, compared to $711 million. Adjusted net income attributable to
equity holders was $752 million, up
$34 million or 5%. The increase was
driven by higher net interest income, partly offset by lower
non-interest income and higher provision for credit losses,
non-interest expenses and income taxes.
Q1 2024 vs Q4 2023
Net income attributable to equity holders increased by
$196 million or 36%. Adjusted net
income attributable to equity holders increased by $196 million or 35%. The increase was due
primarily to higher non-interest income and net interest income,
partly offset by higher provision for credit losses, non-interest
expenses and income taxes.
Global Wealth Management
Q1 2024 vs Q1 2023
Net income attributable to equity holders was $368 million, down $17
million or 4%. Adjusted net income attributable to equity
holders was $374 million, down
$18 million or 4%. The decline was
due primarily to higher non-interest expenses, partly offset by
higher mutual fund fees across the international businesses and
higher brokerage revenues in Canada.
Q1 2024 vs Q4 2023
Net income attributable to equity holders increased $41 million or 13%. Adjusted net income
attributable to equity holders increased $41
million or 12%, due primarily to higher mutual fund fees,
brokerage revenues, and net interest income, as well as lower
non-interest expenses.
Global Banking and Markets
Q1 2024 vs Q1 2023
Net income attributable to equity holders was $439 million, a decrease of $80 million or 15%. This decline was due to
lower net interest income, lower non-interest income, and higher
non-interest expenses, partly offset by lower provision for credit
losses.
Q1 2024 vs Q4 2023
Net income attributable to equity holders increased by
$25 million or 6% due to lower
provision for credit losses and higher non-interest income, partly
offset by lower net interest income and higher non-interest
expenses.
Other
Q1 2024 vs Q1 2023
Net income attributable to equity holders was a net loss of
$474 million, compared to a net loss
of $913 million in the prior year.
Adjusted net income attributable to equity holders was a net loss
of $474 million compared to a net
loss of $334 million in the prior
year. The higher loss of $140 million
was due mainly to lower revenue from higher funding costs, partly
offset by higher income from liquid assets and lower taxable
equivalent basis (TEB) gross-up which is offset in income
taxes.
Q1 2024 vs Q4 2023
Net income attributable to equity holders increased $285 million from the prior quarter. On an
adjusted basis, net income attributable to equity holders increased
$13 million due mainly to lower
expenses and higher revenues, partly offset by higher income taxes.
The higher revenue is due primarily to lower TEB gross-up which is
offset in income taxes.
Credit risk
Provision for credit losses
Q1 2024 vs Q1 2023
The provision for credit losses was $962
million, compared to $638
million, an increase of $324
million. The provision for credit losses ratio increased 17
basis points to 50 basis points.
The provision for credit losses on performing loans was
$20 million, compared to $76 million. The provision this quarter was
driven by retail portfolio growth and the impact of the continued
unfavourable macroeconomic outlook, mainly on the commercial,
corporate and Canadian retail portfolios. This was mostly offset by
retail credit migration to impaired.
The provision for credit losses on impaired loans was
$942 million, compared to
$562 million, an increase of
$380 million due primarily to higher
formations and delinquency trends in International Banking retail
portfolios, mostly in Colombia,
Chile and Peru, as a result of inflation and interest
rate levels in these markets in the prior year, and higher
provisions relating to Canadian Banking retail portfolios, mostly
in auto loans and unsecured lines. The provision for credit losses
ratio on impaired loans was 49 basis points, an increase of 20
basis points.
Q1 2024 vs Q4 2023
The provision for credit losses was $962
million, compared to $1,256
million, a decrease of $294
million or 23%. The provision for credit losses ratio
decreased 15 basis points to 50 basis points.
The provision for credit losses on performing loans was
$20 million, compared to $454 million. The provision this quarter was
driven by retail portfolio growth and the impact of the continued
unfavourable macroeconomic outlook, mainly on the commercial,
corporate and Canadian retail portfolios. This was mostly offset by
retail credit migration to impaired.
Higher provisions on performing loans last quarter were mostly
in Canadian Banking due mainly to the unfavourable macroeconomic
outlook and continued uncertainty around the impact of higher
interest rates, including the related impacts of migration in the
retail portfolios, and on certain sectors in the non-retail
portfolios.
The provision for credit losses on impaired loans was
$942 million, compared to
$802 million, an increase of
$140 million or 17% due primarily to
higher provisions relating to Canadian retail portfolios mostly in
auto loans and unsecured lines, and higher formations and
delinquency trends in International Banking retail portfolios,
mostly in Colombia, Peru and Chile, as a result of the impact of higher
inflation and interest rate levels in these markets in the prior
year. The provision for credit losses ratio on impaired loans was
49 basis points, an increase of seven basis points.
Allowance for credit losses
The total allowance for credit losses as at January 31, 2024, was $6,597 million compared to $6,629 million last quarter. The allowance for
credit losses ratio was 86 basis points, an increase of one basis
point. The allowance for credit losses on loans was $6,328 million, down $44
million from the prior quarter. The impact of foreign
currency translation decreased the allowance by $85 million. This was mainly offset by higher
formations in the International Banking retail and Canadian
commercial portfolios, as well as the unfavourable macroeconomic
outlook primarily impacting the commercial, corporate and Canadian
retail portfolios.
