株探米国株
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false2025-04-30Q20000009631--10-31Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $13,943 for the three months ended April 30, 2025 (January 31, 2025 – $14,577; April 30, 2024 – $14,776) and for the six months ended April 30, 2025 – $28,520 (April 30, 2024 – $29,674).Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts.Includes undistributed retained earnings of $74 (April 30, 2024 – $73) related to a foreign associated corporation, which is subject to local regulatory restriction.Represents amounts on account of share-based payments (refer to Note 13).Certain unrealized gains and losses on interest rate derivative contracts are largely offset by mark-to-market changes on embedded derivatives on certain deposit liabilities in the Consolidated Statement of Income.These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income. Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities. Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest income – trading revenues. The offsetting fair value changes from associated derivatives is also recorded in non-interest income – trading revenues.Change in the difference between the contractual maturity amount and the carrying value.Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.The cumulative change in fair value is measured from the instrument’s date of initial recognition.Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5).Balances are net of allowances, which are $1 (January 31, 2025 – $1; October 31, 2024 – $1).Excludes debt investment securities measured at amortized cost of $26,454 (January 31, 2025 – $28,494).Net of allowances of $3 (January 31, 2025 – $3; October 31, 2024 – $3). These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.Excludes amounts associated with other assets and reversal of impairment losses of $(18). The provision for credit losses, net of these amounts, is $2,560.Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.Excludes amounts associated with other assets and reversal of impairment losses of $(7). The provision for credit losses, net of these amounts, is $1,969.Excludes allowance for credit losses of $192 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Excludes allowance for credit losses of $200 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Interest income recognized on impaired loans during the three months ended April 30, 2025 was $24 (January 31, 2025 – $26; October 31, 2024 – $22).Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology.Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.The leverage ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).Other plans operated by certain subsidiaries of the Bank are not considered material and are not included in this note.Card revenues and Banking services fees are mainly earned in Canadian Banking and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $24, International Banking – $35, and Other – $54.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $(7), International Banking – $58, and Other – $52.Stage 3 includes purchased or originated credit-impaired loans.Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due.All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.Deposits payable on demand include all deposits for which the Bank does not have the right to notice of withdrawal, generally chequing accounts.Deposits denominated in U.S. dollars amount to $293,366 (January 31, 2025 – $309,983 ; October 31, 2024 – $295,316), deposits denominated in Chilean pesos amount to $20,184 (January 31, 2025 – $20,198; October 31, 2024 – $19,271), deposits denominated in Mexican pesos amount to $33,975 (January 31, 2025 – $34,709; October 31, 2024 – $34,416) and deposits denominated in other foreign currencies amount to $114,253 (January 31, 2025 – $115,267; October 31, 2024 – $109,683).All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.The fair value of the transferred assets is $0 (January 31, 2025 – $16,772 and October 31, 2024 – $18,092) and the fair value of the associated liabilities is $0 (January 31, 2025 – $16,769 and October 31, 2024 – $17,692) for a net position of $0 (January 31, 2025 – $3 and October 31, 2024 – $400).The fair value of transferred assets is $225,430 (January 31, 2025 – $234,994 and October 31, 2024 – $232,811) and the fair value of the associated liabilities is $177,987 (January 31, 2025 – $182,259 and October 31, 2024 – $190,449) for a net position of $47,443 (January 31, 2025 – $52,735 and October 31, 2024 – $42,362).Does not include over-collateralization of assets pledged. Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral. Deposits payable after notice include all deposits for which the Bank requires notice of withdrawal, generally savings accounts. Includes $123 (January 31, 2025 – $122; October 31, 2024 – $124) of non-interest-bearing deposits.Represents principal amount owed net of write-offs.On December 27, 2024, the Bank completed the acquisition of an additional 10% ownership interest, bringing the total ownership interest in KeyCorp to 14.9% (refer to Note 20 for further details). The Bank has significant influence over KeyCorp through a combination of its ownership interest and board representation. Based on the quoted price on the New York Stock Exchange, the Bank’s investment in KeyCorp was $3,332 as at April 30, 2025 (January 31, 2025 – $4,257).These include cash held in trust and trust-permitted investment assets, including repurchase-type transactions of mortgage-backed securities, included in the principal reinvestment account that the Bank is required to maintain in order to participate in the programs.Represents the date of the most recent financial statements. Where available, financial statements prepared by the associates’ management or other published information is used to estimate the change in the Bank’s interest since the most recent financial statements. Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $528 (January 31, 2025 – $567; October 31, 2024 – $570). The market value of the investment has remained below the carrying amount. The Bank performed an impairment test as at April 30, 2025 using a value in use (VIU) discounted cash flow model. The Bank concluded that there is no impairment for the period ended April 30, 2025 (January 31, 2025 – nil; October 31, 2024 – $343). The Bank has significant influence over the Bank of Xi’an Co. Ltd. through a combination of its ownership interest and board representation. The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of April 30, 2025, these reserves amounted to $74 (January 31, 2025 – $77; October 31, 2024 – $74).Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $22, International Banking – $73, and Other – $177.The majority of foreign term deposits are in excess of $100,000.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking - $(7), International Banking - $24, and Other - $40.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $(2), International Banking – $38, and Other – $123.This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. In the absence of legislated changes, all other assumptions are updated annually.As at April 30, 2025, the Bank did not have a regulatory capital floor add-on to risk-weighted assets (RWA) for CET1, Tier 1, Total Capital and TLAC RWA (as at January 31, 2025 the Bank did not have a regulatory capital floor add-on to risk-weighted assets for CET1, Tier 1, Total Capital and TLAC RWA; as at October 31, 2024, the Bank did not have a regulatory capital floor add-on to risk-weighted assets for CET1, Tier 1, Total Capital and TLAC RWA).Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.Earnings per share calculations are based on full dollar and share amounts.Certain options were not included in the calculation of diluted earnings per share as they were anti-dilutive.Includes interest on lease liabilities for the three months ended April 30, 2025 – $31 (January 31, 2025 – $32; April 30, 2024 – $30) and for the six months ended April 30, 2025 – $63 (April 30, 2024 – $60) and insurance finance expense for the three months ended April 30, 2025 – $9 (January 31, 2025 – $8; April 30, 2024 – $8) and for the six months ended April 30, 2025 – $17 (April 30, 2024 – $15). Includes dividend income on equity securities.The interest income/expense on financial assets/liabilities are calculated using the effective interest method.After credit risk mitigation and excludes equity securities, centralized counterparties and other assets.Retail includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail.Non-retail drawn includes loans, bankers’ acceptances, deposits with financial institutions and FVOCI debt securities.Non-retail drawn exposures include government guaranteed and privately insured mortgages and retail loans.Includes off-balance sheet lending instruments such as letters of credit, letters of guarantee, securitizations, over-the-counter derivatives and repo-style transactions net of related collateral.Effective November 1, 2024, and until such time as the Bank elects otherwise, the Bank has suspended the discount to the Average Market Price (as defined in the Plan) for dividend reinvestments and stock dividends under the Plan and has discontinued issuances of common shares from treasury under the Plan. Additionally, effective November 1, 2024, and until such time as the Bank elects otherwise, purchases of common shares under the Plan will be made in the secondary market in accordance with the provisions of the Plan.The cumulative change in fair value is measured from the instruments’ date of initial recognition.Includes the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
Form
6-K
 
 
Report of Foreign Private Issuer
Pursuant to Rule
13a-16
or
15d-16
of
the Securities Exchange Act of 1934
For the month of: May, 2025
Commission File Number:
002-09048
 
 
THE BANK OF NOVA SCOTIA
(Name of registrant)
 
 
40 Temperance Street, Toronto, Ontario, M5H 0B4
(Tel.: (416)
866-3672)
(Address of Principal Executive Offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
Form
20-F ☐   Form
40-F ☒
This report on Form
6-K
shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form
S-8
(File
No. 333-199099)
and Form
F-3
(File
No. 333-282565)
and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
 
 
 
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
THE BANK OF NOVA SCOTIA
Date: May 27, 2025
 
 
By:
 
/s/ Roula Kataras
 
 
 
Name:
 
Roula Kataras
 
 
 
Title:
 
Senior Vice-President and Chief Accountant
Table of Contents
EXHIBIT INDEX
 
Exhibit
  
Description of Exhibit
99.1
  
2025 Second Quarter Report to Shareholders
101
  
Interactive Data File (formatted as Inline XBRL)
104
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
Table of Contents
Table of Contents
 
 
 
Exhibit 99.1
 
 
 
Live audio Web
broadcast of the
Bank’s analysts’
conference call.
See page 96
for details.
 
 
 
  
 
Quarterly Report
to Shareholders
 
 
Scotiabank reports second quarter results
 
TORONTO, May
 27, 2025 –
The Bank of Nova Scotia (“Scotiabank”) (TSX: BNS; NYSE: BNS) reported second quarter net income of $2,032 million compared to $2,092 million in the same period last year. Diluted earnings per share (EPS) were $1.48, compared to $1.57 in the same period a year ago.
 
Adjusted net income
(1)
for the second quarter was $2,072 million and adjusted diluted EPS
(1)
were $1.52, down from $1.58 last year. Adjusted return on equity
(1)
was 10.4% compared to 11.3% a year ago.
 
“We continued to invest in our key strategic priorities this quarter, including building deeper, more advice-driven client relationships,” said Scott Thomson, President and CEO of Scotiabank. “Amidst the continuously-evolving economic outlook, we are focused on what we can control and are executing on our strategic plan while continuing to deliver positive operating leverage. This quarter we increased our performing allowances to reflect the impact of an uncertain macroeconomic outlook. With strong balance sheet metrics, we remain well positioned to support our clients through this period of uncertainty and to seize growth opportunities as they arise.”
 
Canadian Banking generated adjusted earnings
(1)
of $613 million, down 31% compared to the prior year, due primarily to a significant increase in performing credit loss allowances and a lower margin. The business had solid asset and deposit growth, as well as good underlying momentum in fee revenue.
 
International Banking generated adjusted earnings
(1)
of $719 million, up 7% year-over-year, with solid revenue generation and lower provision for credit losses, reflecting improvements in the portfolio. Continued positive operating leverage reflects the impact of successful productivity initiatives in the region.
 
Global Wealth Management adjusted earnings
(1)
were $407 million, up 17% year-over-year driven by solid revenue growth from higher mutual fund fees, brokerage revenues, and net interest income across the Canadian and International wealth businesses. Additionally, assets under management
(2)
of $380 billion grew 9% year-over-year.
 
Global Banking and Markets reported earnings of $412 million, up 10% compared to the prior year. The results were supported by strong performance in our capital markets business, as well as higher fee revenue in our corporate and investment banking business.
 
The Bank reported a Common Equity Tier 1 (CET1) capital ratio
(3)
of 13.2% and declared a dividend of $1.10, representing a 4% increase. The Bank also announced its intention to launch a share buyback program for 20 million shares, demonstrating our confidence in the trajectory of our capital generation and strength of our balance sheet metrics.
 
 
 
(1)
    Refer to
Non-GAAP
Measures section starting on page 5.
(2)
    Refer to Glossary on page 58 for the description of the measure.
(3)
    The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).
 
 
  
Table of Contents
Enhanced Disclosure Task Force (EDTF) Recommendations
Below is the index of EDTF recommendations to facilitate easy reference in the Bank’s public disclosure documents available on www.scotiabank.com/investorrelations.
 
Reference Table for EDTF
  
    Q2 2025           2024 Annual Report  
Type of risk   Number      Disclosure   Quarterly
Report		    
Supplementary
Regulatory Capital
Disclosures
            MD&A    
Financial
Statements
  
General
     1      The index of risks to which the business is exposed.  
 
         16    
    2      The Bank’s risk to terminology, measures and key parameters.  
 
        
75-78
    
    3      Top and emerging risks, and the changes during the reporting period.     37-38          
80-81, 85-91
    
    4      Discussion on the regulatory development and plans to meet new regulatory ratios.    
53-55
    
 
 
 
  
 
 
 
    
55-58, 100-103,

116
 
  
 
 
 
Risk governance, risk management and business model     5      The Bank’s Risk Governance structure.  
 
        
72-74
    
    6      Description of risk culture and procedures applied to support the culture.  
 
        
75-78
    
    7      Description of key risks from the Bank’s business model.  
 
         79    
    8      Stress testing use within the Bank’s risk governance and capital management.  
 
 
 
  
 
 
 
  
 
 
 
    
75-76
    
 
 
 
Capital Adequacy and risk-weighted assets     9      Pillar 1 capital requirements, and the impact for global systemically important banks.    
53-54
      
4-5
        
55-58
       205  
    10      a) Regulatory capital components.    
53-54, 83
      
21-23
         59    
     b) Reconciliation of the accounting balance sheet to the regulatory balance sheet.  
 
    
18-19
      
 
  
    11      Flow statement of the movements in regulatory capital since the previous reporting period, including changes in common equity tier 1, additional tier 1 and tier 2 capital.    
53-54
       93        
60-61
    
    12      Discussion of targeted level of capital, and the plans on how to establish this.  
 
        
55-58
    
    13      Analysis of risk-weighted assets by risk type, business, and market risk RWAs.  
 
    
 6, 36-39, 43-60,
69-74, 78, 90, 96, 102
  
 		      
63-68,
79, 123		       174  
    14      Analysis of the capital requirements for each Basel asset class.  
 
    
16-17,
36-61,
67-74, 78,
83-86
  
 
      
63-68
      
 174,
223-229
  
 
    15      Tabulate credit risk in the Banking Book.    
87-88
      
16-17, 36-61, 78, 83-86
        
63-68
       224  
    16      Flow statements reconciling the movements in risk-weighted assets for each risk-weighted asset type.  
 
     62, 77, 95        
63-68
    
 
     17      Discussion of Basel III Back-testing requirement including credit risk model performance and validation.  
 
 
 
     100    
 
 
 
    
64-66
    
 
 
 
Liquidity Funding     18      Analysis of the Bank’s liquid assets.    
44-47
          
98-103
    
    19      Encumbered and unencumbered assets analyzed by balance sheet category.    
44-47
           100    
    20      Consolidated total assets, liabilities and
off-balance
sheet commitments analyzed by remaining contractual maturity at the balance sheet date.		    
51-52
          
104-106
    
    21      Analysis of the Bank’s sources of funding and a description of the Bank’s funding strategy.    
49-50
    
 
 
 
  
 
 
 
    
103-104
    
 
 
 
Market Risk     22      Linkage of market risk measures for trading and
non-trading
portfolios and the balance sheet.		     43           97    
    23      Discussion of significant trading and
non-trading
market risk factors.		     88-89          
92-98
      
228-229
  
    24      Discussion of changes in period on period VaR results as well as VaR assumptions, limitations, backtesting and validation.     42, 89          
92-98
      
228-229
  
    25      Other risk management techniques e.g. stress tests, stressed VaR, tail risk and market liquidity horizon.  
 
 
 
  
 
 
 
  
 
 
 
    
92-98
       228  
Credit Risk     26      Analysis of the aggregate credit risk exposures, including details of both personal and wholesale lending.  
 
    
 6, 36-39, 43-60,
69-74
  
 
      
85-91,
118-123
      
184-185,

224-227
  
 
    27      Discussion of the policies for identifying impaired loans, defining impairments and renegotiated loans, and explaining loan forbearance policies.  
 
      
 
    
154-156,

185
  
 
    28      Reconciliations of the opening and closing balances of impaired loans and impairment allowances during the year.     71      
33-34
         88,
118-121
       185  
    29      Analysis of counterparty credit risk that arises from derivative transactions.     54, 87-88       101        
82-84
      
172-175
  
 
     30      Discussion of credit risk mitigation, including collateral held for all sources of credit risk.    
87-88
    
 
 
 
  
 
 
 
    
83-85,
89		    
 
 
 
Other risks
     31      Quantified measures of the management of operational risk.  
 
         67,
107-108
    
    32      Discussion of publicly known risk items.     54           71    
 
2
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
MANAGEMENT’S DISCUSSION & ANALYSIS
The Management’s Discussion and Analysis (MD&A) is provided to enable readers to assess the Bank’s financial condition and results of operations as at and for the period ended April 30, 2025. The MD&A should be read in conjunction with the Bank’s unaudited Condensed Interim Consolidated Financial Statements included in this Report to Shareholders, and the Bank’s 2024 Annual Report. This MD&A is dated May 27, 2025.
Additional information relating to the Bank, including the Bank’s 2024 Annual Report, is available on the Bank’s website at www.scotiabank.com. As well, the Bank’s 2024 Annual Report and Annual Information Form are available on SEDAR+ at www.sedarplus.ca and on the EDGAR section of the SEC’s website at www.sec.gov.
 
Contents
 
 
 
Management’s Discussion and Analysis
4
   Financial Highlights
5
   Non-GAAP Measures
16
   Overview of Performance
18
   Group Financial Performance
21
   Business Segment Review
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 2024 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,” “outlook,” “seek,” “schedule,” “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, including relating to the care and control of information, and other risks arising from the Bank’s use of third parties; 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 (including the potential impact of new or elevated tariffs); changes to our credit ratings; the possible effects on our business and the global economy of war, conflicts or terrorist actions and unforeseen consequences arising from such actions; technological changes, including the use of data and artificial intelligence in our business, 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, denial of service 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; environmental, social and governance risks, including climate change, our ability to implement various sustainability-related initiatives (both internally and with our clients and other stakeholders) under expected time frames, and our ability to scale our sustainable-finance products and services; the occurrence of natural and unnatural catastrophic events and claims resulting from such events, including disruptions to public infrastructure, such as transportation, communications, power or water supply; inflationary pressures; global supply-chain disruptions; 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 2024 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 2024 Annual Report under the headings “Outlook”, as updated by quarterly reports. The “Outlook” and “2025 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.
 
 Scotiabank Second Quarter Report 2025   
 
3
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Financial Highlights
T1 Financial highlights
      As at and for the three months ended     
As at and for the
six months ended
  
(Unaudited)
   
April 30
2025
      January 31
2025		      April 30
2024		     
April 30
2025
     
April 30
2024
  
Operating results
($ millions)
               
Net interest income
   
 
5,270
 
      5,173        4,694     
 
10,443
 
      9,467  
Non-interest
income
   
 
3,810
 
      4,199        3,653     
 
8,009
 
      7,313  
Total revenue
   
 
9,080
 
      9,372        8,347     
 
18,452
 
         16,780  
Provision for credit losses
   
 
1,398
 
      1,162        1,007     
 
2,560
 
      1,969  
Non-interest
expenses
   
 
5,110
 
      6,491        4,711     
 
   11,601
 
      9,450  
Income tax expense
   
 
540
 
      726        537     
 
1,266
 
      1,070  
Net income
   
 
2,032
 
      993        2,092     
 
3,025
 
      4,291  
Net income attributable to common shareholders
   
 
1,841
 
      1,025        1,943     
 
2,866
 
      4,009  
Operating performance
               
Basic earnings per share
($)
   
 
1.48
 
      0.82        1.59     
 
2.30
 
      3.29  
Diluted earnings per share
 ($)
   
 
1.48
 
      0.66        1.57     
 
2.15
 
      3.25  
Return on equity
(%)
(1)
   
 
10.1
 
      5.5        11.2     
 
7.8
 
      11.6  
Return on tangible common equity
(%)
(2)
   
 
12.5
 
      6.8        13.8     
 
9.6
 
      14.2  
Productivity ratio
(%)
(1)
   
 
56.3
 
      69.3        56.4     
 
62.9
 
      56.3  
Net interest margin
(%)
(2)
   
 
2.31
 
      2.23        2.17     
 
2.27
 
      2.18  
Financial position information
($ millions)
              
Cash and deposits with financial institutions
   
 
63,577
 
      70,198        58,631        
Trading assets
   
 
128,987
 
      136,708        132,280        
Loans
   
 
756,372
 
      766,305        753,526        
Total assets
   
 
1,415,465
 
      1,439,151        1,399,430        
Deposits
   
 
945,843
 
      966,049        942,028        
Common equity
   
 
74,686
 
      74,563        70,577        
Preferred shares and other equity instruments
   
 
10,232
 
      10,232        8,779        
Assets under administration
(1)
   
 
779,054
 
      807,547        738,927        
Assets under management
(1)
   
 
379,889
 
      395,546        348,644     
 
 
 
   
 
 
 
Capital and liquidity measures
               
Common Equity Tier 1 (CET1) capital ratio
(%)
(3)
   
 
13.2
 
      12.9        13.2        
Tier 1 capital ratio
(%)
(3)
   
 
15.4
 
      15.1        15.2        
Total capital ratio
(%)
(3)
   
 
17.1
 
      16.8        17.1        
Total loss absorbing capacity (TLAC) ratio
(%)
(4)
   
 
30.3
 
      28.8        28.9        
Leverage ratio
(%)
(5)
   
 
4.5
 
      4.4        4.4        
TLAC Leverage ratio
(%)
(4)
   
 
8.9
 
      8.5        8.4        
Risk-weighted assets
($ millions)
(3)
   
 
458,989
 
      468,124        450,191        
Liquidity coverage ratio (LCR)
(%)
(6)
   
 
131
 
      128        129        
Net stable funding ratio (NSFR)
(%)
(7)
   
 
120
 
      117        117     
 
 
 
   
 
 
 
Credit quality
               
Net impaired loans
($ millions)
   
 
4,648
 
      4,874        4,399        
Allowance for credit losses
($ millions)
(8)
   
 
7,276
 
      7,080        6,768        
Gross impaired loans as a % of loans and acceptances
(1)
   
 
0.90
 
      0.91        0.83        
Net impaired loans as a % of loans and acceptances
(1)
   
 
0.61
 
      0.63        0.57        
Provision for credit losses as a % of average net loans and acceptances (annualized)
(1)(9)
   
 
0.75
 
      0.60        0.54     
 
0.68
 
      0.52  
Provision for credit losses on impaired loans as a % of average net loans and acceptances (annualized)
(1)(9)
   
 
0.57
 
      0.55        0.52     
 
0.56
 
      0.51  
Net write-offs as a % of average net loans and acceptances (annualized)
(1)
   
 
0.50
 
      0.49        0.48     
 
0.50
 
      0.45  
Adjusted results
(2)
               
Adjusted total revenue
($ millions)
   
 
9,098
 
      9,372        8,347     
 
18,470
 
      16,780  
Adjusted
non-interest
expenses
($ millions)
   
 
5,067
 
      5,111        4,693     
 
10,178
 
      9,414  
Adjusted net income
($ millions)
   
 
2,072
 
      2,362        2,105     
 
4,434
 
      4,317  
Adjusted diluted earnings per share
($)
   
 
1.52
 
      1.76        1.58     
 
3.28
 
      3.27  
Adjusted return on equity
(%)
   
 
10.4
 
      11.8        11.3     
 
11.1
 
      11.6  
Adjusted return on tangible common equity
(%)
   
 
12.7
 
      14.3        13.8     
 
13.5
 
      14.2  
Adjusted productivity ratio
(%)
   
 
55.7
 
      54.5        56.2     
 
55.1
 
      56.1  
Common share information
               
Closing share price
($)
(TSX)
   
 
68.98
 
      74.36        63.16        
Shares outstanding
(millions)
               
Average – Basic
   
 
1,246
 
      1,245        1,223     
 
1,245
 
      1,218  
Average – Diluted
   
 
1,246
 
      1,250        1,228     
 
1,250
 
      1,225  
End of period
   
 
1,246
 
      1,246        1,230        
Dividends paid per share
($)
   
 
1.06
 
      1.06        1.06     
 
2.12
 
      2.12  
Dividend yield
(%)
(1)
   
 
6.2
 
      5.6        6.4     
 
5.9
 
      6.7  
Market capitalization
($ millions)
(TSX)
   
 
85,918
 
      92,617        77,660        
Book value per common share
($)
(1)
   
 
59.96
 
      59.86        57.40        
Market value to book value multiple
(1)
   
 
1.2
 
      1.2        1.1        
Price to earnings multiple (trailing 4 quarters)
(1)
   
 
13.9
 
      14.7        10.5     
 
 
 
   
 
 
 
Other information
               
Employees (full-time equivalent)
   
 
86,746
 
      88,722        89,090        
Branches and offices
   
 
2,139
 
      2,221        2,316     
 
 
 
   
 
 
 
(1)
Refer to Glossary on page 58 for the description of the measure.
(2)
Refer to
Non-GAAP
Measures section starting on page 5.
(3)
The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).
(4)
This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).
(5)
The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).
(6)
This measure has been disclosed in this document in accordance with OSFI Guideline – Public Disclosure Requirements for Domestic Systemically Important Banks on Liquidity Coverage Ratio (April 2015).
(7)
This measure has been disclosed in this document in accordance with OSFI Guideline – Net Stable Funding Ratio Disclosure Requirements (January 2021).
(8)
Includes allowance for credit losses on all financial assets – loans, acceptances,
off-balance
sheet exposures, debt securities and deposits with financial institutions.
(9)
Includes provision for credit losses on certain financial assets – loans, acceptances and
off-balance
sheet exposures.
 
4
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Non-GAAP
Measures
The Bank uses a number of financial measures and ratios to assess its performance, as well as the performance of its operating segments. Some of these financial measures and ratios 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 and ratios disclosed by other issuers. The Bank believes that
non-GAAP
measures and ratios are useful as they provide readers with a better understanding of how management assesses performance. These
non-GAAP
measures and ratios are used throughout this report 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.
 
 Scotiabank Second Quarter Report 2025   
 
5
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T2 Reconciliation of reported and adjusted results and diluted earnings per share
 
      For the three months ended      For the six months ended  
($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024		     
April 30
2025
      April 30
2024		  
Reported Results
               
Net interest income
   
$
5,270
 
    $ 5,173      $ 4,694     
$
10,443
 
    $ 9,467  
Non-interest
income
   
 
3,810
 
      4,199        3,653     
 
8,009
 
      7,313  
Total revenue
   
 
9,080
 
      9,372        8,347     
 
18,452
 
      16,780  
Provision for credit losses
   
 
1,398
 
      1,162        1,007     
 
2,560
 
      1,969  
Non-interest
expenses
   
 
5,110
 
      6,491        4,711     
 
11,601
 
      9,450  
Income before taxes
   
 
2,572
 
      1,719        2,629     
 
4,291
 
      5,361  
Income tax expense
   
 
540
 
      726        537     
 
1,266
 
      1,070  
Net income
   
$
2,032
 
    $ 993      $ 2,092     
$
3,025
 
    $ 4,291  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
   
 
56
 
      (154 )       26     
 
(98
) 
      51  
Net income attributable to equity holders
   
 
1,976
 
      1,147        2,066     
 
3,123
 
      4,240  
Net income attributable to preferred shareholders and other equity instrument holders
   
 
135
 
      122        123     
 
257
 
      231  
Net income attributable to common shareholders
   
$
1,841
 
    $ 1,025      $ 1,943     
$
2,866
 
    $ 4,009  
Diluted earnings per share
(in dollars)
   
$
1.48
 
    $ 0.66      $ 1.57     
$
2.15
 
    $ 3.25  
Weighted average number of diluted common shares outstanding
(millions)
   
 
1,246
 
      1,250        1,228     
 
1,250
 
      1,225  
Adjustments
               
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
               
(a) Divestitures and wind-down of operations
   
$
9
 
    $ –      $ –     
$
9
 
    $ –  
(b) Amortization of acquisition-related intangible assets
   
 
9
 
      –        –     
 
9
 
      –  
Total
non-interest
income and total revenue adjusting items
(Pre-tax)
   
 
18
 
      –        –     
 
18
 
      –  
Adjusting items impacting
non-interest
expenses
(Pre-tax)
               
(a) Divestitures and wind-down of operations
   
 
26
 
      1,362        –     
 
1,388
 
      –  
(b) Amortization of acquisition-related intangible assets
   
 
17
 
      18        18     
 
35
 
      36  
Total
non-interest
expense adjusting items
(Pre-tax)
   
 
43
 
      1,380        18     
 
1,423
 
      36  
Total impact of adjusting items on net income before taxes
   
 
61
 
      1,380        18     
 
1,441
 
      36  
Impact of adjusting items on income tax expense
               
Divestitures and wind-down of operations
   
 
(15
) 
      (7 )       –     
 
(22
) 
      –  
Amortization of acquisition-related intangible assets
   
 
(6
) 
      (4 )       (5 )    
 
(10
) 
      (10 ) 
Total impact of adjusting items on income tax expense
   
 
(21
) 
      (11 )       (5 )    
 
(32
) 
      (10 ) 
Total impact of adjusting items on net income
   
$
40
 
    $ 1,369      $ 13     
$
1,409
 
    $ 26  
Impact of adjusting items on NCI
   
 
16
 
      (191 )       –     
 
(175
) 
      –  
Total impact of adjusting items on net income attributable to equity holders
   
$
56
 
    $ 1,178      $ 13     
$
1,234
 
    $ 26  
Adjusted Results
               
Net interest income
   
$
5,270
 
    $ 5,173      $ 4,694     
$
10,443
 
    $ 9,467  
Non-interest
income
   
 
3,828
 
      4,199        3,653     
 
8,027
 
      7,313  
Total revenue
   
 
9,098
 
      9,372        8,347     
 
18,470
 
      16,780  
Provision for credit losses
   
 
1,398
 
      1,162        1,007     
 
2,560
 
      1,969  
Non-interest
expenses
   
 
5,067
 
      5,111        4,693     
 
10,178
 
      9,414  
Income before taxes
   
 
2,633
 
      3,099        2,647     
 
5,732
 
      5,397  
Income tax expense
   
 
561
 
      737        542     
 
1,298
 
      1,080  
Net income
   
$
2,072
 
    $ 2,362      $ 2,105     
$
4,434
 
    $ 4,317  
Net income attributable to NCI
   
 
40
 
      37        26     
 
77
 
      51  
Net income attributable to equity holders
   
 
2,032
 
      2,325        2,079     
 
4,357
 
      4,266  
Net income attributable to preferred shareholders and other equity instrument holders
   
 
135
 
      122        123     
 
257
 
      231  
Net income attributable to common shareholders
   
$
1,897
 
    $ 2,203      $ 1,956     
$
4,100
 
    $ 4,035  
Diluted earnings per share
(in dollars)
   
$
1.52
 
    $ 1.76      $ 1.58     
$
3.28
 
    $ 3.27  
Impact of adjustments on diluted earnings per share
(in dollars)
   
$
0.04
 
    $ 1.10      $ 0.01     
$
1.13
 
    $ 0.02  
Weighted average number of diluted common shares outstanding
(millions)
   
 
1,250
 
      1,250        1,228     
 
1,250
 
      1,225  
 
6
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
 
The Bank’s quarterly financial results were adjusted for the following items. These amounts were recorded in the Other operating segment, unless otherwise noted.
a) Divestitures and wind-down of operations
On February 28, 2025, the Bank completed the sale of CrediScotia Financiera S.A. (CrediScotia), a wholly-owned consumer finance subsidiary in Peru, to Banco Santander S.A. (Espana). The Bank recognized an additional loss of $9 million in
non-interest
income – other upon closing. In Q3 2024, the Bank had recognized an impairment loss of $143 million in
non-interest
income – other and a recovery of expenses of $7 million in
non-interest
expenses – salaries and employee benefits (collectively $90 million
after-tax),
the majority of which related to goodwill. For further details, please refer to Note 20 of the Condensed Interim Consolidated Financial Statements.
In Q2 2025, the Bank recognized an additional impairment loss of $26 million ($8 million
after-tax)
on the agreement to sell banking operations in Colombia, Costa Rica and Panama for an approximately 20% ownership stake in the newly combined entity of Davivienda. This additional loss represents the change in the carrying value of the assets being sold, as well as changes in foreign currency. In Q1 2025, the Bank recognized an impairment loss of $1,362 million ($1,355 million
after-tax)
as the banking operations that are part of the transaction were classified as
held-for-sale.
These amounts were recorded in
non-interest
expenses – other. For further details, please refer to Note 20 of the Condensed Interim Consolidated Financial Statements.
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)
and was recorded in non-interest income – other. For further details, please refer to Note 37 of the Consolidated Financial Statements in the 2024 Annual Report to Shareholders.
b) Amortization of acquisition-related intangible assets
These costs relate to the amortization of intangible assets recognized upon the acquisition of businesses, excluding software. These costs are recorded in
non-interest
expenses – depreciation and amortization for the Canadian Banking, International Banking and Global Wealth Management operating segments and
non-interest
income – net income from investments in associated corporations for the Other operating segment.
c) Restructuring charge and severance provisions
In Q4 2024, the Bank recorded severance provisions of $53 million ($38 million
after-tax)
related to the Bank’s continued efforts to streamline its organizational structure and support execution of the Bank’s strategy. In Q4 2023, the Bank recorded a restructuring charge and severance provisions of $354 million ($258 million
after-tax)
related to workforce reductions and changing business needs, as well as ongoing efforts to streamline operational processes and optimize distribution channels. For further details, please refer to Note 24 of the Consolidated Financial Statements in the 2024 Annual Report to Shareholders.
d) Impairment of
non-financial
assets
In Q4 2024, the Bank recorded impairment charges of $343 million ($309 million
after-tax)
related to its investment in associate, Bank of Xi’an Co. Ltd. in China, driven primarily by the continued weakening of the economic outlook in China and whose market value has remained below the Bank’s carrying value for a prolonged period (Q4 2023 – $185 million
pre-tax
and $159 million
after-tax).
In Q4 2024, the Bank recorded an impairment of software intangible assets of $97 million ($70 million
after-tax).
In Q4 2023, the Bank recorded an impairment of software and other intangible assets of $161 million ($114 million
after-tax).
For further details, please refer to Notes 18 and 19 of the Consolidated Financial Statements in the 2024 Annual Report to Shareholders.
e) Legal provision
In Q3 2024, the Bank recognized a $176 million expense for legal actions in Peru relating to certain value-added tax assessed amounts and associated interest. The legal actions arose from certain client transactions that occurred prior to the Bank’s acquisition of its Peruvian subsidiary. For further details, please refer to Note 24 of the Consolidated Financial Statements in the 2024 Annual Report to Shareholders.
f) 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.
 
 Scotiabank Second Quarter Report 2025   
 
7
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T2A Reconciliation of reported and adjusted results by business line
 
   
For the three months ended April 30, 2025
(1)
  
($ millions)
  
Canadian
Banking
    
International
Banking
    
Global
Wealth
Management
    
Global
Banking
and Markets
    
Other
    
Total
  
Reported net income (loss)
  
$
613
 
  
$
714
 
  
$
401
 
  
$
412
 
  
$
(108
) 
  
$
2,032
 
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
  
 
–
 
  
 
38
 
  
 
2
 
  
 
(1
) 
  
 
17
 
  
 
56
 
Reported net income attributable to equity holders
  
 
613
 
  
 
676
 
  
 
399
 
  
 
413
 
  
 
(125
) 
  
 
1,976
 
Reported net income attributable to preferred shareholders and other equity instrument holders
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
   135
 
  
 
135
 
Reported net income attributable to common shareholders
  
$
613
 
  
$
676
 
  
$
399
 
  
$
413
 
  
$
(260
) 
  
$
1,841
 
Adjustments:
            
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
            
Divestitures and wind-down of operations
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
9
 
  
 
9
 
Amortization of acquisition-related intangible assets
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
9
 
  
 
9
 
Total
non-interest
income adjustments
(Pre-tax)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
18
 
  
 
18
 
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
26
 
  
 
26
 
Amortization of acquisition-related intangible assets
  
 
1
 
  
 
7
 
  
 
9
 
  
 
–
 
  
 
–
 
  
 
17
 
Total
non-interest
expenses adjustments
(Pre-tax)
  
 
1
 
  
 
7
 
  
 
9
 
  
 
–
 
  
 
26
 
  
 
43
 
Total impact of adjusting items on net income before taxes
  
 
1
 
  
 
7
 
  
 
9
 
  
 
–
 
  
 
44
 
  
 
61
 
Total impact of adjusting items on income tax expense
  
 
(1
) 
  
 
(2
) 
  
 
(3
) 
  
 
–
 
  
 
(15
) 
  
 
(21
) 
Total impact of adjusting items on net income
  
 
–
 
  
 
5
 
  
 
6
 
  
 
–
 
  
 
29
 
  
 
40
 
Impact of adjusting items on NCI
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
16
 
  
 
16
 
Total impact of adjusting items on net income attributable to equity holders
  
 
–
 
  
 
5
 
  
 
6
 
  
 
–
 
  
 
45
 
  
 
56
 
Adjusted net income (loss)
  
$
613
 
  
$
719
 
  
$
407
 
  
$
412
 
  
$
(79
) 
  
$
2,072
 
Adjusted net income attributable to equity holders
  
$
613
 
  
$
681
 
  
$
405
 
  
$
413
 
  
$
(80
) 
  
$
2,032
 
Adjusted net income attributable to common shareholders
  
$
613
 
  
$
681
 
  
$
405
 
  
$
413
 
  
$
(215
) 
  
$
1,897
 
(1)
Refer to Business Segment Review on page 21.
 
    For the three months ended January 31, 2025
(1)
  
($ millions)
   Canadian
Banking		     International
Banking		     Global
Wealth
Management		     Global
Banking
and Markets		     Other     Total  
Reported net income (loss)
   $ 913     $ 686     $ 409     $ 517     $ (1,532 )    $ 993  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
     –       35       2       –       (191 )      (154 ) 
Reported net income attributable to equity holders
     913       651       407       517       (1,341 )      1,147  
Reported net income attributable to preferred shareholders and other equity instrument holders
     –       –       –       –       122       122  
Reported net income attributable to common shareholders
   $ 913     $ 651     $ 407     $ 517     $ (1,463 )    $ 1,025  
Adjustments:
            
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
     –       –       –       –       1,362       1,362  
Amortization of acquisition-related intangible assets
     1       8       9       –       –       18  
Total
non-interest
expenses adjustments
(Pre-tax)
     1       8       9       –       1,362       1,380  
Total impact of adjusting items on net income before taxes
     1       8       9       –       1,362       1,380  
Total impact of adjusting items on income tax expense
     –       (2 )      (2 )      –       (7 )      (11 ) 
Total impact of adjusting items on net income
     1       6       7       –       1,355       1,369  
Impact of adjusting items on NCI
     –       –       –       –       (191 )      (191 ) 
Total impact of adjusting items on net income attributable to equity holders 
     1       6       7       –       1,164       1,178  
Adjusted net income (loss)
   $ 914     $ 692     $ 416     $ 517     $ (177 )    $ 2,362  
Adjusted net income attributable to equity holders
   $ 914     $ 657     $ 414     $ 517     $ (177 )    $ 2,325  
Adjusted net income attributable to common shareholders
   $ 914     $ 657     $ 414     $ 517     $ (299 )    $ 2,203  
(1)
Refer to Business Segment Review on page 21.
 
8
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
    For the three months ended April 30, 2024
(1)
  
($ millions)
   Canadian
Banking
(2)
     International
Banking
(2)
     Global
Wealth
Management
(2)
     Global
Banking
and Markets
(2)
     Other
(2)
     Total  
Reported net income (loss)
   $ 893     $ 663     $ 343     $ 375     $ (182 )    $ 2,092  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
     –       24       2       –       –       26  
Reported net income attributable to equity holders
     893       639       341       375       (182 )      2,066  
Reported net income attributable to preferred shareholders and other equity instrument holders
     –       –       1       1          121       123  
Reported net income attributable to common shareholders
   $ 893     $ 639     $ 340     $ 374     $ (303 )    $ 1,943  
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  
Impact of adjusting items on income tax expense
     (1 )      (2 )      (2 )      –       –       (5 ) 
Total impact of adjusting items on net income
     –       6       7       –       –       13  
Total impact of adjusting items on net income attributable to equity holders 
     –       6       7       –       –       13  
Adjusted net income (loss)
   $ 893     $ 669     $ 350     $ 375     $ (182 )    $ 2,105  
Adjusted net income attributable to equity holders
   $ 893     $ 645     $ 348     $ 375     $ (182 )    $ 2,079  
Adjusted net income attributable to common shareholders
   $ 893     $ 645     $ 347     $ 374     $ (303 )    $ 1,956  
(1)
Refer to Business Segment Review on page 21.
(2)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
 
   
For the six months ended April 30, 2025
(1)
  
($ millions)
  
Canadian
Banking
    
International
Banking
    
Global
Wealth
Management
    
Global
Banking
and Markets
    
Other
    
Total
  
Reported net income (loss)
  
$
1,526
 
  
$
1,400
 
  
$
810
 
  
$
929
 
  
$
(1,640
) 
  
$
3,025
 
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
  
 
–
 
  
 
73
 
  
 
4
 
  
 
(1
) 
  
 
(174
) 
  
 
(98
) 
Reported net income attributable to equity holders
  
 
1,526
 
  
 
1,327
 
  
 
806
 
  
 
930
 
  
 
(1,466
) 
  
 
3,123
 
Reported net income attributable to preferred shareholders and other equity instrument holders
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
257
 
  
 
257
 
Reported net income attributable to common shareholders
  
$
1,526
 
  
$
1,327
 
  
$
806
 
  
$
930
 
  
$
(1,723
) 
  
$
2,866
 
Adjustments:
            
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
            
Divestitures and wind-down of operations
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
9
 
  
 
9
 
Amortization of acquisition-related intangible assets
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
9
 
  
 
9
 
Total
non-interest
income adjustments
(Pre-tax)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
18
 
  
 
18
 
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
1,388
 
  
 
1,388
 
Amortization of acquisition-related intangible assets
  
 
2
 
  
 
15
 
  
 
18
 
  
 
–
 
  
 
–
 
  
 
35
 
Total
non-interest
expenses adjustments
(Pre-tax)
  
 
2
 
  
 
15
 
  
 
18
 
  
 
–
 
  
 
1,388
 
  
 
1,423
 
Total impact of adjusting items on net income before taxes
  
 
2
 
  
 
15
 
  
 
18
 
  
 
–
 
  
 
1,406
 
  
 
1,441
 
Impact of adjusting items on income tax expense
  
 
(1
) 
  
 
(4
) 
  
 
(5
) 
  
 
–
 
  
 
(22
) 
  
 
(32
) 
Total impact of adjusting items on net income
  
 
1
 
  
 
11
 
  
 
13
 
  
 
–
 
  
 
1,384
 
  
 
1,409
 
Impact of adjusting items on NCI
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(175
) 
  
 
(175
) 
Total impact of adjusting items on net income attributable to equity holders
  
 
1
 
  
 
11
 
  
 
13
 
  
 
–
 
  
 
1,209
 
  
 
1,234
 
Adjusted net income (loss)
  
$
1,527
 
  
$
1,411
 
  
$
823
 
  
$
929
 
  
$
(256
) 
  
$
4,434
 
Adjusted net income attributable to equity holders
  
$
1,527
 
  
$
1,338
 
  
$
819
 
  
$
930
 
  
$
(257
) 
  
$
4,357
 
Adjusted net income attributable to common shareholders
  
$
1,527
 
  
$
1,338
 
  
$
819
 
  
$
930
 
  
$
(514
) 
  
$
4,100
 
(1)
Refer to Business Segment Review on page 21.
 
 Scotiabank Second Quarter Report 2025   
 
9
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
    For the six months ended April 30, 2024
(1)
  
($ millions)
   Canadian
Banking
(2)
     International
Banking
(2)
     Global
Wealth
Management
(2)
     Global
Banking
and Markets
(2)
     Other
(2)
     Total  
Reported net income (loss)
   $ 1,866     $ 1,398     $ 676     $ 763     $ (412 )    $ 4,291  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
     –       46       5       –       –       51  
Reported net income attributable to equity holders
     1,866       1,352       671       763       (412 )      4,240  
Reported net income attributable to preferred shareholders and other equity instrument holders
     1       1       1       1          227       231  
Reported net income attributable to common shareholders
   $ 1,865     $ 1,351     $ 670     $ 762     $ (639 )    $ 4,009  
Adjustments:
            
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Amortization of acquisition-related intangible assets
     2       16       18       –       –       36  
Total
non-interest
expenses adjustments
(Pre-tax)
     2       16       18       –       –       36  
Total impact of adjusting items on net income before taxes
     2       16       18       –       –       36  
Impact of adjusting items on income tax expense
     (1 )      (4 )      (5 )      –       –       (10 ) 
Total impact of adjusting items on net income
     1       12       13       –       –       26  
Total impact of adjusting items on net income attributable to equity holders
     1       12       13       –       –       26  
Adjusted net income (loss)
   $ 1,867     $ 1,410     $ 689     $ 763     $ (412 )    $ 4,317  
Adjusted net income attributable to equity holders
   $ 1,867     $ 1,364     $ 684     $ 763     $ (412 )    $ 4,266  
Adjusted net income attributable to common shareholders
   $ 1,866     $ 1,363     $ 683     $ 762     $ (639 )    $ 4,035  
(1)
Refer to Business Segment Review on page 21.
(2)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
Constant Dollar
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. The tables below are computed on a basis that is different than the table “Impact of foreign currency translation” in Overview of Performance on page 17.
T3 Reconciliation of International Banking’s reported and adjusted results and constant dollar results
 
Reported Results
   For the three months ended     For the six months ended  
($ millions)
   January 31, 2025     April 30, 2024
(1)
     April 30, 2024
(1)
  
(Taxable equivalent basis)
   Reported     Foreign
exchange		     Constant
dollar		     Reported     Foreign
exchange		     Constant
dollar		     Reported     Foreign
exchange		     Constant
dollar		  
Net interest income
   $ 2,169     $ (34 )    $ 2,203     $ 2,254     $ (6 )    $ 2,260     $ 4,494     $ 51     $ 4,443  
Non-interest
income
     861       (15 )      876       706       12       694       1,540       29       1,511  
Total revenue
     3,030       (49 )      3,079       2,960       6       2,954       6,034       80       5,954  
Provision for credit losses
     602       (14 )      616       566       (8 )      574       1,140       8       1,132  
Non-interest
expenses
     1,553       (22 )      1,575       1,547       23       1,524       3,129       70       3,059  
Income before taxes
     875       (13 )      888       847       (9 )      856       1,765       2       1,763  
Income tax expense
     189       (2 )      191       184       1       183       367       4       363  
Net income
   $ 686     $ (11 )    $ 697     $ 663     $ (10 )    $ 673     $ 1,398     $ (2 )    $ 1,400  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
   $ 35     $ –     $ 35     $ 24     $ (2 )    $ 26     $ 46     $ (4 )    $ 50  
Net income attributable to equity holders of the Bank
   $ 651     $ (11 )    $ 662     $ 639     $ (8 )    $ 647     $ 1,352     $ 2     $ 1,350  
Other measures
                  
Average assets
($ billions)
   $ 229     $ (3 )    $ 232     $ 234     $ (2 )    $ 236     $ 235     $ 1     $ 234  
Average liabilities
($ billions)
   $ 174     $ (3 )    $ 177     $ 182     $ –     $ 182     $ 182     $ 2     $ 180  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
 
10
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Adjusted Results
   For the three months ended     For the six months ended  
($ millions)
   January 31, 2025     April 30, 2024
(1)
     April 30, 2024
(1)
  
(Taxable equivalent basis)
   Adjusted     Foreign
exchange		     Constant
dollar
adjusted		     Adjusted     Foreign
exchange		     Constant
dollar
adjusted		     Adjusted     Foreign
exchange		     Constant
dollar
adjusted		  
Net interest income
   $ 2,169     $ (34 )    $ 2,203     $ 2,254     $ (6 )    $ 2,260     $ 4,494     $ 51     $ 4,443  
Non-interest
income
     861       (15 )      876       706       12       694       1,540       29       1,511  
Total revenue
     3,030       (49 )      3,079       2,960       6       2,954       6,034       80       5,954  
Provision for credit losses
     602       (14 )      616       566       (8 )      574       1,140       8       1,132  
Non-interest
expenses
     1,545       (22 )      1,567       1,539       23       1,516       3,113       70       3,043  
Income before taxes
     883       (13 )      896       855       (9 )      864       1,781       2       1,779  
Income tax expense
     191       (2 )      193       186       1       185       371       3       368  
Net income
   $ 692     $ (11 )    $ 703     $ 669     $ (10 )    $ 679     $ 1,410     $ (1 )    $ 1,411  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
   $ 35     $ –     $ 35     $ 24     $ (2 )    $ 26     $ 46     $ (4 )    $ 50  
Net income attributable to equity holders of the Bank
   $ 657     $ (11 )    $ 668     $ 645     $ (8 )    $ 653     $ 1,364     $ 3     $ 1,361  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
Earning and
non-earning
assets, core earning assets, core net interest income and net interest margin
Net interest margin
Net interest margin is a
non-GAAP
ratio that is used to measure the return generated by the Bank’s core earning assets, net of the cost of funding.
Net interest margin is calculated as core net interest income divided by average core earning assets.
Components of net interest margin are defined below:
Earning assets
Earning assets are defined as income generating assets which include deposits with financial institutions, trading assets, investment securities, investments in associates, securities borrowed or purchased under resale agreements, loans net of allowances, and customers’ liability under acceptances. This is a
non-GAAP
measure.
Non-earning
assets
Non-earning
assets are defined as cash, precious metals, derivative financial instruments, property and equipment, goodwill and intangible assets, deferred tax assets and other assets. This is a
non-GAAP
measure.
Core earning assets
Core earning assets are defined as interest-bearing deposits with financial institutions, investment securities and loans, net of allowances. This is a
non-GAAP
measure. The Bank believes that this measure is useful for readers as it presents the main interest-generating assets and eliminates the impact of trading businesses.
Core net interest income
Core net interest income is defined as net interest income earned from core earning assets. This is a
non-GAAP
measure.
 
 Scotiabank Second Quarter Report 2025   
 
11
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T4 Calculation of net interest margin
Consolidated Bank
 
      For the three months ended      For the six months ended  
($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024		     
April 30
2025
      April 30
2024		  
Average total assets – Reported
(1)
   
$
1,468,310
 
    $ 1,460,615      $ 1,411,181     
$
1,464,194
 
    $ 1,417,472  
Less:
Non-earning
assets
   
 
118,403
 
      115,155        108,405     
 
116,547
 
      109,849  
Average total earning assets
(1)
   
$
1,349,907
 
    $ 1,345,460      $ 1,302,776     
$
1,347,647
 
    $ 1,307,623  
Less:
               
Trading assets
   
 
150,997
 
      156,540        144,737     
 
153,814
 
      143,360  
Securities purchased under resale agreements and securities borrowed
   
 
206,266
 
      200,930        191,661     
 
203,554
 
      193,251  
Other deductions
   
 
35,003
 
      33,491        62,497     
 
34,235
 
      67,556  
Average core earning assets
(1)
   
$
957,641
 
    $ 954,499      $ 903,881     
$
956,044
 
    $ 903,456  
Net interest income – Reported
   
$
5,270
 
    $ 5,173      $ 4,694     
$
10,443
 
    $ 9,467  
Less:
Non-core
net interest income
   
 
(135
) 
      (200 )       (139 )    
 
(335
) 
      (337 ) 
Core net interest income
   
$
5,405
 
    $ 5,373      $ 4,833     
$
10,778
 
    $ 9,804  
Net interest margin
   
 
2.31
% 
      2.23 %       2.17 %    
 
2.27
% 
      2.18 % 
(1)
Average balances represent the average of daily balances for the period.
Canadian Banking
 
      For the three months ended      For the six months ended  
($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Average total assets – Reported
(2)
   
$
461,444
 
    $ 459,895      $ 444,923     
$
460,657
 
    $ 444,889  
Less:
Non-earning
assets
   
 
4,607
 
      4,753        4,191     
 
4,682
 
      4,252  
Average total earning assets
(2)
   
$
456,837
 
    $ 455,142      $ 440,732     
$
455,975
 
    $ 440,637  
Less:
               
Other deductions
   
 
179
 
      187        22,421     
 
182
 
      25,667  
Average core earning assets
(2)
   
$
456,658
 
    $ 454,955      $ 418,311     
$
455,793
 
    $ 414,970  
Net interest income – Reported
   
$
2,524
 
    $ 2,647      $ 2,482     
$
5,171
 
    $ 4,973  
Less:
Non-core
net interest income
   
 
–
 
      –        –     
 
–
 
      –  
Core net interest income
   
$
2,524
 
    $ 2,647      $ 2,482     
$
5,171
 
    $ 4,973  
Net interest margin
   
 
2.27
% 
      2.31 %       2.41 %    
 
2.29
% 
      2.41 % 
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Average balances represent the average of daily balances for the period.
International Banking
 
      For the three months ended      For the six months ended  
($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Average total assets – Reported
(2)
   
$
229,118
 
    $ 228,877      $ 234,305     
$
228,995
 
    $ 234,883  
Less:
Non-earning
assets
   
 
13,917
 
      14,883        16,554     
 
14,407
 
      16,757  
Average total earning assets
(2)
   
$
215,201
 
    $ 213,994      $ 217,751     
$
214,588
 
    $ 218,126  
Less:
               
Trading assets
   
 
6,438
 
      6,408        6,534     
 
6,423
 
      6,657  
Securities purchased under resale agreements and securities borrowed
   
 
4,243
 
      4,195        4,314     
 
4,219
 
      3,868  
Other deductions
   
 
7,413
 
      6,612        6,661     
 
7,006
 
      6,716  
Average core earning assets
(2)
   
$
197,107
 
    $ 196,779      $ 200,242     
$
196,940
 
    $ 200,885  
Net interest income – Reported
   
$
2,179
 
    $ 2,169      $ 2,254     
$
4,348
 
    $ 4,494  
Less:
Non-core
net interest income
   
 
17
 
      (12 )       58     
 
5
 
      94  
Core net interest income
   
$
2,162
 
    $ 2,181      $ 2,196     
$
4,343
 
    $ 4,400  
Net interest margin
   
 
4.50
% 
      4.40 %       4.46 %    
 
4.45
% 
      4.40 % 
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Average balances represent the average of daily balances for the period.
 
12
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
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.
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.
Attributed capital and operating segment return on equity
The amount of common equity allocated to each operating segment is referred to as attributed capital. The attribution of capital within each operating segment is intended to approximate a percentage of the Basel III common equity capital requirements based on credit, market and operational risks and leverage inherent within each operating segment. Attributed capital is a
non-GAAP
measure. The Bank attributes capital to its business lines to approximate 11.5% of the Basel III common equity capital requirements.
Return on equity for the operating segments is calculated as a ratio of net income attributable to common shareholders of the operating segment and the capital attributed. This is a
non-GAAP
measure.
Adjusted return on equity for the operating segments is calculated as a ratio of adjusted net income attributable to common shareholders of the operating segment and the capital attributed. This is a
non-GAAP
measure.
T5 Return on equity by operating segment
 
     
For the three months ended April 30, 2025
  
($ millions)
   
Canadian
Banking
    
International
Banking
     
Global
Wealth
Management
     
Global
Banking
and Markets
    
Other
     
Total
  
Reported
                
Net income attributable to common shareholders
   
$
613
 
  
$
676
 
   
$
399
 
   
$
413
 
  
$
(260
) 
   
$
1,841
 
Total average common equity
(1)
   
 
20,893
 
  
 
18,087
 
   
 
10,332
 
   
 
14,970
 
  
 
10,343
 
   
 
74,625
 
Return on equity
   
 
12.0
% 
  
 
15.3
% 
   
 
15.8
% 
   
 
11.3
% 
  
 
nm
(2)
 
   
 
10.1
% 
Adjusted
(3)
                
Net income attributable to common shareholders
   
$
613
 
  
$
681
 
   
$
405
 
   
$
413
 
  
$
(215
) 
   
$
1,897
 
Return on equity
   
 
12.0
% 
  
 
15.5
% 
   
 
16.1
% 
   
 
11.3
% 
  
 
nm
(2)
 
   
 
10.4
% 
(1)
Average amounts calculated using methods intended to approximate the daily average balances for the period.
(2)
Not meaningful.
(3)
Refer to Table on page 6.
 
     For the three months ended January 31, 2025     For the three months ended April 30, 2024
(1)
  
($ millions)
   Canadian
Banking		     International
Banking		     Global
Wealth
Management		     Global
Banking and
Markets		     Other     Total     Canadian
Banking		     International
Banking		     Global
Wealth
Management		     Global
Banking and
Markets		     Other     Total  
Reported
            
 
            
Net income attributable to common shareholders
  
$
913
 
  
$
651
 
  
$
407
 
  
$
517
 
  
$
(1,463
) 
  
$
1,025
 
  
$
893
 
  
$
639
 
  
$
340
 
  
$
374
 
  
$
(303
) 
  
$
1,943
 
Total average common equity
(2)
  
 
21,636
 
  
 
18,191
 
  
 
10,183
 
  
 
15,361
 
  
 
8,706
 
  
 
74,077
 
  
 
20,507
 
  
 
19,144
 
  
 
10,222
 
  
 
14,865
 
  
 
5,539
 
  
 
70,277
 
Return on equity
  
 
16.7
% 
  
 
14.2
% 
  
 
15.8
% 
  
 
13.3
% 
  
 
nm
(3)
 
  
 
5.5
% 
  
 
17.7
% 
  
 
13.6
% 
  
 
13.6
% 
  
 
10.2
% 
  
 
nm
(3)
 
  
 
11.2
% 
Adjusted
(4)
            
 
            
Net income attributable to common shareholders
  
$
914
 
  
$
657
 
  
$
414
 
  
$
517
 
  
$
(299
) 
  
$
2,203
 
  
$
893
 
  
$
645
 
  
$
347
 
  
$
374
 
  
$
(303
) 
  
$
1,956
 
Return on equity
  
 
16.7
% 
  
 
14.3
% 
  
 
16.1
% 
  
 
13.3
% 
  
 
nm
(3)
 
  
 
11.8
% 
  
 
17.7
% 
  
 
13.7
% 
  
 
13.8
% 
  
 
10.2
% 
  
 
nm
(3)
 
  
 
11.3
% 
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Average amounts calculated using methods intended to approximate the daily average balances for the period.
(3)
Not meaningful.
(4)
Refer to Table on page 6.
 
 Scotiabank Second Quarter Report 2025   
 
13
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
    
For the six months ended April 30, 2025
     For the six months ended April 30, 2024
(1)
  
($ millions)
  
Canadian
Banking
    
International
Banking
    
Global
Wealth
Management
    
Global
Banking and
Markets
    
Other
    
Total
     Canadian
Banking		     International
Banking		     Global
Wealth
Management		     Global
Banking and
Markets		     Other     Total  
Reported
            
 
            
Net income attributable to common shareholders
  
$
1,526
 
  
$
1,327
 
  
$
806
 
  
$
930
 
  
$
(1,723
) 
  
$
2,866
 
  
$
1,865
 
  
$
1,351
 
  
$
670
 
  
$
762
 
  
$
(639
) 
  
$
4,009
 
Total average common equity
(2)
  
 
21,271
 
  
 
18,140
 
  
 
10,257
 
  
 
15,169
 
  
 
9,443
 
  
 
74,280
 
  
 
20,258
 
  
 
19,366
 
  
 
10,207
 
  
 
15,304
 
  
 
4,639
 
  
 
69,774
 
Return on equity
  
 
14.5
% 
  
 
14.8
% 
  
 
15.8
% 
  
 
12.4
% 
  
 
nm
(3)
 
  
 
7.8
% 
  
 
18.5
% 
  
 
14.0
% 
  
 
13.2
% 
  
 
10.0
% 
  
 
nm
(3)
 
  
 
11.6
% 
Adjusted
(4)
            
 
            
Net income attributable to common shareholders
  
$
1,527
 
  
$
1,338
 
  
$
819
 
  
$
930
 
  
$
(514
) 
  
$
4,100
 
  
$
1,866
 
  
$
1,363
 
  
$
683
 
  
$
762
 
  
$
(639
) 
  
$
4,035
 
Return on equity
  
 
14.5
% 
  
 
14.9
% 
  
 
16.1
% 
  
 
12.4
% 
  
 
nm
(3)
 
  
 
11.1
% 
  
 
18.5
% 
  
 
14.1
% 
  
 
13.5
% 
  
 
10.0
% 
  
 
nm
(3)
 
  
 
11.6
% 
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Average amounts calculated using methods intended to approximate the daily average balances for the period.
(3)
Not meaningful.
(4)
Refer to Table on page 6.
Return on tangible common equity
Return on tangible common equity is a profitability measure that is calculated by dividing the net income attributable to common shareholders (annualized), adjusted for the amortization of intangibles (excluding software), by average tangible common equity. Tangible common equity is defined as common shareholders’ equity adjusted for goodwill and intangible assets (excluding software), net of deferred taxes. This is a
non-GAAP
ratio.
Adjusted return on tangible common equity represents adjusted net income attributable to common shareholders as a percentage of average tangible common equity. This is a
non-GAAP
ratio.
T6 Return on tangible common equity
 
     For the three months ended     For the six months ended  
($ millions)
  
April 30
2025
      January 31
2025		      April 30
2024		    
April 30
2025
      April 30
2024		  
Reported
             
Average common equity – Reported
(1)
  
$
74,625
 
    $ 74,077      $ 70,277    
$
74,280
 
    $ 69,774  
Average goodwill
(1)(2)
  
 
(9,962
) 
      (9,539 )       (9,065 )   
 
(9,628
) 
      (9,104 ) 
Average acquisition-related intangibles (net of deferred tax)
(1)
  
 
(3,586
) 
      (3,597 )       (3,635 )   
 
(3,592
) 
      (3,644 ) 
Average tangible common equity
(1)
  
$
61,077
 
    $ 60,941      $ 57,577    
$
61,060
 
    $ 57,026  
Net income attributable to common shareholders – reported
  
$
1,841
 
    $ 1,025      $ 1,943    
$
2,866
 
    $ 4,009  
Amortization of acquisition-related intangible assets
(after-tax)
(3)
  
 
20
 
      14        13    
 
34
 
      26  
Net income attributable to common shareholders adjusted for amortization of acquisition-related intangible assets
(after-tax)
  
$
1,861
 
    $ 1,039      $ 1,956    
$
2,900
 
    $ 4,035  
Return on tangible common equity – reported
  
 
12.5
% 
      6.8 %       13.8 %   
 
9.6
% 
      14.2 % 
Adjusted
(3)
             
Adjusted net income attributable to common shareholders
  
$
1,897
 
    $ 2,203      $ 1,956    
$
4,100
 
    $ 4,035  
Return on tangible common equity – adjusted
  
 
12.7
% 
      14.3 %       13.8 %   
 
13.5
% 
      14.2 % 
(1)
Average amounts calculated using methods intended to approximate the daily average balances for the period.
(2)
Includes imputed goodwill from investments in associates.
(3)
Refer to Table on page 6.
Adjusted productivity ratio
Adjusted productivity ratio represents adjusted
non-interest
expenses as a percentage of adjusted total revenue. This is a
non-GAAP
ratio.
Management uses the productivity ratio as a measure of the Bank’s efficiency. A lower ratio indicates improved productivity.
Adjusted operating leverage
This financial metric measures the rate of growth in adjusted total revenue less the rate of growth in adjusted
non-interest
expenses. This is a
non-GAAP
ratio.
Management uses operating leverage as a way to assess the degree to which the Bank can increase operating income by increasing revenue.
 
14
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Trading-related revenue (Taxable equivalent basis)
Trading-related revenue consists of net interest income and
non-interest
income. Included are unrealized gains and losses on trading security positions held, realized gains and losses from the purchase and sale of securities, fees and commissions from trading securities borrowing and lending activities, and gains and losses on trading derivatives. Underwriting and other advisory fees, which are shown separately in the Consolidated Statement of Income, are excluded. Trading-related revenue includes certain net interest income and
non-interest
income items on a taxable equivalent basis (TEB). This methodology grosses up
tax-exempt
income earned on certain securities to an equivalent before tax basis. This is a
non-GAAP
measure.
Management believes that this basis for measurement of trading-related revenue provides a uniform comparability of net interest income and
non-interest
income arising from both taxable and
non-taxable
sources and facilitates a consistent basis of measurement. While other banks also use TEB, their methodology may not be comparable to the Bank’s methodology.
Adjusted effective tax rate
The adjusted effective tax rate is calculated by dividing adjusted income tax expense by adjusted income before taxes. This is a
non-GAAP
ratio.
 
 Scotiabank Second Quarter Report 2025   
 
15
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Overview of Performance
Financial performance summary
The Bank’s reported net income this quarter was $2,032 million, compared to $2,092 million in the same period last year and $993 million last quarter. Last quarter’s net income included an impairment loss of $1,355 million after-tax related to the announced sale of the banking operations in Colombia, Costa Rica and Panama to Davivienda. Diluted earnings per share were $1.48 compared to $1.57 in the same period last year and $0.66 last quarter. Return on equity was 10.1%, compared to 11.2% in the same period last year and 5.5% last quarter.
Adjusted net income was $2,072 million compared to $2,105 million last year, a decrease of 2%. The decrease was due mainly to higher provision for credit losses on performing loans and
non-interest
expenses, partly offset by higher revenues. Compared to last quarter, adjusted net income decreased 12% from $2,362 million. The decrease was due mainly to lower
non-interest
income and higher provision for credit losses on performing loans. This was partly offset by lower provision for income taxes and higher net interest income.
Adjusted diluted earnings per share were $1.52 compared to $1.58 last year and $1.76 last quarter. Adjusted return on equity was 10.4% compared to 11.3% a year ago and 11.8% last quarter.
Refer to
Non-GAAP
Measures starting on page 5 for details of adjustments.
Economic summary and outlook
The global economic landscape remains in flux due to the implementation of the U.S. policy agenda and ensuing uncertainty surrounding its path, particularly as it relates to trade. Though there are signs of
de-escalation
in the trade conflict, uncertainty surrounding the U.S. approach towards trade clouds the outlook significantly and tempers growth prospects in the global economy in the short run.
The U.S. central bank is expected to hold its policy rate constant through 2025 and maintain a significantly tighter stance relative to other central banks as the U.S. economy adapts to a higher tariffs environment. Though growth is slowing, we believe the potential inflationary consequences of the tariffs will limit the ability of the Federal Reserve to cut its policy rate. Restrictive monetary policy and extreme uncertainty surrounding tariffs are expected to contribute to more moderate growth in 2025, even as planned corporate tax cuts support growth in the short run. The economy is expected to slow to 0.9% in 2025 from a 2.8 % pace in 2024. Given that it will take time for the tariffs to fully work themselves through the economy and supply chains, U.S. growth is expected to slow further in 2026, to about 0.6%.
U.S. trade policy is also significantly impacting Canada. The direct impact of the tariffs on Canadian goods, the uncertainty caused by U.S. policies and the indirect impacts on Canada of a weaker U.S. economy will weigh on growth this year. We are already observing signs of economic impacts, and expect growth of about 1.6% this year, followed by growth of 0.7% next year. We currently expect the Bank of Canada to pause further interest rate cuts for the remainder of the year, but that course of action will depend critically on the evolution of tariffs, their relative impact on growth versus inflation, and the impact of likely changes in fiscal policy in coming weeks.
Latin American economies and central banks are moving at different speeds, faced with differing performances at home and varying degrees of exposure to international trade conflicts. Mexico’s economy, already facing weak domestic demand, is now being weighed by U.S. tariffs, prompting a quickened pace of policy easing by the central bank that is unlikely to prevent a contraction in GDP this year. At the opposite end of the spectrum, Peru’s economy continues to exceed expectations, and with strong growth and low inflation, allowing minor policy adjustments by the central bank. Like Peru, Chile may not face a significant direct impact from U.S. tariffs, but both countries are at risk from a global slowdown that could depress demand for their key metal exports. Inflation remains somewhat elevated in Chile, suggesting the central bank has limited ability to respond to slower growth. In Colombia, domestic fiscal and external trade war developments are twin headwinds that are keeping growth from reaching its full potential, all while large minimum wage increases and indexation practices keep inflation elevated, preventing greater support by the central bank.
 
16
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Impact of foreign currency translation
The table below reflects the estimated impact of foreign currency translation on key income statement items and is computed on a basis that is different than the “Constant dollar” table in
Non-GAAP
Measures on page 10.
T7 Impact of foreign currency translation
 
      Average exchange rate      % Change  
For the three months ended   
April 30
2025
      January 31
2025		      April 30
2024		      April 30, 2025
vs. January 31, 2025		      April 30, 2025
vs. April 30, 2024		  
U.S. dollar/Canadian dollar
   
 
0.704
 
      0.704        0.737        – %       (4.5 )% 
Mexican Peso/Canadian dollar
   
 
14.240
 
      14.344        12.443        (0.7 )%       14.4 % 
Peruvian Sol/Canadian dollar
   
 
2.594
 
      2.641        2.762        (1.8 )%       (6.1 )% 
Colombian Peso/Canadian dollar
   
 
2,944.467
 
      3,069.839        2,871.913        (4.1 )%       2.5 % 
Chilean Peso/Canadian dollar
   
 
669.254
 
      693.703        710.545        (3.5 )%       (5.8 )% 
                      Average exchange rate      % Change  
For the six months ended                   
April 30
2025
      April 30
2024		      April 30, 2025
vs. April 30, 2024		  
U.S. dollar/Canadian dollar
         
 
0.704
 
      0.739        (4.7 )% 
Mexican Peso/Canadian dollar
         
 
14.293
 
      12.590        13.5 % 
Peruvian Sol/Canadian dollar
         
 
2.618
 
      2.767        (5.4 )% 
Colombian Peso/Canadian dollar
         
 
3,008.152
 
      2,902.673        3.6 % 
Chilean Peso/Canadian dollar
   
 
 
 
   
 
 
 
   
 
681.682
 
      684.800        (0.5 )% 
                      For the three months ended      For the six months ended  
Impact on net income
(1)
($ millions except EPS)
                    April 30, 2025
vs. April 30, 2024		      April 30, 2025
vs. January 31, 2025		      April 30, 2025
vs. April 30, 2024		  
Net interest income
          $ 1      $ 35      $ (46 ) 
Non-interest
income
(2)
            7        (32 )       (17 ) 
Total revenue
            8        3        (63 ) 
Non-interest
expenses
            (2 )       (22 )       (1 ) 
Other items (net of tax)
(2)
   
 
 
 
   
 
 
 
      2        (5 )       35  
Net income
   
 
 
 
   
 
 
 
    $ 8      $ (24 )     $ (29 ) 
Earnings per share (diluted)
   
 
 
 
   
 
 
 
    $ 0.01      $ (0.02 )     $ (0.02 ) 
Impact by business line
($ millions)
            
 
   
Canadian Banking
(3)
          $ 2      $ –      $ 2  
International Banking
(2)(3)
            18        1        13  
Global Wealth Management
(3)
            –        1        (2 ) 
Global Banking and Markets
(3)
            9        (2 )       23  
Other
(2)(3)
   
 
 
 
   
 
 
 
      (21 )       (24 )       (65 ) 
Net income
   
 
 
 
   
 
 
 
    $ 8      $ (24 )     $ (29 ) 
(1)
Includes the impact of all currencies.
(2)
Includes the impact of foreign currency hedges.
(3)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
 
 Scotiabank Second Quarter Report 2025   
 
17
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Group Financial Performance
T8 Group Financial Performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024		     
April 30
2025
      April 30
2024		  
Reported Results
               
Net interest income
   
$
5,270
 
    $ 5,173      $ 4,694     
$
10,443
 
    $ 9,467  
Non-interest
income
   
 
3,810
 
      4,199        3,653     
 
8,009
 
      7,313  
Total revenue
   
 
9,080
 
      9,372        8,347     
 
18,452
 
      16,780  
Provision for credit losses
   
 
1,398
 
      1,162        1,007     
 
2,560
 
      1,969  
Non-interest
expenses
   
 
5,110
 
      6,491        4,711     
 
11,601
 
      9,450  
Income before taxes
   
 
2,572
 
      1,719        2,629     
 
4,291
 
      5,361  
Income tax expense
   
 
540
 
      726        537     
 
1,266
 
      1,070  
Net income
   
$
2,032
 
    $ 993      $ 2,092     
$
3,025
 
    $ 4,291  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
56
 
    $ (154 )     $ 26     
$
(98
) 
    $ 51  
Net income attributable to equity holders of the Bank
   
$
1,976
 
    $ 1,147      $ 2,066     
$
3,123
 
    $ 4,240  
Other financial data and measures
               
Return on equity
(1)
   
 
10.1
% 
      5.5 %       11.2 %    
 
7.8
% 
      11.6 % 
Net interest margin
(2)
   
 
2.31
% 
      2.23 %       2.17 %    
 
2.27
% 
      2.18 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
346
 
    $ 98      $ 32     
$
444
 
    $ 52  
Provision for credit losses – impaired (Stage 3)
   
$
1,052
 
    $ 1,064      $ 975     
$
2,116
 
    $ 1,917  
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(1)
   
 
0.75
% 
      0.60 %       0.54 %    
 
0.68
% 
      0.52 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(1)
   
 
0.57
% 
      0.55 %       0.52 %    
 
0.56
% 
      0.51 % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(1)
  
 
0.50
% 
      0.49 %       0.48 %    
 
0.50
% 
      0.45 % 
(1)
Refer to Glossary on page 58 for the description of the measure.
(2)
Refer to Non-GAAP Measures starting on page 5.
T8A Adjusted Group Financial Performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024		     
April 30
2025
      April 30
2024		  
Adjusted Results
(1)
               
Net interest income
   
$
5,270
 
    $ 5,173      $ 4,694     
$
10,443
 
    $ 9,467  
Non-interest
income
   
 
3,828
 
      4,199        3,653     
 
8,027
 
      7,313  
Total revenue
   
 
9,098
 
      9,372        8,347     
 
18,470
 
      16,780  
Provision for credit losses
   
 
1,398
 
      1,162        1,007     
 
2,560
 
      1,969  
Non-interest
expenses
   
 
5,067
 
      5,111        4,693     
 
10,178
 
      9,414  
Income before taxes
   
 
2,633
 
      3,099        2,647     
 
5,732
 
      5,397  
Income tax expense
   
 
561
 
      737        542     
 
1,298
 
      1,080  
Net income
   
$
2,072
 
    $ 2,362      $ 2,105     
$
4,434
 
    $ 4,317  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
40
 
    $ 37      $ 26     
$
77
 
    $ 51  
Net income attributable to equity holders of the Bank
   
$
2,032
 
    $ 2,325      $ 2,079     
$
4,357
 
    $ 4,266  
(1)
Refer to
Non-GAAP
Measures starting on page 5 for adjusted results.
Net income
Q2 2025 vs Q2 2024
Net income was $2,032 million compared to $2,092 million, a decrease of 3%. The decrease was due mainly to higher provision for credit losses on performing loans and non-interest expenses, partly offset by higher revenues.
Adjusted net income was $2,072 million compared to $2,105 million, a decrease of 2%. The decrease was due mainly to higher provision for credit losses on performing loans and non-interest expenses, partly offset by higher revenues.
Q2 2025 vs Q1 2025
Net income was $2,032 million compared to $993 million, an increase of $1,039 million due to lower non-interest expenses and provision for income taxes. The prior quarter included an impairment loss of $1,355 million
after-tax
($1,362 million
pre-tax)
related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. The increase was partly offset by lower
non-interest
income and higher provision for credit losses on performing loans.
Adjusted net income was $2,072 million compared to $2,362 million, a decrease of 12%. The decrease was due mainly to lower
non-interest
income and higher provision for credit losses on performing loans, partly offset by higher net interest income and lower provision for income taxes.
 
18
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income was $3,025 million compared to $4,291 million, a decrease of 30%. The decrease was due mainly to higher
non-interest
expenses this year, which included the impairment loss of $1,388 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. In addition, there were higher provision for credit losses on performing loans and higher provision for income taxes, partly offset by higher revenues.
Adjusted net income was $4,434 million compared to $4,317 million, an increase of 3%. The increase was driven mainly by higher revenues, partly offset by higher non-interest expenses, provision for credit losses on performing loans and provision for income taxes.
Total revenue
Q2 2025 vs Q2 2024
Revenues were $9,080 million compared to $8,347 million, an increase of 9%. On an adjusted basis, revenues were $9,098 million compared to $8,347 million, an increase of 9%.
Net interest income was $5,270 million, an increase of $576 million or 12%, due primarily to a higher net interest margin, as well as loan growth inclusive of the conversion of bankers’ acceptances to loans resulting from the cessation of CDOR in June 2024 (“BA conversion”). The net interest margin was 2.31%, an increase of 14 basis points driven mainly by lower funding costs from lower interest rates. This was partly offset by lower margins in Canadian Banking, and increased levels of high quality, lower yielding treasury assets.
Non-interest
income was $3,810 million, up $157 million or 4%. Adjusted
non-interest
income was $3,828 million, an increase of $175 million or 5%. The increase was due mainly to higher income from associated corporations primarily related to the KeyCorp investment, higher fees and commissions, and higher wealth management revenues, partly offset by lower banking revenues due to the BA conversion.
Q2 2025 vs Q1 2025
Revenues were $9,080 million compared to $9,372 million, a decrease of 3%. On an adjusted basis, revenues were $9,098 million compared to $9,372 million, a decrease of 3%.
Net interest income increased $97 million or 2%, due primarily to a higher net interest margin and the positive impact of foreign currency translation, partly offset by the impact of three fewer days in the quarter. The net interest margin increased by eight basis points, driven mainly by lower funding costs from lower interest rates, and higher margins in International Banking
,
partly offset by lower margins in Canadian Banking
.
Non-interest
income declined $389 million or 9%. Adjusted
non-interest
income was down $371 million or 9%. The decrease was due mainly to lower trading revenues,
non-trading
foreign exchange fees, banking revenues, and investment gains, as well as the negative impact of foreign currency translation. These were partly offset by higher income from the KeyCorp investment.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Revenues were $18,452 million compared to $16,780 million, an increase of 10%. On an adjusted basis, revenues were $18,470 million compared to $16,780 million, an increase of 10%.
Net interest income was $10,443 million, an increase of $976 million or 10%, due primarily to loan growth, inclusive of the BA conversion, and a higher net interest margin, partly offset by the negative impact of foreign currency translation. The net interest margin was 2.27%, an increase of nine basis points driven mainly by lower funding costs from lower interest rates. This was partly offset by lower margins in Canadian Banking, and increased levels of high quality, lower yielding treasury assets.
Non-interest
income was $8,009 million, up $696 million or 10%. Adjusted
non-interest
income was $8,027 million, up $714 million or 10%. The increase was due primarily to higher wealth management revenues, fees and commissions, trading revenues, higher income from the KeyCorp investment, and higher underwriting and advisory fees. These were partly offset by lower banking revenues due to the BA conversion.
Provision for credit losses
Q2 2025 vs Q2 2024
The provision for credit losses was $1,398 million, compared to $1,007 million, an increase of $391 million. The provision for credit losses ratio increased by 21 basis points to 75 basis points.
The provision for credit losses on performing loans was $346 million, compared to $32 million. The Bank substantially increased its provision for credit losses on performing loans this quarter to reflect the impact of a significant deterioration in the macroeconomic outlook indicators, in the U.S., Canada and Mexico. The increase also reflects the continued uncertainty related to U.S. tariffs, mainly impacting the Canadian retail and commercial portfolios.
The provision for credit losses on impaired loans was $1,052 million compared to $975 million, an increase of $77 million. The provision for credit losses ratio on impaired loans was 57 basis points, an increase of five basis points. The increase in provision this quarter was due primarily to higher impairment in Canadian retail across most products, as well as higher Canadian commercial provisions and one corporate account.
Q2 2025 vs Q1 2025
The provision for credit losses was $1,398 million, compared to $1,162 million. The provision for credit losses ratio increased by 15 basis points to 75 basis points.
Provision for credit losses on performing loans was $346 million, compared to $98 million. The substantial increase in provision this quarter reflects the impact of a significant deterioration in the macroeconomic outlook indicators, in the U.S., Canada and Mexico, and the continued uncertainty related to U.S. tariffs. This led to an increase in provisions, impacting mainly the Canadian retail and commercial portfolios.
The provision for credit losses on impaired loans was $1,052 million compared to $1,064 million, a decrease of $12 million. The provision for credit losses ratio on impaired loans was 57 basis points, an increase of two basis points. The decrease this quarter is due primarily to lower provisions in International retail in most markets and Canadian commercial portfolios. This was partly offset by provisions for one corporate account.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The provision for credit losses was $2,560 million, compared to $1,969 million. The provision for credit losses ratio increased by 16 basis points to 68 basis points.
Provision for credit losses on performing loans was $444 million, compared to $52 million. The higher provision this year was due primarily to the impact of significant deterioration in the macroeconomic outlook indicators, in the U.S., Canada and Mexico. The increase also reflects the continued uncertainty related to U.S. tariffs, mainly impacting the Canadian retail and commercial portfolios.
 
 Scotiabank Second Quarter Report 2025   
 
19
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The provision for credit losses on impaired loans was $2,116 million compared to $1,917 million, an increase of $199 million. The provision for credit losses ratio on impaired loans was 56 basis points, an increase of five basis points. The increase in provision this year was due primarily to higher impairment in Canadian retail across most products, as well as higher Canadian commercial provisions and one corporate account.
Non-interest
expenses
Q2 2025 vs Q2 2024
Non-interest
expenses were $5,110 million, up $399 million or 8%. Adjusted
non-interest
expenses were $5,067 million, up $374 million or 8%, driven by higher technology and professional fees to support strategic and regulatory initiatives, personnel costs, and performance-based and stock-based compensation.
The productivity ratio was 56.3% compared to 56.4%. The adjusted productivity ratio was 55.7% compared to 56.2%.
Q2 2025 vs Q1 2025
Non-interest
expenses were $5,110 million, down $1,381 million or 21%, due primarily to an impairment loss of $1,362 million recognized in the prior quarter related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Adjusted
non-interest
expenses were $5,067 million, down $44 million or 1%, driven by seasonally lower share-based compensation, the impact of three fewer days in the quarter, and lower performance-based compensation. This was partly offset by higher professional fees to support strategic and regulatory initiatives, and the negative impact of foreign currency translation.
The productivity ratio was 56.3% compared to 69.3%. The adjusted productivity ratio was 55.7% compared to 54.5%.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Non-interest
expenses were $11,601 million, up $2,151 million or 23%, including the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Adjusted
non-interest
expenses were $10,178 million, up $764 million or 8%, driven by higher technology and professional fees to support strategic and regulatory initiatives, personnel costs, and performance-based and stock-based compensation, partly offset by lower depreciation and amortization.
The productivity ratio was 62.9% compared to 56.3%. The adjusted productivity ratio was 55.1% compared to 56.1%. Operating leverage was negative 12.8% on a reported basis and positive 2.0% on an adjusted basis.
Taxes
Q2 2025 vs Q2 2024
The effective tax rate was 21.0% compared to 20.4% due primarily to the implementation of the Global Minimum Tax (GMT). On an adjusted basis, the effective rate was 21.3% compared to 20.5% due primarily to the implementation of GMT, lower income in lower tax jurisdictions,
partly
offset by favourable adjustments related to prior periods.
Q2 2025 vs Q1 2025
The effective tax rate was 21.0% compared to 42.2% due primarily to the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama in the previous quarter. On an adjusted basis, the effective tax rate was 21.3% compared to 23.8% due primarily to favourable adjustments related to prior periods, and higher inflationary adjustments in Chile this period.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The effective tax rate was 29.5% compared to 20.0%, due primarily to the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama in Q1 2025 and the implementation of the GMT in the current year. On an adjusted basis, the effective rate was 22.7% compared to 20.0% due primarily to lower income in lower tax jurisdictions and the implementation of GMT, partly offset by favourable adjustments related to prior periods.
 