The allowance against performing loans was lower at $4,424 million compared to $4,491 million as at October 31, 2023. The allowance for performing
loans ratio was 61 basis points. The decrease was due primarily to
the impact of foreign currency translation, partly offset by the
impact of the unfavourable macroeconomic outlook mainly in the
commercial, corporate and Canadian retail portfolios, as well as
retail portfolio growth.
The allowance on impaired loans increased to $1,904 million from $1,881
million last quarter. The allowance for impaired loans ratio
was 25 basis points, an increase of one basis point. The increase
was due primarily to higher retail formations in International
Banking across markets, and in the Canadian commercial portfolio
due mainly to one account in the transportation sector, partly
offset by the impact of foreign currency translation.
Impaired loans
Gross impaired loans increased to $6,119
million as at January 31,
2024, from $5,726 million last
quarter. The increase was due primarily to new commercial
formations in Canadian Banking mainly related to one account in the
transportation sector, and higher retail formations in
International Banking mainly in Chile, Mexico
and Peru. This was partly offset by the impact of foreign
exchange translation. The gross impaired loan ratio was 80 basis
points, an increase of six basis points from last quarter.
Net impaired loans in Canadian Banking were $1,217 million, an increase of $268 million from last quarter, mainly related to
one commercial account in the transportation sector. International
Banking's net impaired loans were $2,923
million, an increase of $130
million from last quarter, due primarily to higher net
formations in the retail portfolio, mainly in Chile, Mexico
and Peru, partly offset by the
impact of foreign exchange translation. In Global Banking and
Markets, net impaired loans were $40
million, a decrease of $41
million from last quarter, due primarily to repayments
related to one account in the real estate sector. In Global Wealth
Management, net impaired loans were $35
million, an increase of $13
million from last quarter. Net impaired loans as a
percentage of loans and acceptances were 0.55%, an increase of five
basis points from 0.50% last quarter.
Capital Ratios
The Bank's Common Equity Tier 1 (CET1) capital
ratio(1) was 12.9% as at January
31, 2024, a decrease of approximately 10 basis points from
the prior quarter. The CET1 ratio benefited 45 basis points from
earnings, share issuances from the Bank's Shareholder Dividend and
Share Purchase Plan, and revaluation gains on FVOCI securities,
offset by higher RWA. The RWA increase was primarily driven by
the adoption impacts of the revised Basel III FRTB market and
CVA capital requirements and the 2.5% phase-in increase in the
standardized capital floor of approximately 70 basis points, net of
actions taken by the businesses to reduce the impact to 48 bps.
The Bank's Tier 1 capital ratio(1) was 14.8% as at
January 31, 2024, unchanged from the
prior quarter, as the above noted impacts to the CET1 ratio and a
redemption of $300 million of NVCC
preferred shares were offset by a USD $750
million issuance of Limited Recourse Capital Notes
(NVCC).
The Bank's Total capital ratio(1) was 16.7% as at
January 31, 2024, a decrease of
approximately 50 basis points from the prior quarter, due mainly to
the above noted impacts to the Tier 1 capital ratio and a
redemption of $1.75 billion of NVCC
subordinated debentures.
The Leverage ratio(2) was 4.3% as at
January 31, 2024, an increase of
approximately 10 basis points from the prior quarter, due primarily
to higher Tier 1 capital.
The Total loss absorbing capacity (TLAC) ratio(3) was
28.9% as at January 31, 2024, a
decrease of approximately 170 basis points from the prior quarter,
mainly from lower available TLAC and higher risk-weighted
assets.
The TLAC Leverage ratio(3) was 8.4%, a decrease of
approximately 20 basis points, due primarily to lower available
TLAC.
As at January 31, 2024, the CET1,
Tier 1, Total capital, Leverage, TLAC and TLAC Leverage ratios were
well above OSFI's minimum capital ratios.
___________________________________________
|
(1)
|
The Q1 2024 regulatory
capital ratios are based on Revised Basel III requirements as
determined in accordance with OSFI Guideline - Capital Adequacy
Requirements (November 2023). The Q4 2023 regulatory capital ratios
were based on Revised Basel III requirements as determined in
accordance with OSFI Guideline - Capital Adequacy Requirements
(February 2023).
|
(2)
|
This measure has been
disclosed in this document in accordance with OSFI Guideline –
Leverage Requirements (February 2023).
|
(3)
|
This measure has been
disclosed in this document in accordance with OSFI Guideline –
Total Loss Absorbing Capacity (September 2018).
|
Non-GAAP Measures
The Bank uses a number of financial measures to assess its
performance, as well as the performance of its operating segments.
Some of these financial measures are presented on a non-GAAP basis
and are not calculated in accordance with Generally Accepted
Accounting Principles (GAAP), which are based on International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB), are not defined by GAAP and do
not have standardized meanings and therefore might not be
comparable to similar financial measures disclosed by other
issuers. The Bank believes that non-GAAP measures are useful as
they provide readers with a better understanding of how management
assesses performance. These non-GAAP measures are used throughout
this press release and defined below.
Adjusted results and diluted earnings per share
The following tables present a reconciliation of GAAP reported
financial results to non-GAAP adjusted financial results.
Management considers both reported and adjusted results and
measures useful in assessing underlying ongoing business
performance. Adjusted results and measures remove certain specified
items from revenue, non-interest expenses, income taxes and
non-controlling interests. Presenting results on both a reported
basis and adjusted basis allows readers to assess the impact of
certain items on results for the periods presented, and to better
assess results and trends excluding those items that may not be
reflective of ongoing business performance.