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    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Business Segment Review
The Bank’s businesses are grouped into four business lines: Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets. The Bank’s other smaller operating segments and corporate adjustments are included in the Other segment.
Segment measurement methodologies
Taxable Equivalent Basis
The Bank analyzes revenue on a taxable equivalent basis (TEB) for business lines. This methodology grosses up
tax-exempt
income earned on certain securities reported in either net interest income or
non-interest
income to an equivalent before tax basis. It also grosses up net income from associated corporations to normalize the effective tax rate in the business lines. Corresponding increases are made to the provision for income taxes; hence, there is no impact on the segment’s net income. Management believes that this basis for measurement provides a uniform comparability of income arising from both taxable and
non-taxable
sources and facilitates a consistent basis of measurement. While other banks also use TEB, their methodology may not be comparable to the Bank’s methodology. The elimination of the TEB
gross-up
is recorded in the Other segment; hence, there is no impact on the consolidated results.
Constant Dollar Basis
International Banking business segment results are analyzed on a constant dollar basis. Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates thereby eliminating the impact of foreign currency translation. The Bank believes that reporting in constant dollar is useful for readers in assessing ongoing business performance.
Other segment
The Other segment includes Group Treasury, investments in certain associated corporations, and smaller operating segments and corporate items which are not allocated to a business line. Group Treasury is primarily responsible for balance sheet, liquidity and interest rate risk management, which includes the Bank’s wholesale funding activities.
Funds transfer pricing
Funds transfer pricing (FTP) is the process by which the Bank prices intra-company borrowing or lending between the business segments and the Other segment. Through consideration of interest rate and liquidity risk characteristics of assets, liabilities and
off-balance
sheet exposures, this process aims to manage these risks through Group Treasury and enable risk-adjusted management reporting of business segment results. Periodically, the methodology and assumptions used in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the financial results of the business segments.
Changes in business line allocation methodology
Effective the first quarter of 2025, the Bank made voluntary changes to its allocation methodology impacting business segment presentation. The new methodology includes updates related to the Bank’s FTP, head office expense allocations, and allocations between business segments. Prior period results and ratios for each segment have been revised to conform with the current period’s methodology. Further details on the changes are as follows:
 
  1.
FTP methodology was updated, primarily related to the allocation of substantially all liquidity costs to the business lines from the Other segment, reflecting the Bank’s strategic objective to maintain higher liquidity ratios.
 
  2.
Periodically, the Bank updates its allocation methodologies. This includes a comprehensive update to the allocation of head office expenses across countries within International Banking, updates to the allocation of clients and associated revenue, expenses, and balances between International Banking, Global Banking and Markets, and Global Wealth Management to align with the strategy, as well as updates to the allocation of head office expenses and taxes from the Other segment to the business segments.
 
  3.
To be consistent with the reporting of Scotiabank’s recent minority investment in KeyCorp, the Bank has also made changes to the reporting of certain minority investments in International Banking (Bank of Xi’an Co. Ltd.) and Global Wealth Management (Bank of Beijing Scotia Asset Management) which will now be reported in the Other segment.
 
 Scotiabank Second Quarter Report 2025   
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Canadian Banking
                                   
T9 Canadian Banking financial performance
                                   
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Reported Results
               
Net interest income
   
$
2,524
 
    $ 2,647      $ 2,482     
$
5,171
 
    $ 4,973  
Non-interest
income
(2)
   
 
711
 
      765        702     
 
1,476
 
      1,436  
Total revenue
   
 
3,235
 
      3,412        3,184     
 
6,647
 
      6,409  
Provision for credit losses
   
 
805
 
      538        428     
 
1,343
 
      806  
Non-interest
expenses
   
 
1,581
 
      1,611        1,520     
 
3,192
 
      3,019  
Income before taxes
   
 
849
 
      1,263        1,236     
 
2,112
 
      2,584  
Income tax expense
   
 
236
 
      350        343     
 
586
 
      718  
Net income
   
$
613
 
    $ 913      $ 893     
$
1,526
 
    $ 1,866  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
–
 
    $ –      $ –     
$
–
 
    $ –  
Net income attributable to equity holders of the Bank
   
$
613
 
    $ 913      $ 893     
$
1,526
 
    $ 1,866  
Other financial data and measures
               
Return on equity
(3)
   
 
12.0
% 
      16.7 %       17.7 %    
 
14.5
% 
      18.5 % 
Net interest margin
(3)
   
 
2.27
% 
      2.31 %       2.41 %    
 
2.29
% 
      2.41 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
317
 
    $ 51      $ 29     
$
368
 
    $ 41  
Provision for credit losses – impaired (Stage 3)
   
$
488
 
    $ 487      $ 399     
$
975
 
    $ 765  
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.72
% 
      0.47 %       0.40 %    
 
0.60
% 
      0.37 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.44
% 
      0.43 %       0.37 %    
 
0.43
% 
      0.35 % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(4)
  
 
0.38
% 
      0.37 %       0.33 %    
 
0.38
% 
      0.31 % 
Average assets
($ billions)
   
$
461
 
    $ 460      $ 445     
$
461
 
    $ 445  
Average liabilities
($ billions)
   
$
384
 
    $ 386      $ 389     
$
385
 
    $ 391  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Includes income (on a taxable equivalent basis) from associated corporations for the three months ended April 30, 2025 – $(2) (January 31, 2025 – $24; April 30, 2024 – $(7)) and for the six months ended April 30, 2025 – $22 (April 30 2024 – $(7)).
(3)
Refer to
Non-GAAP
Measures starting on page 5.
(4)
Refer to Glossary on page 58 for the description of the measure.
T9A Adjusted Canadian Banking financial performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
2,524
 
    $ 2,647      $ 2,482     
$
5,171
 
    $ 4,973  
Non-interest
income
   
 
711
 
      765        702     
 
1,476
 
      1,436  
Total revenue
   
 
3,235
 
      3,412        3,184     
 
6,647
 
      6,409  
Provision for credit losses
   
 
805
 
      538        428     
 
1,343
 
      806  
Non-interest
expenses
(3)
   
 
1,580
 
      1,610        1,519     
 
3,190
 
      3,017  
Income before taxes
   
 
850
 
      1,264        1,237     
 
2,114
 
      2,586  
Income tax expense
   
 
237
 
      350        344     
 
587
 
      719  
Net income
   
$
613
 
    $ 914      $ 893     
$
1,527
 
    $ 1,867  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
–
 
    $ –      $ –     
$
–
 
    $ –  
Net income attributable to equity holders of the Bank
   
$
613
 
    $ 914      $ 893     
$
1,527
 
    $ 1,867  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to
Non-GAAP
Measures starting on page 5 for adjusted results.
(3)
Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended April 30, 2025 – $1 (January 31, 2025 – $1; April 30, 2024 – $1) and for the six months ended April 30, 2025 – $2 (April 30, 2024 – $2).
Net income
Q2 2025 vs Q2 2024
Net income attributable to equity holders was $613 million, compared to $893 million, a decrease of $280 million or 31%. The decrease was due primarily to higher provision for credit losses and
non-interest
expenses, partly offset by higher revenues.
Q2 2025 vs Q1 2025
Net income attributable to equity holders decreased $300 million or 33%. The decline was due primarily to higher provision for credit losses on performing loans and lower revenues, partly offset by lower
non-interest
expenses.
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income attributable to equity holders was $1,526 million, compared to $1,866 million, a decrease of $340 million or 18%. Adjusted net income attributable to equity holders was $1,527 million, a decrease of $340 million or 18%. The decrease was due primarily to higher provision for credit losses and
non-interest
expenses, partly offset by higher revenues.
Average assets
Q2 2025 vs Q2 2024
Average assets increased $16 billion to $461 billion. The growth included $15 billion or 6% in residential mortgages and $1 billion or 1% in business loans.
Q2 2025 vs Q1 2025
Average assets increased $1 billion. The growth included $4 billion or 1% in residential mortgages, partly offset by a decline of $1 billion or 1% in business loans, and $1 billion or 1% in personal loans.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Average assets increased $16 billion to $461 billion. The growth included $13 billion or 5% in residential mortgages, $2 billion or 2% in business loans, and $1 billion or 6% in credit cards.
Average liabilities
Q2 2025 vs Q2 2024
Average liabilities decreased $5 billion to $384 billion. The decrease was due primarily to a reduction of $22 billion in bankers’ acceptances liabilities due to the BA conversion, partly offset by growth of $10 billion or 8% in
non-personal
deposits primarily in demand accounts and $7 billion or 3% in personal deposits, in both demand and term products.
Q2 2025 vs Q1 2025
Average liabilities of $384 billion decreased $2 billion, due primarily to a decline in
non-personal
deposits, mostly in demand products.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Average liabilities decreased $6 billion to $385 billion. The decrease was due primarily to a reduction of $26 billion in bankers’ acceptances liabilities due to the BA conversion, partly offset by growth of $11 billion or 9% in
non-personal
deposits primarily in demand accounts and $8 billion or 4% in personal deposits, mostly in term products.
Total revenue
Q2 2025 vs Q2 2024
Revenues were $3,235 million, an increase of $51 million or 2%.
Net interest income of $2,524 million increased $42 million or 2% due primarily to solid asset and deposit growth, and the benefit of the BA conversion, partly offset by lower net interest margin. The net interest margin declined 14 basis points to 2.27% due primarily to deposit margins declining 16 basis points reflecting the impact of Bank of Canada’s recent rate cuts, partly offset by an increase in asset margins of two basis points.
Non-interest
income of $711 million increased $9 million or 1% due primarily to higher insurance income and mutual fund distribution fees, partly offset by lower banking fees, including the impact of the BA conversion.
Q2 2025 vs Q1 2025
Revenues decreased $177 million or 5%.
Net interest income decreased $123 million or 5% due primarily to three fewer days in the quarter, and lower net interest margin. The net interest margin declined four basis points to 2.27% due to a decline in deposit margins of three basis points, reflecting the impact of Bank of Canada’s recent rate cuts, and a decrease in asset margins of one basis point.
Non-interest
income decreased $54 million or 7% due primarily to elevated private equity gains in the prior period, and lower foreign exchange fees, mutual fund distribution fees, and insurance income.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Revenues were $6,647 million, an increase of $238 million or 4%.
Net interest income of $5,171 million increased $198 million or 4% due primarily to solid asset and deposit growth, and the benefit of the BA conversion, partly offset by lower net interest margin. The net interest margin declined 12 basis points to 2.29% due primarily to deposit margins declining 16 basis points reflecting the impact of Bank of Canada’s recent rate cuts, partly offset by an increase in asset margins of six basis points.
Non-interest
income of $1,476 million increased $40 million or 3% due primarily to elevated private equity gains, higher insurance income and mutual fund distribution fees, partly offset by lower banking fees, including the impact of the BA conversion.
 
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23
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Provision for credit losses
Q2 2025 vs Q2 2024
The provision for credit losses was $805 million, compared to $428 million, an increase of $377 million. The provision for credit losses ratio increased 32 basis points to 72 basis points.
The provision for credit losses on performing loans was $317 million, compared to $29 million. The provision for credit losses on performing loans substantially increased this quarter to reflect the impact of a significant deterioration in the macroeconomic outlook indicators, in the U.S
.,
Canada and Mexico. The increase also reflects the continued uncertainty related to U.S. tariffs, impacting the Canadian retail and commercial portfolios.
Provision for credit losses on impaired loans was $488 million, compared to $399 million, an increase of $89 million. The provision for credit losses ratio on impaired loans was 44 basis points, an increase of seven basis points. The provision this quarter was due primarily to higher retail provisions, mainly in unsecured revolving products, and commercial portfolios.
Q2 2025 vs Q1 2025
The provision for credit losses was $805 million, compared to $538 million, an increase of $267 million. The provision for credit losses ratio increased 25 basis points to 72 basis points.
The provision for credit losses on performing loans was $317 million, compared to $51 million. The substantial increase in provision this quarter reflects the impact of a significant deterioration in the macroeconomic outlook indicators, in the U.S
.,
Canada and Mexico and the continued uncertainty related to U.S. tariffs. This led to an increase in provisions, impacting the Canadian retail and commercial portfolios.
Provision for credit losses on impaired loans was $488 million, compared to $487 million, an increase of $1 million. The provision for credit losses ratio on impaired loans was 44 basis points, an increase of one basis point. The provision this quarter was due primarily to higher retail provisions across all products, mostly offset by commercial portfolios.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The provision for credit losses was $1,343 million, an increase of $537 million. The provision for credit losses ratio was 60 basis points, an increase of 23 basis points.
Provision for credit losses on performing loans was $368 million, compared to $41 million, an increase of $327 million. The higher provision this year was due primarily to the impact of a significant deterioration in the macroeconomic outlook, in the U.S., Canada and Mexico. The increase also reflects the continued uncertainty related to U.S. tariffs, impacting the Canadian retail and commercial portfolios.
Provision for credit losses on impaired loans was $975 million compared to $765 million, an increase of $210 million, due primarily to higher provisions in retail across most products, and commercial portfolios. The provision for credit losses ratio on impaired loans was 43 basis points, an increase of eight basis points.
Non-interest
expenses
Q2 2025 vs Q2 2024
Non-interest
expenses were $1,581 million, an increase of $61 million or 4%, due primarily to higher technology costs related to new systems and infrastructure implemented, increased project spend supporting key strategic and regulatory initiatives, together with general inflationary increases across other expense categories.
Q2 2025 vs Q1 2025
Non-interest
expenses decreased $30 million or 2%, due primarily to three fewer days in the quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Non-interest
expenses were $3,192 million, an increase of $173 million or 6%, due primarily to higher technology costs related to new systems and infrastructure implemented, increased project spend supporting key strategic and regulatory initiatives, together with general inflationary increases across other expense categories.
Taxes
The effective tax rate was 27.8%, in line with the prior year, and compared to 27.7% in the prior quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The effective tax rate was 27.8%, in line with prior year.
 
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    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
International Banking
                                   
T10 International Banking financial performance
                                   
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Reported Results
               
Net interest income
   
$
2,179
 
    $ 2,169      $ 2,254     
$
4,348
 
    $ 4,494  
Non-interest
income
(2)
   
 
780
 
      861        706     
 
1,641
 
      1,540  
Total revenue
   
 
2,959
 
      3,030        2,960     
 
5,989
 
      6,034  
Provision for credit losses
   
 
550
 
      602        566     
 
1,152
 
      1,140  
Non-interest
expenses
   
 
1,523
 
      1,553        1,547     
 
3,076
 
      3,129  
Income before taxes
   
 
886
 
      875        847     
 
1,761
 
      1,765  
Income tax expense
   
 
172
 
      189        184     
 
361
 
      367  
Net income
   
$
714
 
    $ 686      $ 663     
$
1,400
 
    $ 1,398  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
38
 
    $ 35      $ 24     
$
73
 
    $ 46  
Net income attributable to equity holders of the Bank
   
$
676
 
    $ 651      $ 639     
$
1,327
 
    $ 1,352  
Other financial data and measures
               
Return on equity
(3)
   
 
15.3
% 
      14.2 %       13.6 %    
 
14.8
% 
      14.0 % 
Net interest margin
(3)
   
 
4.50
% 
      4.40 %       4.46 %    
 
4.45
% 
      4.40 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
27
 
    $ 27      $ (1 )    
$
54
 
    $ (4 ) 
Provision for credit losses – impaired (Stage 3)
   
$
523
 
    $ 575      $ 567     
$
1,098
 
    $ 1,144  
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(4)
   
 
1.37
% 
      1.46 %       1.38 %    
 
1.42
% 
      1.36 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(4)
   
 
1.31
% 
      1.39 %       1.38 %    
 
1.35
% 
      1.37 % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(4)
   
 
1.19
% 
      1.27 %       1.30 %    
 
1.23
% 
      1.22 % 
Average assets
($ billions)
   
$
229
 
    $ 229      $ 234     
$
229
 
    $ 235  
Average liabilities
($ billions)
   
$
177
 
    $ 174      $ 182     
$
176
 
    $ 182  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Includes income (on a taxable equivalent basis) from associated corporations for the three months ended April 30, 2025 – $38 (January 31, 2025 – $35; April 30, 2024 – $24) and for the six months ended April 30, 2025 – $73 (April 30, 2024 – $58). This income from associated corporations includes a tax normalization adjustment for the three months ended April 30, 2025 – $9 (January 31, 2025 – $8; April 30, 2024 – $4) and for the six months ended April 30, 2025 – $17 (April 30, 2024 – $11).
(3)
Refer to
Non-GAAP
Measures starting on page 5.
(4)
Refer to Glossary on page 58 for the description of the measure.
T10A Adjusted International Banking financial performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
2,179
 
    $ 2,169      $ 2,254     
$
4,348
 
    $ 4,494  
Non-interest
income
   
 
780
 
      861        706     
 
1,641
 
      1,540  
Total revenue
   
 
2,959
 
      3,030        2,960     
 
5,989
 
      6,034  
Provision for credit losses
   
 
550
 
      602        566     
 
1,152
 
      1,140  
Non-interest
expenses
(3)
   
 
1,516
 
      1,545        1,539     
 
3,061
 
      3,113  
Income before taxes
   
 
893
 
      883        855     
 
1,776
 
      1,781  
Income tax expense
   
 
174
 
      191        186     
 
365
 
      371  
Net income
   
$
719
 
    $ 692      $ 669     
$
1,411
 
    $ 1,410  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
38
 
    $ 35      $ 24     
$
73
 
    $ 46  
Net income attributable to equity holders of the Bank
   
$
681
 
    $ 657      $ 645     
$
1,338
 
    $ 1,364  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to
Non-GAAP
Measures starting on page 5 for adjusted results.
(3)
Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended April 30, 2025 – $7 (January 31, 2025 – $8; April 30, 2024 – $8) and for the six months ended April 30, 2025 – $15 (April 30, 2024 – $16).
Net income
Q2 2025 vs Q2 2024
Net income attributable to equity holders increased $37 million or 6% to $676 million. Adjusted net income attributable to equity holders increased $36 million or 6% to $681 million. The increase was driven by higher
non-interest
income, lower
non-interest
expenses, provision for credit losses, income taxes, and the positive impact of foreign currency translation. This was partly offset by lower net interest income.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Q2 2025 vs Q1 2025
Net income attributable to equity holders increased $25 million or 4%. Adjusted net income attributable to equity holders increased $24 million or 4%. The increase was driven by lower provision for credit losses,
non-interest
expenses and income taxes, as well as higher net interest income and the positive impact of foreign currency translation. This was partly offset by lower
non-interest
income.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income attributable to equity holders was $1,327 million, a decrease of 2% from $1,352 million. Adjusted net income attributable to equity holders was $1,338 million, a decrease of $26 million or 2%. The decrease was driven by lower net interest income, higher provision for credit losses and the negative impact of foreign currency translation. This was partly offset by higher
non-interest
income, lower
non-interest
expenses, and lower 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. Ratios are on a reported basis.
T11 International Banking financial performance on reported and constant dollar basis
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Constant dollars – Reported
(2)
               
Net interest income
   
$
2,179
 
    $ 2,203      $ 2,260     
$
4,348
 
    $ 4,443  
Non-interest
income
(3)
   
 
780
 
      876        694     
 
1,641
 
      1,511  
Total revenue
   
 
2,959
 
      3,079        2,954     
 
5,989
 
      5,954  
Provision for credit losses
   
 
550
 
      616        574     
 
1,152
 
      1,132  
Non-interest
expenses
   
 
1,523
 
      1,575        1,524     
 
3,076
 
      3,059  
Income before taxes
   
 
886
 
      888        856     
 
1,761
 
      1,763  
Income tax expense
   
 
172
 
      191        183     
 
361
 
      363  
Net income
   
$
714
 
    $ 697      $ 673     
$
1,400
 
    $ 1,400  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
38
 
    $ 35      $ 26     
$
73
 
    $ 50  
Net income attributable to equity holders of the Bank
   
$
676
 
    $ 662      $ 647     
$
1,327
 
    $ 1,350  
Other financial data and measures
               
Average assets
($ billions)
   
$
229
 
    $ 232      $ 236     
$
229
 
    $ 234  
Average liabilities
($ billions)
   
$
177
 
    $ 177      $ 182     
$
176
 
    $ 180  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to Constant Dollar reconciliation on page 10.
(3)
Includes income (on a taxable equivalent basis) from associated corporations for the three months ended April 30, 2025 – $38 (January 31, 2025 – $35; April 30, 2024 – $24) and for the six months ended April 30, 2025 – $73 (April 30, 2024 – $60).
T11A International Banking financial performance on adjusted and constant dollar basis
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Constant dollars – Adjusted
(2)
               
Net interest income
   
$
2,179
 
    $ 2,203      $ 2,260     
$
4,348
 
    $ 4,443  
Non-interest
income
   
 
780
 
      876        694     
 
1,641
 
      1,511  
Total revenue
   
 
2,959
 
      3,079        2,954     
 
5,989
 
      5,954  
Provision for credit losses
   
 
550
 
      616        574     
 
1,152
 
      1,132  
Non-interest
expenses
   
 
1,516
 
      1,567        1,516     
 
3,061
 
      3,043  
Income before taxes
   
 
893
 
      896        864     
 
1,776
 
      1,779  
Income tax expense
   
 
174
 
      193        185     
 
365
 
      368  
Net income
   
$
719
 
    $ 703      $ 679     
$
1,411
 
    $ 1,411  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
38
 
    $ 35      $ 26     
$
73
 
    $ 50  
Net income attributable to equity holders of the Bank
   
$
681
 
    $ 668      $ 653     
$
1,338
 
    $ 1,361  
Other financial data and measures
               
Average assets
($ billions)
   
$
229
 
    $ 232      $ 236     
$
229
 
    $ 234  
Average liabilities
($ billions)
   
$
177
 
    $ 177      $ 182     
$
176
 
    $ 180  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to Constant Dollar reconciliation on page 10.
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Net income
Q2 2025 vs Q2 2024
Net income attributable to equity holders was $676 million, up $29 million or 5%. Adjusted net income attributable to equity holders was $681 million, up $28 million or 4%. The increase was driven by higher
non-interest
income, lower provision for credit losses and lower income taxes. This was partly offset by lower net interest income.
Q2 2025 vs Q1 2025
Net income attributable to equity holders was $676 million, up $14 million or 2%. Adjusted net income attributable to equity holders was $681 million, up $13 million or 2%. The increase was driven by lower provision for credit losses,
non-interest
expenses and income taxes. This was partly offset by lower
non-interest
income and net interest income, due mainly to three fewer days in the quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income attributable to equity holders was $1,327 million, a decrease of 2% from $1,350 million. Adjusted net income attributable to equity holders was $1,338 million, a decrease of $23 million or 2%. The decrease was driven by lower net interest income and higher provision for credit losses and
non-interest
expenses. This was partly offset by higher
non-interest
income and lower income taxes.
Average assets
Q2 2025 vs Q2 2024
Average assets were $229 billion, a reduction of $7 billion or 3%. Total loans decreased by 3%, primarily in Brazil and Mexico. The decrease was driven by an 8% reduction in business loans, partly offset by an increase of 3% in retail loans.
Q2 2025 vs Q1 2025
Average assets were $229 billion, down $3 billion or 1%. Total loans decreased by 1%, primarily in Mexico and Brazil. The decrease was due to a reduction of 2% in business loans.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Average assets were $229 billion, down $5 billion or 2%. Total loans decreased by 3%, primarily in Mexico and Brazil. The decrease included an 8% reduction in business loans, in line with the Bank’s capital deployment strategy. This was partly offset by an increase of 3% in retail loans.
Average liabilities
Q2 2025 vs Q2 2024
Average liabilities were $177 billion, a reduction of $5 billion or 2%. Total deposits declined by $3 billion or 2%, primarily in Mexico and Brazil, partly offset by growth in Peru. The decrease included a 3% decline in
non-personal
deposits offset by a 1% increase in personal deposits. Other liabilities declined $2 billion.
Q2 2025 vs Q1 2025
Average liabilities were $177 billion, in line with the prior quarter. Total deposits increased by 2% primarily in Chile, Mexico and Peru.
Non-personal
deposits increased by 3%. Term deposits decreased by 3%. The increase was largely offset by a decrease in other liabilities.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Average liabilities were $176 billion, a decrease of $4 billion or 2%. Total deposits decreased by 1% primarily in Brazil and Mexico.
Non-personal
deposits decreased by 2% and personal deposits increased by 1%. Term deposits decreased by 9% and
non-term
deposits increased by 6%. Other liabilities declined $2 billion.
Total revenue
Q2 2025 vs Q2 2024
Revenues were $2,959 million compared to $2,954 million, an increase of $5 million.
Net interest income was $2,179 million, a decrease of $81 million or 4%, driven by lower business loan volumes in Brazil and Mexico. Net interest margin increased by four basis points to 4.50%, mainly in Chile and Mexico, driven by changes in business mix.
Non-interest
income was $780 million, an increase of $86 million or 12%, driven mainly by higher trading revenues in Chile, Peru and Mexico.
Q2 2025 vs Q1 2025
Revenues were $2,959 million compared to $3,079 million, a decrease of $120 million or 4%.
Net interest income decreased by $24 million, driven mainly by three fewer days in the quarter. Net interest margin increased by 10 basis points to 4.50%, driven by lower funding costs due to declines in central bank rates.
Non-interest
income decreased by $96 million or 11%, driven mainly by lower trading revenues in Brazil, banking fees in Mexico and investment gains in Peru.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Revenues were $5,989 million, an increase of $35 million or 1%.
Net interest income decreased by $95 million or 2%, driven by lower business loan volumes in Brazil and Mexico. Net interest margin increased by five basis points to 4.45%, driven by lower cost of funds due to declines in central bank rates.
Non-interest
income increased by $130 million or 9% due mainly to higher trading revenues in Chile, Brazil and Mexico.
Provision for credit losses
Q2 2025 vs Q2 2024
The provision for credit losses was $550 million compared to $
5
74 million, a decrease of $24 million. The provision for credit losses ratio was 137 basis points,
a decrease of one basis point.
Provision for credit losses on performing loans was $27 million, compared to $2 million. The provision this period was driven by the continued unfavourable macroeconomic outlook and credit migration, which mainly impacted the commercial portfolio.
Provision for credit losses on impaired loans was $523 million, compared to $572 million, a decrease of $49 million, due primarily to lower retail provisions mainly in Colombia and Peru, due in part to the CrediScotia divestiture. The provision for credit losses ratio on impaired loans was 131 basis points, a decrease of seven basis points.
Q2 2025 vs Q1 2025
The provision for credit losses was $550 million, compared to $
6
16 million, a decrease of $66 million. The provision for credit losses ratio was 137 basis points, a decrease of nine basis points.
Provision for credit losses on performing loans was $27 million, a decrease of $2 million. The provision this period was driven by the continued unfavourable macroeconomic outlook and credit migration, which mainly impacted the commercial portfolio.
Provision for credit losses on impaired loans was $523 million, compared to $588 million, a decrease of $65 million driven by lower retail provisions mainly in Colombia and Peru, due in part to the CrediScotia divestiture. The provision for credit losses ratio on impaired loans decreased eight basis points to 131 basis points.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The provision for credit losses was $1,152 million, an increase of $20 million. The provision for credit losses ratio was 142 basis points, an increase of six basis points.
Provision for credit losses on performing loans was $54 million, compared to a net reversal of $3 million. The provision this period was driven by the continued unfavourable macroeconomic outlook and credit migration, which mainly impacted the commercial portfolio.
Provision for credit losses on impaired loans was $1,098 million, compared to $1,134 million, a decrease of $36 million. This was due primarily to a decrease in retail provisions driven by lower formations mainly in Colombia and Peru, due in part to the CrediScotia divestiture. The provision for credit losses ratio on impaired loans was 135 basis points, a decrease of two basis points.
Non-interest
expenses
Q2 2025 vs Q2 2024
Non-interest
expenses were $1,523 million, a decrease of $1 million. Adjusted
non-interest
expenses were $1,516 million, in line with prior year. Higher technology costs and salaries and employee benefits were more than offset by lower depreciation and amortization, mainly in Colombia.
Q2 2025 vs Q1 2025
Non-interest
expenses were $1,523 million, compared to $1,575 million, a decrease of $52 million or 3%. Adjusted
non-interest
expenses decreased $51 million or 3% from $1,567 million, driven by lower depreciation and amortization and the seasonality of expenses in Jamaica last quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Non-interest
expenses were $3,076 million, an increase of $17 million or 1%. On an adjusted basis,
non-interest
expenses were $3,061 million, an increase of $18 million or 1%, driven mainly by higher technology costs and salaries and employee benefits. This was mostly offset by lower depreciation and amortization, mainly in Colombia. The business continues to see the benefits of efficiency initiatives, despite an inflationary environment.
Taxes
Q2 2025 vs Q2 2024
The effective tax rate was 19.4%, compared to 21.7%. On an adjusted basis, the effective tax rate was 19.5%, compared to 21.8%. The decrease was due primarily to favourable adjustments related to prior periods and higher inflationary adjustments, partly offset by the impact of the GMT.
Q2 2025 vs Q1 2025
The effective tax rate was 19.4%, compared to 21.6%. On an adjusted basis, the effective tax rate was 19.5%, compared to 21.7%. The decrease was due primarily to higher inflationary adjustments in Chile this quarter and favourable adjustments related to prior periods, partly offset by a higher tax benefit in Brazil in the prior quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The effective tax rate was 20.5% compared to 20.8%. On an adjusted basis, the effective tax rate was 20.6% compared to 20.8%, due primarily to favourable adjustments related to prior periods, mostly offset by lower inflationary adjustments, as well as the impact of the GMT.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Global Wealth Management
                                   
T12 Global Wealth Management financial performance
                                   
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Reported Results
               
Net interest income
   
$
246
 
    $ 232      $ 188     
$
478
 
    $ 373  
Non-interest
income
   
 
1,295
 
      1,347        1,183     
 
2,642
 
      2,322  
Total revenue
   
 
1,541
 
      1,579        1,371     
 
3,120
 
      2,695  
Provision for credit losses
   
 
2
 
      4        7     
 
6
 
      12  
Non-interest
expenses
   
 
997
 
      1,022        906     
 
2,019
 
      1,780  
Income before taxes
   
 
542
 
      553        458     
 
1,095
 
      903  
Income tax expense
   
 
141
 
      144        115     
 
285
 
      227  
Net income
   
$
401
 
    $ 409      $ 343     
$
810
 
    $ 676  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
2
 
    $ 2      $ 2     
$
4
 
    $ 5  
Net income attributable to equity holders of the Bank
   
$
399
 
    $ 407      $ 341     
$
806
 
    $ 671  
Other financial data and measures
               
Return on equity
(2)
   
 
15.8
% 
      15.8 %       13.6 %    
 
15.8
% 
      13.2 % 
Assets under administration
($ billions)
(3)
   
$
710
 
    $ 738      $ 669     
$
710
 
    $ 669  
Assets under management
($ billions)
(3)
   
$
380
 
    $ 396      $ 349     
$
380
 
    $ 349  
Average assets
($ billions)
   
$
38
 
    $ 37      $ 35     
$
38
 
    $ 35  
Average liabilities
($ billions)
   
$
47
 
    $ 43      $ 42     
$
45
 
    $ 41  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to
Non-GAAP
Measures starting on page 5.
(3)
Refer to Glossary on page 58 for the description of the measure.
T12A Adjusted Global Wealth Management financial performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
246
 
    $ 232      $ 188     
$
478
 
    $ 373  
Non-interest
income
   
 
1,295
 
      1,347        1,183     
 
2,642
 
      2,322  
Total revenue
   
 
1,541
 
      1,579        1,371     
 
3,120
 
      2,695  
Provision for credit losses
   
 
2
 
      4        7     
 
6
 
      12  
Non-interest
expenses
(3)
   
 
988
 
      1,013        897     
 
2,001
 
      1,762  
Income before taxes
   
 
551
 
      562        467     
 
1,113
 
      921  
Income tax expense
   
 
144
 
      146        117     
 
290
 
      232  
Net income
   
$
407
 
    $ 416      $ 350     
$
823
 
    $ 689  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
2
 
    $ 2      $ 2     
$
4
 
    $ 5  
Net income attributable to equity holders of the Bank
   
$
405
 
    $ 414      $ 348     
$
819
 
    $ 684  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to
Non-GAAP
Measures starting on page 5 for adjusted results.
(3)
Includes adjustment for Amortization of acquisition-related intangible assets, excluding software for the three months ended April 30, 2025 – $9 (January 31, 2025 – $9; April 30, 2024 – $9) and for the six months ended April 30, 2025 – $18 (April 30, 2024 – $18).
Net income
Q2 2025 vs Q2 2024
Net income attributable to equity holders was $399 million, an increase of $58 million or 17%. Adjusted net income attributable to equity holders was $405 million, up $57 million or 17%. The increase was due primarily to higher mutual fund fees, brokerage revenues, and net interest income across the Canadian and International wealth businesses. This was partly offset by higher volume-related non-interest expenses.
Q2 2025 vs Q1 2025
Net income attributable to equity holders decreased $8 million or 2%. Adjusted net income attributable to equity holders decreased $9 million or 2%, due primarily to lower mutual fund fees and brokerage revenues, partly offset by lower
non-interest
expenses and higher net interest income.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income attributable to equity holders was $806 million, an increase of $135 million or 20%. Adjusted net income attributable to equity holders was $819 million, up $135 million or 20%. The increase was due primarily to higher mutual fund fees, brokerage revenues, and net interest income across the Canadian and International wealth businesses. This was partly offset by higher
non-interest
expenses due largely to volume-related expenses.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Assets under management (AUM) and assets under administration (AUA)
Q2 2025 vs Q2 2024
Assets under management of $380 billion increased $31 billion or 9% driven primarily by market appreciation and higher net sales. Assets under administration of $710 billion increased $41 billion or 6% due primarily to market appreciation and higher net sales, partly offset by the unfavourable impact of foreign exchange.
Q2 2025 vs Q1 2025
Assets under management decreased $16 billion or 4% due primarily to market depreciation, partly offset by higher net sales. Assets under administration decreased $28 billion or 4% due primarily to market depreciation, offset by higher net sales.
Total revenue
Q2 2025 vs Q2 2024
Revenues were $1,541 million, an increase of $170 million or 12%. The increase was due primarily to higher mutual fund fees driven by growth in assets under management. The increase was also due to higher brokerage revenues, investment management fees and net interest income, driven by loan and deposit growth and improved margins.
Q2 2025 vs Q1 2025
Revenues decreased $38 million or 2%, due primarily to lower mutual fund fees and brokerage revenues and the impact of three fewer days this quarter, partly offset by higher net interest income driven by loan and deposit growth.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Revenues were $3,120 million, an increase of $425 million or 16%. The increase was due primarily to higher mutual fund fees driven by growth in assets under management. The increase was also due to higher brokerage revenues, investment management fees and net interest income, driven by loan and deposit growth and improved margins.
Provision for credit losses
Q2 2025 vs Q2 2024
The provision for credit losses was $2 million, a decrease of $5 million from prior year. The provision for credit losses ratio was three basis points, a decrease of eight basis points.
Q2 2025 vs Q1 2025
The provision for credit losses was $2 million, a decrease of $2 million from the prior quarter. The provision for credit losses ratio was three basis points, a decrease of three basis points.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The provision for credit losses was $6 million, compared to $12 million. The provision for credit losses ratio was five basis points.
Non-interest
expenses
Q2 2025 vs Q2 2024
Non-interest
expenses of $997 million increased by $91 million or 10%, due primarily to higher volume-related expenses, technology costs, and salesforce expansion to support business growth.
Q2 2025 vs Q1 2025
Non-interest
expenses decreased by $25 million or 2%, driven largely by lower volume-related expenses and the impact of three fewer days this quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Non-interest
expenses increased by $239 million or 13%, driven largely by higher volume-related expenses, technology costs, and salesforce expansion to support business growth.
Taxes
Q2 2025 vs Q2 2024
The effective tax rate was 26.0% compared to 25.1% due to the implementation of the GMT in certain jurisdictions.
Q2 2025 vs Q1 2025
The effective tax rate was 26.0% in line with the prior quarter.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The effective tax rate was 26.0% compared to 25.2% due to the GMT implementation in certain jurisdictions.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Global Banking and Markets
T13 Global Banking and Markets financial performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Reported Results
               
Net interest income
(2)
   
$
368
 
    $ 319      $ 248     
$
687
 
    $ 518  
Non-interest
income
(2)
   
 
1,090
 
      1,275        984     
 
2,365
 
      2,007  
Total revenue
   
 
1,458
 
      1,594        1,232     
 
3,052
 
      2,525  
Provision for credit losses
   
 
40
 
      18        5     
 
58
 
      10  
Non-interest
expenses
   
 
878
 
      891        761     
 
1,769
 
      1,542  
Income before taxes
   
 
540
 
      685        466     
 
1,225
 
      973  
Income tax expense
   
 
128
 
      168        91     
 
296
 
      210  
Net income
   
$
412
 
    $ 517      $ 375     
$
929
 
    $ 763  
Net income attributable to
non-controlling
interest in subsidiaries
   
$
(1
) 
    $ –      $ –     
$
(1
) 
    $ –  
Net income attributable to equity holders of the Bank
   
$
413
 
    $ 517      $ 375     
$
930
 
    $ 763  
Other financial data and measures
               
Return on equity
(3)
   
 
11.3
% 
      13.3 %       10.2 %    
 
12.4
% 
      10.0 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
(1
) 
    $ 18      $ 4     
$
17
 
    $ 14  
Provision for credit losses – impaired (Stage 3)
   
$
41
 
    $ –      $ 1     
$
41
 
    $ (4 ) 
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.14
% 
      0.06 %       0.02 %    
 
0.10
% 
      0.02 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.15
% 
      – %       – %    
 
0.07
% 
      (0.01 )% 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.13
% 
      – %       – %    
 
0.06
% 
      (0.01 )% 
Average assets
($ billions)
   
$
502
 
    $ 511      $ 494     
$
506
 
    $ 500  
Average liabilities
($ billions)
   
$
516
 
    $ 511      $ 470     
$
513
 
    $ 473  
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Includes the
gross-up
of
tax-exempt
income earned on certain securities reported in either net interest income or
non-interest
income for the three months ended April 30, 2025 – nil (January 31, 2025 – nil; April 30, 2024 – $4) and for the six months ended April 30, 2025 – nil (April 30, 2024 – $45).
(3)
Refer to
Non-GAAP
Measures starting on page 5.
(4)
Refer to Glossary on page 58 for the description of the measure.
Net income
Q2 2025 vs Q2 2024
Net income attributable to equity holders was $413 million compared to $375 million, an increase of $38 million or 10%. The increase was driven primarily by higher net interest income and
non-interest
income, partly offset by higher
non-interest
expenses, provision for credit losses and provision for income taxes.
Q2 2025 vs Q1 2025
Net income attributable to equity holders was $413 million compared to $517 million, a decrease of $104 million or 20%. The decrease was primarily driven by lower
non-interest
income and higher provision for credit losses, partly offset by higher net interest income and lower provision for income taxes.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income attributable to equity holders was $930 million compared to $763 million, an increase of $167 million or 22%. The increase was primarily driven by higher net interest income and
non-interest
income, partly offset by higher
non-interest
expenses, provision for credit losses and provision for income taxes.
Average assets
Q2 2025 vs Q2 2024
Average assets of $502 billion increased $8 billion or 2% due mainly to higher securities purchased under resale agreements and trading securities, and the impact of foreign currency translation, partly offset by lower loans and acceptances of $19 billion or 16%.
Q2 2025 vs Q1 2025
Average assets of $502 billion decreased $9 billion or 2% due mainly to lower loans of $7 billion or 7% and lower trading securities, partly offset by higher securities purchased under resale agreements.
 
 Scotiabank Second Quarter Report 2025   
 
31
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Year-to-date Q2 2025 vs Year-to-date Q2 2024
Average assets of $506 billion increased $6 billion or 1% due mainly to higher securities purchased under resale agreements and trading securities, and the impact of foreign currency translation, partly offset by lower loans and acceptances of $19 billion or 16%.
Average liabilities
Q2 2025 vs Q2 2024
Average liabilities of $516 billion increased $46 billion or 10% due mainly to higher securities sold under repurchase agreements, higher deposit volumes of $6 billion or 4%, and the impact of foreign currency translation.
Q2 2025 vs Q1 2025
Average liabilities of $516 billion increased $5 billion or 1% due mainly to higher securities sold under repurchase agreements and obligations related to securities sold short, partly offset by lower deposit volumes of $2 billion or 1%.
Year-to-date Q2 2025 vs Year-to-date Q2 2024
Average liabilities of $513 billion increased $40 billion or 8% due mainly to higher securities sold under repurchase agreements and higher deposit volumes of $6 billion or 3%.
Total revenue
Q2 2025 vs Q2 2024
Revenues were $1,458 million, up $226 million or 18%.
Net interest income of $368 million increased by $120 million or 49%. This was due mainly to higher corporate lending margins, lower trading-related funding costs and the positive impact of foreign currency translation.
Non-interest
income of $1,090 million increased $106 million or 11% due mainly to higher underwriting and advisory fees, higher trading-related revenue from fixed income, equities and foreign exchange, and the positive impact of foreign currency translation.
Q2 2025 vs Q1 2025
Revenues decreased $136 million or 9%.
Net interest income of $368 million increased by $49 million or 16%. This was due mainly to higher corporate lending margins and lower trading-related funding costs, partly offset by the impact of three fewer days this quarter.
Non-interest
income of $1,090 million decreased $185 million or 15% due mainly to lower trading-related revenue from equities and fixed income, partly offset by higher underwriting and advisory fees.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Revenues were $3,052 million, up $527 million or 21%.
Net interest income of $687 million increased by $169 million or 33%. This was due mainly to higher corporate lending margins, lower trading-related funding costs and the positive impact of foreign currency translation.
Non-interest
income of $2,365 million increased $358 million or 18% due mainly to higher trading-related revenue from fixed income, equities and foreign exchange, higher underwriting and advisory fees and the positive impact of foreign currency translation.
Provision for credit losses
Q2 2025 vs Q2 2024
The provision for credit losses was $40 million compared to $5 million. The provision for credit losses ratio was 14 basis points, an increase of 12 basis points.
Provision for credit losses on performing loans was a net reversal of $1 million, compared to a provision of $4 million. The provision this period was driven by improved credit quality, partly offset by the continued unfavourable macroeconomic outlook.
Provision for credit losses on impaired loans was $41 million, compared to $1 million in the prior period. The provision for credit losses ratio on impaired loans was 15 basis points, an increase of 15 basis points compared to prior period. The provision this quarter was related mostly to one corporate account.
Q2 2025 vs Q1 2025
The provision for credit losses was $40 million, compared to a provision of $18 million in the prior quarter. The provision for credit losses ratio was 14 basis points, an increase of eight basis points.
Provision for credit losses on performing loans was a net reversal of $1 million
,
compared to a provision of $18 million. The provision this period was driven by improved credit quality, partly offset by the continued unfavourable macroeconomic outlook.
Provision for credit losses on impaired loans was $41 million, compared to nil in last quarter. The provision for credit losses ratio on impaired loans was 15 basis points, an increase of 15 basis points. The provision this quarter was related mostly to one corporate account.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The provision for credit losses was $58 million, an increase of $48 million. The provision for credit losses ratio was ten basis points, an increase of eight basis points.
 
32
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Provision for credit losses on performing loans was $17 million, compared to a provision of $14 million. The provision this period was driven primarily by the continued unfavourable macroeconomic outlook.
Provision for credit losses on impaired loans was $41 million, compared to a net reversal $4 million, and was related mostly to one corporate account. The provision for credit losses ratio on impaired loans was seven basis points, an increase of eight basis points.
Non-interest
expenses
Q2 2025 vs Q2 2024
Non-interest
expenses were $878 million compared to $761 million, an increase of 15% due mainly to higher personnel costs including performance-based compensation, higher technology costs to support business growth, and the negative impact of foreign currency translation.
Q2 2025 vs Q1 2025
Non-interest
expenses were $878 million compared to $891 million, a decrease of 1% due mainly to seasonality of share-based compensation which is higher in the first quarter and the impact of three fewer days this quarter, partly offset by higher technology costs to support business growth.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Non-interest
expenses of $1,769 million increased $227 million or 15%, due mainly to higher personnel costs including performance-based compensation, higher technology costs to support business growth, and the negative impact of foreign currency translation.
Taxes
The effective tax rate for the quarter was 23.6% compared to 19.6% in the prior year and 24.5% in the prior quarter, due mainly to the change in earnings mix across jurisdictions.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
The effective tax rate was 24.1% compared to 21.6%, due mainly to the change in earnings mix across jurisdictions.
Other
(1)
T14 Other financial performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(2)
     
April 30
2025
      April 30
2024
(2)
  
Reported Results
               
Net interest income
(3)
   
$
(47
) 
    $ (194 )     $ (478 )    
$
(241
) 
    $ (891 ) 
Non-interest
income
(3)(4)
   
 
(66
) 
      (49 )       78     
 
(115
) 
      8  
Total revenue
   
 
(113
) 
      (243 )       (400 )    
 
(356
) 
      (883 ) 
Provision for credit losses
   
 
1
 
      –        1     
 
1
 
      1  
Non-interest
expenses
   
 
131
 
      1,414        (23 )    
 
1,545
 
      (20 ) 
Income before taxes
   
 
(245
) 
      (1,657 )       (378 )    
 
(1,902
) 
      (864 ) 
Income tax expense/(benefit)
(3)
   
 
(137
) 
      (125 )       (196 )    
 
(262
) 
      (452 ) 
Net income (loss)
   
$
(108
) 
    $ (1,532 )     $ (182 )    
$
(1,640
) 
    $ (412 ) 
Net income (loss) attributable to
non-controlling
interests in subsidiaries
   
$
17
 
    $ (191 )     $ –     
$
(174
) 
    $ –  
Net income (loss) attributable to equity holders
   
$
(125
) 
    $ (1,341 )     $ (182 )    
$
(1,466
) 
    $ (412 ) 
Other measures
               
Average assets
($ billions)
   
$
238
 
    $ 224      $ 203     
$
230
 
    $ 202  
Average liabilities
($ billions)
   
$
258
 
    $ 262      $ 247     
$
260
 
    $ 251  
(1)
Includes all other smaller operating segments and corporate adjustments, such as the elimination of the
tax-exempt
income
gross-up
reported in net interest income,
non-interest
income and provision for income taxes and differences in the actual amount of costs incurred and charged to the operating segments.
(2)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(3)
Includes the elimination of the
gross-up
of
tax-exempt
income earned on certain securities reported in net interest income,
non-interest
income and provision for income taxes for the three months ended April 30, 2025 – nil (January 31, 2025 – nil; April 30, 2024 – $4) and for the six months ended April 30, 2025 – nil (April 30, 2024 – $47) to arrive at the amounts reported in the Consolidated Statement of Income.
(4)
Includes income (on a taxable equivalent basis) from associated corporations for the three months ended April 30, 2025 – $123 (January 31, 2025 – $54; April 30, 2024 – $40) and for the six months ended April 30, 2025 – $177 (April 30, 2024 – $52).
Non-interest
income and the provision for income taxes in each period include the elimination of the tax normalization adjustments related to the
gross-up
of income from associated companies in the business segments.
 
 Scotiabank Second Quarter Report 2025   
 
33
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T14A Adjusted Other financial performance
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
April 30
2025
      January 31
2025		      April 30
2024
(1)
     
April 30
2025
      April 30
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
(47
) 
    $ (194 )     $ (478 )    
$
(241
) 
    $ (891 ) 
Non-interest
income
(3)
   
 
(48
) 
      (49 )       78     
 
(97
) 
      8  
Total revenue
   
 
(95
) 
      (243 )       (400 )    
 
(338
) 
      (883 ) 
Provision for credit losses
   
 
1
 
      –        1     
 
1
 
      1  
Non-interest
expenses
(4)
   
 
105
 
      52        (23 )    
 
157
 
      (20 ) 
Income before taxes
   
 
(201
) 
      (295 )       (378 )    
 
(496
) 
      (864 ) 
Income tax expense/(benefit)
   
 
(122
) 
      (118 )       (196 )    
 
(240
) 
      (452 ) 
Net income (loss)
   
$
(79
) 
    $ (177 )     $ (182 )    
$
(256
) 
    $ (412 ) 
Net income (loss) attributable to
non-controlling
interests in subsidiaries
   
$
1
 
    $ –      $ –     
$
1
 
    $ –  
Net income (loss) attributable to equity holders
   
$
(80
) 
    $ (177 )     $ (182 )    
$
(257
) 
    $ (412 ) 
(1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
(2)
Refer to
Non-GAAP
Measures starting on page 5 for adjusted results.
(3)
Adjusted for amortization of intangibles for the three and six months ended April 30, 2025 – $9 and for the net (gain)/loss on divestitures and wind down of operations for the three and six months ended April 30, 2025 – $9.
(4)
Adjusted for net (gain)/loss on divestitures and wind down of operations for the three months ended April 30, 2025 – $26 (January 31, 2025 – $1,362; April 30, 2024 – nil) and for the six months ended April 30, 2025 – $1,388 (April 30, 2024 – nil).
The Other segment includes Group Treasury, investments in certain associated corporations, and smaller operating segments and corporate items which are not allocated to a business line. Group Treasury is primarily responsible for Balance Sheet, Liquidity and Interest Rate Risk management, which includes the Bank’s wholesale funding activities.
Net interest income,
non-interest
income, and the provision for income taxes in each period include the elimination of
tax-exempt
income
gross-up.
This amount is included in the operating segments, which are reported on a taxable equivalent basis.
Net income from associated corporations and the provision for income taxes in each period include the tax normalization adjustments related to the
gross-up
of income from associated companies. This adjustment normalizes the effective tax rate in the divisions to better present the contribution of the associated companies to the divisional results.
Q2 2025 vs Q2 2024
Net loss attributable to equity holders was $125 million, compared to a net loss of $182 million in the prior year. The adjusted net loss attributable to equity holders was $80 million compared to an adjusted net loss of $182 million in the prior year. The lower loss of $102 million was due to higher revenues, partly offset by higher expenses. The higher revenues were driven mainly by higher net interest income related to lower funding costs from lower interest rates, and higher revenue from the KeyCorp investment. The increase in expenses was driven primarily by higher technology costs.
Q2 2025 vs Q1 2025
Net loss attributable to equity holders improved $1,216 million from the prior quarter, which included an impairment loss of $1,164 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama in the prior quarter. The adjusted net loss attributable to equity holders improved $97 million from the prior quarter. The lower loss was due to higher revenues, which were partly offset by higher expenses. The higher revenues were due primarily to higher net interest income from lower funding costs from lower interest rates, and higher revenue from the KeyCorp investment. The increase in expenses was driven primarily by higher technology costs.
Year-to-date
Q2 2025 vs
Year-to-date
Q2 2024
Net income attributable to equity holders was a net loss of $1,466 million which included an impairment loss of $1,164 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama, an increase in the net loss of $1,054 million compared to the prior year. Adjusted net income attributable to equity holders was a net loss of $257 million compared to a net loss of $412 million in the prior year. The lower loss was due to higher revenues, which were partially offset by higher expenses. The higher revenues were due primarily to higher net interest income from lower funding costs from lower interest rates, and higher revenue from the KeyCorp investment. The increase in expenses was driven primarily by higher technology costs.
 
34
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Geographic Highlights
T15 Geographic highlights
 
    
For the three months ended April 30, 2025
  
(Unaudited) ($ millions)
  
Canada
    
U.S.
    
Mexico
    
Peru
    
Chile
    
Colombia
    
Caribbean
and
Central
America
    
Other
    
Total
  
Reported results
                  
Net interest income
  
$
2,847
 
  
$
122
 
  
$
592
 
  
$
332
 
  
$
515
 
  
$
174
 
  
$
466
 
  
$
222
 
  
$
5,270
 
Non-interest
income
  
 
2,127
 
  
 
549
 
  
 
242
 
  
 
139
 
  
 
150
 
  
 
118
 
  
 
318
 
  
 
167
 
  
 
3,810
 
Total revenue
  
 
4,974
 
  
 
671
 
  
 
834
 
  
 
471
 
  
 
665
 
  
 
292
 
  
 
784
 
  
 
389
 
  
 
9,080
 
Provision for credit losses
  
 
813
 
  
 
33
 
  
 
145
 
  
 
81
 
  
 
168
 
  
 
94
 
  
 
46
 
  
 
18
 
  
 
1,398
 
Non-interest
expenses
  
 
2,908
 
  
 
409
 
  
 
446
 
  
 
215
 
  
 
295
 
  
 
185
 
  
 
374
 
  
 
278
 
  
 
5,110
 
Income tax expense
  
 
288
 
  
 
25
 
  
 
62
 
  
 
10
 
  
 
25
 
  
 
8
 
  
 
107
 
  
 
15
 
  
 
540
 
Net income
  
$
965
 
  
$
204
 
  
$
181
 
  
$
165
 
  
$
177
 
  
$
5
 
  
$
257
 
  
$
78
 
  
$
2,032
 
Net income attributable to
non-controlling
interests in subsidiaries
  
 
15
 
  
 
–
 
  
 
5
 
  
 
2
 
  
 
3
 
  
 
–
 
  
 
31
 
  
 
–
 
  
 
56
 
Net income attributable to equity holders of the Bank
  
$
950
 
  
$
204
 
  
$
176
 
  
$
163
 
  
$
174
 
  
$
5
 
  
$
226
 
  
$
78
 
  
$
1,976
 
Adjusted results
(1)
                  
Adjustments
  
 
41
 
  
 
9
 
  
 
–
 
  
 
–
 
  
 
5
 
  
 
–
 
  
 
–
 
  
 
1
 
  
 
56
 
Adjusted net income attributable to equity holders of the Bank
  
$
991
 
  
$
213
 
  
$
176
 
  
$
163
 
  
$
179
 
  
$
5
 
  
$
226
 
  
$
79
 
  
$
2,032
 
Average Assets
($ billions)
  
$
899
 
  
$
241
 
  
$
59
 
  
$
29
 
  
$
57
 
  
$
14
 
  
$
38
 
  
$
131
 
  
$
1,468
 
Average Liabilities
($ billions)
  
$
889
 
  
$
187
 
  
$
54
 
  
$
22
 
  
$
52
 
  
$
14
 
  
$
35
 
  
$
129
 
  
$
1,382
 
 
     For the three months ended January 31, 2025     For the three months ended April 30, 2024
(3)
  
(Unaudited) ($ millions)
   Canada     U.S.     Mexico     Peru     Chile     Colombia     Caribbean
and
Central
America		     Other     Total     Canada     U.S.     Mexico     Peru     Chile     Colombia     Caribbean
and
Central
America		     Other     Total  
Reported results
                
 
  
 
                
 
  
Net interest income
   $ 2,721     $ 153     $ 557     $ 375     $ 487     $ 169     $ 489     $ 222     $ 5,173     $ 2,177     $ 145     $ 623     $ 346     $ 522     $ 178     $ 457     $ 246     $ 4,694  
Non-interest
income
     2,311       638       269       172       133       114       330       232       4,199       2,193       436       264       119       78       123       274       166       3,653  
Total revenue
     5,032       791       826       547       620       283       819       454       9,372       4,370       581       887       465       600       301       731       412       8,347  
Provision for credit losses
     547       12       128       112       192       107       48       16       1,162       436       2       81       128       154       153       35       18       1,007  
Non-interest
expenses
     4,279
(2)
 		     382       442       228       291       191       398       280       6,491       2,592       322       493       214       274       204       353       259       4,711  
Income tax expense
     392       81       68       41       20       (4 )      113       15       726       269       42       81       28       27       (16 )      70       36       537  
Net income
   $ (186 )    $ 316     $ 188     $ 166     $ 117     $ (11 )    $ 260     $ 143     $ 993     $ 1,073     $ 215     $ 232     $ 95     $ 145     $ (40 )    $ 273     $ 99       2,092  
Net income attributable to
non-controlling
interests in subsidiaries
     (191 )      –       6       2       6       (5 )      28       –     $ (154 )      –       –       5       –       7       (15 )      29       –       26  
Net income attributable to equity holders of the Bank
   $ 5     $ 316     $ 182     $ 164     $ 111     $ (6 )    $ 232     $ 143     $ 1,147     $ 1,073     $ 215     $ 227     $ 95     $ 138     $ (25 )    $ 244     $ 99     $ 2,066  
Adjusted results
(1)
                
 
  
 
                
 
  
Adjustments
     1,171       –       –       –       5       –       1       1       1,178       6       –       –       1       5       –       1       –       13  
Adjusted net income (loss) attributable to equity holders of the Bank
   $ 1,176     $ 316     $ 182     $ 164     $ 116     $ (6 )    $ 233     $ 144     $ 2,325     $ 1,079     $ 215     $ 227     $ 96     $ 143     $ (25 )    $ 245     $ 99     $ 2,079  
Average Assets
($ billions)
   $ 898     $ 231     $ 60     $ 29     $ 55     $ 14     $ 38     $ 136     $ 1,461     $ 861     $ 222     $ 67     $ 27     $ 56     $ 15     $ 35     $ 128     $ 1,411  
Average Liabilities
($ billions)
   $ 883     $ 192     $ 55     $ 22     $ 50     $ 14     $ 34     $ 126     $ 1,376     $ 838     $ 190     $ 61     $ 20     $ 53     $ 14     $ 32     $ 122     $ 1,330  
                                   
    
For the six months ended April 30, 2025
     For the six months ended April 30, 2024
(3)
  
(Unaudited) ($ millions)
  
Canada
    
U.S.
    
Mexico
    
Peru
    
Chile
    
Colombia
    
Caribbean
and
Central
America
    
Other
    
Total
     Canada     U.S.     Mexico     Peru     Chile     Colombia     Caribbean
and
Central
America		     Other     Total  
Reported results
                
 
  
 
                
 
  
Net interest income
  
$
5,568
 
  
$
275
 
  
$
1,149
 
  
$
707
 
  
$
1,002
 
  
$
343
 
  
$
955
 
  
$
444
 
  
$
10,443
 
   $ 4,385     $ 321     $ 1,242     $ 690     $ 1,058     $ 343     $ 905     $ 523     $ 9,467  
Non-interest
income
  
 
4,438
 
  
 
1,187
 
  
 
511
 
  
 
311
 
  
 
283
 
  
 
232
 
  
 
648
 
  
 
399
 
  
 
8,009
 
     4,319       798       541       281       208       246       575       345       7,313  
Total revenue
  
 
10,006
 
  
 
1,462
 
  
 
1,660
 
  
 
1,018
 
  
 
1,285
 
  
 
575
 
  
 
1,603
 
  
 
843
 
  
 
18,452
 
     8,704       1,119       1,783       971       1,266       589       1,480       868       16,780  
Provision for credit losses
  
 
1,360
 
  
 
45
 
  
 
273
 
  
 
193
 
  
 
360
 
  
 
201
 
  
 
94
 
  
 
34
 
  
 
2,560
 
     817       9       163       256       328       291       72       33       1,969  
Non-interest
expenses
  
 
7,187
(2)
 
  
 
791
 
  
 
888
 
  
 
443
 
  
 
586
 
  
 
376
 
  
 
772
 
  
 
558
 
  
 
11,601
 
     5,183       642       972       422       573       406       731       521       9,450  
Income tax expense
  
 
680
 
  
 
106
 
  
 
130
 
  
 
51
 
  
 
45
 
  
 
4
 
  
 
220
 
  
 
30
 
  
 
1,266
 
     529       71       164       66       64       (30 )      140       66       1,070  
Net income
  
$
779
 
  
$
520
 
  
$
369
 
  
$
331
 
  
$
294
 
  
$
(6
) 
  
$
517
 
  
$
221
 
  
$
3,025
 
   $ 2,175     $ 397     $ 484     $ 227     $ 301     $ (78 )    $ 537     $ 248     $ 4,291  
Net income attributable to
non-controlling
interests in subsidiaries
  
 
(176
) 
  
 
–
 
  
 
11
 
  
 
4
 
  
 
9
 
  
 
(5
) 
  
 
59
 
  
 
–
 
  
 
(98
) 
     –       –       12       1       15       (30 )      53       –       51  
Net income attributable to equity holders of the Bank
  
$
955
 
  
$
520
 
  
$
358
 
  
$
327
 
  
$
285
 
  
$
(1
) 
  
$
458
 
  
$
221
 
  
$
3,123
 
   $ 2,175     $ 397     $ 472     $ 226     $ 286     $ (48 )    $ 484     $ 248     $ 4,240  
Adjusted results
(1)
                
 
  
 
                
 
  
Adjustments
  
 
1,212
 
  
 
9
 
  
 
–
 
  
 
–
 
  
 
10
 
  
 
–
 
  
 
1
 
  
 
2
 
  
 
1,234
 
     12       –       –       1       10       –       2       1       26  
Adjusted net income (loss) attributable to equity holders of the Bank
  
$
2,167
 
  
$
529
 
  
$
358
 
  
$
327
 
  
$
295
 
  
$
(1
) 
  
$
459
 
  
$
223
 
  
$
4,357
 
   $ 2,187     $ 397     $ 472     $ 227     $ 296     $ (48 )    $ 486     $ 249     $ 4,266  
Average Assets
($ billions)
  
$
898
 
  
$
236
 
  
$
60
 
  
$
29
 
  
$
56
 
  
$
14
 
  
$
38
 
  
$
133
 
  
$
1,464
 
   $ 865     $ 221     $ 65     $ 27     $ 57     $ 15     $ 35     $ 132     $ 1,417  
Average Liabilities
($ billions)
  
$
886
 
  
$
190
 
  
$
55
 
  
$
22
 
  
$
51
 
  
$
14
 
  
$
35
 
  
$
126
 
  
$
1,379
 
   $ 843     $ 191     $ 61     $ 20     $ 54     $ 14     $ 32     $ 123     $ 1,338  
(1)
Refer to
Non-GAAP
Measures section starting on page 5.
(2)
Includes the impairment loss related to the Bank’s announced sale of the banking operations in Colombia, Costa Rica and Panama.
(3)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 21 for further details.
 
 Scotiabank Second Quarter Report 2025   
 
35
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Quarterly Financial Highlights
T16 Quarterly financial highlights
 
        For the three months ended  
(Unaudited) ($ millions)
     
April 30
2025
     January 31
2025		     October 31
2024		      July 31
2024		      April 30
2024		      January 31
2024		     October 31
2023		      July 31
2023		  
Reported results
                       
Net interest income
     
$
5,270
 
   $ 5,173     $ 4,923      $ 4,862      $ 4,694      $ 4,773     $ 4,666      $ 4,573  
Non-interest
income
     
 
3,810
 
     4,199       3,603        3,502        3,653        3,660       3,606        3,494  
Total revenue
     
$
9,080
 
   $ 9,372     $ 8,526      $ 8,364      $ 8,347      $ 8,433     $ 8,272      $ 8,067  
Provision for credit losses
     
 
1,398
 
     1,162       1,030        1,052        1,007        962       1,256        819  
Non-interest
expenses
     
 
5,110
 
     6,491       5,296        4,949        4,711        4,739       5,527        4,559  
Income tax expense
     
 
540
 
     726       511        451        537        533       135        497  
Net income
     
$
2,032
 
   $ 993     $ 1,689      $ 1,912      $ 2,092      $ 2,199     $ 1,354      $ 2,192  
Basic earnings per share
($)
     
 
1.48
 
     0.82       1.23        1.43        1.59        1.70       1.01        1.72  
Diluted earnings per share
($)
     
 
1.48
 
     0.66       1.22        1.41        1.57        1.68       0.99        1.70  
Net interest margin
(%)
(1)
     
 
2.31
 
     2.23       2.15        2.14        2.17        2.19       2.15        2.10  
Effective tax rate
(%)
(2)
     
 
21.0
 
     42.2       23.2        19.1        20.4        19.5       9.1        18.5  
Adjusted results
(1)
                       
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
                       
Divestitures and wind-down of operations
     
$
9
 
   $ –     $ –      $ 143      $ –      $ –     $ (367 )     $ –  
Amortization of acquisition-related intangible assets
     
 
9
 
     –       –        –        –        –       –        –  
Total non-interest income and total revenue adjusting items (Pre-tax)
     
 
18
 
     –       –        143        –        –       (367 )       –  
Adjusting items impacting
non-interest
expenses
(Pre-tax)
                       
Divestitures and wind-down of operations
     
 
26
 
     1,362       –        (7 )       –        –       –        –  
Restructuring charge and severance provisions
     
 
–
 
     –       53        –        –        –       354        –  
Consolidation of real estate and contract termination costs
     
 
–
 
     –       –        –        –        –       87        –  
Impairment of
non-financial
assets
     
 
–
 
     –       440        –        –        –       346        –  
Amortization of acquisition-related intangible assets
     
 
17
 
     18       19        17        18        18       19        20  
Legal provision
     
 
–
 
     –       –        176        –        –       –        –  
Total
non-interest
expenses adjustments
(Pre-tax)
     
 
43
 
     1,380       512        186        18        18       806        20  
Total impact of adjusting items on net income before taxes
     
 
61
 
     1,380       512        329        18        18       439        20  
Impact of adjusting items on income tax expense
     
 
(21
) 
     (11 )      (82 )       (50 )       (5 )       (5 )      (150 )       (5 ) 
Total impact of adjusting items on net income
     
 
40
 
     1,369       430        279        13        13       289        15  
Adjusted net income
     
$
2,072
 
   $ 2,362     $ 2,119      $ 2,191      $ 2,105      $ 2,212     $ 1,643      $ 2,207  
Adjusted diluted earnings per share 
($)
     
 
1.52
 
     1.76       1.57        1.63        1.58        1.69       1.23        1.72  
(1)
Refer to
Non-GAAP
Measures section starting on page 5.
(2)
Refer to Glossary on page 58 for the description of the measure.
Trending analysis
Earnings over the period were driven by higher net interest income and generally higher
non-interest
income, partly offset by higher provision for credit losses and increased term funding costs. On an adjusted basis, earnings generally increased over the period.
Total revenue
Canadian Banking revenue has increased from continued volume growth, improved business mix, and growing client activity. International Banking net interest income is stable with improvements in lending mix and positive impact from central bank rates decline. Global Wealth Management
fee-based
revenues increased during the period and are impacted by market conditions. Global Banking and Markets revenues are affected by market conditions that impact client activity in the capital markets and business banking businesses. Revenues in the Other segment were impacted by higher term funding costs, and income from associated companies.
Provision for credit losses
Provision for credit losses have generally trended upward during the period driven by higher impaired loan provisions due mainly to higher formations and retail credit migration. Provisions also increased during the period due to the uncertainty around the impact of higher interest rates, retail portfolio growth and continued unfavourable macroeconomic outlook.
 
36
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Non-interest
expenses
Non-interest
expenses for the period reflect the Bank’s continued investment in personnel and technology to support strategy and business growth, as well as the impact of inflation. This was partly offset by expense management and efficiency initiatives. The impact of foreign currency translation also contributed to fluctuations over the period.
Non-interest
expenses for the recent quarters were impacted by adjusting items.
Provision for income taxes
The effective tax rate was 21.0% this quarter, impacted by adjusting items. The effective tax rate average was 21.6% over the period and was impacted by increased statutory tax rates, divestitures, restructuring charge and net income earned in foreign jurisdictions, as well as the variability of
tax-exempt
dividend income and inflationary benefits.
Financial Position
T17 Condensed statement of financial position
 
      As at                            
(Unaudited) ($ billions)
   
April 30
2025
      October 31
2024		      Change      Volume
Change		      FX
Change		  
Assets
               
Cash, deposits with financial institutions and precious metals
   
$
69.6
 
    $ 66.4        4.7 %       5.2 %       (0.5 )% 
Trading assets
   
 
129.0
 
      129.7        (0.6 )       (0.7 )       0.1  
Securities purchased under resale agreements and securities borrowed
   
 
192.6
 
      200.6        (3.9 )       (3.8 )       (0.1 ) 
Derivative financial instruments
   
 
47.9
 
      44.4        8.0        6.6        1.4  
Investment securities
   
 
154.3
 
      152.8        1.0        1.3        (0.3 ) 
Loans
   
 
756.4
 
      760.8        (0.6 )       (0.6 )       –  
Other
   
 
65.7
 
      57.3        14.6        17.0        (2.4 ) 
Total assets
   
$
1,415.5
 
    $ 1,412.0        0.2 %       0.3 %       (0.1 )% 
Liabilities
               
Deposits
   
$
945.8
 
    $ 943.8        0.2 %       0.2 %       – % 
Derivative financial instruments
   
 
61.9
 
      51.3        20.8        22.0        (1.2 ) 
Obligations related to securities sold under repurchase agreements and securities lent
   
 
178.0
 
      190.5        (6.5 )       (6.4 )       (0.1 ) 
Other liabilities
   
 
135.4
 
      134.5        0.6        0.8        (0.2 ) 
Subordinated debentures
   
 
7.9
 
      7.8        0.7        0.9        (0.2 ) 
Total liabilities
   
$
1,329.0
 
    $ 1,327.9        0.1 %       0.2 %       (0.1 )% 
Equity
               
Common equity
(1)
   
$
74.7
 
    $ 73.6        1.5 %       1.9 %       (0.4 )% 
Preferred shares and other equity instruments
   
 
10.2
 
      8.8        16.6        16.6        –  
Non-controlling
interests in subsidiaries
   
 
1.6
 
      1.7        (7.0 )       (7.6 )       0.6  
Total equity
   
$
86.5
 
    $ 84.1        2.9 %       3.2 %       (0.3 )% 
Total liabilities and equity
   
$
1,415.5
 
    $ 1,412.0        0.2 %       0.3 %       (0.1 )% 
(1)
Includes net impact of foreign currency translation, primarily change in spot rates on the translation of assets and liabilities from functional currency to Canadian dollar equivalent.
The Bank’s total assets were $1,415 billion as at April 30, 2025, an increase of $3 billion from October 31, 2024. Trading securities decreased $2 billion due mainly to lower client activity. Loans decreased $4 billion. Residential mortgages were up $9 billion due mainly to growth in Canada. Business and government loans decreased $12 billion mainly in Canada and Asia. Securities purchased under resale agreements and securities borrowed decreased $8 billion due mainly to lower client activity. Derivative instrument assets increased by $4 billion due to changes in interest rates and commodity prices. Investment securities increased $1 billion with increased holdings of U.S. and Canadian government debt partly offset by lower holdings of common equities. Investments in associates increased $4 billion due to the Bank’s investment in KeyCorp. Precious metals increased $3 billion due to increases in gold position and price. Other assets increased $5 billion due mainly to higher collateral requirements.
Total liabilities were $1,329 billion as at April 30, 2025, a increase of $1 billion from October 31, 2024. Total deposits increased $2 billion. Personal deposits of $301 billion increased $2 billion mainly in Canada. Business and government deposits were higher by $4 billion, mainly in Canada, Peru and Chile. Deposits by financial institutions were down $4 billion mainly in Asia and Canada. Financial instruments designated at fair value through profit or loss increased $3 billion due to new issuances and changes in fair value. Derivative instrument liabilities increased by $11 billion due to changes in interest rates, foreign exchange rates, and equity and commodity prices. Obligations related to securities sold under repurchase agreements and securities lent decreased $12 billion due mainly to client activity. Obligations related to securities sold short increased by $2 billion due mainly to client demand. Other liabilities decreased $4 billion due mainly to lower accrued interest, other liabilities of subsidiaries and lower collateral.
Total shareholders’ equity was $87 billion, an increase of $2 billion from October 31, 2024. Equity was higher due to current year earnings of $3,025 million, other comprehensive income of $982 million due mainly to gains on derivative instruments designated as cash flow hedges, and preferred share and other equity instrument issuances of $1,453 million. Partly offsetting these items were dividends paid of $2,898 million.
Risk Management
The Bank’s risk management policies and practices have not substantially changed from those outlined in the Bank’s 2024 Annual Report. For a complete discussion of the risk management policies and practices and additional information on risk factors, refer to the “Risk Management” section in the 2024 Annual Report.
Top and emerging risks
The Bank is exposed to a variety of top and emerging risks as disclosed in the Bank’s 2024 Annual Report on Page 80. These risks can potentially adversely affect the Bank’s business strategies, financial performance, and reputation. As part of our risk management approach, we monitor our operating environment to identify, assess, review, and manage a broad range of top and emerging risks to undertake appropriate risk mitigation strategies. This quarter the impact of U.S. imposed tariffs and risk of resulting retaliatory measures, including the general unpredictability of U.S. government policy, was a key risk driver impacting our top and emerging risks and amplifying uncertainty.
 
 Scotiabank Second Quarter Report 2025   
 
37
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Impact of Tariffs
The heightened economic uncertainty driven by the impact of tariffs and changing government policy could lead to a slowdown in economic and trade activity, reignite inflationary pressures, impact central bank policy, and raise recessionary risks. Moreover, business leaders could struggle to adapt their investment and strategy plans as quickly as policy is changing or is proposed to change, which is creating added economic uncertainty. This is occurring in an already uncertain macroeconomic environment for the Bank’s clients who may currently be dealing with higher borrowing costs and could further dampen consumer demand and investor confidence. In addition, existing tariffs on Mexico and Canada could impact key exports like energy, steel/aluminum, agriculture, and automotive, creating headwinds for the Bank in its priority markets. The Bank believes stress testing and frequent updates to the Bank’s leadership help in understanding the changing landscape and its impact on the Bank’s risk profiles and business performance.
Credit risk
Allowance for credit losses
IFRS 9
Financial Instruments
, requires the consideration of past events, current conditions and reasonable and supportable forward-looking information over the life of the exposure to measure expected credit losses. Furthermore, to assess significant increases in credit risk, IFRS 9 requires that entities assess changes in the risk of a default occurring over the expected life of a financial instrument when determining staging. Consistent with the requirements of IFRS 9, the Bank considers both quantitative and qualitative information in the assessment of a significant increase in credit risk.
The Bank’s models are calibrated to consider past performance and macroeconomic forward-looking variables as inputs, as further described below. In the current year and prior year, the Bank enhanced certain of its IFRS 9 models, with the enhanced models exhibiting higher sensitivity to changes in the macroeconomic outlook. Expert credit judgement may be applied in circumstances where, in the Bank’s view, the inputs, assumptions, and/or modelling techniques do not capture all relevant risk factors, including the emergence of economic or political events of the market up to the date of the financial statements. Expert credit judgement is also applied in the assessment of underlying credit deterioration and migration of balances to progressive stages.
The Bank has generated a forward-looking base case scenario and three alternate forward-looking scenarios (one optimistic and two pessimistic) as key inputs into the expected credit loss provisioning models. As required under IFRS 9, the allowance for credit losses at each reporting period must be based on inputs, assumptions and information available up to that date. Given the extreme uncertainty surrounding U.S. trade policies and the direction of tariffs, the scenarios this quarter have varying assumptions of imposed tariffs. The base case scenario assumed tariffs announced and implemented as of April 30
th
, avoiding speculation on future announcements, including potential trade deals and tariff pauses. Differing assumptions are reflected in the alternate scenarios described below. As new information comes to light in future quarters, the scenarios and assumptions will be updated accordingly.
A dramatic escalation of trade tensions in recent months and the subsequent increase in uncertainty are behind substantial downward revisions to the U.S. baseline outlook. These developments pose steep economic costs on the U.S. economy, severely damaging consumer and business sentiments, weakening spending, disrupting supply chains, and adding inflationary pressures. The latter reduces the Federal Reserve’s ability to support the economy amidst economic damage and rising inflation. We expect the Federal Reserve to hold its policy rate through 2025 and start cutting in Q1 2026 – a year later than expected last quarter. While the current quarter’s baseline scenario does not forecast a U.S. recession, the central bank’s limited ability to cushion the economy against further escalations increases the risk of one. This threat is reflected in reduced investor confidence in U.S. dollar-denominated assets, with recent declines in sovereign yields largely reflecting expectations of weaker growth. Tariffs applied to Canada have so far largely aligned with our placeholder assumptions since last quarter. However, Canada does not escape the negative effects on demand from elevated uncertainty, a substantially weaker U.S. economy, and weaker commodity prices. Canada’s growth outlook has been revised down relative to last quarter, and the Bank of Canada is expected to respond to this demand-driven weakness by easing rates, ending 2026 at 100 basis points lower than expected last quarter.
The optimistic scenario features somewhat stronger economic activity relative to the base case. The pessimistic scenario features a negative demand-type shock with globally tighter financial conditions, weaker growth and inflation, and lower monetary policy rates than in the base case scenario. It also assumes a combination of U.S. imposed tariffs on world economies, including 12.5% on imports from Canada and Mexico while facing no retaliation from these countries. Lastly, the very pessimistic scenario features a strong stagflationary impulse that leads to a protracted period of financial market uncertainty. It also assumes U.S. imposed tariffs with a magnitude twice that of the pessimistic scenario. Here, all countries retaliate. This results in higher inflation, requiring central banks to raise their policy rates to higher levels than in the base case in order to bring inflation under control, which is dampening economic activity.
The following section provides additional detail on certain key macroeconomic variables used to calculate the modelled estimate for the allowance for credit losses (see page 72 for all key variables). Further changes in these variables up to the date of the financial statements are incorporated through expert credit judgement.
 
●
Gross Domestic Product (GDP):
The base case scenario assumes a slowdown in economic activity over 2025 and into 2026 in both Canada and the U.S. The slowdown is more pronounced in the U.S. due to a larger tariff burden and policy volatility. We expect the U.S. economy to decelerate from its remarkable performance in 2024 to 0.9% in 2025 and 0.6% in 2026. Canada is expected to slow from 1.6% in 2025 to 0.7% in 2026. The U.S. economy takes longer to recover lost ground, given the lasting impact permanent tariffs would have on its potential growth and an expressed unwillingness to cushion the economy through fiscal supports. In Canada, assumed fiscal stimulus in the form of transfers and rebates in the short run, and government infrastructure expenditure in the medium and long run, is expected to soften the blow and offset the impact of tariffs on potential growth.
 
 
 
Sources: Scotiabank Economics, Statistics Canada.
   
 
Sources: Scotiabank Economics, BEA.
 
38
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
●
Unemployment Rate:
The base case scenario assumes an increase in the unemployment rate of both countries. This constitutes a substantial upward revision relative to last quarter, particularly in the U.S., given the significant consequences tariffs have on employment. Canada’s unemployment rate is expected to peak at 7.8% in Q4 2025 before normalizing, while the U.S. unemployment rate is expected to peak at 5.6% in Q1 2026 and take longer to normalize. A higher expected GDP growth towards the tail end of the forecast horizon – as the economy catches up after a period of losses – is behind an unemployment rate forecast below that of last quarter in both countries.
 
 
Sources: Scotiabank Economics, Statistics Canada.
   
 
Sources: Scotiabank Economics, BLS.
The total allowance for credit losses as at April 30, 2025, was $7,276 million compared to $7,080 million in the prior quarter. The allowance for credit losses ratio was 95 basis points, an increase of four basis points. The allowance for credit losses on loans was $7,084 million, an increase of $227 million compared to last quarter. The increase was driven by higher allowance for credit losses on performing loans in Canadian Banking due to the impact of a significant deterioration in the macroeconomic outlook indicators in the U.S., Canada and Mexico. In addition, the overall continued uncertainty related to U.S. tariffs increased performing provisions, mainly impacting the Canadian retail and commercial portfolios. Allowances on impaired loans were higher due primarily to higher provisions in Canadian Banking. This was partly offset by the impact of foreign currency translation of $121 million.
The allowance for credit losses on performing loans was higher at $4,883 million compared to $4,667 million last quarter. The allowance for performing loans ratio was 66 basis points. The increase was due primarily to the continued unfavourable macroeconomic outlook and continued uncertainty related to U.S. tariffs, which mainly impacted Canadian Banking. This was partly offset by the impact of foreign currency translation of $77 million.
The allowance on impaired loans increased by $11 million to $2,201 million from $2,190 million last quarter. The allowance for impaired loans ratio was 29 basis points, an increase of one basis point. The increase was due primarily to higher provisions in Canadian Banking, partly offset by the impact of foreign currency translation of $44 million.
Impaired loans
Gross impaired loans decreased to $6,849 million as at April 30, 2025, from $7,064 million last quarter. The decrease was due primarily to lower formations across most portfolios, as well as the impact of foreign currency translation. The gross impaired loan ratio was 90 basis points, a decrease of one basis point from last quarter.
Net impaired loans in Canadian Banking were $1,498 million, a decrease of $90 million from last quarter, due primarily to lower retail formations. Net impaired loans in International Banking were $3,006 million, a decrease of $95 million from last quarter, due to the impact of foreign currency translation and lower formations. Net impaired loans in Global Banking and Markets were $84 million, a decrease of $52 million from last quarter due mainly to the
write-off
of one corporate account. Net impaired loans in Global Wealth Management were $60 million, an increase of $11 million from last quarter.
Net impaired loans as a percentage of loans and acceptances were 0.61%, a decrease of two basis points from last quarter.
Overview of loan portfolio
The Bank has a well-diversified portfolio by product, business, and geography. Details of certain portfolios of current focus are highlighted below.
Real estate secured lending
A large portion of the Bank’s lending portfolio is comprised of residential mortgages and consumer loans, which are well diversified by borrower. As at April 30, 2025, these loans amounted to $483 billion or 63% of the Bank’s total loans and acceptances outstanding (January 31, 2025 – $483 billion or 62%). Of these, $383 billion or 79% are real estate secured loans (January 31, 2025 – $382 billion or 79%). The tables below provide more details by portfolio.
 