Reconciliation of reported and adjusted results and diluted
earnings per share
|
For the three months ended
|
|
January
31
|
October 31
|
January 31
|
($
millions)
|
2024(1)
|
2023(1)
|
2023(1)
|
Reported
Results
|
|
|
|
|
|
|
Net interest
income
|
$
|
4,773
|
$
|
4,666
|
$
|
4,563
|
Non-interest
income
|
|
3,660
|
|
3,606
|
|
3,399
|
Total
revenue
|
|
8,433
|
|
8,272
|
|
7,962
|
Provision for credit
losses
|
|
962
|
|
1,256
|
|
638
|
Non-interest
expenses
|
|
4,739
|
|
5,527
|
|
4,461
|
Income before
taxes
|
|
2,732
|
|
1,489
|
|
2,863
|
Income tax
expense
|
|
533
|
|
135
|
|
1,105
|
Net
income
|
$
|
2,199
|
$
|
1,354
|
$
|
1,758
|
Net income attributable
to non-controlling interests in subsidiaries (NCI)
|
|
25
|
|
31
|
|
37
|
Net income attributable
to equity holders
|
|
2,174
|
|
1,323
|
|
1,721
|
Net income attributable
to preferred shareholders and other equity
|
|
|
|
|
|
|
instrument
holders
|
|
108
|
|
109
|
|
101
|
Net income attributable
to common shareholders
|
$
|
2,066
|
$
|
1,214
|
$
|
1,620
|
Diluted earnings per
share (in dollars)
|
$
|
1.68
|
$
|
0.99
|
$
|
1.35
|
Weighted average
number of diluted common shares
|
|
|
|
|
|
|
outstanding
(millions)
|
|
1,221
|
|
1,211
|
|
1,199
|
Adjustments
|
|
|
|
|
|
|
Adjusting items
impacting non-interest income and total revenue (Pre-tax)
|
|
|
|
|
|
|
Divestitures and
wind-down of operations
|
$
|
–
|
$
|
(367)
|
$
|
–
|
Adjusting items
impacting non-interest expenses (Pre-tax)
|
|
|
|
|
|
|
Restructuring charge
and severance provisions
|
|
–
|
|
354
|
|
–
|
Consolidation of real
estate and contract termination costs
|
|
–
|
|
87
|
|
–
|
Impairment of
non-financial assets
|
|
–
|
|
346
|
|
–
|
Amortization of
acquisition-related intangible assets
|
|
18
|
|
19
|
|
21
|
Total non-interest
expense adjusting items (Pre-tax)
|
|
18
|
|
806
|
|
21
|
Total impact of
adjusting items on net income before taxes
|
|
18
|
|
439
|
|
21
|
Impact of adjusting
items on income tax expense
|
|
|
|
|
|
|
Divestitures and
wind-down of operations
|
|
–
|
|
48
|
|
–
|
Restructuring charge
and severance provisions
|
|
–
|
|
(96)
|
|
–
|
Consolidation of real
estate and contract termination costs
|
|
–
|
|
(24)
|
|
–
|
Impairment of
non-financial assets
|
|
–
|
|
(73)
|
|
–
|
Canada recovery
dividend
|
|
–
|
|
–
|
|
579
|
Amortization of
acquisition-related intangible assets
|
|
(5)
|
|
(5)
|
|
(6)
|
Total impact of
adjusting items on income tax expense
|
|
(5)
|
|
(150)
|
|
573
|
Total impact of
adjusting items on net income
|
$
|
13
|
$
|
289
|
$
|
594
|
Impact of adjusting
items on NCI
|
|
–
|
|
(3)
|
|
–
|
Total impact of
adjusting items on net income attributable to equity
|
|
|
|
|
|
|
holders and common
shareholders
|
$
|
13
|
$
|
286
|
$
|
594
|
Adjusted
Results
|
|
|
|
|
|
|
Net interest
income
|
$
|
4,773
|
$
|
4,666
|
$
|
4,563
|
Non-interest
income
|
|
3,660
|
|
3,239
|
|
3,399
|
Total
revenue
|
|
8,433
|
|
7,905
|
|
7,962
|
Provision for credit
losses
|
|
962
|
|
1,256
|
|
638
|
Non-interest
expenses
|
|
4,721
|
|
4,721
|
|
4,440
|
Income before
taxes
|
|
2,750
|
|
1,928
|
|
2,884
|
Income tax
expense
|
|
538
|
|
285
|
|
532
|
Net
income
|
$
|
2,212
|
$
|
1,643
|
$
|
2,352
|
Net income attributable
to NCI
|
|
25
|
|
34
|
|
37
|
Net income attributable
to equity holders
|
|
2,187
|
|
1,609
|
|
2,315
|
Net income attributable
to preferred shareholders and other equity
|
|
|
|
|
|
|
instrument
holders
|
|
108
|
|
109
|
|
101
|
Net income attributable
to common shareholders
|
$
|
2,079
|
$
|
1,500
|
$
|
2,214
|
Diluted earnings per
share (in dollars)
|
$
|
1.69
|
$
|
1.23
|
$
|
1.84
|
Impact of
adjustments on diluted earnings per share (in
dollars)
|
$
|
0.01
|
$
|
0.24
|
$
|
0.49
|
Weighted average
number of diluted common shares
|
|
|
|
|
|
|
outstanding
(millions)
|
|
1,221
|
|
1,211
|
|
1,210
|
(1)
|
The amounts for the
period ended January 31, 2024 have been prepared in accordance with
IFRS 17. As required under the new accounting standard, prior
period amounts have been restated. Refer to Note 4 of the condensed
interim consolidated financial statements in the Bank's Q1 2024
Quarterly Report to Shareholders.
|
1. All reported periods were
adjusted for:
a) Amortization of
acquisition-related intangible assets
These costs relate to the amortization of
intangible assets recognized upon the acquisition of businesses,
excluding software, and are recorded in the Canadian Banking,
International Banking and Global Wealth Management operating
segments.