 Scotiabank Second Quarter Report 2025   
 
39
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Insured and uninsured mortgages and home equity lines of credit
(1)
The following table presents amounts of insured and uninsured residential mortgages and home equity lines of credit (HELOCs), by geographic areas.
T18 Insured and uninsured residential mortgages and HELOCs, by geographic areas
 
    
As at April 30, 2025
  
    
Residential mortgages
    
Home equity lines of credit
  
    
Insured
(2)
    
Uninsured
    
Total
    
Insured
(2)
    
Uninsured
    
Total
  
($ millions)
  
Amount
    
%
    
Amount
    
%
    
Amount
    
%
    
Amount
    
%
    
Amount
    
%
    
Amount
    
%
  
Canada:
(3)
                        
Atlantic provinces
  
$
4,545
 
  
 
1.5
% 
  
$
7,227
 
  
 
2.4
% 
  
$
11,772
 
  
 
3.9
% 
  
$
–
 
  
 
–
% 
  
$
1,065
 
  
 
4.6
% 
  
$
1,065
 
  
 
4.6
% 
Quebec
  
 
7,239
 
  
 
2.4
 
  
 
12,956
 
  
 
4.2
 
  
 
20,195
 
  
 
6.6
 
  
 
–
 
  
 
–
 
  
 
1,227
 
  
 
5.3
 
  
 
1,227
 
  
 
5.3
 
Ontario
  
 
28,872
 
  
 
9.5
 
  
 
141,076
 
  
 
46.1
 
  
 
169,948
 
  
 
55.6
 
  
 
–
 
  
 
–
 
  
 
13,748
 
  
 
59.0
 
  
 
13,748
 
  
 
59.0
 
Manitoba & Saskatchewan
  
 
4,819
 
  
 
1.6
 
  
 
4,634
 
  
 
1.5
 
  
 
9,453
 
  
 
3.1
 
  
 
–
 
  
 
–
 
  
 
575
 
  
 
2.5
 
  
 
575
 
  
 
2.5
 
Alberta
  
 
14,621
 
  
 
4.8
 
  
 
17,601
 
  
 
5.8
 
  
 
32,222
 
  
 
10.6
 
  
 
–
 
  
 
–
 
  
 
2,245
 
  
 
9.6
 
  
 
2,245
 
  
 
9.6
 
British Columbia & Territories
  
 
9,900
 
  
 
3.2
 
  
 
51,898
 
  
 
17.0
 
  
 
61,798
 
  
 
20.2
 
  
 
–
 
  
 
–
 
  
 
4,441
 
  
 
19.0
 
  
 
4,441
 
  
 
19.0
 
Canada
(4)(5)
  
$
69,996
 
  
 
23.0
% 
  
$
235,392
 
  
 
77.0
% 
  
$
305,388
 
  
 
100
% 
  
$
–
 
  
 
–
% 
  
$
23,301
 
  
 
100
% 
  
$
23,301
 
  
 
100
% 
International
  
 
–
 
  
 
–
 
  
 
54,404
 
  
 
100
 
  
 
54,404
 
  
 
100
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Total
  
$
69,996
 
  
 
19.5
% 
  
$
289,796
 
  
 
80.5
% 
  
$
359,792
 
  
 
100
% 
  
$
–
 
  
 
–
% 
  
$
23,301
 
  
 
100
% 
  
$
23,301
 
  
 
100
% 
     As at January 31, 2025  
Canada
(4)(5)
   $ 71,033       23.4 %    $ 232,646       76.6 %    $ 303,679       100 %    $ –       – %    $ 23,061       100 %    $ 23,061       100 % 
International
     –       –       55,112       100       55,112       100       –       –       –       –       –       –  
Total
   $ 71,033       19.8 %    $ 287,758       80.2 %    $ 358,791       100 %    $ –       – %    $ 23,061       100 %    $ 23,061       100 % 
     As at October 31, 2024  
Canada
(4)(5)
   $ 71,696       24.1 %    $ 225,981       75.9 %    $ 297,677       100 %    $ –       – %    $ 23,297       100 %    $ 23,297       100 % 
International
     –       –       53,264       100       53,264       100       –       –       –       –       –       –  
Total
   $ 71,696       20.4 %    $ 279,245       79.6 %    $ 350,941       100 %    $ –       – %    $ 23,297       100 %    $ 23,297       100 % 
(1)
The measures in this section have been disclosed in this document as required by OSFI Guideline – B20 – Residential Mortgage Underwriting Practices and Procedures (January 2018).
(2)
Default insurance is contractual coverage for the life of eligible facilities whereby the Bank’s exposure to real estate secured lending is protected against potential shortfalls caused by borrower default. This insurance is provided by either government-backed entities or private mortgage insurers.
(3)
The province represents the location of the property in Canada.
(4)
Includes multi-residential dwellings (4+ units) of $3,228 (January 31, 2025 -$3,505; October 31, 2024 – $3,796) of which $2,548 are insured (January 31, 2025 – $2,764; October 31, 2024 – $3,024).
(5)
Variable rate mortgages account for 33% (January 31, 2025 – 31%; October 31, 2024 – 30%) of the Bank’s total Canadian residential mortgage portfolio.
Amortization period ranges for residential mortgages
(1)
The following table presents the distribution of residential mortgages by remaining amortization periods, and by geographic areas.
T19 Distribution of residential mortgages by amortization periods, and by geographic areas
 
     
As at April 30, 2025
  
     
Residential mortgages by amortization period
  
     
Less than
20 years
    
20-24

years
     
25-29

years
     
30-34

years
    
35 years
and
greater
     
Total
residential
mortgages
  
Canada
   
 
34.8
% 
  
 
34.2
% 
   
 
29.8
% 
   
 
0.7
% 
  
 
0.5
% 
   
 
100
% 
International
   
 
65.6
% 
  
 
18.2
% 
   
 
15.3
% 
   
 
0.9
% 
  
 
0.0
% 
   
 
100
% 
      As at January 31, 2025  
Canada
      35.4 %      34.4 %       28.9 %       0.9 %      0.4 %       100 % 
International
      64.2 %      17.8 %       16.7 %       1.3 %      0.0 %       100 % 
      As at October 31, 2024  
Canada
      36.1 %      34.9 %       27.7 %       0.9 %      0.4 %       100 % 
International
      64.5 %      17.9 %       16.6 %       1.0 %      0.0 %       100 % 
(1)
The measures in this section have been disclosed in this document as required by OSFI Guideline – B20 – Residential Mortgage Underwriting Practices and Procedures (January 2018).
Loan to value ratios
(1)
The Canadian residential mortgage portfolio is 77% uninsured (January 31, 2025 – 77%; October 31, 2024 – 76%). The average
loan-to-value
(LTV) ratio of the uninsured portfolio is 52% (January 31, 2025 – 52%; October 31, 2024 – 51%).
 
40
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The following table presents the weighted average LTV ratio for total newly-originated uninsured residential mortgages and home equity lines of credit, which include mortgages for purchases, refinances with a request for additional funds and transfers from other financial institutions, by geographic areas in the current quarter.
T20 Loan to value ratios
 
     
Uninsured LTV ratios
  
     
For the three months ended April 30, 2025
  
     
Residential
mortgages
     
Home equity lines of
credit
(2)
  
     
LTV%
     
LTV%
  
Canada:
(3)
      
Atlantic provinces
      62.7 %       62.8 % 
Quebec
      61.4        66.4  
Ontario
      60.6        62.7  
Manitoba & Saskatchewan
      65.1        61.2  
Alberta
      65.6        66.2  
British Columbia & Territories
      60.0        60.8  
Canada
(3)
   
 
61.2
% 
   
 
62.8
% 
International
   
 
70.6
% 
   
 
n/a
 
      For the three months ended January 31, 2025  
Canada
(3)
      62.1 %       62.9 % 
International
      71.0 %       n/a  
      For the three months ended October 31, 2024  
Canada
(3)
      61.5 %       62.5 % 
International
      70.4 %       n/a  
(1)
The measures in this section have been disclosed in this document as required by OSFI Guideline – B20 – Residential Mortgage Underwriting Practices and Procedures (January 2018).
(2)
Includes all home equity lines of credit (HELOC). For Scotia Total Equity Plan HELOCs, LTV is calculated based on the sum of residential mortgages and the authorized limit for related HELOCs, divided by the value of the related residential property, and presented on a weighted average basis for newly originated mortgages and HELOCs.
(3)
The province represents the location of the property in Canada.
Potential impact on residential mortgages and real estate home equity lines of credit in the event of an economic downturn
As part of its stress testing program, the Bank analyzes the impact of various combinations of home price declines and unemployment increases on the Bank’s residential mortgage portfolios. Those results continue to show that credit losses and impacts on capital ratios are within a level the Bank considers manageable. In addition, the Bank has undertaken extensive
all-Bank
scenario analyses to assess the impact to the enterprise of different scenarios and is confident that it has the financial resources to withstand even a very negative outlook.
Commercial real estate exposures
The Bank’s commercial real estate portfolio was $62.3 billion (January 31, 2025 – $64.3 billion; October 31, 2024 – $66.0 billion), or 8.2% (January 31, 2025 – 8.3%; October 31, 2024 – 8.6%) of the Bank’s total loans outstanding as at April 30, 2025. This portfolio is comprised of 72% of loans to the residential and industrial sector (January 31, 2025 – 73%; October 31, 2024 – 73%). Headwinds faced by the residential sector are largely mitigated by structural supply-demand imbalance and the Bank’s strategy to focus primarily on top tier, well-capitalized developers. Total exposure to the Office subsector (entities engaged in the construction, development, or ownership of office properties as a business) represents approximately 9% (January 31, 2025 – 9%; October 31, 2024 – 9%) of the commercial real estate portfolio, of which approximately 57% (January 31, 2025 – 58%; October 31, 2024 – 60%) are investment grade facilities. U.S. office exposure represents approximately 0.4% (January 31, 2025 – 0.4%; October 31, 2024 – 0.4%) of the portfolio.
Loans to Canadian condominium developers
The Bank had loans outstanding to Canadian condominium developers of $3,518 million as at April 30, 2025 (January 31, 2025 – $3,455 million; October 31, 2024 – $3,238 million). This represents approximately 6% of the commercial real estate portfolio (January 31, 2025 – 5%; October 31, 2024 – 5%), of which approximately 78% are investment grade facilities (January 31, 2025 – 75%; October 31, 2024 – 72%). This is a portfolio comprised of well capitalized and experienced developers who have long-term relationships with the Bank.
Regional
non-retail
exposures
The Bank’s exposures outside Canada and the U.S. are diversified by region and product and are sized appropriately relative to the credit worthiness of the counterparties (59% of the exposures are to investment grade counterparties based on a combination of internal and external ratings). The Bank’s exposures are carried at amortized cost or fair value using observable inputs, with negligible amounts valued using models with unobservable inputs (Level 3). There were no significant events during the quarter that materially impacted the Bank’s exposures.
The Bank’s exposure to sovereigns was $55.9 billion as at April 30, 2025 (January 31, 2025 – $56.6 billion; October 31, 2024 – $58.9 billion). Exposure to banks was $14.8 billion (January 31, 2025 – $17.4 billion; October 31, 2024 – $15.5 billion), and exposures to corporates was $103.0 billion (January 31, 2025 – $108.8 billion; October 31, 2024 – $111.0 billion).
In addition to exposures detailed in the table below, the Bank had indirect exposures consisting of securities exposures to
non-European
entities whose parent company is domiciled in Europe of $0.3 billion as at April 30, 2025 (January 31, 2025 – $0.5 billion; October 31, 2024 – $0.3 billion).
 
 Scotiabank Second Quarter Report 2025   
 
41
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The Bank’s regional credit exposures are distributed as follows:
T21 Bank’s regional credit exposures distribution
 
     As at                
    
April 30, 2025
     January 31
2025		     October 31
2024		  
($ millions)
   Loans and
loan
equivalents
(1)
     Deposits
with
financial
institutions		     Securities
(2)
     SFT and
derivatives
(3)
     Funded
total		     Undrawn
commitments
(4)
    
Total
     Total     Total  
Latin America
(5)
   $ 76,442     $ 11,241     $ 20,413     $ 1,245     $ 109,341     $ 9,471    
$
118,812
 
   $ 120,880     $ 125,228  
Caribbean and Central America
     13,088       3,965       4,807       110       21,970       3,467    
 
25,437
 
     26,753       24,521  
Europe, excluding U.K.
     7,352       1,924       4,170       2,614       16,060       10,588    
 
26,648
 
     27,731       25,083  
U.K.
     6,718       1,395       16       2,089       10,218       6,908    
 
17,126
 
     17,973       18,192  
Asia
     7,369       867       7,160       268       15,664       8,341    
 
24,005
 
     26,628       29,458  
Other
(6)
     235       2       108       72       417       270    
 
687
 
     1,380       778  
Total
   $ 111,204     $ 19,394     $ 36,674     $ 6,398     $ 173,670     $ 39,045    
$
212,715
 
   $ 221,345     $ 223,260  
(1)
Allowances for credit losses are $581. Letters of credit and guarantees are included as funded exposure as they have been issued. Included in loans and loans equivalent are letters of credit and guarantees which total $14,272 as at April 30, 2025 (January 31, 2025 – $14,740; October 31, 2024 – $14,446).
(2)
Exposures for securities are calculated taking into account derivative positions where the security is the underlying reference asset and short trading positions, with net short positions in brackets.
(3)
SFT comprise of securities purchased under resale agreements, obligations related to securities sold under repurchase agreements and securities lending and borrowing transactions. Gross and net funded exposures represent all net positive positions after taking into account collateral. Collateral held against derivatives was $7,002 and collateral held against SFT was $147,502.
(4)
Undrawn commitments represent an estimate of the contractual amount that may be drawn upon by the obligor and include commitments to issue letters of credit on behalf of other banks in a syndicated bank lending arrangement.
(5)
Includes Mexico, Chile, Peru, Colombia, Brazil, Uruguay, Venezuela, Ecuador and Argentina.
(6)
Includes Middle East and Africa.
Market risk
Value at Risk (VaR) is a key measure of market risk in the Bank’s trading activities. The table below shows the Bank’s VaR by risk factor:
T22 Market Risk Measures
 
      Average for the three months ended  
Risk factor
($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024		  
Credit spread plus interest rate
   
$
14.2
 
    $ 17.4      $ 15.8  
Credit spread
(1)
   
 
12.4
 
      8.0        9.6  
Interest rate
   
 
12.8
 
      21.8        15.4  
Equities
   
 
6.1
 
      5.7        5.4  
Foreign exchange
   
 
2.0
 
      2.6        3.9  
Commodities
   
 
2.8
 
      2.8        2.6  
Debt specific
(1)
   
 
n/a
 
      n/a        3.2  
Diversification effect
   
 
(11.0
) 
      (11.4 )       (12.9 ) 
Total VaR
   
$
14.1
 
    $ 17.1      $ 18.0  
(1)
Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.
In the second quarter of 2025, the average
one-day
Total VaR decreased primarily due to lower interest rate risk.
There were no trading loss days this quarter. The quality and accuracy of the VaR models is validated by back-testing, which compares daily actual and theoretical profit and loss with the daily output of the VaR model.
Interest rate risk
Interest rate risk is the risk of loss due to the following: changes in the level, slope and curvature of the yield curve; the volatility of interest rates and changes in customer preferences (e.g. mortgage prepayment rates).
Non-trading
interest rate sensitivity
The following table shows the
pro-forma
pre-tax
impact on the Bank’s net interest income over the next twelve months and economic value of equity of an immediate and sustained 100 basis points increase and decrease in interest rate across major currencies as defined by the Bank. These calculations are based on models that consider a number of inputs, are on a constant balance sheet and make no assumptions for management actions to mitigate the risk.
 
42
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T23 Structural interest sensitivity
 
                  As at  
    
April 30, 2025
     January 31, 2025     April 30, 2024  
    
Net interest income
    
Economic value of equity
                              
($ millions)
  
Canadian
dollar
    
Other
currencies
    
Total
    
Canadian
dollar
    
Other
currencies
    
Total
     Net
interest
income		     Economic
value of
equity		     Net
interest
income		     Economic
value of
equity		  
+100 bps
  
$
216
 
  
$
(42
) 
  
$
174
 
  
$
(303
) 
  
$
(996
) 
  
$
(1,299
) 
   $ 102     $ (1,147 )    $ (25 )    $ (1,587 ) 
-100 bps
  
 
(242
) 
  
 
17
 
  
 
(225
) 
  
 
73
 
  
 
747
 
  
 
820
 
     (146 )      623       (20 )      1,143  
During the second quarter of 2025, both interest rate sensitivities remained within the Bank’s approved consolidated limits.
The Board approves the risk appetite for structural interest rate risk, and the Asset Liability Committee (ALCO) and Global Risk Management (GRM) provide ongoing governance through structural interest rate risk policies, limits and operating frameworks. Structural interest rate risk reports are reviewed regularly by GRM, ALCO, and the Board.
The Bank supplements the immediate rate change impact analysis described above with more sophisticated analyses and tools for actual risk management purposes.
Market risk linkage to Consolidated Statement of Financial Position
Trading assets and liabilities are marked to market daily and included in trading risk measures such as VaR. Derivatives captured under trading risk measures are related to the activities of Global Banking and Markets, while derivatives captured under
non-trading
risk measures comprise those used in asset/liability management and designated in a hedge relationship. A comparison of Consolidated Statement of Financial Position items which are covered under the trading and
non-trading
risk measures is provided in the table below.
T24 Market risk linkage to Consolidated Statement of Financial Position of the Bank
 
As at April 30, 2025
  
Market risk measure
  
($ millions)
  
Consolidated
Statement of
Financial Position
    
Trading
risk
    
Non-trading

risk
    
Not subject to
market risk
    
Primary risk sensitivity of
non-trading
risk
  
Precious metals
  
$
5,971
 
  
$
5,971
 
  
$
–
 
  
$
–
 
  
 
n/a
 
Trading assets
  
 
128,987
 
  
 
127,865
 
  
 
1,122
 
  
 
–
 
  
 
Interest rate, FX
 
Derivative financial instruments
  
 
47,937
 
  
 
44,256
 
  
 
3,681
 
  
 
–
 
  
 
Interest rate, FX, equity
 
Investment securities
  
 
154,291
 
  
 
–
 
  
 
154,291
 
  
 
–
 
  
 
Interest rate, FX, equity
 
Loans
  
 
756,372
 
  
 
–
 
  
 
756,372
 
  
 
–
 
  
 
Interest rate, FX
 
Assets – other
(1)
  
 
321,907
 
  
 
457
 
  
 
–
 
  
 
321,450
 
  
 
n/a
 
Total assets
  
$
1,415,465
 
  
$
178,549
 
  
$
915,466
 
  
$
321,450
 
  
 
 
 
Deposits
  
$
945,843
 
  
$
–
 
  
$
901,587
 
  
$
44,256
 
  
 
Interest rate, FX, equity
 
Financial instruments designated at fair value through profit or loss
  
 
39,127
 
  
 
39,127
 
  
 
–
 
  
 
–
 
  
 
Interest rate, equity
 
Obligations related to securities sold short
  
 
36,543
 
  
 
36,543
 
  
 
–
 
  
 
–
 
  
 
n/a
 
Derivative financial instruments
  
 
61,933
 
  
 
56,592
 
  
 
5,341
 
  
 
–
 
  
 
Interest rate, FX, equity
 
Trading liabilities
(2)
  
 
606
 
  
 
606
 
  
 
–
 
  
 
–
 
  
 
n/a
 
Pension and other benefit liabilities
  
 
1,619
 
  
 
–
 
  
 
1,619
 
  
 
–
 
  
 
Interest rate, credit spread, equity
 
Liabilities – other
(3)
 
 
243,288
 
  
 
277
 
  
 
–
 
  
 
243,011
 
  
 
n/a
 
Total liabilities
  
$
1,328,959
 
  
$
133,145
 
  
$
908,547
 
  
$
287,267
 
  
 
 
 
(1)
Includes goodwill, intangibles, other assets and securities purchased under resale agreements and securities borrowed.
(2)
Gold and silver certificates and bullion included in other liabilities.
(3)
Includes obligations related to securities sold under repurchase agreements and securities lent and other liabilities.
 
As at October 31, 2024   Market risk measure  
($ millions)
   Consolidated
Statement of
Financial Position		     Trading
risk		    
Non-trading

risk		     Not subject to
market risk		    
Primary risk sensitivity of
non-trading
risk
  
Precious metals
   $ 2,540     $ 2,540     $ –     $ –       n/a  
Trading assets
     129,727       129,032       695       –       Interest rate, FX  
Derivative financial instruments
     44,379       39,736       4,643       –       Interest rate, FX, equity  
Investment securities
     152,832       –       152,832       –       Interest rate, FX, equity  
Loans
     760,829       –       760,829       –       Interest rate, FX  
Assets – other
(1)
     321,720       448       –       321,272       n/a  
Total assets
   $ 1,412,027     $ 171,756     $ 918,999     $ 321,272    
 
 
 
Deposits
   $ 943,849     $ –     $ 901,328     $ 42,521       Interest rate, FX, equity  
Financial instruments designated at fair value through profit or loss
     36,341       36,341       –       –       Interest rate, equity  
Obligations related to securities sold short
     35,042       35,042       –       –       n/a  
Derivative financial instruments
     51,260       45,652       5,608       –       Interest rate, FX, equity  
Trading liabilities
(2)
     578       578       –       –       n/a  
Pension and other benefit liabilities
     1,587       –       1,587       –       Interest rate, credit spread, equity  
Liabilities – other
(3)
    259,294       275       –       259,019       n/a  
Total liabilities
   $ 1,327,951     $ 117,888     $ 908,523     $ 301,540    
 
 
 
(1)
Includes goodwill, intangibles, other assets and securities purchased under resale agreements and securities borrowed.
(2)
Gold and silver certificates and bullion included in other liabilities.
(3)
Includes obligations related to securities sold under repurchase agreements and securities lent and other liabilities.
 
 Scotiabank Second Quarter Report 2025   
 
43
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Liquidity risk
Effective liquidity risk management is essential to maintain the confidence of depositors and counterparties, manage the Bank’s cost of funds and to support core business activities, even under adverse circumstances.
Liquidity risk is managed within a framework of policies and limits that are approved by the Board of Directors, as outlined in Note 19 to the Condensed Interim Consolidated Financial Statements and in Note 36 to the Consolidated Financial Statements in the Bank’s 2024 Annual Report.
Liquid assets are a key component of this framework. The determination of the appropriate levels for liquid asset portfolios is based on the amount of liquidity the Bank might need to fund expected cash flows in the normal course of business, as well as what might be required in periods of stress to meet cash outflows. Stress events include periods when there are disruptions in the capital markets or events which may impair the Bank’s access to funding markets or liquidity. The Bank uses stress testing to assess the impact of stress events and to assess the amount of liquid assets that would be required in various stress scenarios.
Liquid assets
Liquid assets are a key component of liquidity management and the Bank holds these types of assets in sufficient quantity to meet potential needs.
Liquid assets can be used to generate cash either through sale, repurchase transactions or other transactions where these assets can be used as collateral to generate cash, or by allowing the asset to mature. Liquid assets include unrestricted deposits with central banks, deposits with financial institutions, marketable securities, precious metals and securities received as collateral from securities financing and derivative transactions.
Marketable securities are securities traded in active markets, which can be converted to cash within a timeframe that is in accordance with the Bank’s liquidity management framework. Assets are assessed considering a number of factors, including the expected time it would take to convert them to cash.
Marketable securities included in liquid assets are comprised of securities specifically held as a liquidity buffer or for asset/liability management purposes, trading securities primarily held by Global Banking and Markets, and collateral received from securities financing and derivative transactions.
The Bank maintains large holdings of unencumbered liquid assets to support its operations. These assets generally can be sold or pledged to meet the Bank’s obligations. As at April 30, 2025 unencumbered liquid assets were $319 billion (October 31, 2024 – $310 billion). Securities, including National Housing Act (NHA) mortgage-backed securities, comprised 80% of liquid assets (October 31, 2024 – 81%). Other unencumbered liquid assets, comprising cash and deposits with central banks, deposits with financial institutions and precious metals, were 20% (October 31, 2024 – 19%). The increase in total unencumbered liquid assets was mainly attributable to an increase in Canada government securities, precious metals, NHA mortgage backed securities and other liquid securities, partly offset by a decrease in foreign government securities and deposits with financial institutions.
The carrying values outlined in the liquid asset table are consistent with the carrying values in the Bank’s Consolidated Statement of Financial Position as at April 30, 2025. The liquidity value of the portfolio will vary under different stress events as different assumptions are used for the stress scenarios.
The Bank’s liquid asset pool is summarized in the following table:
T25 Liquid asset pool
 
    
As at April 30, 2025
  
   
Bank-owned

liquid assets
    
Securities received as
collateral from
securities financing
and derivative
transactions
    
Total liquid
assets
    
Encumbered
liquid assets
    
Unencumbered
liquid assets
  
($ millions)
  
Pledged as
collateral
    
Other
(1)
    
Available as
collateral
     
Other
  
Cash and deposits with central banks
  
$
56,504
 
  
$
–
 
  
$
56,504
 
  
$
–
 
  
$
6,879
 
  
$
49,625
 
   
$
–
 
Deposits with financial institutions
  
 
7,073
 
  
 
–
 
  
 
7,073
 
  
 
–
 
  
 
121
 
  
 
6,952
 
   
 
–
 
Precious metals
  
 
5,971
 
  
 
–
 
  
 
5,971
 
  
 
–
 
  
 
–
 
  
 
5,971
 
   
 
–
 
Securities:
               
Canadian government obligations
  
 
76,432
 
  
 
26,310
 
  
 
102,742
 
  
 
34,799
 
  
 
–
 
  
 
67,943
 
   
 
–
 
Foreign government obligations
  
 
118,204
 
  
 
119,666
 
  
 
237,870
 
  
 
115,370
 
  
 
–
 
  
 
122,500
 
   
 
–
 
Other securities
  
 
73,603
 
  
 
112,004
 
  
 
185,607
 
  
 
152,284
 
  
 
–
 
  
 
33,323
 
   
 
–
 
NHA mortgage-backed securities
  
 
39,028
 
  
 
–
 
  
 
39,028
 
  
 
6,751
 
  
 
–
 
  
 
32,277
 
   
 
–
 
Total
  
$
376,815
 
  
$
257,980
 
  
$
634,795
 
  
$
309,204
 
  
$
7,000
 
  
$
318,591
 
   
$
–
 
     As at October 31, 2024  
    Bank-owned
liquid assets		     Securities received as
collateral from
securities financing
and derivative
transactions		     Total liquid
assets		     Encumbered
liquid assets		     Unencumbered
liquid assets		  
($ millions)
   Pledged as
collateral		     Other
(1)
     Available as
collateral		      Other  
Cash and deposits with central banks
   $ 55,976     $ –     $ 55,976     $ –     $ 5,991     $ 49,985      $ –  
Deposits with financial institutions
     7,884       –       7,884       –       82       7,802        –  
Precious metals
     2,540       –       2,540       –       –       2,540        –  
Securities:
               
Canadian government obligations
     71,915       26,062       97,977       34,572       –       63,405        –  
Foreign government obligations
     121,072       129,991       251,063       126,371       –       124,692        –  
Other securities
     75,223       101,262       176,485       143,862       –       32,623        –  
NHA mortgage-backed securities
     35,546       –       35,546       6,584       –       28,962        –  
Total
   $ 370,156     $ 257,315     $ 627,471     $ 311,389     $ 6,073     $ 310,009      $ –  
(1)
Assets which are restricted from being used to secure funding for legal or other reasons.
 
44
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
A summary of total unencumbered liquid assets held by the parent bank and its branches, and domestic and foreign subsidiaries, is presented below:
T26 Total unencumbered liquid assets held by the parent bank and its branches, and domestic and foreign subsidiaries
 
      As at    
($ millions)
   
April 30
2025
      October 31
2024		  
The Bank of Nova Scotia (Parent)
   
$
247,446
 
    $ 235,378  
Bank domestic subsidiaries
   
 
24,596
 
      32,769  
Bank foreign subsidiaries
   
 
46,549
 
      41,862  
Total
   
$
318,591
 
    $ 310,009  
The Bank’s liquidity pool is held across major currencies, mostly comprised of Canadian and U.S. dollar holdings. As shown above, the vast majority (85%) of liquid assets are held by the Bank’s corporate office, branches of the Bank, and Canadian subsidiaries of the Bank. The Bank monitors and ensures compliance in relation to minimum levels of liquidity required and assets held within each entity, and/or jurisdiction. Potential regulatory restrictions on the transferability of liquid assets held in Bank foreign subsidiaries are taken into consideration in the Bank’s liquidity management framework.
Encumbered assets
In the course of the Bank’s
day-to-day
activities, securities and other assets are pledged to secure an obligation, participate in clearing or settlement systems, or operate in a foreign jurisdiction. Securities are also pledged under repurchase agreements. A summary of encumbered and unencumbered assets is presented below:
T27 Asset encumbrance
 
    
As at April 30, 2025
  
   
Bank-owned
assets
    
Securities received as
collateral from
securities financing and
derivative transactions
    
Total assets
    
Encumbered assets
    
Unencumbered assets
  
($ millions)
  
Pledged as
collateral
    
Other
(1)
    
Available as
collateral
(2)
     
Other
(3)
  
Cash and deposits with central banks
  
$
56,504
 
  
$
–
 
  
$
56,504
 
  
$
–
 
  
$
6,879
 
  
$
49,625
 
   
$
–
 
Deposits with financial institutions
  
 
7,073
 
  
 
–
 
  
 
7,073
 
  
 
–
 
  
 
121
 
  
 
6,952
 
   
 
–
 
Precious metals
  
 
5,971
 
  
 
–
 
  
 
5,971
 
  
 
–
 
  
 
–
 
  
 
5,971
 
   
 
–
 
Liquid securities:
               
Canadian government obligations
  
 
76,432
 
  
 
26,310
 
  
 
102,742
 
  
 
34,799
 
  
 
–
 
  
 
67,943
 
   
 
–
 
Foreign government obligations
  
 
118,204
 
  
 
119,666
 
  
 
237,870
 
  
 
115,370
 
  
 
–
 
  
 
122,500
 
   
 
–
 
Other liquid securities
  
 
73,603
 
  
 
112,004
 
  
 
185,607
 
  
 
152,284
 
  
 
–
 
  
 
33,323
 
   
 
–
 
Other securities
  
 
4,354
 
  
 
13,980
 
  
 
18,334
 
  
 
8,784
 
  
 
–
 
  
 
–
 
   
 
9,550
 
Loans classified as liquid assets:
               
NHA mortgage-backed securities
  
 
39,028
 
  
 
–
 
  
 
39,028
 
  
 
6,751
 
  
 
–
 
  
 
32,277
 
   
 
–
 
Other loans
  
 
725,185
 
  
 
–
 
  
 
725,185
 
  
 
8,633
 
  
 
74,802
 
  
 
20,749
 
   
 
621,001
 
Other financial assets
(4)
  
 
249,471
 
  
 
(174,935
) 
  
 
74,536
 
  
 
18,309
 
  
 
–
 
  
 
–
 
   
 
56,227
 
Non-financial
assets
  
 
59,640
 
  
 
–
 
  
 
59,640
 
  
 
–
 
  
 
–
 
  
 
–
 
   
 
59,640
 
Total
  
$
1,415,465
 
  
$
97,025
 
  
$
1,512,490
 
  
$
344,930
 
  
$
81,802
 
  
$
339,340
 
   
$
746,418
 
     As at October 31, 2024  
   
Bank-owned

assets		     Securities received as
collateral from
securities financing and
derivative transactions		     Total assets     Encumbered assets     Unencumbered assets  
($ millions)
   Pledged as
collateral		     Other
(1)
     Available as
collateral
(2)
      Other
(3)
  
Cash and deposits with central banks
   $ 55,976     $ –     $ 55,976     $ –     $ 5,991     $ 49,985      $ –  
Deposits with financial institutions
     7,884       –       7,884       –       82       7,802        –  
Precious metals
     2,540       –       2,540       –       –       2,540        –  
Liquid securities:
               
Canadian government obligations
     71,915       26,062       97,977       34,572       –       63,405        –  
Foreign government obligations
     121,072       129,991       251,063       126,371       –       124,692        –  
Other liquid securities
     75,223       101,262       176,485       143,862       –       32,623        –  
Other securities
     4,534       10,677       15,211       4,415       –       –        10,796  
Loans classified as liquid assets:
               
NHA mortgage-backed securities
     35,546       –       35,546       6,584       –       28,962        –  
Other loans
     732,932       –       732,932       6,642       79,812       17,173        629,305  
Other financial assets
(4)
     249,058       (193,018 )      56,040       13,148       –       –        42,892  
Non-financial
assets
     55,347       –       55,347       –       –       –        55,347  
Total
   $ 1,412,027     $ 74,974     $ 1,487,001     $ 335,594     $ 85,885     $ 327,182      $ 738,340  
(1)
Assets which are restricted from being used to secure funding for legal or other reasons.
(2)
Assets that are readily available in the normal course of business to secure funding or meet collateral needs including central bank borrowing immediately available.
(3)
Other unencumbered assets are not subject to any restrictions on their use to secure funding or as collateral but the Bank would not consider them to be readily available. These include loans, a portion of which may be used to access central bank facilities outside of the normal course or to raise secured funding through the Bank’s secured funding programs.
(4)
Securities received as collateral against other financial assets are included within liquid securities and other securities.
 
 Scotiabank Second Quarter Report 2025   
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
As at April 30, 2025 total encumbered assets of the Bank were $427 billion (October 31, 2024 – $421 billion). Of the remaining $1,086 billion (October 31, 2024 – $1,066 billion) of unencumbered assets, $339 billion (October 31, 2024 – $327 billion) are considered readily available in the normal course of business to secure funding or meet collateral needs as detailed above.
In some
over-the-counter
derivative contracts, the Bank would be required to post additional collateral or receive less collateral in the event its credit rating was downgraded. The Bank maintains access to sufficient collateral to meet these obligations in the event of a downgrade of its ratings by one or more of the rating agencies. As at April 30, 2025 the potential adverse impact on derivatives collateral that would result from a
one-notch
or
two-notch
downgrade of the Bank’s rating below its lowest current rating was $13 million or $683 million, respectively.
Encumbered liquid assets are not considered to be available for liquidity management purposes. Liquid assets which are used to hedge derivative positions in trading books or for hedging purposes are considered to be available for liquidity management provided they meet the criteria discussed in liquid assets above.
Liquidity coverage ratio
The Liquidity Coverage Ratio (LCR) measure is based on a
30-day
liquidity stress scenario, with assumptions defined in the Liquidity Adequacy Requirements (LAR) Guideline issued by the Office of the Superintendent of Financial Institutions (OSFI). The LCR is calculated as the ratio of high quality liquid assets (HQLA) to net cash outflows. The Bank is subject to a regulatory minimum LCR of 100%.
HQLA are defined in the LAR Guideline and are grouped into three main categories with varying haircuts applied to arrive at the amount included in the total weighted value in the table that follows.
The total weighted values for net cash outflows for the next 30 days are derived by applying the assumptions specified in the LAR Guideline to specific items, including loans, deposits, maturing debt, derivative transactions and commitments to extend credit.
The following table presents the Bank’s LCR for the quarter ended April 30, 2025, based on the average daily positions in the quarter:
T28 Bank’s average LCR
(1)
 
For the quarter ended April 30, 2025
($ millions)
(2)
    Total
unweighted
Value
(Average)
(3)
      Total
weighted
Value
(Average)
(4)
  
High-quality liquid assets
      
Total high-quality liquid assets (HQLA)
   
 
*
 
   
$
275,824
 
Cash outflows
      
Retail deposits and deposits from small business customers, of which:
    $ 259,093      $ 27,784  
Stable deposits
      105,364        3,401  
Less stable deposits
      153,729        24,383  
Unsecured wholesale funding, of which:
      287,381        121,426  
Operational deposits (all counterparties) and deposits in networks of cooperative banks
      113,351        27,312  
Non-operational
deposits (all counterparties)
      163,721        83,805  
Unsecured debt
      10,309        10,309  
Secured wholesale funding
   
 
*
 
      79,238  
Additional requirements, of which:
      265,578        61,406  
Outflows related to derivative exposures and other collateral requirements
      45,751        24,492  
Outflows related to loss of funding on debt products
      7,117        7,117  
Credit and liquidity facilities
      212,710        29,797  
Other contractual funding obligations
      1,537        1,517  
Other contingent funding obligations
(5)
      615,209        8,902  
Total cash outflows
   
 
*
 
   
$
300,273
 
Cash inflows
      
Secured lending (e.g. reverse repos)
    $ 320,065      $ 41,144  
Inflows from fully performing exposures
      35,800        20,950  
Other cash inflows
      28,411        28,411  
Total cash inflows
   
$
384,276
 
   
$
90,505
 
              Total
adjusted
value
(6)
  
Total HQLA
   
 
*
 
   
$
275,824
 
Total net cash outflows
   
 
*
 
   
$
209,768
 
Liquidity coverage ratio (%)
   
 
*
 
   
 
131
% 
For the quarter ended January 31, 2025
($ millions)
            Total
adjusted
value
(6)
  
Total HQLA
      *      $ 263,213  
Total net cash outflows
      *      $ 205,545  
Liquidity coverage ratio (%)
      *        128 % 
*
Disclosure is not required under regulatory guideline.
(1)
This measure has been disclosed in this document in accordance with OSFI Guideline – Public Disclosure Requirements for Domestic Systemically Important Banks on Liquidity Coverage Ratio (April 2015).
(2)
Based on the average of daily positions of the 62 business days in the quarter.
(3)
Unweighted values represent outstanding balances maturing or callable within the next 30 days.
(4)
Weighted values represent balances calculated after the application of HQLA haircuts or inflow and outflow rates, as prescribed by the OSFI LAR Guideline.
(5)
Total unweighted value includes uncommitted credit and liquidity facilities, guarantees and letters of credit, outstanding debt securities with remaining maturity greater than 30 days, and other contractual cash outflows.
(6)
Total adjusted value represents balances calculated after the application of both haircuts and inflow and outflow rates and any applicable caps.
 
46
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
HQLA is substantially comprised of Level 1 assets (as defined in the LAR Guideline), such as cash, deposits with central banks available to the Bank in times of stress, and highly rated securities issued or guaranteed by governments, central banks and supranational entities.
The increase in the Bank’s average LCR for the quarter ended April 30, 2025 versus the average of the previous quarter was mainly attributable to an increase in HQLA from cash and central bank reserves. The increase in net cash outflows was due mainly to an increase in outflows related to derivative exposures and other collateral requirements and outflows related to loss of funding on debt products, partly offset by a decrease in cash outflows from unsecured wholesale funding. The Bank monitors its significant currency exposures, Canadian and U.S. dollars, in accordance with its liquidity risk management framework and risk appetite.
Net stable funding ratio
The Net Stable Funding Ratio (NSFR) requires institutions to maintain a stable funding profile in relation to the composition of their assets and
off-balance
sheet exposures. It is calculated as the ratio of available stable funding (ASF) to required stable funding (RSF), with assumptions defined in the OSFI LAR Guideline. The Bank is subject to a regulatory minimum NSFR of 100%.
ASF is defined as the portion of capital and liabilities expected to be reliable over the time horizons considered by the NSFR. RSF is a function of the liquidity characteristics and residual maturities of the various assets held by the Bank as well as those of its
off-balance
sheet exposures.
The total weighted values for ASF and RSF included in the table that follows are derived by applying the assumptions specified in the LAR Guideline to balance sheet items, including capital instruments, wholesale funding, deposits, loans and mortgages, securities, derivatives and commitments to extend credit.
 
 Scotiabank Second Quarter Report 2025   
 
47
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The following table presents the Bank’s NSFR as at April 30, 2025:
T29 Bank’s NSFR
(1)
 
     Unweighted Value by Residual Maturity    
Weighted
Value
(3)
  
As at April 30, 2025
($ millions)
   No maturity
(2)
     < 6 months    
6-12 months
    
≥
 1 year		  
Available Stable Funding (ASF) Item
 
Capital:   $ 92,568     $     –     $     –     $     –     $ 92,568  
Regulatory capital
     92,568       –       –       –       92,568  
Other capital instruments
     –       –       –       –       –  
Retail deposits and deposits from small business customers:     224,199       79,210       38,034       50,449       355,883  
Stable deposits
     92,857       32,865       14,549       15,202       148,459  
Less stable deposits
     131,342       46,345       23,485       35,247       207,424  
Wholesale funding:      209,257        329,411        63,359        132,115       318,111  
Operational deposits
     109,755       –       –       –       54,877  
Other wholesale funding
     99,502       329,411       63,359       132,115       263,234  
Liabilities with matching interdependent assets
(4)
     –       1,121       1,828       13,185       –  
Other liabilities:     28,533       120,963       21,676  
NSFR derivative liabilities
       9,773    
All other liabilities and equity not included in the above categories
     28,533       88,373       2,283       20,534       21,676  
Total ASF
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
 788,238
 
Required Stable Funding (RSF) Item
 
Total NSFR high-quality liquid assets (HQLA)           $ 19,853  
Deposits held at other financial institutions for operational purposes   $ 2,697     $ –     $ –     $ –     $ 1,348  
Performing loans and securities:      114,102        290,844       93,286       420,947       546,148  
Performing loans to financial institutions secured by Level 1 HQLA
     1       70,851       998       689       4,739  
Performing loans to financial institutions secured by
non-Level
1 HQLA and unsecured performing loans to financial institutions
     2,567       88,783       10,450       16,278       34,010  
Performing loans to
non-financial
corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and PSEs, of which:
     65,905       93,543       46,077       165,856       265,584  
With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk
     –       518       562       6,367       4,678  
Performing residential mortgages, of which:
     22,054       36,314       35,574       233,558       217,125  
With a risk weight of less than or equal to 35% under the Basel II standardised approach for credit risk
     22,054       35,954       35,341       221,367       206,465  
Securities that are not in default and do not qualify as HQLA, including exchange-traded equities
     23,575       1,353       187       4,566       24,690  
Assets with matching interdependent liabilities
(4)
     –       1,121       1,828       13,185       –  
Other assets:     8,816       155,116       71,504  
Physical traded commodities, including gold
     8,816             7,493  
Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs
       14,661       12,462  
NSFR derivative assets
       3,169       –  
NSFR derivative liabilities before deduction of variation margin posted
       29,741       1,487  
All other assets not included in the above categories
     –       57,483       –       50,062       50,062  
Off-balance
sheet items		  
 
 
 
     518,742       19,646  
Total RSF
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
658,499
 
Net Stable Funding Ratio (%)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
120
% 
As at January 31, 2025
($ millions)
   Weighted
Value
(3)
  
Total ASF
   $ 784,860  
Total RSF
     668,636  
Net stable funding ratio (%)
     117 % 
(1)
This measure has been disclosed in this document in accordance with OSFI Guideline – Net Stable Funding Ratio Disclosure Requirements (January 2021).
(2)
Items in the “no maturity” time bucket do not have a stated maturity. These may include, but are not limited to, items such as capital with perpetual maturity,
non-maturity
deposits, short positions, open maturity positions,
non-HQLA
equities, and physical traded commodities.
(3)
Weighted values represent balances calculated after the application of ASF and RSF rates, as prescribed by the OSFI LAR Guideline.
(4)
Interdependent assets and liabilities are primarily comprised of transactions related to the Canada Mortgage Bond program.
Available stable funding is primarily provided by the Bank’s large pool of retail, small business and corporate customer deposits; secured and unsecured wholesale funding and capital. Required stable funding primarily originates from the Bank’s loan and mortgage portfolio, securities holdings,
off-balance
sheet items and other assets.
The increase in the Bank’s NSFR as at April 30, 2025 versus the previous quarter was mainly attributable to higher ASF from wholesale funding along with a decline in RSF for securities and loans.
 