2. The Bank's fiscal 2023
reported results were adjusted for the following items. These
amounts were recorded in the Other operating segment.
a) Divestitures and
wind-down of operations
In Q4 2023, the Bank sold its 20% equity
interest in Canadian Tire's Financial Services business (CTFS) to
Canadian Tire Corporation. The sale resulted in a net gain of
$367 million ($319 million after-tax). For further details,
please refer to Note 36 of the Consolidated Financial Statements in
the 2023 Annual Report to Shareholders.
b) Restructuring
charge and severance provisions
In Q4 2023, the Bank recorded a restructuring
charge and severance provisions of $354
million ($258 million
after-tax) related to workforce reductions and changes as a result
of the Bank's end-to-end digitization, automation, changes in
customers' day-to-day banking preferences, as well as the ongoing
efforts to streamline operational processes and optimize
distribution channels.
c)
Consolidation of real estate and contract termination
costs
In Q4 2023, the Bank recorded costs of
$87 million ($63 million after-tax) related to the
consolidation and exit of certain real estate premises, as well as
service contract termination costs, as part of the Bank's
optimization strategy.
d) Impairment of
non-financial assets
In Q4 2023, the Bank recorded impairment charges
of $185 million ($159 million after-tax) related to its investment
in associate, Bank of Xi'an Co. Ltd. in China whose market value has remained below
the Bank's carrying value for a prolonged period. For further
details, refer to Note 17 of the Consolidated Financial Statements
in the 2023 Annual Report to Shareholders. Impairment of intangible
assets, including software, of $161
million ($114 million
after-tax) was also recognized.
e) Canada Recovery
Dividend
In Q1 2023, the Bank recognized an additional
income tax expense of $579 million
reflecting the present value of the amount payable for the Canada
Recovery Dividend (CRD). The CRD is a Canadian federal tax measure
which requires the Bank to pay a one-time tax of 15% on taxable
income in excess of $1 billion, based
on the average taxable income for the 2020 and 2021 taxation years.
The CRD is payable in equal amounts over five years; however, the
present value of these payments was recognized as a liability in
the period enacted.
3. The Bank's Q4 2022 reported
results were adjusted for the following items. These amounts were
recorded in the Other operating segment.
a) Restructuring
charge – The Bank recorded a restructuring charge of
$85 million ($66 million after-tax) related to the realignment
of the Global Banking and Markets businesses in Asia Pacific and reductions in technology
employees, driven by ongoing technology modernization and digital
transformation.
b) Divestitures and
wind-down of operations – The Bank sold investments in
associates in Venezuela and
Thailand. Additionally, the Bank
wound down its operations in India
and Malaysia in relation to its
realignment of the business in the Asia
Pacific region. Collectively, the sale and wind-down of
these entities resulted in a net loss of $361 million ($340
million after-tax).
c) Support
costs for the Scene+ loyalty program – The Bank recorded
costs of $133 million ($98 million after-tax) to support the expansion
of the Scene+ loyalty program to include Empire Company Limited as
a partner.
Reconciliation of reported and adjusted results by business
line
|
For the three months
ended January 31, 2024⁽¹⁾
|
|
|
|
Global
|
Global
|
|
|
|
Canadian
|
International
|
Wealth
|
Banking
and
|
|
|
($
millions)
|
Banking(2)
|
Banking(2)
|
Management
|
Markets
|
Other
|
Total(2)
|
Reported net income
(loss)
|
$
|
1,095
|
$
|
768
|
$
|
371
|
$
|
439
|
$
|
(474)
|
$
|
2,199
|
Net income attributable
to non-controlling interests in
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries
(NCI)
|
|
–
|
|
22
|
|
3
|
|
–
|
|
–
|
|
25
|
Reported net income
attributable to equity holders
|
|
1,095
|
|
746
|
|
368
|
|
439
|
|
(474)
|
|
2,174
|
Reported net income
attributable to preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other
equity instrument holders
|
|
1
|
|
1
|
|
–
|
|
1
|
|
105
|
|
108
|
Reported net income
attributable to common shareholders
|
$
|
1,094
|
$
|
745
|
$
|
368
|
$
|
438
|
$
|
(579)
|
$
|
2,066
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items
impacting non-interest expenses (Pre-tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
1
|
|
8
|
|
9
|
|
–
|
|
–
|
|
18
|
Total non-interest
expenses adjustments (Pre-tax)
|
|
1
|
|
8
|
|
9
|
|
–
|
|
–
|
|
18
|
Total impact of
adjusting items on net income before taxes
|
|
1
|
|
8
|
|
9
|
|
–
|
|
–
|
|
18
|
Total impact of
adjusting items on income tax expense
|
|
–
|
|
(2)
|
|
(3)
|
|
–
|
|
–
|
|
(5)
|
Total impact of
adjusting items on net income
|
|
1
|
|
6
|
|
6
|
|
–
|
|
–
|
|
13
|
Total impact of
adjusting items on net income attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders
and common shareholders
|
|
1
|
|
6
|
|
6
|
|
–
|
|
–
|
|
13
|
Adjusted net income
(loss)
|
$
|
1,096
|
$
|
774
|
$
|
377
|
$
|
439
|
$
|
(474)
|
$
|
2,212
|
Adjusted net income
attributable to equity holders
|
$
|
1,096
|
$
|
752
|
$
|
374
|
$
|
439
|
$
|
(474)
|
$
|
2,187
|
Adjusted net income
attributable to common shareholders
|
$
|
1,095
|
$
|
751
|
$
|
374
|
$
|
438
|
$
|
(579)
|
$
|
2,079
|
(1) Refer to Business
Segment Review section of the Bank's Q1 2024 Quarterly Report to
Shareholders.
|
(2) The amounts for the
period ended January 31, 2024 have been prepared in accordance with
IFRS 17. As required under the new accounting standard, prior
period amounts have been restated. Refer to Note 4 of the condensed
interim consolidated financial statements in the Bank's Q1 2024
Quarterly Report to Shareholders.
|
|
For the three months
ended October 31, 2023⁽¹⁾
|
|
|
|
Global
|
Global
|
|
|
|
Canadian
|
International
|
Wealth
|
Banking and
|
|
|
($
millions)
|
Banking(2)
|
Banking(2)
|
Management
|
Markets
|
Other
|
Total(2)
|
Reported net income
(loss)
|
$
|
793
|
$
|
580
|
$
|
329
|
$
|
414
|
$
|
(762)
|
$
|
1,354
|
Net income attributable
to non-controlling interests in
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries
(NCI)
|
|
–
|
|
32
|
|
2
|
|
–
|
|
(3)
|
|
31
|
Reported net income
attributable to equity holders
|
|
793
|
|
548
|
|
327
|
|
414
|
|
(759)
|
|
1,323
|
Reported net income
attributable to preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other
equity instrument holders
|
|
1
|
|
–
|
|
1
|
|
–
|
|
107
|
|
109
|
Reported net income
attributable to common shareholders
|
$
|
792
|
$
|
548
|
$
|
326
|
$
|
414
|
$
|
(866)
|
$
|
1,214
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items
impacting non-interest income and
|
|
|
|
|
|
|
|
|
|
|
|
|
total revenue
(Pre-tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and
wind-down of operations
|
|
–
|
|
–
|
|
–
|
|
–
|
|
(367)
|
|
(367)
|
Adjusting items
impacting non-interest expenses (Pre-tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charge
and severance provisions
|
|
–
|
|
–
|
|
–
|
|
–
|
|
354
|
|
354
|
Consolidation of real
estate and contract termination costs
|
|
–
|
|
–
|
|
–
|
|
–
|
|
87
|
|
87
|
Impairment of
non-financial assets
|
|
–
|
|
–
|
|
–
|
|
–
|
|
346
|
|
346
|
Amortization of
acquisition-related intangible assets
|
|
–
|
|
10
|
|
9
|
|
–
|
|
–
|
|
19
|
Total non-interest
expenses adjustments (Pre-tax)
|
|
–
|
|
10
|
|
9
|
|
–
|
|
787
|
|
806
|
Total impact of
adjusting items on net income before taxes
|
|
–
|
|
10
|
|
9
|
|
–
|
|
420
|
|
439
|
Total impact of
adjusting items on income tax expense
|
|
–
|
|
(2)
|
|
(3)
|
|
–
|
|
(145)
|
|
(150)
|
Total impact of
adjusting items on net income
|
|
–
|
|
8
|
|
6
|
|
–
|
|
275
|
|
289
|
Impact of adjusting
items on NCI
|
|
–
|
|
–
|
|
–
|
|
–
|
|
(3)
|
|
(3)
|
Total impact of
adjusting items on net income attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders
and common shareholders
|
|
–
|
|
8
|
|
6
|
|
–
|
|
272
|
|
286
|
Adjusted net income
(loss)
|
$
|
793
|
$
|
588
|
$
|
335
|
$
|
414
|
$
|
(487)
|
$
|
1,643
|
Adjusted net income
attributable to equity holders
|
$
|
793
|
$
|
556
|
$
|
333
|
$
|
414
|
$
|
(487)
|
$
|
1,609
|
Adjusted net income
attributable to common shareholders
|
$
|
792
|
$
|
556
|
$
|
332
|
$
|
414
|
$
|
(594)
|
$
|
1,500
|
(1) Refer to Business
Segment Review section of the Bank's Q1 2024 Quarterly Report to
Shareholders.
|
(2) The amounts for the
period ended January 31, 2024 have been prepared in accordance
with IFRS 17. As required under the new accounting standard,
prior period amounts have been restated. Refer to Note 4 of the
condensed interim consolidated financial statements in the Bank's
Q1 2024 Quarterly Report to Shareholders.