48
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Funding
The Bank ensures that its funding sources are well diversified. Funding concentrations are regularly monitored and analyzed by type. The sources of funding are capital, deposits from retail and commercial clients sourced through the Canadian and international branch network, deposits from financial institutions as well as wholesale debt issuances.
Capital and personal deposits are key components of the Bank’s core funding and these amounted to $402 billion as at April 30, 2025 (October 31, 2024 – $398 billion). The increase since October 31, 2024 is due primarily to growth in personal deposits and preferred shares and other equity instruments. A portion of commercial deposits, particularly those of an operating or relationship nature, are also considered part of the Bank’s core funding. Furthermore, core funding is augmented by longer-term wholesale debt issuances (original maturity of 1 year or more) of $198 billion (October 31, 2024 – $206 billion). Longer-term wholesale debt issuances include senior notes, mortgage securitizations, asset-backed securities and covered bonds.
The Bank operates in many different currencies and countries. From a funding perspective, the most significant currencies are Canadian and U.S. dollars. With respect to the Bank’s operations outside Canada, there are different funding strategies depending on the nature of the activities in each country. For those countries where the Bank operates a branch banking subsidiary, the strategy is for the subsidiary to be substantially self-funding in its local market. For other subsidiaries or branches outside Canada where local deposit gathering capability is not sufficient, funding is provided through the wholesale funding activities of the Bank.
From an overall funding perspective, the Bank’s objective is to achieve an appropriate balance between the cost and the stability of funding. Diversification of funding sources is a key element of the funding strategy.
The Bank’s wholesale debt diversification strategy is primarily executed via the Bank’s main wholesale funding centres, located in Toronto, New York, London and Singapore. The majority of these funds are sourced in Canadian and U.S. dollars. Where required, these funds are swapped to fund assets in different currencies. The funding strategy deployed by wholesale funding centres and the management of associated risks, such as geographic and currency risk, are managed centrally within the framework of policies and limits that are approved by the Board of Directors.
In the normal course, the Bank uses a mix of unsecured and secured wholesale funding instruments across a variety of markets. The choice of instruments and markets is based on a number of factors, including relative cost, market capacity and diversification of funding. Market conditions can change over time, impacting cost and capacity in particular markets or instruments. Changing market conditions can include periods of stress where the availability of funding in particular markets or instruments is constrained. In these circumstances, the Bank would increase its focus on sources of funding in functioning markets and secured funding instruments. Should a period of extreme stress exist such that all wholesale funding sources are constrained, the Bank maintains a pool of liquid assets to mitigate its liquidity risk. This pool includes cash, deposits with central banks and securities.
In Canada, the Bank raises short and longer-term wholesale debt through the issuance of senior unsecured notes. Additional longer-term wholesale debt may be generated through the Bank’s Canadian Debt and Equity Shelf, the securitization of Canadian insured residential mortgages through Canada Mortgage and Housing Corporation (CMHC) programs (such as Canada Mortgage Bonds), uninsured residential mortgages through the Bank’s Covered Bond Program, retail credit card receivables through the Trillium Credit Card Trust II program, retail indirect auto loan receivables through the Securitized Term Auto Receivables Trust program and unsecured personal lines of credit receivables through the Halifax Receivables Trust program. CMHC securitization programs, while included in the Bank’s view of wholesale debt issuance, do not historically entail the
run-off
risk that can be experienced in funding raised from capital markets.
Outside of Canada, short-term wholesale debt may be raised through the issuance of negotiable certificates of deposit in the United States, Hong Kong, the United Kingdom and Australia and the issuance of commercial paper in the United States. The Bank operates longer-term wholesale debt issuance registered programs in the United States, such as its SEC Registered Debt and Equity Shelf, and
non-registered
programs, such as the securitization of retail indirect auto loan receivables through the Securitized Term Auto Receivables Trust program and retail credit card receivables through the Trillium Credit Card Trust II program. The Bank may issue offerings via its Covered Bond Program (listed with the U.K. Listing Authority and the Swiss Stock Exchange), in Europe, the United Kingdom, the United States, Australia, Switzerland, Canada and Norway. The Bank also issues longer-term notes across a variety of currencies through its Australian Medium Term Note Programme, European Medium Term Note Programme (listed with the U.K. Listing Authority and the Swiss Stock Exchange) and Singapore Medium Term Note Programme (listed with the Singapore Exchange and the Taiwan Exchange).
The Department of Finance’s
bail-in
regulations under the Canada Deposit Insurance Corporation (CDIC) Act and the Bank Act, became effective September 23, 2018. Senior unsecured debt issued by the Bank on or after September 23, 2018, that has an original term greater than 400 days and is marketable, subject to certain exceptions, is subject to the Canadian Bank Recapitalization
(Bail-in)
regime. Under the
Bail-in
regime, in circumstances when the Superintendent of Financial Institutions has determined that a bank may no longer be viable, the Governor in Council may, upon a recommendation of the Minister of Finance that they are of the opinion that it is in the public interest to do so, grant an order directing the CDIC to convert all or a portion of certain shares and liabilities of that bank into common shares.
 
 Scotiabank Second Quarter Report 2025   
 
49
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The table below provides the remaining contractual maturities of funding raised through wholesale funding sources. In the Consolidated Statement of Financial Position, these liabilities are primarily included in Business and Government Deposits.
Wholesale funding sources
T30 Wholesale funding
(1)
 
    
As at April 30, 2025
  
($ millions)
  
Less than
1 month
    
1-3

months
    
3-6

months
    
6-9

months
    
9-12

months
    
Sub-total

≤
1 year
    
1-2
years
    
2-5
years
    
>5
years
    
Total
  
Deposit by banks
(2)
  
$
2,949
 
  
$
1,948
 
  
$
673
 
  
$
121
 
  
$
146
 
  
$
5,837
 
  
$
97
 
  
$
275
 
  
$
–
 
  
$
6,209
 
Bearer deposit notes, commercial paper and certificate of deposits
  
 
6,241
 
  
 
14,599
 
  
 
16,648
 
  
 
16,470
 
  
 
12,467
 
  
 
66,425
 
  
 
1,176
 
  
 
330
 
  
 
185
 
  
 
68,116
 
Asset-backed commercial paper
(3)
  
 
2,418
 
  
 
4,699
 
  
 
4,846
 
  
 
–
 
  
 
–
 
  
 
11,963
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
11,963
 
Senior notes
(4)(5)
  
 
494
 
  
 
2,445
 
  
 
811
 
  
 
193
 
  
 
2,735
 
  
 
6,678
 
  
 
4,719
 
  
 
6,110
 
  
 
12,410
 
  
 
29,917
 
Bail-inable notes
(5)
  
 
2,396
 
  
 
4,241
 
  
 
1,733
 
  
 
3,980
 
  
 
4,366
 
  
 
16,716
 
  
 
18,581
 
  
 
24,553
 
  
 
22,726
 
  
 
82,576
 
Asset-backed securities
  
 
9
 
  
 
17
 
  
 
924
 
  
 
627
 
  
 
22
 
  
 
1,599
 
  
 
674
 
  
 
1,585
 
  
 
80
 
  
 
3,938
 
Covered bonds
  
 
–
 
  
 
2,068
 
  
 
883
 
  
 
4,120
 
  
 
3,436
 
  
 
10,507
 
  
 
16,874
 
  
 
13,836
 
  
 
2,315
 
  
 
43,532
 
Mortgage securitization
(6)
  
 
–
 
  
 
871
 
  
 
232
 
  
 
1,346
 
  
 
360
 
  
 
2,809
 
  
 
1,744
 
  
 
6,983
 
  
 
3,539
 
  
 
15,075
 
Subordinated debentures
(7)
  
 
30
 
  
 
250
 
  
 
–
 
  
 
1,723
 
  
 
–
 
  
 
2,003
 
  
 
49
 
  
 
192
 
  
 
7,485
 
  
 
9,729
 
Total wholesale funding sources
  
$
14,537
 
  
$
31,138
 
  
$
26,750
 
  
$
28,580
 
  
$
23,532
 
  
$
124,537
 
  
$
43,914
 
  
$
53,864
 
  
$
48,740
 
  
$
271,055
 
Of Which:
                    
Unsecured funding
  
$
12,111
 
  
$
23,483
 
  
$
19,865
 
  
$
22,488
 
  
$
19,714
 
  
$
97,661
 
  
$
24,622
 
  
$
31,460
 
  
$
42,806
 
  
$
196,549
 
Secured funding
  
 
2,426
 
  
 
7,655
 
  
 
6,885
 
  
 
6,092
 
  
 
3,818
 
  
 
26,876
 
  
 
19,292
 
  
 
22,404
 
  
 
5,934
 
  
 
74,506
 
     As at October 31, 2024  
($ millions)
   Less than
1 month		    
1-3

months		    
3-6

months		    
6-9

months		    
9-12

months		    
Sub-total

≤
1 year		    
1-2
years
    
2-5

years		    
>5
years
     Total  
Deposit by banks
(2)
   $ 3,858     $ 1,455     $ 455     $ 318     $ 158     $ 6,244     $ –     $ –     $ –     $ 6,244  
Bearer deposit notes, commercial paper and certificate of deposits
     6,612       12,754       17,407       12,087       8,307       57,167       1,251       269       182       58,869  
Asset-backed commercial paper
(3)
     2,248       5,831       2,435       139       –       10,653       –       –       –       10,653  
Senior notes
(4)(5)
     2,073       88       2,200       2,613       794       7,768       2,949       7,934       12,337       30,988  
Bail-inable notes
(5)
     243       5,699       6,429       6,613       1,682       20,666       16,714       29,520       17,945       84,845  
Asset-backed securities
     –       1       –       –       908       909       1,218       770       844       3,741  
Covered bonds
     –       1,515       4,983       2,088       916       9,502       16,039       17,251       4,143       46,935  
Mortgage securitization
(6)
     –       650       1,710       887       235       3,482       3,061       7,099       3,844       17,486  
Subordinated debentures
(7)
     –       47       –       280       –       327       1,788       201       7,430       9,746  
Total wholesale funding sources
   $ 15,034     $ 28,040     $ 35,619     $ 25,025     $ 13,000     $ 116,718     $ 43,020     $ 63,044     $ 46,725     $ 269,507  
Of Which:
                    
Unsecured funding
   $ 12,786     $ 20,042     $ 26,492     $ 21,911     $ 10,941     $ 92,172     $ 22,702     $ 37,924     $ 37,894     $ 190,692  
Secured funding
     2,248       7,998       9,127       3,114       2,059       24,546       20,318       25,120       8,831       78,815  
(1)
Wholesale funding sources exclude obligations related to securities sold under repurchase agreements and bankers’ acceptances, which are disclosed in the contractual maturities table below. Amounts are principal at maturity based on remaining term.
(2)
Only includes commercial bank deposits.
(3)
Wholesale funding sources also exclude asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes.
(4)
Not subject to
bail-in.
(5)
Includes structured notes issued to institutional investors.
(6)
Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name.
(7)
Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures.
Wholesale funding generally bears a higher risk of
run-off
in a stressed environment than other sources of funding. The Bank mitigates this risk through funding diversification, ongoing engagement with investors and by maintaining a large holding of unencumbered liquid assets. Unencumbered liquid assets of $319 billion as at April 30, 2025 (October 31, 2024 – $310 billion) were well in excess of wholesale funding sources which mature in the next twelve months.
 
50
    Scotiabank Second Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Contractual maturities
The table below provides the maturity of assets and liabilities as well as the
off-balance
sheet commitments as at April 30, 2025, based on the contractual maturity date. From a liquidity risk perspective the Bank considers factors other than contractual maturity in the assessment of liquid assets or in determining expected future cash flows. In particular, for securities with a fixed maturity date, the ability and time horizon to raise cash from these securities is more relevant to liquidity management than contractual maturity. For other assets and deposits the Bank uses assumptions about rollover rates to assess liquidity risk for normal course and stress scenarios. Similarly, the Bank uses assumptions to assess the potential drawdown of credit commitments in various scenarios.
T31 Contractual maturities
 
    
As at April 30, 2025
  
($ millions)
  
Less
than one
month
    
One to
three
months
    
Three
to six
months
    
Six to
nine
months
    
Nine to
twelve
months
    
One to
two
years
    
Two
to five
years
    
Over
five
years
    
No
specific
maturity
    
Total
  
Assets
                    
Cash and deposits with financial institutions and precious metals
  
$
61,988
 
  
$
290
 
  
$
76
 
  
$
50
 
  
$
51
 
  
$
144
 
  
$
271
 
  
$
222
 
  
$
6,456
 
  
$
69,548
 
Trading assets
  
 
1,842
 
  
 
2,833
 
  
 
3,752
 
  
 
2,191
 
  
 
3,901
 
  
 
7,903
 
  
 
20,977
 
  
 
21,663
 
  
 
63,925
 
  
 
128,987
 
Securities purchased under resale agreements and securities borrowed
  
 
150,933
 
  
 
24,062
 
  
 
12,628
 
  
 
1,004
 
  
 
3,316
 
  
 
–
 
  
 
689
 
  
 
–
 
  
 
–
 
  
 
192,632
 
Derivative financial instruments
  
 
4,114
 
  
 
4,195
 
  
 
3,027
 
  
 
5,088
 
  
 
2,907
 
  
 
6,063
 
  
 
11,647
 
  
 
10,896
 
  
 
–
 
  
 
47,937
 
Investment securities – FVOCI
  
 
4,859
 
  
 
4,865
 
  
 
4,655
 
  
 
3,253
 
  
 
4,541
 
  
 
21,530
 
  
 
46,979
 
  
 
34,829
 
  
 
343
 
  
 
125,854
 
Investment securities – amortized cost
  
 
466
 
  
 
725
 
  
 
938
 
  
 
464
 
  
 
861
 
  
 
1,666
 
  
 
4,134
 
  
 
17,200
 
  
 
–
 
  
 
26,454
 
Investment securities – FVTPL
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
1,983
 
  
 
1,983
 
Loans
  
 
40,777
 
  
 
46,246
 
  
 
54,781
 
  
 
52,385
 
  
 
48,237
 
  
 
164,475
 
  
 
227,010
 
  
 
56,590
 
  
 
65,871
 
  
 
756,372
 
Residential mortgages
  
 
5,372
 
  
 
12,576
 
  
 
21,715
 
  
 
20,395
 
  
 
22,713
 
  
 
100,012
 
  
 
130,924
 
  
 
41,658
 
  
 
4,427
(1)
 
  
 
359,792
 
Personal loans
  
 
4,094
 
  
 
2,951
 
  
 
4,040
 
  
 
4,425
 
  
 
3,042
 
  
 
12,585
 
  
 
24,465
 
  
 
6,409
 
  
 
43,942
 
  
 
105,953
 
Credit cards
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
17,224
 
  
 
17,224
 
Business and government
  
 
31,311
 
  
 
30,719
 
  
 
29,026
 
  
 
27,565
 
  
 
22,482
 
  
 
51,878
 
  
 
71,621
 
  
 
8,523
 
  
 
7,362
(2)
 
  
 
280,487
 
Allowance for credit losses
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(7,084
) 
  
 
(7,084
) 
Customers’ liabilities under acceptances
  
 
52
 
  
 
101
 
  
 
19
 
  
 
11
 
  
 
6
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
189
 
Other assets
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
65,509
 
  
 
65,509
 
Total assets
  
$
265,031
 
  
$
83,317
 
  
$
79,876
 
  
$
64,446
 
  
$
63,820
 
  
$
201,781
 
  
$
311,707
 
  
$
141,400
 
  
$
204,087
 
  
$
1,415,465
 
Liabilities and equity
                    
Deposits
  
$
79,769
 
  
$
77,622
 
  
$
61,827
 
  
$
59,486
 
  
$
45,726
 
  
$
67,910
 
  
$
71,879
 
  
$
24,686
 
  
$
456,938
 
  
$
945,843
 
Personal
  
 
16,533
 
  
 
22,839
 
  
 
23,095
 
  
 
21,400
 
  
 
16,758
 
  
 
18,913
 
  
 
13,219
 
  
 
545
 
  
 
167,767
 
  
 
301,069
 
Non-personal
  
 
63,236
 
  
 
54,783
 
  
 
38,732
 
  
 
38,086
 
  
 
28,968
 
  
 
48,997
 
  
 
58,660
 
  
 
24,141
 
  
 
289,171
 
  
 
644,774
 
Financial instruments designated at fair value through profit or loss
  
 
703
 
  
 
872
 
  
 
1,537
 
  
 
1,942
 
  
 
2,800
 
  
 
5,206
 
  
 
9,535
 
  
 
16,532
 
  
 
–
 
  
 
39,127
 
Acceptances
  
 
53
 
  
 
101
 
  
 
19
 
  
 
11
 
  
 
6
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
190
 
Obligations related to securities sold short
  
 
541
 
  
 
2,448
 
  
 
1,681
 
  
 
1,495
 
  
 
541
 
  
 
3,384
 
  
 
6,335
 
  
 
11,156
 
  
 
8,962
 
  
 
36,543
 
Derivative financial instruments
  
 
5,067
 
  
 
4,921
 
  
 
3,629
 
  
 
5,426
 
  
 
4,407
 
  
 
7,152
 
  
 
11,970
 
  
 
19,361
 
  
 
–
 
  
 
61,933
 
Obligations related to securities sold under repurchase agreements and securities lent
  
 
173,079
 
  
 
3,994
 
  
 
286
 
  
 
415
 
  
 
–
 
  
 
213
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
177,987
 
Subordinated debentures
  
 
–
 
  
 
250
 
  
 
–
 
  
 
1,723
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
5,918
 
  
 
–
 
  
 
7,891
 
Other liabilities
  
 
665
 
  
 
456
 
  
 
1,213
 
  
 
724
 
  
 
1,677
 
  
 
2,456
 
  
 
6,630
 
  
 
8,810
 
  
 
36,814
 
  
 
59,445
 
Total equity
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
86,506
 
  
 
86,506
 
Total liabilities and equity
  
$
259,877
 
  
$
90,664
 
  
$
70,192
 
  
$
71,222
 
  
$
55,157
 
  
$
86,321
 
  
$
106,349
 
  
$
86,463
 
  
$
589,220
 
  
$
1,415,465
 
Off-balance
sheet commitments
                    
Credit commitments
(3)
  
$
3,665
 
  
$
11,926
 
  
$
13,934
 
  
$
17,163
 
  
$
15,997
 
  
$
51,044
 
  
$
140,477
 
  
$
24,129
 
  
$
–
 
  
$
278,335
 
Guarantees and letters of credit
(4)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
65,468
 
  
 
65,468
 
Outsourcing obligations
(5)
  
 
2
 
  
 
4
 
  
 
6
 
  
 
6
 
  
 
6
 
  
 
24
 
  
 
43
 
  
 
7
 
  
 
–
 
  
 
98
 
(1)
Includes impaired mortgages.
(2)
Includes overdrafts and impaired loans.
(3)
Includes the undrawn component of committed credit and liquidity facilities.
(4)
Includes outstanding balances of guarantees, standby letters of credit and commercial letters of credit which may expire undrawn.
(5)
The Bank relies on outsourcing arrangements for certain support and/or business functions, including, but not limited to, computer operations and cheque and bill payment processing.
 
 Scotiabank Second Quarter Report 2025   
 
51
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
     As at October 31, 2024  
($ millions)
   Less
than one
month		     One to
three
months		     Three
to six
months		     Six to
nine
months		     Nine to
twelve
months		    
One to
two
years
     Two
to five
years		    
Over
five
years
     No
specific
maturity		     Total  
Assets
                    
Cash and deposits with financial institutions and precious metals
   $ 59,871     $ 600     $ 100     $ 45     $ 53     $ 152     $ 272     $ 221     $ 5,086     $ 66,400  
Trading assets
     2,183       3,233       3,782       3,925       3,620       8,484       21,126       22,003       61,371       129,727  
Securities purchased under resale agreements and securities borrowed
     165,155       19,828       10,573       1,722       2,569       –       696       –       –       200,543  
Derivative financial instruments
     3,545       5,929       3,118       2,584       1,844       6,774       9,718       10,867       –       44,379  
Investment securities – FVOCI
     3,404       7,194       6,525       4,316       3,825       19,546       46,178       27,238       3,162       121,388  
Investment securities – amortized cost
     16       919       706       1,136       994       1,860       4,935       18,846       –       29,412  
Investment securities – FVTPL
     2       –       –       –       –       –       26       –       2,004       2,032  
Loans
     40,996       43,071       49,443       52,476       48,186       163,815       242,835       55,047       64,960       760,829  
Residential mortgages
     5,215       9,719       17,163       19,002       21,784       97,508       135,961       40,720       3,869
(1)
 		     350,941  
Personal loans
     3,499       3,470       3,379       4,807       3,598       12,012       25,695       6,582       43,337       106,379  
Credit cards
     –       –       –       –       –       –       –       –       17,374       17,374  
Business and government
     32,282       29,882       28,901       28,667       22,804       54,295       81,179       7,745       6,916
(2)
 		     292,671  
Allowance for credit losses
     –       –       –       –       –       –       –       –       (6,536 )      (6,536 ) 
Customers’ liabilities under acceptances
     39       57       36       10       6       –       –       –       –       148  
Other assets
     –       –       –       –       –       –       –       –       57,169       57,169  
Total assets
   $ 275,211     $ 80,831     $ 74,283     $ 66,214     $ 61,097     $ 200,631     $ 325,786     $ 134,222     $ 193,752     $ 1,412,027  
Liabilities and equity
                    
Deposits
   $ 88,575     $ 77,322     $ 68,891     $ 57,925     $ 43,415     $ 64,530     $ 76,309     $ 24,977     $ 441,905     $ 943,849  
Personal
     16,273       23,956       24,000       22,746       19,827       19,423       12,430       138       160,028       298,821  
Non-personal
     72,302       53,366       44,891       35,179       23,588       45,107       63,879       24,839       281,877       645,028  
Financial instruments designated at fair value through profit or loss
     510       1,045       2,132       1,609       1,833       5,330       8,887       14,995       –       36,341  
Acceptances
     40       57       36       10       6       –       –       –       –       149  
Obligations related to securities sold short
     272       1,988       1,120       1,803       816       3,638       7,114       9,413       8,878       35,042  
Derivative financial instruments
     2,754       4,595       2,429       2,301       1,857       7,647       11,705       17,972       –       51,260  
Obligations related to securities sold under repurchase agreements and securities lent
     186,240       3,427       93       437       44       208       –       –       –       190,449  
Subordinated debentures
     –       –       –       251       –       1,740       –       5,842       –       7,833  
Other liabilities
(3)
     533       759       1,285       1,267       979       3,142       6,860       8,954       39,249       63,028  
Total equity
     –       –       –       –       –       –       –       –       84,076       84,076  
Total liabilities and equity
   $ 278,924     $ 89,193     $ 75,986     $ 65,603     $ 48,950     $ 86,235     $ 110,875     $ 82,153     $ 574,108     $ 1,412,027  
Off-balance
sheet commitments
                    
Credit commitments
(3)
   $ 1,538     $ 9,568     $ 15,403     $ 18,291     $ 12,075     $ 58,806     $ 144,972     $ 8,818     $ –     $ 269,471  
Guarantees and letters of credit
(4)
     –       –       –       –       –       –       –       –       64,016       64,016  
Outsourcing obligations
(5)
     12       23       7       7       7       29       56       13       –       154  
(1)
Includes impaired mortgages.
(2)
Includes overdrafts and impaired loans.
(3)
Includes the undrawn component of committed credit and liquidity facilities.
(4)
Includes outstanding balances of guarantees, standby letters of credit and commercial letters of credit which may expire undrawn.
(5)
The Bank relies on outsourcing arrangements for certain support and/or business functions, including, but not limited to, computer operations and cheque and bill payment processing.
Credit ratings
Credit ratings are one of the factors that impact the Bank’s access to capital markets and the terms on which it can conduct derivatives, hedging transactions and borrow funds. The credit ratings and outlook that the rating agencies assign to the Bank are based on their own views and methodologies.
The Bank continues to have strong credit ratings
and its deposits and legacy senior debt are rated AA by Fitch, Aa2 by Moody’s, AA by Morningstar DBRS and A+ by Standard and Poor’s (S&P). The Bank’s bail-inable senior debt is rated AA- by Fitch, A2 by Moody’s, AA (low) by Morningstar DBRS, and
A-
by S&P. As of April 30, 2025, all rating agencies have a Stable outlook on the Bank. There were no changes made to the Bank’s credit ratings or outlooks during the quarter.
 
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Capital Management
The Bank continues to manage its capital in accordance with the capital management framework and OSFI’s regulatory capital requirements as described on pages 55 to 68 of the Bank’s 2024 Annual Report.
In June 2023, OSFI announced that the Domestic Stability Buffer (DSB) will increase to 3.5% of total risk-weighted assets (RWA), effective November 1, 2023. This DSB requirement of 3.5% was maintained by OSFI in their December 2024 announcement. OSFI’s minimum regulatory capital ratio requirements, including the
D-SIB
1.0% surcharge and its DSB, are: 11.5%, 13.0% and 15.0% for Common Equity Tier 1 (CET1), Tier 1 and Total capital ratios, respectively. In addition, the Bank is presently subject to a Basel Committee on Banking Supervision (BCBS) countercyclical buffer requirement of approximately eight basis points.
OSFI defers further increases to the Basel III standardized capital output floor
In February 2025, OSFI announced its deferral of increases to the Basel III standardized capital output floor until further notice. OSFI has noted that there remains uncertainty about when other jurisdictions will fully implement Basel III and it will not extend its implementation lead.
Canada concluded its implementation of the revised Basel III 2017 reforms in early 2024 and established an accelerated
phase-in
of the Basel III standardized capital output floor, calibrated at 65% in 2023, increasing in the first quarter by 2.5% per year through to 72.5% in 2026. OSFI’s announcement of a deferral maintains the capital floor calibration at the 2024 level of 67.5% indefinitely, delaying further increases to 70% and 72.5%, until further notice. Moreover, OSFI has committed to notifying affected banks at least two years prior to resuming an increase to the Basel III standardized capital output floor.
OSFI guideline for the capital and liquidity treatment of crypto-asset exposures
In February 2025, OSFI published its guideline for the capital and liquidity treatment of crypto-asset exposures, effective for the Bank in the first quarter of 2026. The guideline incorporates the BCBS standards for cypto-asset exposures, as updated in November 2024, and it replaces OSFI’s interim advisory on the regulatory treatment of cypto-asset exposures. In addition, OSFI published final amendments to its Pillar 3 Disclosure Guidelines, incorporating new crypto-asset disclosure requirements also effective the first quarter of fiscal 2026.
Within the guideline, crypto-asset exposures are defined and categorized by type. Regulatory capital treatments for their credit risk, counterparty credit risk and market risk are prescribed. Overall, the regulatory capital impacts from the new crypto-asset exposure requirements are not considered material to the Bank.
Regulatory capital and total loss absorbing capacity ratios
The Bank’s various regulatory capital and total loss absorbing capacity measures consist of the following:
T32 Regulatory capital and total loss absorbing capacity ratios
 
      As at  
($ millions)
   
April 30
2025
      January 31
2025		      October 31
2024		  
Common Equity Tier 1 capital
(1)
   
$
60,425
 
    $ 60,294      $ 60,631  
Tier 1 capital
(1)
   
 
70,740
 
      70,592        69,499  
Total regulatory capital
(1)
   
 
78,682
 
      78,622        77,708  
Total loss absorbing capacity (TLAC)
(2)
   
 
139,119
 
      135,010        137,752  
Risk-weighted assets
(1)(3)
   
$
458,989
 
    $ 468,124      $ 463,992  
Capital ratios (%)
(1)
:
         
Common Equity Tier 1 capital ratio
   
 
13.2
 
      12.9        13.1  
Tier 1 capital ratio
   
 
15.4
 
      15.1        15.0  
Total capital ratio
   
 
17.1
 
      16.8        16.7  
Total loss absorbing capacity ratio
(2)
   
 
30.3
 
      28.8        29.7  
Leverage
(4)
:
         
Leverage exposures
   
$
1,568,491
 
    $ 1,586,812      $ 1,563,140  
Leverage ratio (%)
   
 
4.5
 
      4.4        4.4  
Total loss absorbing capacity leverage ratio (%)
(2)
   
 
8.9
 
      8.5        8.8  
(1)
The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).
(2)
This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).
(3)
As at April 30, 2025, the Bank did not have a regulatory capital floor
add-on
to risk-weighted assets (RWA) for CET1, Tier 1, Total Capital and TLAC RWA (as at January 31, 2025, the Bank did not have a regulatory capital floor
add-on
to risk-weighted assets for CET1, Tier 1, Total Capital and TLAC RWA; as at October 31, 2024, the Bank did not have a regulatory capital floor
add-on
to risk-weighted assets for CET1, Tier 1, Total Capital and TLAC RWA).
(4)
The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).
The Bank’s CET1 capital ratio was 13.2% as at April 30, 2025, an increase of approximately 30 basis points from the prior quarter, due primarily to internal capital generation, a lower shortfall in provisions to expected losses, reduced risk-weighted assets, and the Bank’s completion of the sale of CrediScotia.
The Bank’s Tier 1 capital and Total capital ratios were 15.4% and 17.1%, respectively, as at April 30, 2025, representing increases of approximately 30 basis points from the prior quarter, due mainly to the above noted impacts to the CET1 capital ratio.
The Leverage ratio was 4.5% as at April 30, 2025, an increase of approximately 10 basis points from the prior quarter, from higher Tier 1 capital and lower leverage exposures.
The TLAC ratio was 30.3% as at April 30, 2025, an increase of approximately 150 basis points from the prior quarter, mainly from higher available TLAC.
The TLAC Leverage ratio was 8.9% as at April 30, 2025, an increase of approximately 40 basis points from the prior quarter, due primarily to higher available TLAC.
As at April 30, 2025, the CET1, Tier 1, Total capital, Leverage, TLAC and TLAC Leverage ratios were well above OSFI’s minimum capital ratios.
 
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Continuity of Common Equity Tier 1 ratio
(1)
 
 
 
(1)
This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).
Changes in regulatory capital
The Bank’s Common Equity Tier 1 capital was $60.4 billion, as at April 30, 2025, an increase of $0.1 billion from the prior quarter, as quarterly earnings less dividends of $0.5 billion and lower regulatory capital deductions of $1.0 billion, were substantially offset by a lower net accumulated other comprehensive income included for regulatory capital of $1.3 billion, mainly from foreign currency translation.
Risk-weighted assets
CET1 risk-weighted assets (RWA) decreased during the quarter by $9.1 billion (or 2.0%) to $459.0 billion. The decline in RWA during the quarter was primarily from the impact of foreign currency translation from a stronger Canadian dollar.
Normal Course Issuer Bid
On May 27, 2025, the Bank announced its intention to seek regulatory approval for a normal course issuer bid (the “NCIB”) pursuant to which it may repurchase for cancellation up to 20 million of its common shares. Purchases under the NCIB are expected to commence on May 30, 2025 and are expected to terminate upon the earlier of: (i) the Bank purchasing the maximum number of common shares under the NCIB; (ii) the Bank providing a notice of termination; or (iii) a 12-month period ending on or about May 29, 2026.
Common dividend
The Board of Directors, at its meeting on May 26, 2025, approved a dividend of $1.10 per share, an increase of 4 cents from last quarter. This quarterly dividend is payable to shareholders of record as of July 2, 2025, on July 29, 2025.
Financial Instruments
Given the nature of the Bank’s main business activities, financial instruments make up a substantial portion of the balance sheet and are integral to the Bank’s business. There are various measures that reflect the level of risk associated with the Bank’s portfolio of financial instruments. Further discussion of some of these risk measures is included in the Risk Management section. The methods of determining the fair value of financial instruments are detailed on page 164 of the Bank’s 2024 Annual Report.
Management’s judgement on valuation inputs is necessary when observable market data is not available, and in the selection of appropriate valuation models. Uncertainty in these estimates and judgements can affect fair value and financial results recorded. During the quarter, changes in the fair value of financial instruments reflect the current economic environment, industry and market conditions.
Many financial instruments are traded products such as derivatives, and are generally transacted under industry standard International Swaps and Derivatives Association (ISDA) master netting agreements with counterparties, which allow for a single net settlement of all transactions covered by that agreement in the event of a default or early termination of the transactions. ISDA agreements are frequently accompanied by an ISDA Credit Support Annex (CSA), the terms of which may vary according to each party’s view of the other party’s creditworthiness. CSAs can require one party to post initial margin at the onset of each transaction. CSAs also allow for variation margin to be called if total uncollateralized
mark-to-market
exposure exceeds an agreed upon threshold. Such variation margin provisions can be
one-way
(only one party will ever post collateral) or
bi-lateral
(either party may post depending upon which party is
in-the-money).
The CSA will also detail the types of collateral that are acceptable to each party, and the haircuts that will be applied against each collateral type. The terms of the ISDA master netting agreements and CSAs are taken into consideration in the calculation of counterparty credit risk exposure (see also page 84 of the Bank’s 2024 Annual Report).
Total derivative notional amounts were $9,942 billion as at April 30, 2025, compared to $9,811 billion as at January 31, 2025 (October 31, 2024 – $9,058 billion). The quarterly increase was due to higher volume of interest rate contracts and foreign exchange contracts, largely offset by foreign currency translation. The total notional amount of
over-the-counter
derivatives was $9,170 billion compared to $9,053 billion as at January 31, 2025 (October 31, 2024 – $8,313 billion), of which $6,712 billion was settled through central counterparties as at April 30, 2025 (January 31, 2025 – $6,669 billion; October 31, 2024 – $6,094 billion). The credit equivalent amount, after taking master netting arrangements into account, was $33.6 billion, compared to $34.1 billion at January 31, 2025. The decrease was primarily attributable to the impact of foreign currency translation and lower exposure to equity contracts largely offset by higher exposure to foreign exchange contracts.
Selected credit instruments
A complete discussion of selected credit instruments which markets regarded as higher risk during the financial crisis was provided on page 71 of the Bank’s 2024 Annual Report. The Bank’s net exposures have remained substantially unchanged from year end.
 
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Off-Balance
Sheet Arrangements
In the normal course of business, the Bank enters into contractual arrangements that are either consolidated or not required to be consolidated in its financial statements, but could have a current or future impact on the Bank’s financial performance or financial condition. These arrangements can be classified into the following categories: structured entities, securitizations and guarantees and other commitments.
No material contractual obligations were entered into this quarter by the Bank with the structured entities that are not in the ordinary course of business. Processes for review and approval of these contractual arrangements are unchanged from last year. For a complete discussion of these types of arrangements, please refer to pages 68 to 70 of the Bank’s 2024 Annual Report.
Structured entities
In Q2 2025, the Bank established Temperance Street Funding Trust, a Canadian multi-seller conduit. The Bank sponsors a total of three Canadian multi-seller conduits that are not consolidated. These multi-seller conduits purchase high-quality financial assets and finance these assets through the issuance of highly rated commercial paper. Although the Bank has power over the relevant activities of the conduits, it has limited exposure to variability in returns, which results in the Bank not consolidating the three Canadian conduits.
A significant portion of the conduits’ assets have been structured to receive credit enhancements from the sellers, including overcollateralization protection and cash reserve accounts. Each asset purchased by the conduits is supported by a backstop liquidity facility provided by the Bank in the form of a liquidity asset purchase agreement (LAPA) or a liquidity agreement (LA). The primary purpose of the backstop liquidity facility is to provide an alternative source of financing in the event the conduits are unable to access the commercial paper market. Under the terms of the LAPA or LA, in most cases, the Bank is not obliged to purchase defaulted assets.
The Bank’s primary exposure to the Canadian-based conduits is the liquidity support provided, with total liquidity facilities of $7.5 billion as at April 30, 2025 (October 31, 2024 – $7.7 billion). As at April 30, 2025, total commercial paper outstanding for these conduits was $6.1 billion (October 31, 2024 – $6.4 billion). Funded assets purchased and held by these conduits as at April 30, 2025, as reflected at original cost, were $6.1 billion (October 31, 2024 – $6.3 billion). Other than the changes noted above, there has been no significant change in the composition or risk profile of these conduits since October 31, 2024.
Other
off-balance
sheet arrangements
The Bank uses a capital vehicle to transfer credit exposure to security holders of the vehicle. While credit exposures are transferred, the related assets are not derecognized from the balance sheet. During the quarter, no new guarantee-linked notes were issued from this vehicle.
Regulatory Developments
The Bank continues to monitor global regulatory developments relating to a broad spectrum of topics, in order to ensure that control functions and business lines are responsive on a timely basis and business impacts, if any, are minimized. A high-level summary of some of the key regulatory developments that have the potential of impacting the Bank’s operations is included in the Regulatory Developments section in the Bank’s 2024 Annual Report, and may be updated below.
Canadian Federal Tax Measures
On March 21, 2025, the Prime Minister announced that the federal government would cancel the previously proposed increase to the capital gains inclusion rate from 50% to 66.7%.
Global Minimum Tax
The Organisation for Economic
Co-operation
and Development (OECD) published Pillar Two model rules in December 2021 as part of its efforts toward international tax reform. The rules aim to have large multinational enterprises, with consolidated revenues in excess of
€
750 million, pay a minimum effective tax of 15%. These rules apply to the Bank effective November 1, 2024, and have been enacted or substantively enacted in certain jurisdictions in which the Bank operates, including Canada, whose Global Minimum Tax (GMT) Act was enacted in June 2024.
The IASB previously issued amendments to IAS 12 Income Taxes for a temporary mandatory exception from the recognition and disclosure of deferred taxes related to the implementation of Pillar Two GMT rules, which the Bank has applied.
For the six months ended April 30, 2025, the impact of the GMT on the Bank’s effective tax rate was approximately 1%, and was primarily related to its operations in certain Caribbean jurisdictions and Ireland.
Federal government limits non-sufficient funds (NSF) fees on personal deposit accounts
Financial Consumer Protection Framework Regulations were amended to provide a cap on NSF fees at $10 and prohibit the imposition of more than one NSF fee in a period of two business days and when an account is in unauthorized overdraft by less than $10. These amendments that apply to personal deposit accounts come into force on March 12, 2026. The Bank intends to implement the necessary changes to comply with these new requirements.
Accounting Policies and Controls
Accounting policies and estimates
These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard (IAS)
34
Interim Financial Reporting
, using the same accounting policies as described in Note 3 of the Bank’s audited consolidated financial statements for the year ended October 31, 2024.
The preparation of financial statements, in conformity with IFRS, requires management to make estimates, apply judgements and make assumptions that affect the reported amount of assets and liabilities at the date of the condensed interim consolidated financial statements, and income and expenses during the reporting period. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key areas where management has made difficult, complex or subjective judgements, often as a result of matters that are inherently uncertain, include those relating to the allowance for credit losses, the fair value of financial instruments (including derivatives), corporate
 
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income taxes, employee benefits, the fair value of all identifiable assets and liabilities as a result of business combinations, impairment of
non-financial
assets and derecognition of financial assets and liabilities. While management makes its best estimates and assumptions, actual results could differ from these estimates and assumptions.
Currently, there is high uncertainty surrounding trade policy and tariffs from the U.S. This results in increased measurement uncertainty for estimates used in financial reporting. In particular, the allowance for credit losses, using an expected credit loss approach as required under IFRS 9, is estimated using complex models and incorporates inputs, assumptions, and techniques that require a high degree of judgement and is heavily dependent on the forecast of macroeconomic variables. Due to the high level of uncertainty surrounding U.S. trade policy and tariffs, estimates and valuation models applied based on conditions and information existing as at April 30, 2025 may be significantly different from the actual outcome.
Future accounting developments
There are no significant updates to the future accounting developments disclosed in Note 6 of the Bank’s audited consolidated financial statements in the 2024 Annual Report.
Changes in internal control over financial reporting
There have been no changes in the Bank’s internal control over financial reporting during the three months ended April 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Bank’s internal control over financial reporting.
Related party transactions
There were no changes to the Bank’s procedures and policies for related party transactions from those outlined in the Bank’s 2024 Annual Report. All transactions with related parties continued to be at market terms and conditions.
 