|
|
For the three months
ended January 31, 2023⁽¹⁾
|
|
|
|
Global
|
Global
|
|
|
|
Canadian
|
International
|
Wealth
|
Banking and
|
|
|
($
millions)
|
Banking(2)
|
Banking(2)
|
Management
|
Markets
|
Other
|
Total(2)
|
Reported net income
(loss)
|
$
|
1,086
|
$
|
679
|
$
|
387
|
$
|
519
|
$
|
(913)
|
$
|
1,758
|
Net income attributable
to non-controlling interests in
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries
(NCI)
|
|
–
|
|
35
|
|
2
|
|
–
|
|
–
|
|
37
|
Reported net income
attributable to equity holders
|
|
1,086
|
|
644
|
|
385
|
|
519
|
|
(913)
|
|
1,721
|
Reported net income
attributable to preferred
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other
equity instrument holders
|
|
1
|
|
1
|
|
–
|
|
1
|
|
98
|
|
101
|
Reported net income
attributable to common shareholders
|
$
|
1,085
|
$
|
643
|
$
|
385
|
$
|
518
|
$
|
(1,011)
|
$
|
1,620
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items
impacting non-interest expenses (Pre-tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
2
|
|
10
|
|
9
|
|
–
|
|
–
|
|
21
|
Total non-interest
expenses adjustments (Pre-tax)
|
|
2
|
|
10
|
|
9
|
|
–
|
|
–
|
|
21
|
Total impact of
adjusting items on net income before taxes
|
|
2
|
|
10
|
|
9
|
|
–
|
|
–
|
|
21
|
Impact of adjusting
items on income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada recovery
dividend
|
|
–
|
|
–
|
|
–
|
|
–
|
|
579
|
|
579
|
Impact of other
adjusting items on income tax expense
|
|
(1)
|
|
(3)
|
|
(2)
|
|
–
|
|
–
|
|
(6)
|
Total impact of
adjusting items on income tax expense
|
|
(1)
|
|
(3)
|
|
(2)
|
|
–
|
|
579
|
|
573
|
Total impact of
adjusting items on net income
|
|
1
|
|
7
|
|
7
|
|
–
|
|
579
|
|
594
|
Total impact of
adjusting items on net income attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders
and common shareholders
|
|
1
|
|
7
|
|
7
|
|
–
|
|
579
|
|
594
|
Adjusted net income
(loss)
|
$
|
1,087
|
$
|
686
|
$
|
394
|
$
|
519
|
$
|
(334)
|
$
|
2,352
|
Adjusted net income
attributable to equity holders
|
$
|
1,087
|
$
|
651
|
$
|
392
|
$
|
519
|
$
|
(334)
|
$
|
2,315
|
Adjusted net income
attributable to common shareholders
|
$
|
1,086
|
$
|
650
|
$
|
392
|
$
|
518
|
$
|
(432)
|
$
|
2,214
|
(1) Refer to Business
Segment Review section of the Bank's Q1 2024 Quarterly Report to
Shareholders.
|
(2) The amounts for the
period ended January 31, 2024 have been prepared in accordance with
IFRS 17. As required under the new accounting standard, prior
period amounts have been restated. Refer to Note 4 of the condensed
interim consolidated financial statements in the Bank's Q1 2024
Quarterly Report to Shareholders.
|
Reconciliation of International Banking's reported, adjusted
and constant dollar results
International Banking business segment results are analyzed on a
constant dollar basis which is a non-GAAP measure. Under the
constant dollar basis, prior period amounts are recalculated using
current period average foreign currency rates. The following table
presents the reconciliation between reported, adjusted and constant
dollar results for International Banking for prior periods. The
Bank believes that constant dollar is useful for readers to
understand business performance without the impact of foreign
currency translation and is used by management to assess the
performance of the business segment.
Reported
Results
|
For the three months ended
|
($
millions)
|
October 31,
2023⁽¹⁾
|
January 31,
2023⁽¹⁾
|
|
|
Foreign
|
Constant
|
|
Foreign
|
Constant
|
(Taxable equivalent
basis)
|
Reported
|
exchange
|
dollar
|
Reported
|
exchange
|
dollar
|
Net interest
income
|
$
|
2,130
|
$
|
1
|
$
|
2,129
|
$
|
1,892
|
$
|
(88)
|
$
|
1,980
|
Non-interest
income
|
|
650
|
|
(5)
|
|
655
|
|
792
|
|
(87)
|
|
879
|
Total
revenue
|
|
2,780
|
|
(4)
|
|
2,784
|
|
2,684
|
|
(175)
|
|
2,859
|
Provision for credit
losses
|
|
512
|
|
(1)
|
|
513
|
|
404
|
|
(23)
|
|
427
|
Non-interest
expenses
|
|
1,520
|
|
(3)
|
|
1,523
|
|
1,433
|
|
(76)
|
|
1,509
|
Income tax
expense
|
|
168
|
|
1
|
|
167
|
|
168
|
|
(11)
|
|
179
|
Net
income
|
$
|
580
|
$
|
(1)
|
$
|
581
|
$
|
679
|
$
|
(65)
|
$
|
744
|
Net income attributable
to non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
interests in
subsidiaries (NCI)
|
$
|
32
|
$
|
1
|
$
|
31
|
$
|
35
|
$
|
2
|
$
|
33
|
Net income attributable
to equity holders of the Bank
|
$
|
548
|
$
|
(2)
|
$
|
550
|
$
|
644
|
$
|
(67)
|
$
|
711
|
Other
measures
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets ($
billions)
|
$
|
238
|
$
|
–
|
$
|
238
|
$
|
228
|
$
|
(7)
|
$
|
235
|
Average liabilities
($ billions)
|
$
|
184
|
$
|
–
|
$
|
184
|
$
|
169
|
$
|
(6)
|
$
|
175
|
(1) The amounts for the
period ended January 31, 2024 have been prepared in accordance with
IFRS 17. As required under the new accounting standard, prior
period amounts have been restated. Refer to Note 4 of the condensed
interim consolidated financial statements in the Bank's Q1 2024
Quarterly Report to Shareholders.
|
Adjusted
Results
|
For the three months ended
|
($
millions)
|
October 31,
2023⁽¹⁾
|
January 31,
2023⁽¹⁾
|
|
|
|
Constant
|
|
|
Constant
|
|
|
Foreign
|
dollar
|
|
Foreign
|
dollar
|
(Taxable equivalent
basis)
|
Adjusted
|
exchange
|
adjusted
|
Adjusted
|
exchange
|
adjusted
|
Net interest
income
|
$
|
2,130
|
$
|
1
|
$
|
2,129
|
$
|
1,892
|
$
|
(88)
|
$
|
1,980
|
Non-interest
income
|
|
650
|
|
(5)
|
|
655
|
|
792
|
|
(87)
|
|
879
|
Total
revenue
|
|
2,780
|
|
(4)
|
|
2,784
|
|
2,684
|
|
(175)
|
|
2,859
|
Provision for credit
losses
|
|
512
|
|
(1)
|
|
513
|
|
404
|
|
(23)
|
|
427
|
Non-interest
expenses
|
|
1,510
|
|
(4)
|
|
1,514
|
|
1,423
|
|
(76)
|
|
1,499
|
Income tax
expense
|
|
170
|
|
1
|
|
169
|
|
171
|
|
(11)
|
|
182
|
Net
income
|
$
|
588
|
$
|
–
|
$
|
588
|
$
|
686
|
$
|
(65)
|
$
|
751
|
Net income attributable
to non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
interests in
subsidiaries (NCI)
|
$
|
32
|
$
|
–
|
$
|
32
|
$
|
35
|
$
|
2
|
$
|
33
|
Net income attributable
to equity holders of the Bank
|
$
|
556
|
$
|
–
|
$
|
556
|
$
|
651
|
$
|
(67)
|
$
|
718
|
(1) The amounts for the
period ended January 31, 2024 have been prepared in accordance with
IFRS 17. As required under the new accounting standard, prior
period amounts have been restated. Refer to Note 4 of the condensed
interim consolidated financial statements in the Bank's Q1 2024
Quarterly Report to Shareholders.
|
Return on equity
Return on equity is a profitability measure that presents the
net income attributable to common shareholders (annualized) as a
percentage of average common shareholders' equity.
In the first quarter of 2024, in line with OSFI's increased
Domestic Stability Buffer announced requirements, the Bank
increased the capital attributed to its business lines to
approximate 11.5% of Basel III common equity capital requirements
based on credit, market and operational risks and leverage inherent
within each business segment. Previously, capital was attributed
based on a methodology that approximated 10.5% of Basel III common
equity capital requirements.
Return on equity for the business segments is calculated as a
ratio of net income attributable to common shareholders
(annualized) of the business segment and the capital
attributed.
Adjusted return on equity is a non-GAAP ratio which represents
adjusted net income attributable to common shareholders
(annualized) as a percentage of average common shareholders'
equity.
Forward-looking statements
From time to time, our public communications include oral or
written forward-looking statements. Statements of this type are
included in this document, and may be included in other filings
with Canadian securities regulators or the U.S. Securities and
Exchange Commission (SEC), or in other communications. In addition,
representatives of the Bank may include forward-looking statements
orally to analysts, investors, the media and others. All such
statements are made pursuant to the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. Forward-looking
statements may include, but are not limited to, statements made in
this document, the Management's Discussion and Analysis in the
Bank's 2023 Annual Report under the headings "Outlook" and in other
statements regarding the Bank's objectives, strategies to achieve
those objectives, the regulatory environment in which the Bank
operates, anticipated financial results, and the outlook for the
Bank's businesses and for the Canadian, U.S. and global economies.
Such statements are typically identified by words or phrases such
as "believe," "expect," "aim," "achieve," "foresee," "forecast,"
"anticipate," "intend," "estimate," "plan," "goal," "strive,"
"target," "project," "commit," "objective," and similar expressions
of future or conditional verbs, such as "will," "may," "should,"
"would," "might," "can" and "could" and positive and negative
variations thereof.
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that our assumptions may not be
correct and that our financial performance objectives, vision and
strategic goals will not be achieved.
We caution readers not to place undue reliance on these
statements as a number of risk factors, many of which are beyond
our control and effects of which can be difficult to predict, could
cause our actual results to differ materially from the
expectations, targets, estimates or intentions expressed in such
forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including but not limited to:
general economic and market conditions in the countries in which we
operate and globally; changes in currency and interest rates;
increased funding costs and market volatility due to market
illiquidity and competition for funding; the failure of third
parties to comply with their obligations to the Bank and its
affiliates; changes in monetary, fiscal, or economic policy and tax
legislation and interpretation; changes in laws and regulations or
in supervisory expectations or requirements, including capital,
interest rate and liquidity requirements and guidance, and the
effect of such changes on funding costs; geopolitical risk; changes
to our credit ratings; the possible effects on our business of war
or terrorist actions and unforeseen consequences arising from such
actions; technological changes and technology resiliency;
operational and infrastructure risks; reputational risks; the
accuracy and completeness of information the Bank receives on
customers and counterparties; the timely development and
introduction of new products and services, and the extent to which
products or services previously sold by the Bank require the Bank
to incur liabilities or absorb losses not contemplated at their
origination; our ability to execute our strategic plans, including
the successful completion of acquisitions and dispositions,
including obtaining regulatory approvals; critical accounting
estimates and the effect of changes to accounting standards, rules
and interpretations on these estimates; global capital markets
activity; the Bank's ability to attract, develop and retain key
executives; the evolution of various types of fraud or
other criminal behaviour to which the Bank is exposed; anti-money
laundering; disruptions or attacks (including cyberattacks) on the
Bank's information technology, internet connectivity, network
accessibility, or other voice or data communications systems or
services; which may result in data breaches, unauthorized access to
sensitive information, and potential incidents of identity theft;
increased competition in the geographic and in business areas in
which we operate, including through internet and mobile banking and
non-traditional competitors; exposure related to significant
litigation and regulatory matters; climate change and other
environmental and social risks, including sustainability that may
arise, including from the Bank's business activities; the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events; inflationary pressures; Canadian
housing and household indebtedness; the emergence or continuation
of widespread health emergencies or pandemics, including their
impact on the global economy, financial market conditions and the
Bank's business, results of operations, financial condition and
prospects; and the Bank's anticipation of and success in managing
the risks implied by the foregoing. A substantial amount of the
Bank's business involves making loans or otherwise committing
resources to specific companies, industries or countries.