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Share Data
T33 Shares and other instruments
 
April 30, 2025   
Amount
($ millions)
     
Dividends
declared per
share
(1)
     
Number
outstanding
(000s)
     
Conversion
feature
  
Common Shares
(2)
    $ 22,138      $ 1.10        1,245,549        n/a  
NVCC Additional Tier 1 Securities
(3)(5)
   
Amount
($ millions)
     
Distribution
(4)
     
Yield (%)
     
Number
outstanding
(000s)
  
Subordinated Additional Tier 1 Capital Notes
    U.S. $ 1,250      U.S. $ 18.0769        7.151        1,250  
Subordinated Additional Tier 1 Capital Notes
(6)
    U.S. $ 1,250      U.S. $ 12.2500        4.900        1,250  
Limited Recourse Capital Notes Series 1
    $ 1,250      $ 9.2500        3.700        1,250  
Limited Recourse Capital Notes Series 2
    U.S. $ 600      U.S. $ 9.0625        3.625        600  
Limited Recourse Capital Notes Series 3
    $  1,500      $ 17.5575        7.023        1,500  
Limited Recourse Capital Notes Series 4
    U.S. $ 750      U.S. $ 21.5625        8.625        750  
Limited Recourse Capital Notes Series 5
    U.S. $ 750      U.S. $ 20.0000        8.000        750  
Limited Recourse Capital Notes Series 6
    U.S. $ 1,000      U.S. $  18.3750        7.350        1,000  
NVCC Subordinated Debentures
(3)
                   
Amount
($ millions)
     
Interest rate
(%)
  
Subordinated debentures due December 2025
          U.S. $ 1,250        4.500  
Subordinated debentures due May 2032
          $ 1,750        3.934  
Subordinated debentures due December 2032
          JPY 33,000        1.800  
Subordinated debentures due August 2033
          $ 1,000        5.679  
Subordinated debentures due December 2033
          JPY 12,000        1.830  
Subordinated debentures due August 2034
          $ 1,000        4.959  
Subordinated debentures due May 2037
          U.S. $ 1,250        4.588  
Other
   
Amount
($ millions)
     
Distribution
(4)
     
Yield (%)
     
Number
outstanding
(000s)
  
Scotiabank Trust Securities – Series 2006-1 issued by Scotiabank Capital
Trust
(7)
    $ 750      $ 28.25        5.650        750  
Options
                           
Number
outstanding
(000s)
  
Outstanding options granted under the Stock Option Plans to purchase common shares
(2)
   
 
 
 
   
 
 
 
   
 
 
 
      11,895  
(1)
Dividends are paid quarterly, if and when declared. Represents dividends announced on May 27, 2025. The Board of Directors, at its meeting on May 26, 2025, approved a dividend payable on July 29, 2025 to shareholders of record as of July 2, 2025.
(2)
As at May 16, 2025, the number of outstanding common shares and options were 1,245,573 thousand and 11,871 thousand, respectively.
(3)
These securities contain
Non-Viability
Contingent Capital (NVCC) provisions necessary to qualify as regulatory capital under Basel III. Refer to Notes 22 and 25 of the Consolidated Financial Statements in the Bank’s 2024 Annual Report for further details. The maximum number of common shares issuable on conversion of NVCC subordinated debentures, NVCC Subordinated additional Tier 1 capital notes, including those issued to Scotiabank LRCN Trust as recourse assets in respect of NVCC Limited Recourse Capital Notes as at April 30, 2025 would be 4,907 million common shares based on the floor price and excluding the impact of any accrued and unpaid interest and any declared but unpaid dividends.
(4)
Distributions per face amount of $1,000 or U.S. $1,000 semi-annually or quarterly, as applicable.
(5)
Quarterly distributions are recorded in each fiscal quarter, if and when paid.
(6)
On May 1, 2025, the Bank announced its intention to redeem these notes on June 4, 2025, at 100% of their principal amount plus accrued interest up to the redemption date.
(7)
These securities have exchange features. Refer to Table 32 in the Bank’s 2024 Annual Report for further details.
For further details on outstanding securities of the Bank, including convertibility features, refer to Notes 22, 25 and 27 of the Bank’s Consolidated Financial Statements in the 2024 Annual Report.
 
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Glossary
Allowance for Credit Losses:
An allowance set aside which, in management’s opinion, is adequate to absorb credit-related losses on all financial assets and
off-balance
sheet exposures subject to impairment assessment. It includes allowances for performing financial assets and impaired financial assets.
Allowance for Credit Losses Ratio:
The ratio of period end total allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances.
Allowance for Impaired Loans Ratio:
The ratio of period end impaired allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances.
Allowance for Performing Loans Ratio:
The ratio of period end performing allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances.
Allowance against Impaired Loans as a % of Gross Impaired Loans:
The ratio of allowance against impaired loans to gross impaired loans.
Assets Under Administration (AUA):
Assets administered by the Bank which are beneficially owned by clients and therefore not reported on the Bank’s Consolidated Statement of Financial Position. Services provided for AUA are of an administrative nature, such as trusteeship, custodial, safekeeping, income collection and distribution, securities trade settlements, customer reporting, and other similar services.
Assets Under Management (AUM):
Assets managed by the Bank on a discretionary basis and in respect of which the Bank earns investment management fees. AUM are beneficially owned by clients and are therefore not reported on the Bank’s Consolidated Statement of Financial Position. Some AUM are also administered assets and are therefore included in assets under administration.
Bankers’ Acceptances (BAs):
Negotiable, short-term debt securities, guaranteed for a fee by the issuer’s bank.
Basis Point:
A unit of measure defined as
one-hundredth
of one percent.
Book Value per Common Share:
Common shareholders’ equity divided by the number of outstanding common shares at the end of the period.
Canadian Overnight Repo Rate Average (CORRA):
CORRA measures the cost of overnight general collateral funding in Canadian dollars using Government of Canada treasury bills and bonds as collateral for repurchase transactions.
Common Equity Tier 1 (CET1), Tier 1 and Total Capital Ratios:
Under Basel III, there are three primary regulatory capital ratios used to assess capital adequacy, CET1, Tier 1 and Total capital ratios, which are determined by dividing those capital components by their respective risk-weighted assets.
CET1 consists primarily of common shareholders’ equity net of regulatory adjustments. These regulatory adjustments include goodwill, intangible assets net of deferred tax liabilities, deferred tax assets that rely on future profitability, defined-benefit pension fund net assets, shortfall of credit provision to expected losses and significant investments in common equity of other financial institutions.
Tier 1 includes CET1 and additional Tier 1 capital which consists primarily of qualifying
non-cumulative
preferred shares,
non-cumulative
subordinated additional Tier 1 capital notes and limited recourse capital notes. Tier 2 capital consists mainly of qualifying subordinated debentures and the eligible allowances for credit losses.
Total capital is comprised of CET1 capital, Tier 1 capital and Tier 2 capital.
Covered Bonds:
Debt obligations of the Bank for which the payment of all amounts of interest and principal are unconditionally and irrevocably guaranteed by a limited partnership and secured by a pledge of the covered bond portfolio. The assets in the covered bond portfolio held by the limited partnership consist of first lien Canadian uninsured residential mortgages or first lien Canadian residential mortgages insured under CMHC Mortgage Insurance, respectively, and their related security interest.
Derivative Products:
Financial contracts whose value is derived from an underlying price, interest rate, exchange rate or price index. Forwards, options and swaps are all derivative instruments.
Dividend Yield:
Dividends per common share divided by the average of the high and low share price in the relevant period.
Effective Tax Rate:
The effective tax rate is the overall tax rate paid by the Bank on its earned income. The effective tax rate is calculated by dividing the Bank’s income tax expenses by the income before taxes.
Fair Value:
The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal, or in its absence, the most advantageous market to which the Bank has access at the measurement date.
Foreign Exchange Contracts:
Commitments to buy or sell a specified amount of foreign currency on a set date and at a predetermined rate of exchange.
Forward Rate Agreement (FRA):
A contract between two parties, whereby a designated interest rate, applied to a notional principal amount, is locked in for a specified period of time. The difference between the contracted rate and prevailing market rate is paid in cash on the settlement date. These agreements are used to protect against, or take advantage of, future interest rate movements.
Futures:
Commitments to buy or sell designated amounts of commodities, securities or currencies on a specified date at a predetermined price. Futures are traded on recognized exchanges. Gains and losses on these contracts are settled daily, based on closing market prices.
Gross Impaired Loans as a % of Loans and Acceptances:
The ratio of gross impaired loans, debt investments and
off-balance
sheet exposures expressed as a percentage of loans and acceptances.
Hedging:
Protecting against price, interest rate or foreign exchange exposures by taking positions that are expected to react to market conditions in an offsetting manner.
Impaired Loans:
Loans on which the Bank no longer has reasonable assurance as to the timely collection of interest and principal, or where a contractual payment is past due for a prescribed period or the customer is declared to be bankrupt.
Leverage Ratio:
The ratio of Basel III Tier 1 capital to a leverage exposure measure which includes
on-balance
sheet assets and
off-balance
sheet commitments, derivatives and securities financing transactions, as defined within the OSFI Leverage Requirements Guideline.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Liquidity Coverage Ratio (LCR):
The ratio of high quality liquid assets to stressed net cash outflows over a 30 calendar day time horizon, as defined within the OSFI Liquidity Adequacy Requirements Guideline.
Marked-To-Market:
The valuation of certain financial instruments at fair value as of the Consolidated Statement of Financial Position date.
Market Value to Book Value Multiple:
This financial valuation metric is calculated by dividing the current closing share price of the period by the book value per common share.
Net Impaired Loans as a % of Loans and Acceptances:
The ratio of net impaired loans, debt investments and
off-balance
sheet exposures expressed as a percentage of loans and acceptances.
Net Interest Margin:
Net interest margin is used to measure the return generated by the Bank’s core earning assets, net of the cost of funding. Net interest margin is calculated as core net interest income divided by average core earning assets.
Net Stable Funding Ratio (NSFR):
The ratio of available stable funding to required stable funding, as defined within the OSFI Liquidity Adequacy Requirements Guideline.
Net Write-offs as a % of Average Net Loans and Acceptances:
The ratio of net write-offs expressed as a percentage of average net loans and acceptances.
Non-Viability
Contingent Capital (NVCC):
In order to qualify for inclusion in regulatory capital, all
non-common
Tier 1 and Tier 2 capital instruments must be capable of absorbing losses at the point of
non-viability
of a financial institution. This will ensure that investors in such instruments bear losses before taxpayers where the government determines that it is in the public interest to rescue a
non-viable
bank.
Notional Principal Amounts:
The contract or principal amounts used to determine payments for certain
off-balance
sheet instruments and derivatives, such as FRAs, interest rate swaps and cross-currency swaps. The amounts are termed “notional” because they are not usually exchanged themselves, serving only as the basis for calculating amounts that do change hands.
Off-Balance
Sheet Instruments:
These are indirect credit commitments, including undrawn commitments to extend credit and derivative instruments, which are not recorded on the Bank’s balance sheet under IFRS.
Operating Leverage:
This financial metric measures the rate of growth in total revenue less the rate of growth in
non-interest
expenses.
Options:
Contracts between buyer and seller giving the buyer of the option the right, but not the obligation, to buy (call) or sell (put) a specified commodity, financial instrument or currency at a set price or rate on or before a specified future date.
OSFI:
The Office of the Superintendent of Financial Institutions Canada, the regulator of Canadian banks.
Price to Earnings Multiple (Trailing 4 Quarters):
Closing share price at period end divided by cumulative basic earnings per common share (EPS) of the past 4 quarters.
Productivity Ratio:
This ratio represents
non-interest
expenses as a percentage of total revenue. Management uses the productivity ratio as a measure of the Bank’s efficiency.
Provision for Credit Losses (PCL) as a % of Average Net Loans and Acceptances:
The ratio of PCL on loans, acceptances and
off-balance
sheet exposures expressed as a percentage of average net loans and acceptances.
Provision for Credit Losses (PCL) on Impaired Loans as a % of Average Net Loans and Acceptances:
PCL on impaired loans ratio under IFRS 9 is calculated using PCL on impaired loans, acceptances and
off-balance
sheet exposures as a percentage of average net loans and acceptances.
Repos:
Repos is short for “obligations related to securities sold under repurchase agreements” – a short-term transaction where the Bank sells assets, normally government bonds, to a client and simultaneously agrees to repurchase them on a specified date and at a specified price. It is a form of short-term funding.
Return on Assets (ROA):
Net income expressed as a percentage of total average assets.
Return on Equity (ROE):
Net income attributable to common shareholders, expressed as a percentage of average common shareholders’ equity. The Bank attributes capital to its business lines on a basis that approximates 11.5% of Basel III common equity capital requirements which includes credit, market and operational risks and leverage inherent in each operating segment. Return on equity for the operating segments is calculated as a ratio of net income attributable to common shareholders of the operating segment and the capital attributed.
Return on Tangible Common Equity (ROTCE):
Return on Tangible Common Equity is calculated by dividing the net income attributable to common shareholders, adjusted for the amortization of intangibles (excluding software), by average tangible common equity. Tangible common equity is defined as common shareholders’ equity adjusted for goodwill and acquisition-related intangible assets (excluding software), net of deferred taxes.
Reverse Repos:
Reverse repos is short for “securities purchased under resale agreements” – a short-term transaction where the Bank purchases assets, normally government bonds, from a client and simultaneously agrees to resell them on a specified date and at a specified price. It is a form of short-term collateralized lending.
Risk-Weighted Assets:
Comprised of three broad categories including credit risk, market risk and operational risk, which are computed under the Basel III Framework in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023). Risk-weighted assets for credit risk are calculated using modelled parameters, formulas and risk-weight requirements as specified by the Basel III Framework. In addition, the Bank uses both internal models and standardized approaches to calculate market risk capital and standardized approaches for operational risk capital which are converted to risk-weighted assets.
Securitization:
The process by which financial assets (typically loans) are transferred to a trust, which normally issues a series of different classes of asset-backed securities to investors to fund the purchase of loans.
Structured Entities:
A structured entity is defined as an entity created to accomplish a narrow and well-defined objective. A structured entity may take the form of a corporation, trust, partnership or unincorporated entity. Structured entities are often created with legal arrangements that impose strict and sometimes permanent limits on the decision-making powers of their governing board, trustee or management over the operations of the entity.
Standby Letters of Credit and Letters of Guarantee:
Written undertakings by the Bank, at the request of the customer, to provide assurance of payment to a third-party regarding the customer’s obligations and liabilities to that third-party.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Structured Credit Instruments:
A wide range of financial products which includes Collateralized Debt Obligations, Collateralized Loan Obligations, Structured Investment Vehicles, and Asset-Backed Securities. These instruments represent investments in pools of credit-related assets, whose values are primarily dependent on the performance of the underlying pools.
Swaps:
Interest rate swaps are agreements to exchange streams of interest payments, typically one at a floating rate, the other at a fixed rate, over a specified period of time, based on notional principal amounts. Cross-currency swaps are agreements to exchange payments in different currencies over predetermined periods of time.
Taxable Equivalent Basis (TEB):
The Bank analyzes net interest income,
non-interest
income, and total revenue on a taxable equivalent basis (TEB). This methodology grosses up
tax-exempt
income earned on certain securities reported in either net interest income or
non-interest
income to an equivalent before tax basis. A corresponding increase is made to the provision for income taxes; hence, there is no impact on net income. Management believes that this basis for measurement provides a uniform comparability of net interest income and
non-interest
income arising from both taxable and
non-taxable
sources and facilitates a consistent basis of measurement. While other banks also use TEB, their methodology may not be comparable to the Bank’s methodology. For purposes of segmented reporting, a segment’s revenue and provision for income taxes are grossed up by the taxable equivalent amount. The elimination of the TEB
gross-up
is recorded in the Other segment.
Total Annual Shareholder Return (TSR):
Total annual shareholder return is calculated as the overall change in share price, plus any dividends paid during the year; this sum is then divided by the share price at the beginning of the year to arrive at the TSR. Total annual shareholder return assumes reinvestment of quarterly dividends.
Total Loss Absorbing Capacity (TLAC):
The aggregate of NVCC Tier 1 capital, NVCC Tier 2 capital, and other TLAC instruments that are subject to conversion in whole or in part into common shares under the CDIC Act and meet all of the eligibility criteria under the OSFI guideline – Total Loss Absorbing Capacity (September 2018).
Other TLAC Instruments include prescribed shares and liabilities that are subject to conversion into common shares pursuant to the CDIC Act and which meet all of the eligibility criteria set out in the Total Loss Absorbing Capacity (TLAC) Guidelines.
Value At Risk (VaR):
An estimate of the potential loss that might result from holding a position for a specified period of time, with a given level of statistical confidence.
Yield Curve:
A graph showing the term structure of interest rates, plotting the yields of similar quality bonds by term to maturity.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Basel III Glossary
Credit Risk Parameters
Exposure at Default (EAD):
Generally represents the expected gross exposure – outstanding amount for
on-balance
sheet exposure and loan equivalent amount for
off-balance
sheet exposure at default.
Probability of Default (PD):
Measures the likelihood that a borrower will default within a
one-year
time horizon, expressed as a percentage.
Loss Given Default (LGD):
Measures the severity of loss on a facility in the event of a borrower’s default, expressed as a percentage of exposure at default.
Exposure Types
Non-retail
Corporate:
Defined as a debt obligation of a corporation, partnership, or proprietorship.
Bank:
Defined as a debt obligation of a bank or bank equivalent.
Sovereign:
Defined as a debt obligation of a sovereign, central bank, multi development banks and public sector entities (PSEs) as defined in the OSFI Guideline – Capital Adequacy Requirements (November 2023).
Securitization:
On-balance
sheet investments in asset-backed securities, mortgage-backed securities, collateralized loan obligations and collateralized debt obligations,
off-balance
sheet liquidity lines to the Bank’s own sponsored and third-party conduits and credit enhancements.
Retail
Residential Mortgage:
Loans to individuals against residential property (four units or less).
Secured Lines of Credit:
Revolving personal lines of credit secured by residential real estate.
Qualifying Revolving Retail Exposures:
Credit cards and unsecured lines of credit for individuals.
Other Retail:
All other personal loans.
Exposure
Sub-types
Drawn:
Outstanding amounts for loans, leases, acceptances, deposits with banks and FVOCI debt securities.
Undrawn:
Unutilized portion of authorized committed credit lines.
Other Exposures
Repo-Style Transactions:
Reverse repurchase agreements (reverse repos) and repurchase agreements (repos), securities lending and borrowing.
OTC Derivatives:
Over-the-counter
derivatives contracts refers to financial instruments which are traded through a dealer network rather than through an exchange.
Other
Off-balance
Sheet:
Direct credit substitutes, such as standby letters of credit and guarantees, trade letters of credit, and performance letters of credit and guarantees.
Exchange-Traded Derivative Contracts:
Exchange-traded derivative contracts are derivative contracts (e.g., futures contracts and options) that are transacted on an organized futures exchange. These include futures contracts (both long and short positions), purchased options and written options.
Qualifying Central Counterparty (QCCP):
A licensed central counterparty is considered “qualifying” when it is compliant with the International Organization of Securities Commissions (IOSCO) standards and is able to assist clearing member banks in properly capitalizing for CCP exposures.
Asset Value Correlation Multiplier (AVC):
Basel III has higher risk-weights on exposures to certain Financial Institutions (FIs) relative to the
non-financial
corporate sector by introducing an AVC. The correlation factor in the risk-weight formula is multiplied by this AVC factor of 1.25 for all exposures to regulated FIs whose total assets are greater than or equal to U.S. $150 billion and all exposures to unregulated FIs.
Specific
Wrong-Way
Risk (WWR):
Specific
Wrong-Way
Risk arises when the exposure to a particular counterparty is positively correlated with the probability of default of the counterparty due to the nature of the transactions with the counterparty.
Basel III Regulatory Capital Floor:
Since the introduction of Basel II in 2008, OSFI has prescribed a minimum regulatory capital floor for institutions that use the advanced internal ratings-based approach for credit risk. Effective Q2 2023, the capital floor
add-on
is determined under the Basel III Framework by comparing RWA generated for IRB and standardized portfolios to RWA calculated under a standardized approach at the required capital floor calibration. A shortfall to the capital floor RWA requirement is added to the Bank’s RWA.
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Condensed Interim Consolidated Financial Statements (unaudited)
TABLE OF CONTENTS
 
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Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Financial Position
 
            As at  
(Unaudited) ($ millions)
    Note   
April 30
2025
      January 31
2025		      October 31
2024		  
Assets
            
Cash and deposits with financial institutions
    5   
$
63,577
 
    $ 70,198      $ 63,860  
Precious metals
      
 
5,971
 
      3,687        2,540  
Trading assets
            
Securities
      
 
118,302
 
      126,019        119,912  
Loans
      
 
7,841
 
      8,048        7,649  
Other
   
 
   
 
2,844
 
      2,641        2,166  
     
 
128,987
 
      136,708        129,727  
Securities purchased under resale agreements and securities borrowed
      
 
192,632
 
      195,258        200,543  
Derivative financial instruments
      
 
47,937
 
      48,035        44,379  
Investment securities
    6   
 
154,291
 
      153,019        152,832  
Loans
            
Residential mortgages
    7   
 
359,792
 
      358,791        350,941  
Personal loans
    7   
 
105,953
 
      106,635        106,379  
Credit cards
    7   
 
17,224
 
      17,548        17,374  
Business and government
    7   
 
280,487
 
      290,188        292,671  
     
 
763,456
 
      773,162        767,365  
Allowance for credit losses
    7(c)   
 
7,084
 
      6,857        6,536  
     
 
756,372
 
      766,305        760,829  
Other
            
Customers’ liability under acceptances, net of allowance
      
 
189
 
      207        148  
Property and equipment
      
 
4,809
 
      4,902        5,252  
Investments in associates
    9   
 
5,868
 
      5,940        1,821  
Goodwill and other intangible assets
      
 
16,089
 
      16,218        16,853  
Deferred tax assets
      
 
2,950
 
      2,892        2,942  
Other assets
   
 
   
 
35,793
 
      35,782        30,301  
 
   
 
   
 
65,698
 
      65,941        57,317  
Total assets
   
 
   
$
1,415,465
 
    $  1,439,151      $  1,412,027  
Liabilities
            
Deposits
            
Personal
    10   
$
301,069
 
    $ 303,798      $ 298,821  
Business and government
    10   
 
604,307
 
      617,874        600,114  
Financial institutions
    10   
 
40,467
 
      44,377        44,914  
     
 
945,843
 
      966,049        943,849  
Financial instruments designated at fair value through profit or loss
    18(b)   
 
39,127
 
      39,594        36,341  
Other
            
Acceptances
      
 
190
 
      210        149  
Obligations related to securities sold short
      
 
36,543
 
      34,855        35,042  
Derivative financial instruments
      
 
61,933
 
      59,847        51,260  
Obligations related to securities sold under repurchase agreements and securities lent
      
 
177,987
 
      182,259        190,449  
Subordinated debentures
      
 
7,891
 
      8,042        7,833  
Other liabilities
   
 
   
 
59,445
 
      61,874        63,028  
 
   
 
   
 
343,989
 
      347,087        347,761  
Total liabilities
   
 
   
 
1,328,959
 
      1,352,730        1,327,951  
Equity
            
Common equity
            
Common shares
    11   
 
22,138
 
      22,136        22,054  
Retained earnings
      
 
57,965
 
      57,445        57,751  
Accumulated other comprehensive income (loss)
      
 
(5,191
)
      (4,789 )       (6,147 ) 
Other reserves
   
 
   
 
(226
)
      (229 )       (68 ) 
Total common equity
      
 
74,686
 
      74,563        73,590  
Preferred shares and other equity instruments
    11   
 
10,232
 
      10,232        8,779  
Total equity attributable to equity holders of the Bank
      
 
84,918
 
      84,795        82,369  
Non-controlling
interests in subsidiaries
   
 
   
 
1,588
 
      1,626        1,707  
Total equity
   
 
   
 
86,506
 
      86,421        84,076  
Total liabilities and equity
   
 
   
$
1,415,465
 
    $ 1,439,151      $ 1,412,027  
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
 Scotiabank Second Quarter Report 2025 
 
 
63
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Income
 
  
  
  
  
For the three months ended
 
  
For the six months ended
 
(Unaudited) ($ millions)
  
Note
  
April 30
2025
 
  
January 31
2025
 
  
April 30
2024
 
  
April 30
2025
 
  
April 30
2024
 
Revenue
  
  
  
  
  
  
Interest income
(1)
  
  
  
  
  
  
Loans
  
  
$
 10,922
 
  
$
 11,537
 
  
$
 11,792
 
  
$
 22,459
 
  
$
 23,704
 
Securities
  
  
 
1,993
 
  
 
2,164
 
  
 
2,277
 
  
 
4,157
 
  
 
4,580
 
Securities purchased under resale agreements and securities borrowed
  
  
 
661
 
  
 
616
 
  
 
372
 
  
 
1,277
 
  
 
718
 
Deposits with financial institutions
  
 
  
 
711
 
  
 
663
 
  
 
771
 
  
 
1,374
 
  
 
1,649
 
 
  
16
  
 
14,287
 
  
 
14,980
 
  
 
15,212
 
  
 
29,267
 
  
 
30,651
 
Interest expense
  
  
  
  
  
  
Deposits
  
  
 
8,267
 
  
 
9,088
 
  
 
9,761
 
  
 
17,355
 
  
 
19,674
 
Subordinated debentures
  
  
 
103
 
  
 
99
 
  
 
121
 
  
 
202
 
  
 
256
 
Other
  
 
  
 
647
 
  
 
620
 
  
 
636
 
  
 
1,267
 
  
 
1,254
 
 
  
16
  
 
9,017
 
  
 
9,807
 
  
 
10,518
 
  
 
18,824
 
  
 
21,184
 
Net interest income
  
 
  
 
5,270
 
  
 
5,173
 
  
 
4,694
 
  
 
10,443
 
  
 
9,467
 
Non-interest
income
  
  
  
  
  
  
Card revenues
  
  
 
223
 
  
 
218
 
  
 
214
 
  
 
441
 
  
 
423
 
Banking services fees
  
  
 
496
 
  
 
502
 
  
 
477
 
  
 
998
 
  
 
977
 
Credit fees
  
  
 
291
 
  
 
326
 
  
 
437
 
  
 
617
 
  
 
933
 
Mutual funds
  
  
 
607
 
  
 
635
 
  
 
551
 
  
 
1,242
 
  
 
1,089
 
Brokerage fees
  
  
 
349
 
  
 
353
 
  
 
317
 
  
 
702
 
  
 
608
 
Investment management and trust
  
  
 
288
 
  
 
286
 
  
 
273
 
  
 
574
 
  
 
539
 
Underwriting and advisory fees
  
  
 
246
 
  
 
223
 
  
 
196
 
  
 
469
 
  
 
332
 
Non-trading
foreign exchange
  
  
 
216
 
  
 
264
 
  
 
245
 
  
 
480
 
  
 
473
 
Trading revenues
  
  
 
405
 
  
 
655
 
  
 
383
 
  
 
1,060
 
  
 
856
 
Net gain on sale of investment securities
  
  
 
7
 
  
 
31
 
  
 
19
 
  
 
38
 
  
 
22
 
Net income from investments in associated corporations
  
  
 
159
 
  
 
113
 
  
 
57
 
  
 
272
 
  
 
103
 
Insurance service results
  
  
 
121
 
  
 
125
 
  
 
108
 
  
 
246
 
  
 
222
 
Other fees and commissions
  
  
 
391
 
  
 
422
 
  
 
286
 
  
 
813
 
  
 
577
 
Other
  
 
  
 
11
 
  
 
46
 
  
 
90
 
  
 
57
 
  
 
159
 
 
  
 
  
 
3,810
 
  
 
4,199
 
  
 
3,653
 
  
 
8,009
 
  
 
7,313
 
Total revenue
  
  
 
9,080
 
  
 
9,372
 
  
 
8,347
 
  
 
18,452
 
  
 
16,780
 
Provision for credit losses
  
 
  
 
1,398
 
  
 
1,162
 
  
 
1,007
 
  
 
2,560
 
  
 
1,969
 
 
  
 
  
 
7,682
 
  
 
8,210
 
  
 
7,340
 
  
 
15,892
 
  
 
14,811
 
Non-interest
expenses
  
  
  
  
  
  
Salaries and employee benefits
  
  
 
2,641
 
  
 
2,709
 
  
 
2,455
 
  
 
5,350
 
  
 
4,901
 
Premises and technology
  
  
 
814
 
  
 
800
 
  
 
699
 
  
 
1,614
 
  
 
1,407
 
Depreciation and amortization
  
  
 
393
 
  
 
403
 
  
 
410
 
  
 
796
 
  
 
831
 
Communications
  
  
 
103
 
  
 
97
 
  
 
99
 
  
 
200
 
  
 
205
 
Advertising and business development
  
  
 
159
 
  
 
156
 
  
 
148
 
  
 
315
 
  
 
300
 
Professional
  
  
 
229
 
  
 
205
 
  
 
191
 
  
 
434
 
  
 
353
 
Business and capital taxes
  
  
 
171
 
  
 
184
 
  
 
171
 
  
 
355
 
  
 
354
 
Other
  
 
  
 
600
 
  
 
1,937
 
  
 
538
 
  
 
2,537
 
  
 
1,099
 
 
  
 
  
 
5,110
 
  
 
6,491
 
  
 
4,711
 
  
 
11,601
 
  
 
9,450
 
Income before taxes
  
  
 
2,572
 
  
 
1,719
 
  
 
2,629
 
  
 
4,291
 
  
 
5,361
 
Income tax expense
  
19
  
 
540
 
  
 
726
 
  
 
537
 
  
 
1,266
 
  
 
1,070
 
Net income
  
  
$
2,032
 
  
$
993
 
  
$
2,092
 
  
$
3,025
 
  
$
4,291
 
Net income attributable to
non-controlling
interests in subsidiaries
  
 
  
 
56
 
  
 
(154
) 
  
 
26
 
  
 
(98
) 
  
 
51
 
Net income attributable to equity holders of the Bank
  
  
$
1,976
 
  
$
1,147
 
  
$
2,066
 
  
$
3,123
 
  
$
4,240
 
Preferred shareholders and other equity instrument holders
  
  
 
135
 
  
 
122
 
  
 
123
 
  
 
257
 
  
 
231
 
Common shareholders
  
 
  
$
1,841
 
  
$
1,025
 
  
$
1,943
 
  
$
2,866
 
  
$
4,009
 
Earnings per common share
(in dollars)
  
  
  
  
  
  
Basic
  
17
  
$
1.48
 
  
$
0.82
 
  
$
1.59
 
  
$
2.30
 
  
$
3.29
 
Diluted
  
17
  
 
1.48
 
  
 
0.66
 
  
 
1.57
 
  
 
2.15
 
  
 
3.25
 
Dividends paid per common share
(in dollars)
  
 
  
 
1.06
 
  
 
1.06
 
  
 
1.06
 
  
 
2.12
 
  
 
2.12
 
(1)
Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $13,943 for the three months ended April 30, 2025 (January 31, 2025 – $14,577; April 30, 2024 – $14,776) and for the six months ended April 30, 2025 – $28,520 (April 30, 2024 – $29,674).
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
64
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Comprehensive Income
 
      For the three months ended      For the six months ended  
(Unaudited) ($ millions)
   
April 30
2025
      January 31
2025		      April 30
2024		     
April 30
2025
      April 30
2024		  
Net income
   
$
2,032
 
    $ 993      $ 2,092     
$
3,025
 
    $ 4,291  
Other comprehensive income (loss)
               
Items that will be reclassified subsequently to net income
               
Net change in unrealized foreign currency translation gains (losses):
               
Net unrealized foreign currency translation gains (losses)
   
 
(1,847
)
      1,645        753     
 
(202
)
      (999 ) 
Net gains (losses) on hedges of net investments in foreign operations
   
 
539
 
      (683 )       (375 )    
 
(144
)
      241  
Income tax expense (benefit):
               
Net unrealized foreign currency translation gains (losses)
   
 
(21
)
      4        4     
 
(17
)
      (1 ) 
Net gains (losses) on hedges of net investments in foreign operations
   
 
149
 
      (190 )       (106 )    
 
(41
)
      62  
  
 
(1,436
)
      1,148        480     
 
(288
)
      (819 ) 
Net change in fair value due to change in debt instruments measured at fair value through other comprehensive income:
               
Net gains (losses) in fair value
   
 
1,164
 
      140        (1,712 )    
 
1,304
 
      666  
Reclassification of net (gains) losses to net income
   
 
(1,056
)
      (107 )       1,435     
 
(1,163
)
      (103 ) 
Income tax expense (benefit):
               
Net gains (losses) in fair value
   
 
311
 
      32        (458 )    
 
343
 
      181  
Reclassification of net (gains) losses to net income
   
 
(286
)
      (24 )       385     
 
(310
)
      (17 ) 
  
 
83
 
      25        (204 )    
 
108
 
      399  
Net change in gains (losses) on derivative instruments designated as cash flow hedges:
               
Net gains (losses) on derivative instruments designated as cash flow hedges
   
 
2,522
 
      (204 )       (723 )    
 
2,318
 
      924  
Reclassification of net (gains) losses to net income
   
 
(1,759
)
      663        (89 )    
 
(1,096
)
      (234 ) 
Income tax expense (benefit):
               
Net gains (losses) on derivative instruments designated as cash flow hedges
   
 
758
 
      (32 )       (235 )    
 
726
 
      262  
Reclassification of net (gains) losses to net income
   
 
(561
)
      155        13     
 
(406
)
      (59 ) 
  
 
566
 
      336        (590 )    
 
902
 
      487  
Net changes in finance income/(expense) from insurance contracts:
               
Net finance income/(expense) from insurance contracts
   
 
(2
)
      5        (1 )    
 
3
 
      7  
Income tax expense (benefit)
   
 
(1
)
      1        (1 )    
 
–
 
      1  
 
   
 
(1
)
      4        –     
 
3
 
      6  
Other comprehensive income (loss) from investments in associates
   
 
110
 
      (62 )       1     
 
48
 
      (3 ) 
Items that will not be reclassified subsequently to net income
               
Net change in remeasurement of employee benefit plan asset and liability:
               
Actuarial gains (losses) on employee benefit plans
   
 
(255
)
      260        289     
 
5
 
      (241 ) 
Income tax expense (benefit)
   
 
(69
)
      78        81     
 
9
 
      (72 ) 
  
 
(186
)
      182        208     
 
(4
)
      (169 ) 
Net change in fair value due to change in equity instruments designated at fair value through other comprehensive income:
               
Net gains (losses) in fair value
   
 
49
 
      4        (59 )    
 
53
 
      181  
Income tax expense (benefit)
   
 
34
 
      (8 )       (36 )    
 
26
 
      24  
  
 
15
 
      12        (23 )    
 
27
 
      157  
Net change in fair value due to change in own credit risk on financial liabilities designated under the fair value option:
               
Change in fair value due to change in own credit risk on financial liabilities designated under the fair value option
   
 
512
 
      (264 )       (474 )    
 
248
 
      (885 ) 
Income tax expense (benefit)
   
 
142
 
      (73 )       (132 )    
 
69
 
      (246 ) 
 
   
 
370
 
      (191 )       (342 )    
 
179
 
      (639 ) 
Other comprehensive income (loss) from investments in associates
   
 
14
 
      (7 )       –     
 
7
 
      1  
Other comprehensive income (loss)
   
 
(465
)
      1,447        (470 )    
 
982
 
      (580 ) 
Comprehensive income (loss)
   
$
1,567
 
    $ 2,440      $ 1,622     
$
4,007
 
    $ 3,711  
Comprehensive income (loss) attributable to
non-controlling
interests
   
 
(7
)
      (65 )       60     
 
(72
)
      42  
Comprehensive income (loss) attributable to equity holders of the Bank
   
 
1,574
 
      2,505        1,562     
 
4,079
 
      3,669  
Preferred shareholders and other equity instrument holders
   
 
135
 
      122        123     
 
257
 
      231  
Common shareholders
   
$
 1,439
 
    $  2,383      $  1,439     
$
 3,822
 
    $  3,438  
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
 Scotiabank Second Quarter Report 2025 
 
 
65
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Changes in Equity

 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Unaudited) ($ millions)
 
Common
shares
 
 
Retained
earnings
(1)
 
 
Foreign
currency
translation
 
 
Debt
instruments
FVOCI
 
 
Equity
instruments
FVOCI
 
 
Cash
flow
hedges
 
 
Other
(2)
 
 
Other
reserves
 
 
Total
common
equity
 
 
Preferred
shares and
other
equity
instruments
 
 
Total
attributable
to equity
holders
 
 
Non-
controlling
interests in
subsidiaries
 
 
Total
 
Balance as at October 31, 2024
  
$
22,054
 
  
$
57,751
 
  
$
(3,559
)
  
$
(491
)
  
$
339
 
  
$
(2,197
)
  
$
 (239
)
  
$
(68
)
  
$
73,590
 
  
$
8,779
 
  
$
82,369
 
  
$
1,707
 
  
$
84,076
 
Net income
  
 
–
 
  
 
2,866
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
2,866
 
  
 
257
 
  
 
3,123
 
  
 
(98
)
  
 
3,025
 
Other comprehensive income (loss)
  
 
–
 
  
 
–
 
  
 
(292
)
  
 
108
 
  
 
29
 
  
 
906
 
  
 
205
 
  
 
–
 
  
 
956
 
  
 
–
 
  
 
956
 
  
 
26
 
  
 
982
 
Total comprehensive income
  
$
–
 
  
$
2,866
 
  
$
(292
)
  
$
108
 
  
$
29
 
  
$
906
 
  
$
205
 
  
$
–
 
  
$
3,822
 
  
$
257
 
  
$
4,079
 
  
$
(72
)
  
$
4,007
 
Shares/instruments issued
  
 
84
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(5
)
  
 
79
 
  
 
1,453
 
  
 
1,532
 
  
 
–
 
  
 
1,532
 
Shares repurchased/redeemed
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Dividends and distributions paid to equity holders
  
 
–
 
  
 
(2,641
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(2,641
)
  
 
(257
)
  
 
(2,898
)
  
 
(47
)
  
 
(2,945
) 
Share-based payments
(3)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
11
 
  
 
11
 
  
 
–
 
  
 
11
 
  
 
–
 
  
 
11
 
Other
  
 
–
 
  
 
(11
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(164
)
  
 
(175
)
  
 
–
 
  
 
(175
)
  
 
–
 
  
 
(175
)
Balance as at April 30, 2025
  
$
 22,138
 
  
$
 57,965
 
  
$
 (3,851
)
  
$
(383
)
  
$
 368
 
  
$
 (1,291
)
  
$
(34
)
  
$
 (226
)
  
$
 74,686
 
  
$
 10,232
 
  
$
 84,918
 
  
$
 1,588
 
  
$
 86,506
 
Balance as at October 31, 2023
   $ 20,109     $ 55,673     $ (1,755 )    $  (1,104 )   $ 14     $ (4,545 )    $ 459     $ (84 )    $ 68,767     $ 8,075     $ 76,842     $ 1,729     $ 78,571  
Net income
     –       4,009       –       –       –       –       –       –       4,009       231       4,240       51       4,291  
Other comprehensive income (loss)
     –       –       (827 )      399       153       491       (787 )      –       (571 )      –       (571 )      (9 )      (580 ) 
Total comprehensive income
   $ –     $ 4,009     $ (827 )    $ 399     $ 153     $ 491     $ (787 )    $ –     $ 3,438     $ 231     $ 3,669     $ 42     $ 3,711  
Shares/instruments issued
     957       –       –       –       –       –       –       (1 )      956       1,004       1,960       –       1,960  
Shares repurchased/redeemed
     –       –       –       –       –       –       –       –       –       (300 )      (300 )      –       (300 ) 
Dividends and distributions paid to equity holders
     –       (2,582 )      –       –       –       –       –       –       (2,582 )      (231 )      (2,813 )      (56 )      (2,869 ) 
Share-based payments
(3)
     –       –       –       –       –       –       –       10       10       –       10       –       10  
Other
     –       (19 )      –       –       –       –       –       7       (12 )      –       (12 )      4       (8 ) 
Balance as at April 30, 2024
   $ 21,066     $ 57,081     $ (2,582 )    $ (705 )    $ 167     $ (4,054 )    $ (328 )    $ (68 )    $ 70,577     $ 8,779     $ 79,356     $ 1,719     $ 81,075  
(1)
Includes undistributed retained earnings of $74 (April 30, 2024 – $73) related to a foreign associated corporation, which is subject to local regulatory restriction.
(2)
Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts.
(3)
Represents amounts on account of share-based payments (refer to Note 13).
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
66
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Cash Flows
 
(Unaudited) ($ millions)
  
For the three months ended
 
  
For the six months ended
 
Sources (uses) of cash flows
  
April 30
2025
 
  
April 30
2024
 
  
April 30
2025
 
  
April 30
2024
 
Cash flows from operating activities
  
  
  
  
Net income
   
$
2,032
 
    $ 2,092     
$
3,025
 
    $ 4,291  
Adjustment for:
            
Net interest income
   
 
(5,270
)
      (4,694 )    
 
(10,443
)
      (9,467 ) 
Depreciation and amortization
   
 
393
 
      410     
 
796
 
      831  
Provision for credit losses
   
 
1,398
 
      1,007     
 
2,560
 
      1,969  
Equity-settled share-based payment expense
   
 
3
 
      –     
 
11
 
      10  
Net gain on sale of investment securities
   
 
(7
) 
      (19 )    
 
(38
) 
      (22 ) 
Net (gain)/loss on divestitures
   
 
35
 
      –     
 
1,397
 
      –  
Net income from investments in associated corporations
   
 
(159
)
      (57 )    
 
(272
)
      (103 ) 
Income tax expense
   
 
540
 
      537     
 
1,266
 
      1,070  
Changes in operating assets and liabilities:
            
Trading assets
   
 
5,211
 
      (4,543 )    
 
934
 
      (14,225 ) 
Securities purchased under resale agreements and securities borrowed
   
 
(2,684
)
      9,105     
 
7,604
 
      5,773  
Loans
   
 
(1,239
)
      (5,528 )    
 
1,633
 
      (6,001 ) 
Deposits
   
 
(2,863
)
      (6,929 )    
 
5,187
 
      (4,284 ) 
Obligations related to securities sold short
   
 
2,147
 
      (6,215 )    
 
1,420
 
      1,337  
Obligations related to securities sold under repurchase agreements and securities lent
   
 
1,520
 
      8,418     
 
(12,208
)
       13,648  
Net derivative financial instruments
   
 
4,962
 
      (170 )    
 
9,529
 
      1,102  
Other, net
   
 
(8,165
)
      1,314     
 
(13,513
)
      (3,449 ) 
Interest and dividends received
   
 
14,374
 
       15,189     
 
29,829
 
      30,092  
Interest paid
   
 
(9,074
)
      (10,045 )    
 
(19,585
)
      (20,372 ) 
Income tax paid
   
 
(675
)
      (822 )    
 
(1,919
)
      (853 ) 
Net cash from/(used in) operating activities
   
 
2,479
 
      (950 )    
 
7,213
 
      1,347  
Cash flows from investing activities
            
Interest-bearing deposits with financial institutions
   
 
5,548
 
      10,164     
 
1,483
 
      31,202  
Purchase of investment securities
   
 
(25,564
)
      (25,251 )    
 
(42,679
)
      (65,028 ) 
Proceeds from sale and maturity of investment securities
   
 
20,833
 
      20,902     
 
40,900
 
      38,761  
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired
   
 
211
 
      –     
 
(2,637
)
      –  
Property and equipment, net of disposals
   
 
(120
)
      (88 )    
 
(128
)
      (234 ) 
Other, net
   
 
(56
)
      (310 )    
 
(199
)
      (477 ) 
Net cash from/(used in) investing activities
   
 
852
 
      5,417     
 
(3,260
)
      4,224  
Cash flows from financing activities
            
Redemption of subordinated debentures
   
 
–
 
      –     
 
–
 
      (1,750 ) 
Proceeds from preferred shares and other equity instruments issued
   
 
–
 
      –     
 
1,453
 
      1,004  
Redemption of preferred shares
   
 
–
 
      –     
 
–
 
      (300 ) 
Proceeds from common shares issued
   
 
2
 
      467     
 
84
 
      957  
Cash dividends and distributions paid
   
 
(1,456
)
      (1,418 )    
 
(2,898
)
      (2,813 ) 
Distributions to
non-controlling
interests
   
 
(31
)
      (41 )    
 
(47
)
      (56 ) 
Payment of lease liabilities
   
 
(73
)
      (78 )    
 
(149
)
      (158 ) 
Other, net
   
 
(550
)
      (2,960 )    
 
(957
)
      (2,776 ) 
Net cash from/(used in) financing activities
   
 
(2,108
)
      (4,030 )    
 
(2,514
)
      (5,892 ) 
Effect of exchange rate changes on cash and cash equivalents
   
 
(312
)
      121     
 
(37
)
      (83 ) 
Net change in cash and cash equivalents
   
 
911
 
      558     
 
1,402
 
      (404 ) 
Cash and cash equivalents at beginning of period
(1)
   
 
9,897
 
      9,211     
 
9,406
 
      10,173  
Cash and cash equivalents at end of period
(1)
   
$
10,808
 
    $ 9,769     
$
10,808
 
    $ 9,769  
(1)
Represents cash and
non-interest-bearing
deposits with financial institutions (refer to Note 5).
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
 Scotiabank Second Quarter Report 2025 
 
 
67
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Notes to the Condensed Interim Consolidated Financial Statements (Unaudited)
 
1.
Reporting entity
The Bank of Nova Scotia (the Bank) is a chartered bank under the Bank Act (Canada) (the Bank Act). The Bank is a Schedule I bank under the Bank Act and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). The Bank is a global financial services provider offering a diverse range of products and services, including personal, commercial, corporate and investment banking. The head office of the Bank is located at 1709 Hollis Street, Halifax, Nova Scotia, Canada and its executive offices are at 40 Temperance Street, Toronto, Canada. The common shares of the Bank are listed on the Toronto Stock Exchange and the New York Stock Exchange.
 