Unforeseen events affecting such borrowers, industries or countries
could have a material adverse effect on the Bank's financial
results, businesses, financial condition or liquidity. These and
other factors may cause the Bank's actual performance to differ
materially from that contemplated by forward-looking statements.
The Bank cautions that the preceding list is not exhaustive of all
possible risk factors and other factors could also adversely affect
the Bank's results, for more information, please see the "Risk
Management" section of the Bank's 2023 Annual Report, as may be
updated by quarterly reports.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2023
Annual Report under the headings "Outlook", as updated by quarterly
reports. The "Outlook" and "2024 Priorities" sections are based on
the Bank's views and the actual outcome is uncertain. Readers
should consider the above-noted factors when reviewing these
sections. When relying on forward-looking statements to make
decisions with respect to the Bank and its securities, investors
and others should carefully consider the preceding factors, other
uncertainties and potential events.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities, and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. Except as required by law, the Bank
does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by or
on its behalf.
Additional information relating to the Bank, including the
Bank's Annual Information Form, can be located on the SEDAR+
website at www.sedarplus.ca and on the EDGAR section of the
SEC's website at www.sec.gov.
Shareholders Information
Dividend and Share Purchase Plan
Scotiabank's Shareholder Dividend and Share Purchase Plan allows
common and preferred shareholders to purchase additional common
shares by reinvesting their cash dividend without incurring
brokerage or administrative fees. As well, eligible shareholders
may invest up to $20,000 each fiscal
year to purchase additional common shares of the Bank. All
administrative costs of the plan are paid by the Bank. For more
information on participation in the plan, please contact the
transfer agent.
Website
For information relating to Scotiabank and its services, visit
us at our website: www.scotiabank.com.
Conference Call and Web Broadcast
The quarterly results conference call will take place on
February 27, 2024, at 7:15 am ET and is expected to last approximately
one hour. Interested parties are invited to access the call live,
in listen-only mode, by telephone at 416-641-6104, or toll-free at
1-800-952-5114 using ID 6210869# (please call shortly before
7:15 am ET). In addition, an audio
webcast, with accompanying slide presentation, may be accessed via
the Investor Relations page at
www.scotiabank.com/investorrelations.
Following discussion of the results by Scotiabank executives,
there will be a question and answer session. A telephone replay of
the conference call will be available from February 27, 2024, to March 27, 2024, by calling 905-694-9451 or
1-800-408-3053 (North America
toll-free) and entering the access code 5144598#.
Additional Information
Investors:
Financial Analysts, Portfolio Managers and
other Institutional Investors requiring financial information,
please contact Investor Relations:
Scotiabank
40 Temperance Street, Toronto,
Ontario
Canada M5H 0B4
Telephone: (416) 775-0798
E-mail: investor.relations@scotiabank.com
Global Communications:
Scotiabank
40 Temperance Street, Toronto,
Ontario
Canada M5H 0B4
E-mail: corporate.communications@scotiabank.com
Shareholders:
For enquiries related to changes in
share registration or address, dividend information, lost share
certificates, estate transfers, or to advise of duplicate mailings,
please contact the Bank's transfer agent:
Computershare Trust Company of Canada
100 University Avenue, 8th Floor
Toronto, Ontario, Canada M5J
2Y1
Telephone: 1-877-982-8767
E-mail: service@computershare.com
Co-Transfer Agent (USA)
Computershare Trust Company, N.A.
Telephone: 1-781-575-2000
E-mail: service@computershare.com
Street Courier/Address:
C/O: Shareholder Services
150 Royall Street
Canton, MA, USA 02021
Mailing Address:
PO Box 43078, Providence, RI, USA
02940-3078
For other shareholder enquiries, please contact the Corporate
Secretary's Department:
Scotiabank
40 Temperance Street
Toronto, Ontario, Canada M5H
0B4
Telephone: (416) 866-3672
E-mail: corporate.secretary@scotiabank.com
Rapport trimestriel disponible en français
Le rapport trimestriel et les états financiers de la Banque sont
publiés en français et en anglais et distribués aux actionnaires
dans la version de leur choix. Si vous préférez que la
documentation vous concernant vous soit adressée en français,
veuillez en informer Relations avec les investisseurs, La Banque de
Nouvelle-Écosse, 40, rue Temperance, Toronto (Ontario), Canada M5H 0B4, en joignant, si possible,
l'étiquette d'adresse, afin que nous puissions prendre note du
changement.
SOURCE Scotiabank