2.
Basis of preparation
Statement of compliance
These condensed interim consolidated financial statements were prepared in accordance with IAS 34,
Interim Financial Reporting
, using the same accounting policies as described in Note 3 of the Bank’s audited consolidated financial statements for the year ended October 31, 2024.
These condensed interim consolidated financial statements do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These condensed interim consolidated financial statements should be read in conjunction with the Bank’s audited consolidated financial statements for the year ended October 31, 2024.
The condensed interim consolidated financial statements for the quarter ended April 30, 2025 have been approved by the Board of Directors for issue on May 27, 2025.
Basis of measurement
The condensed interim consolidated financial statements have been prepared on the historical cost basis except for the following material items that are measured at fair value in the Consolidated Statement of Financial Position:
 
  •  
Financial assets and liabilities measured at fair value through profit or loss
 
  •  
Financial assets and liabilities designated at fair value through profit or loss
 
  •  
Derivative financial instruments
 
  •  
Equity instruments designated at fair value through other comprehensive income
 
  •  
Debt instruments measured at fair value through other comprehensive income
Functional and presentation currency
These condensed interim consolidated financial statements are presented in Canadian dollars, which is the Bank’s functional currency. All financial information presented in Canadian dollars has been rounded to the nearest million unless otherwise stated.
Use of estimates and judgements
The preparation of financial statements, in conformity with IFRS, requires management to make estimates, apply judgements and make assumptions that affect the reported amount of assets and liabilities at the date of the condensed interim consolidated financial statements, and income and expenses during the reporting period. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key areas where management has made difficult, complex or subjective judgements, often as a result of matters that are inherently uncertain, include those relating to the allowance for credit losses, the fair value of financial instruments (including derivatives), corporate income taxes, employee benefits, the fair value of all identifiable assets and liabilities as a result of business combinations, impairment of
non-financial
assets and derecognition of financial assets and liabilities. While management makes its best estimates and assumptions, actual results could differ from these estimates and assumptions.
Currently, there is high uncertainty surrounding trade policy and tariffs from the U.S. This results in increased measurement uncertainty for estimates used in financial reporting. In particular, the allowance for credit losses, using an expected credit loss approach as required under IFRS 9, is estimated using complex models and incorporates inputs, assumptions, and techniques that require a high degree of judgement and is heavily dependent on the forecast of macroeconomic variables. Due to the high level of uncertainty surrounding U.S. trade policy and tariffs, estimates and valuation models applied based on conditions and information existing as at April 30, 2025 may be significantly different from the actual outcome.
 
3.
Material accounting policies
These condensed interim consolidated financial statements should be read in conjunction with the Bank’s audited consolidated financial statements for the year ended October 31, 2024 included in the 2024 Annual Report.
The material accounting policies used in the preparation of the condensed interim consolidated financial statements are consistent with those used in the Bank’s audited consolidated financial statements for the year ended October 31, 2024 as described in Note 3 of the Bank’s audited consolidated financial statements in the 2024 Annual Report.
 
4.
Future accounting developments
There are no significant updates to the future accounting developments disclosed in Note 6 of the Bank’s audited consolidated financial statements in the 2024 Annual Report.
 
68
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
5.
Cash and deposits with financial institutions
 
  
  
  As at
 
($ millions)
  
April 30
2025
 
  
January 31
2025
 
  
October 31
2024
 
Cash and
non-interest-bearing
deposits with financial institutions
   
$
10,808
 
    $ 9,897      $ 9,406  
Interest-bearing deposits with financial institutions
   
 
52,769
 
      60,301        54,454  
Total
   
$
63,577
(1)
 
    $    70,198
(1)
 		    $    63,860
(1)
 
  (1)
Net of allowances of $3 (January 31, 2025 – $3; October 31, 2024 – $3).
The Bank is required to maintain balances with central banks, other regulatory authorities and certain counterparties and these amounted to $6,464 million (January 31, 2025 – $5,793 million; October 31, 2024 – $5,322 million) and are included above.
 
6.
Investment securities
The following table presents the carrying amounts of the Bank’s investment securities per measurement category.
 
  
  
  As at
 
($ millions)
  
April 30
2025
 
  
January 31
2025
 
  
October 31
2024
 
Debt investment securities measured at FVOCI
   
$
125,483
 
    $ 122,132
 
 
 
 
 
 
 

  
 
 		 $ 118,226
 
 
 
 
 
 
Debt investment securities measured at amortized cost
   
 
26,454
 
      28,494        29,412  
Equity investment securities designated at FVOCI
   
 
371
 
      290        3,162  
Equity investment securities measured at FVTPL
   
 
1,954
 
      2,076        2,004  
Debt investment securities measured at FVTPL
   
 
29
 
      27        28  
Total investment securities
   
$
154,291
 
    $   153,019      $   152,832  
(a) Debt investment securities measured at fair value through other comprehensive income (FVOCI)
 
As at April 30, 2025 ($ millions)
  
Cost
 
  
Gross
unrealized
gains
 
  
Gross
unrealized
losses
 
  
Fair value
 
Canadian federal government issued or guaranteed debt
   
$
21,899
 
   
$
349
 
   
$
98
 
   
$
22,150
 
Canadian provincial and municipal debt
   
 
21,742
 
   
 
387
 
   
 
115
 
   
 
22,014
 
U.S. treasury and other U.S. agency debt
   
 
49,757
 
   
 
487
 
   
 
723
 
   
 
49,521
 
Other foreign government debt
   
 
28,300
 
   
 
314
 
   
 
259
 
   
 
28,355
 
Other debt
   
 
3,433
 
   
 
35
 
   
 
25
 
   
 
3,443
 
Total
   
$
 125,131
 
   
$
 1,572
 
   
$
 1,220
 
   
$
 125,483
  
As at January 31, 2025 ($ millions)
    Cost      Gross
unrealized
gains		      Gross
unrealized
losses		      Fair value  
Canadian federal government issued or guaranteed debt
    $ 21,039      $ 315      $ 124      $ 21,230  
Canadian provincial and municipal debt
      19,090        335        197        19,228  
U.S. treasury and other U.S. agency debt
      49,249        124        1,072        48,301  
Other foreign government debt
      29,882        218        382        29,718  
Other debt
      3,668        23        36        3,655  
Total
    $  122,928      $  1,015      $  1,811      $  122,132  
As at October 31, 2024 ($ millions)
    Cost      Gross
unrealized
gains		      Gross
unrealized
losses		      Fair value  
Canadian federal government issued or guaranteed debt
    $ 21,473      $ 219      $ 152      $ 21,540  
Canadian provincial and municipal debt
      17,500        234        209        17,525  
U.S. treasury and other U.S. agency debt
      47,156        214        994        46,376  
Other foreign government debt
      29,505        181        400        29,286  
Other debt
      3,514        22        37        3,499  
Total
    $  119,148      $  870      $  1,792      $  118,226  
 
 Scotiabank Second Quarter Report 2025 
 
 
69
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
(b) Debt investment securities measured at amortized cost
 
  
  
As at
 
  
  
April 30, 2025
 
  
January 31, 2025
 
  
October 31, 2024
 
($ millions)
  
Fair value
 
  
Carrying
value
(1)
 
  
Fair value
 
  
Carrying
value
(1)
 
  
Fair value
 
  
Carrying
value
(1)
 
Canadian federal and provincial government issued or guaranteed debt
   
$
7,097
 
   
$
7,007
 
    $ 7,886      $ 7,831      $ 8,722      $ 8,721  
U.S. treasury and other U.S. agency debt
   
 
16,019
 
   
 
16,828
 
      17,496        18,399        17,440        18,440  
Other foreign government debt
   
 
2,421
 
   
 
2,418
 
      2,056        2,055        2,044        2,041  
Corporate debt
   
 
207
 
   
 
201
 
      215        209        216        210  
Total
   
$
 25,744
 
   
$
 26,454
 
    $  27,653      $  28,494      $  28,422      $  29,412  
 
  (1)
Balances are net of allowances, which are $1 (January 31, 2025 – $1; October 31, 2024 – $1).
(c) Equity investment securities designated at fair value through other comprehensive income (FVOCI)
 
As at April 30, 2025 ($ millions)
   
Cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
     
Fair value
  
Common shares
   
$
216
 
   
$
186
 
   
$
31
 
   
$
371
 
Total
   
$
216
 
   
$
186
 
   
$
31
 
   
$
371
 
As at January 31, 2025 ($ millions)
    Cost      Gross
unrealized
gains		      Gross
unrealized
losses		      Fair value  
Common shares
    $ 183      $ 136      $ 29      $ 290  
Total
    $ 183      $ 136      $ 29      $ 290  
As at October 31, 2024 ($ millions)
    Cost      Gross
unrealized
gains		      Gross
unrealized
losses		      Fair value  
Common shares
    $ 2,522      $ 713      $ 73      $ 3,162  
Total
    $  2,522      $  713      $  73      $  3,162  
Dividend income earned on equity securities designated at FVOCI of $9 million for the three months ended April 30, 2025 (January 31, 2025 – $36 million; April 30, 2024 – $33 million) and for the six months ended April 30, 2025 – $45 million (April 30, 2024 – $80 million) has been recognized in interest income.
During the three months ended April 30, 2025, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $2 million (January 31, 2025 – $1,812 million; April 30, 2024 – $453 million) and for the six months ended April 30, 2025 – $1,814 million (April 30, 2024 – $938 million) for economic reasons and according to its investment strategy. This has resulted in a realized gain of $0.02 million in the three months ended April 30, 2025 (January 31, 2025 – $539 million; April 30, 2024 – $39 million) and for the six months ended April 30, 2025 – realized gain of $539 million (April 30, 2024 – $21 million).
 
7.
Loans, impaired loans and allowance for credit losses
(a) Loans at amortized cost
 
  
  
As at
 
  
  
April 30, 2025
 
($ millions)
  
Gross
carrying
amount
 
  
Allowance
for credit
losses
 
  
Net
carrying
amount
 
Residential mortgages
   
$
359,792
 
   
$
1,378
 
   
$
358,414
 
Personal loans
   
 
105,953
 
   
 
2,379
 
   
 
103,574
 
Credit cards
   
 
17,224
 
   
 
1,235
 
   
 
15,989
 
Business and government
   
 
280,487
 
   
 
2,092
 
   
 
278,395
 
Total
   
$
 763,456
 
   
$
 7,084
 
   
$
 756,372
 
 
70
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
      As at  
      January 31, 2025      October 31, 2024  
($ millions)
    Gross
carrying
amount		      Allowance
for credit
losses		      Net
carrying
amount		      Gross
carrying
amount		      Allowance
for credit
losses		      Net
carrying
amount		  
Residential mortgages
    $ 358,791      $ 1,280      $ 357,511      $ 350,941      $ 1,208      $ 349,733  
Personal loans
      106,635        2,426        104,209        106,379        2,319        104,060  
Credit cards
      17,548        1,185        16,363        17,374        1,160        16,214  
Business and government
      290,188        1,966        288,222        292,671        1,849        290,822  
Total
    $  773,162      $  6,857      $  766,305      $  767,365      $  6,536      $  760,829  
(b) Impaired loans
(1)
 
  
  
As at
 
  
  
April 30, 2025
 
($ millions)
  
Gross
impaired
loans
 
  
Allowance
for credit
losses
 
  
Net
carrying
amount
 
Residential mortgages
   
$
2,579
 
   
$
748
 
   
$
1,831
 
Personal loans
   
 
1,060
 
   
 
617
 
   
 
443
 
Credit cards
   
 
–
 
   
 
–
 
   
 
–
 
Business and government
   
 
3,210
 
   
 
836
 
   
 
2,374
 
Total
   
$
6,849
 
   
$
2,201
 
   
$
4,648
 
By geography:
         
Canada
   
$
2,273
 
   
$
682
 
   
$
1,591
 
United States
   
 
64
 
   
 
23
 
   
 
41
 
Mexico
   
 
1,386
 
   
 
460
 
   
 
926
 
Peru
   
 
716
 
   
 
361
 
   
 
355
 
Chile
   
 
1,333
 
   
 
307
 
   
 
1,026
 
Colombia
   
 
336
 
   
 
116
 
   
 
220
 
Other international
   
 
741
 
   
 
252
 
   
 
489
 
Total
   
$
6,849
 
   
$
2,201
 
   
$
4,648
 
 
      As at  
      January 31, 2025      October 31, 2024  
($ millions)
    Gross
impaired
loans		      Allowance
for credit
losses		      Net
carrying
amount		      Gross
impaired
loans		      Allowance
for credit
losses		      Net
carrying
amount		  
Residential mortgages
    $ 2,563      $ 711      $ 1,852      $ 2,372      $ 645      $ 1,727  
Personal loans
      1,169        647        522        1,117        621        496  
Credit cards
      –        –        –        –        –        –  
Business and government
      3,332        832        2,500        3,250        788        2,462  
Total
    $ 7,064      $ 2,190      $ 4,874      $ 6,739      $ 2,054      $ 4,685  
By geography:
                  
Canada
    $ 2,299      $ 623      $ 1,676      $ 2,158      $ 569      $ 1,589  
United States
      110        20        90        109        22        87  
Mexico
      1,371        438        933        1,343        424        919  
Peru
      730        404        326        715        385        330  
Chile
      1,343        293        1,050        1,249        281        968  
Colombia
      364        128        236        322        109        213  
Other international
      847        284        563        843        264        579  
Total
    $  7,064      $  2,190      $  4,874      $  6,739      $  2,054      $  4,685  
 
  (1)
Interest income recognized on impaired loans during the three months ended April 30, 2025 was $24 (January 31, 2025 – $26; October 31, 2024 – $22).
(c) Allowance for credit losses
 
  (i)
Key inputs and assumptions
The Bank’s allowance for credit losses is measured using a three-stage approach based on the extent of credit deterioration since origination. The calculation of the Bank’s allowance for credit losses is an output of a set of complex models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. Some of the key drivers include the following:
 
  •  
Changes in risk ratings of the borrower or instrument reflecting changes in their credit quality;
 
  •  
Changes in the volumes of transactions;
 
  •  
Changes in the forward-looking macroeconomic environment reflected in the variables used in the models such as GDP growth, unemployment rates, commodity prices, interest rates, and house price indices, which are closely related with credit losses in the relevant portfolio;
 
  •  
Changes in macroeconomic scenarios and the probability weights assigned to each scenario; and
 
  •  
Borrower migration between the three stages.
 
 Scotiabank Second Quarter Report 2025 
 
 
71
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The Bank determines its allowance for credit losses using four probability-weighted forward-looking scenarios (base case, optimistic, pessimistic and very pessimistic).
The Bank considers both internal and external sources of information and data to achieve unbiased projections and forecasts in determining the allowance for credit losses. The Bank prepares the scenarios using forecasts generated by Scotiabank Economics (SE). The forecasts are generated using models whose outputs are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of economic developments. The development of the base case and alternative scenarios is overseen by a governance committee that consists of internal stakeholders from across the Bank. The final base case and alternative scenarios reflect significant review and oversight, and incorporate judgement both in the determination of the scenarios’ forecasts and the probability weights that are assigned to them.
 
  (ii)
Key macroeconomic variables
The inputs and models used for calculating expected credit losses may not always capture all characteristics of the market at the date of the financial statements. Qualitative adjustments or overlays may be made for certain portfolios or geographies as temporary adjustments in circumstances where, in the Bank’s view, the inputs, assumptions, and/or modelling techniques do not capture all relevant risk factors, including the emergence of economic or geopolitical events, up to the date of financial statements. As required under IFRS 9, the allowance for credit losses at each reporting period must be based on inputs, assumptions and information available up to that date.
Given the extreme uncertainty surrounding future U.S. trade policies and the direction of tariffs, the scenarios this quarter have varying assumptions of imposed tariffs. The base case scenario assumed tariffs announced and implemented as of April 30th, avoiding speculation on future announcements, including potential trade deals and tariff pauses. Differing assumptions are reflected in the alternate scenarios described below. As new information comes to light in future quarters, the scenarios and assumptions will be updated accordingly.
A dramatic escalation of trade tensions in recent months and the subsequent increase in uncertainty are behind substantial downward revisions to the U.S. baseline outlook. These developments pose steep economic costs on the U.S. economy, severely damaging consumer and business sentiments, weakening spending, disrupting supply chains, and adding inflationary pressures. The latter reduces the Federal Reserve’s ability to support the economy amidst economic damage and rising inflation. We expect the Federal Reserve to hold its policy rate through 2025 and start cutting in Q1 2026 – a year later than expected last quarter. While the current quarter’s baseline scenario does not forecast a U.S. recession, the central bank’s limited ability to cushion the economy against further escalations increases the risk of one. This threat is reflected in reduced investor confidence in U.S. dollar-denominated assets, with recent declines in sovereign yields largely reflecting expectations of weaker growth. Tariffs applied to Canada have so far largely aligned with our placeholder assumptions since last quarter. However, Canada does not escape the negative effects on demand from elevated uncertainty, a substantially weaker U.S. economy, and weaker commodity prices. Canada’s growth outlook has been revised down relative to last quarter, and the Bank of Canada is expected to respond to this demand-driven weakness by easing rates, ending 2026 at 100 basis points lower than expected last quarter.
The optimistic scenario features somewhat stronger economic activity relative to the base case. The pessimistic scenario features a negative demand-type shock with globally tighter financial conditions, weaker growth and inflation, and lower monetary policy rates than in the base case scenario. It also assumes a combination of U.S. imposed tariffs on world economies, including
 12.5%
on imports from Canada and Mexico while facing no retaliation from these countries. Lastly, the very pessimistic scenario features a strong stagflationary impulse that leads to a protracted period of financial market uncertainty. It also assumes U.S. imposed tariffs with a magnitude twice that of the pessimistic scenario. Here, all countries retaliate. This results in higher inflation, requiring central banks to raise their policy rates to higher levels than in the base case in order to bring inflation under control, which is dampening economic activity.
 
72
    Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The following tables show certain key macroeconomic variables used to calculate the modelled estimate for the allowance for credit losses. Further changes in these variables up to the date of the financial statements are incorporated through expert credit judgement. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view.
 
      Base Case Scenario      Alternative Scenario
Optimistic		      Alternative Scenario
Pessimistic		      Alternative Scenario
Very Pessimistic		  
As at April 30, 2025
    Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		  
Canada
                    
Real GDP growth, y/y % change
   
 
1.2
 
  
 
2.0
 
   
 
2.0
 
  
 
2.7
 
   
 
-1.6
 
  
 
2.5
 
   
 
-4.4
 
  
 
3.0
 
Consumer price index, y/y %
   
 
2.1
 
  
 
2.2
 
   
 
2.1
 
  
 
2.5
 
   
 
1.3
 
  
 
1.8
 
   
 
5.3
 
  
 
2.3
 
Unemployment rate, average %
   
 
7.4
 
  
 
6.2
 
   
 
6.7
 
  
 
5.3
 
   
 
8.4
 
  
 
6.9
 
   
 
11.1
 
  
 
7.4
 
Bank of Canada overnight rate target, average %
   
 
2.7
 
  
 
2.4
 
   
 
2.8
 
  
 
3.3
 
   
 
2.4
 
  
 
2.1
 
   
 
3.5
 
  
 
3.2
 
HPI - Housing Price Index, y/y % change
   
 
2.0
 
  
 
4.3
 
   
 
3.3
 
  
 
5.7
 
   
 
-2.0
 
  
 
5.2
 
   
 
-4.5
 
  
 
4.6
 
USD/CAD exchange rate, average
   
 
1.39
 
  
 
1.32
 
   
 
1.44
 
  
 
1.34
 
   
 
1.54
 
  
 
1.33
 
   
 
1.60
 
  
 
1.35
 
U.S.
                    
Real GDP growth, y/y % change
   
 
0.6
 
  
 
2.1
 
   
 
1.8
 
  
 
2.8
 
   
 
-1.9
 
  
 
2.9
 
   
 
-4.0
 
  
 
3.2
 
Consumer price index, y/y %
   
 
2.9
 
  
 
2.4
 
   
 
2.8
 
  
 
2.8
 
   
 
2.8
 
  
 
2.4
 
   
 
6.2
 
  
 
2.7
 
Target federal funds rate, upper limit, average %
   
 
4.4
 
  
 
3.3
 
   
 
4.1
 
  
 
3.8
 
   
 
4.0
 
  
 
2.8
 
   
 
4.9
 
  
 
3.9
 
Unemployment rate, average %
   
 
5.1
 
  
 
4.7
 
   
 
4.2
 
  
 
3.9
 
   
 
6.0
 
  
 
4.8
 
   
 
7.9
 
  
 
5.1
 
Mexico
                    
Real GDP growth, y/y % change
   
 
-1.0
 
  
 
2.1
 
   
 
1.1
 
  
 
2.6
 
   
 
-2.4
 
  
 
2.5
 
   
 
-5.0
 
  
 
3.0
 
Unemployment rate, average %
   
 
3.4
 
  
 
3.9
 
   
 
3.3
 
  
 
3.4
 
   
 
4.3
 
  
 
4.1
 
   
 
6.4
 
  
 
4.9
 
Chile
                    
Real GDP growth, y/y % change
   
 
2.8
 
  
 
2.2
 
   
 
4.3
 
  
 
3.2
 
   
 
0.2
 
  
 
2.9
 
   
 
-3.4
 
  
 
3.6
 
Unemployment rate, average %
   
 
8.0
 
  
 
7.0
 
   
 
7.7
 
  
 
6.4
 
   
 
9.4
 
  
 
7.2
 
   
 
11.4
 
  
 
7.6
 
Peru
                    
Real GDP growth, y/y % change
   
 
2.8
 
  
 
3.0
 
   
 
4.0
 
  
 
4.1
 
   
 
-0.2
 
  
 
3.7
 
   
 
-1.1
 
  
 
4.1
 
Unemployment rate, average %
   
 
6.0
 
  
 
6.1
 
   
 
5.7
 
  
 
5.2
 
   
 
7.4
 
  
 
6.6
 
   
 
11.2
 
  
 
7.7
 
Colombia
                    
Real GDP growth, y/y % change
   
 
2.7
 
  
 
2.7
 
   
 
3.5
 
  
 
3.7
 
   
 
-0.3
 
  
 
3.4
 
   
 
-1.3
 
  
 
3.8
 
Unemployment rate, average %
   
 
10.6
 
  
 
9.9
 
   
 
10.3
 
  
 
9.1
 
   
 
12.9
 
  
 
10.8
 
   
 
19.6
 
  
 
12.6
 
Caribbean
                    
Real GDP growth, y/y % change
   
 
3.8
 
  
 
3.9
 
   
 
4.3
 
  
 
4.7
 
   
 
1.5
 
  
 
4.5
 
   
 
-0.4
 
  
 
4.9
 
Global
                    
WTI oil price, average USD/bbl
   
 
60
 
  
 
67
 
   
 
67
 
  
 
79
 
   
 
53
 
  
 
59
 
   
 
47
 
  
 
56
 
Copper price, average USD/lb
   
 
4.03
 
  
 
4.99
 
   
 
4.40
 
  
 
5.40
 
   
 
3.90
 
  
 
4.87
 
   
 
3.68
 
  
 
4.76
 
Global GDP, y/y % change
   
 
2.3
 
  
 
2.7
 
   
 
3.6
 
  
 
3.4
 
   
 
0.3
 
  
 
3.2
 
   
 
-1.8
 
  
 
3.6
 
 
      Base Case Scenario      Alternative Scenario
Optimistic		      Alternative Scenario
Pessimistic		      Alternative Scenario
Very Pessimistic		  
As at January 31, 2025
    Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		  
Canada
                    
Real GDP growth, y/y % change
      2.1       1.7        2.9       2.6        -1.4       2.5        -4.5       3.1  
Consumer price index, y/y %
      2.0       2.0        2.2       2.4        1.3       1.7        5.7       2.1  
Unemployment rate, average %
      6.6       6.1        6.2       5.2        8.2       6.9        11.1       7.5  
Bank of Canada overnight rate target, average %
      3.0       2.7        3.2       3.6        2.6       2.1        3.8       3.3  
HPI - Housing Price Index, y/y % change
      3.4       2.8        4.3       4.1        -2.0       3.5        -4.8       2.8  
USD/CAD exchange rate, average
      1.44       1.35        1.43       1.33        1.55       1.34        1.62       1.36  
U.S.
                    
Real GDP growth, y/y % change
      2.1       1.8        2.9       2.5        -1.4       2.7        -3.8       3.1  
Consumer price index, y/y %
      2.3       2.3        2.5       2.6        2.5       2.1        6.3       2.5  
Target federal funds rate, upper limit, average %
      4.1       3.0        4.2       3.5        4.0       2.5        5.0       3.6  
Unemployment rate, average %
      4.1       4.4        4.0       4.1        5.9       5.0        8.0       5.3  
Mexico
                    
Real GDP growth, y/y % change
      0.8       2.1        1.6       2.9        -2.4       2.8        -5.3       3.5  
Unemployment rate, average %
      3.4       3.9        3.2       3.3        4.3       4.1        6.6       5.0  
Chile
                    
Real GDP growth, y/y % change
      2.5       2.3        4.1       3.1        -0.5       3.0        -4.5       3.9  
Unemployment rate, average %
      8.0       7.0        7.7       6.4        9.6       7.3        11.9       7.7  
Peru
                    
Real GDP growth, y/y % change
      2.8       3.1        3.8       4.2        -0.7       3.9        -1.7       4.3  
Unemployment rate, average %
      5.9       5.9        5.3       4.8        7.4       6.5        11.6       7.6  
Colombia
                    
Real GDP growth, y/y % change
      2.9       2.7        4.3       3.7        -0.4       3.4        -1.5       3.9  
Unemployment rate, average %
      10.4       10.1        10.0       9.2        13.0       11.1        20.3       13.2  
Caribbean
                    
Real GDP growth, y/y % change
      3.8       3.9        4.5       4.7        0.5       4.6        -2.4       5.2  
Global
                    
WTI oil price, average USD/bbl
      66       67        70       81        54       60        47       56  
Copper price, average USD/lb
      4.50       5.17        4.66       5.71        4.04       5.04        3.78       4.91  
Global GDP, y/y %
change
      3.0       2.6        3.9       3.4        0.2       3.3        -2.1       3.8  
 
 Scotiabank Second Quarter Report 2025 
 
 
73
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
      Base Case Scenario      Alternative Scenario
Optimistic		      Alternative Scenario
Pessimistic		      Alternative Scenario
Very Pessimistic		  
As at October 31, 2024
    Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		  
Canada
                    
Real GDP growth, y/y % change
      1.8       2.2        2.8       3.1        -1.6       2.9        -4.4       3.4  
Consumer price index, y/y %
      2.2       2.0        2.4       2.5        1.6       1.7        5.8       2.2  
Unemployment rate, average %
      6.7       6.0        6.3       5.0        8.4       6.9        11.1       7.3  
Bank of Canada overnight rate target, average %
      3.3       2.6        3.5       3.6        2.9       2.0        4.0       3.2  
HPI - Housing Price Index, y/y % change
      1.6       4.2        2.4       5.5        -3.7       4.8        -5.8       4.1  
USD/CAD exchange rate, average
      1.34       1.30        1.33       1.28        1.43       1.28        1.49       1.30  
U.S.
                    
Real GDP growth, y/y % change
      1.6       2.2        2.3       3.1        -1.6       3.0        -4.0       3.4  
Consumer price index, y/y %
      2.4       2.3        2.6       2.7        1.3       2.0        6.2       2.5  
Target federal funds rate, upper limit, average %
      4.1       2.9        4.1       3.4        3.6       1.8        4.8       3.4  
Unemployment rate, average %
      4.3       4.3        4.2       3.9        6.0       4.9        8.1       5.2  
Mexico
                    
Real GDP growth, y/y % change
      1.3       2.1        2.6       2.9        -0.8       2.6        -2.9       3.2  
Unemployment rate, average %
      3.3       3.9        3.0       3.1        4.1       4.0        6.3       4.9  
Chile
                    
Real GDP growth, y/y % change
      3.0       2.2        4.6       3.2        0.1       3.0        -3.6       3.8  
Unemployment rate, average %
      7.9       6.7        7.6       6.0        9.5       7.0        11.5       7.4  
Peru
                    
Real GDP growth, y/y % change
      2.6       3.4        3.6       4.5        1.5       3.7        -0.5       4.3  
Unemployment rate, average %
      6.7       6.2        6.2       5.2        8.1       6.5        11.8       8.0  
Colombia
                    
Real GDP growth, y/y % change
      2.6       2.7        3.7       3.8        1.4       3.1        -0.5       3.6  
Unemployment rate, average %
      11.1       10.1        10.7       9.1        13.5       10.6        19.8       13.0  
Caribbean
                    
Real GDP growth, y/y % change
      3.6       3.8        4.2       4.5        2.5       4.2        0.6       4.7  
Global
                    
WTI oil price, average USD/bbl
      73       69        78       83        60       60        53       58  
Copper price, average USD/lb
      4.99       5.29        5.16       5.86        4.50       5.13        4.32       5.02  
Global GDP, y/y % change
      3.4       2.4        4.3       3.3        0.6       3.1        -1.5       3.5  
 
  (iii)
Sensitivity
Relative to the base case scenario, the weighting of these multiple scenarios increased the reported allowance for credit losses for financial assets in Stage 1 and Stage 2 to $5,075 million (January 31, 2025 – $4,890 million; October 31, 2024 – $4,682 million) from $4,774 million (January 31, 2025 – $4,475 million; October 31, 2024 – $4,316 million).
The Bank enhanced certain of its IFRS 9 models in the current year and prior year, with the enhanced models exhibiting higher sensitivity to changes in the macroeconomic outlook. If the Bank was to apply a probability weighted average of its two pessimistic scenarios for the measurement of allowance for credit losses for such assets, the allowance for credit losses on performing financial instruments would be $1,081 million higher than the reported allowance for credit losses as at April 30, 2025 (January 31, 2025 – $1,082 million; October 31, 2024 – $942 million), excluding the consideration of changes in qualitative overlays or expert credit judgement. Actual results will differ as this does not consider the migration of exposures or incorporate changes that would occur in the portfolio due to risk mitigation actions and other factors.
Under
the Bank’s
current probability-weighted scenarios, if all performing financial assets were in Stage 1, reflecting a 12 month expected loss period, the allowance for credit losses would be $822 million (January 31, 2025 – $732 million; October 31, 2024 – $693 million) lower than the reported allowance for credit losses on performing financial assets.
 
(iv)
Allowance for credit losses
 
Allowance for credit losses
 
($ millions)
  
Balance as at
November 1,
2024
 
  
Provision for
credit losses
(1)
 
  
Net write-offs
 
  
Other, including
foreign currency
adjustment
 
  
Balance as at
April 30,
2025
 
Residential mortgages
    $ 1,208      $ 205      $ (40 )    $ 5     
$
1,378
 
Personal loans
      2,319        1,080        (930 )      (90 )   
2,379
Credit cards
      1,160        722        (647 )      –     
1,235
Business and government
      2,036        571        (268 )      (71 )   
 
2,268
 
 
    $  6,723      $  2,578      $  (1,885 )    $  (156 )   
$
7,260
 
Presented as:
               
Allowance for credit losses on loans
    $ 6,536              
$
 7,084
 
Allowance for credit losses on acceptances
(2)
      1              
 
1
 
Allowance for credit losses on
off-balance
sheet
exposures
(3)
      186     
 
 
 
   
 
 
 
   
 
 
 
   
 
175
 
  (1)
Excludes amounts associated with other assets and reversal of impairment losses of $(18
)
. The provision for credit losses, net of these amounts, is $2,560.
  (2)
Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.
  (3)
Allowance for credit losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
74
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
($ millions)
  
Balance as at
November 1,
2023
 
  
Provision for
credit losses
(1)
 
  
Net write-offs
 
  
Other, including
foreign currency
adjustment
 
  
Balance as at
April 30,
2024
 
Residential mortgages
    $ 1,084      $ 144      $ (44 )     $ 4      $ 1,188  
Personal loans
      2,414        910        (912 )       (72 )       2,340  
Credit cards
      1,237        562        (553 )       (7 )       1,239  
Business and government
      1,876        360        (184 )       (65 )       1,987  
 
    $  6,611      $  1,976      $  (1,693 )     $   (140 )    $   6,754  
Presented as:
               
Allowance for credit losses on loans
    $ 6,372               $ 6,507  
Allowance for credit losses on acceptances
(2)
      90                 89  
Allowance for credit losses on
off-balance
sheet
exposures
(3)
      149     
 
 
 
   
 
 
 
   
 
 
 
      158  
  (1)
Excludes amounts associated with other assets and reversal of impairment losses of $(7
)
. The provision for credit losses, net of these amounts, is $1,969.
  (2)
Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.
  (3)
Allowance for credit losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
Allowance for credit losses on loans
  
As at April 30, 2025
 
($ millions)
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Residential mortgages
   
$
178
 
   
$
452
 
   
$
748
 
   
$
1,378
 
Personal loans
   
 
534
 
   
 
1,228
 
   
 
617
 
   
 
2,379
 
Credit cards
   
 
292
 
   
 
943
 
   
 
–
 
   
 
1,235
 
Business and government
   
 
667
 
   
 
589
 
   
 
836
 
   
 
2,092
 
Total
(1)
   
$
1,671
 
   
$
3,212
 
   
$
2,201
 
   
$
7,084
 
  (1)
Excludes allowance for credit losses of $192 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
      As at October 31, 2024  
($ millions)
    Stage 1      Stage 2      Stage 3      Total  
Residential mortgages
    $ 165      $ 398      $ 645      $ 1,208  
Personal loans
      544        1,154        621        2,319  
Credit cards
      288        872        –        1,160  
Business and government
      586        475        788        1,849  
Total
(1)
    $  1,583      $  2,899      $  2,054      $  6,536  
  (1)
Excludes allowance for credit losses of $200 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
  
  
As at April 30, 2024
 
($ millions)
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Residential mortgages
    $ 259      $ 349      $ 580      $ 1,188  
Personal loans
      626        1,058        656        2,340  
Credit cards
      357        882        –        1,239  
Business and government
      550        426        764        1,740  
Total
(1)
    $  1,792      $  2,715      $  2,000      $  6,507  
  (1)
Excludes allowance for credit losses of $261 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
 Scotiabank Second Quarter Report 2025 
 
 
75
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The following table presents the changes to the allowance for credit losses on loans.
 
 
 
As at and for the three months ended
 
  
 
April 30, 2025
 
 
April 30, 2024
 
($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
Total
 
Retail loans:
 
 
 
 
 
 
 
 
Residential mortgages
                
Balance at beginning of period
  
$
160
 
  
$
409
 
  
$
711
 
  
$
1,280
 
   $ 246     $ 336     $ 533     $ 1,115  
Provision for credit losses
                
Remeasurement
(1)
  
 
(41
)
  
 
66
 
  
 
112
 
  
 
137
 
     (43 )      30       92       79  
Newly originated or purchased financial assets
  
 
13
 
  
 
–
 
  
 
–
 
  
 
13
 
     9       –       –       9  
Derecognition of financial assets and maturities
  
 
(2
)
  
 
(7
)
  
 
–
 
  
 
(9
)
     (2 )      (5 )      –       (7 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
63
 
  
 
(49
)
  
 
(14
)
  
 
–
 
     55       (43 )      (12 )      –  
Stage 2
  
 
(13
)
  
 
65
 
  
 
(52
)
  
 
–
 
     (10 )      48       (38 )      –  
Stage 3
  
 
–
 
  
 
(24
)
  
 
24
 
  
 
–
 
     –       (21 )      21       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(28
)
  
 
(28
)
     –       –       (31 )      (31 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
4
 
  
 
4
 
     –       –       5       5  
Foreign exchange and other movements
  
 
(2
)
  
 
(8
)
  
 
(9
)
  
 
(19
)
     4       4       10       18  
Balance at end of period
  
$
178
 
  
$
452
 
  
$
748
 
  
$
1,378
 
   $ 259     $ 349     $ 580     $ 1,188  
Personal loans
                
Balance at beginning of period
  
$
554
 
  
$
1,225
 
  
$
647
 
  
$
2,426
 
   $ 629     $ 1,050     $ 623     $ 2,302  
Provision for credit losses
                
Remeasurement
(1)
  
 
(166
)
  
 
317
 
  
 
371
 
  
 
522
 
     (185 )      254       404       473  
Newly originated or purchased financial assets
  
 
93
 
  
 
–
 
  
 
–
 
  
 
93
 
     97       –       –       97  
Derecognition of financial assets and maturities
  
 
(20
)
  
 
(35
)
  
 
–
 
  
 
(55
)
     (24 )      (47 )      –       (71 ) 
Changes in models and methodologies
  
 
7
 
  
 
(32
)
  
 
(3
)
  
 
(28
)
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
161
 
  
 
(157
)
  
 
(4
)
  
 
–
 
     168       (165 )      (3 )      –  
Stage 2
  
 
(48
)
  
 
77
 
  
 
(29
)
  
 
–
 
     (60 )      87       (27 )      –  
Stage 3
  
 
(2
)
  
 
(122
)
  
 
124
 
  
 
–
 
     (4 )      (127 )      131       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(517
)
  
 
(517
)
     –       –       (552 )      (552 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
72
 
  
 
72
 
     –       –       67       67  
Foreign exchange and other movements
  
 
(45
)
  
 
(45
)
  
 
(44
)
  
 
(134
)
     5       6       13       24  
Balance at end of period
  
$
534
 
  
$
1,228
 
  
$
617
 
  
$
2,379
 
   $ 626     $ 1,058     $ 656     $ 2,340  
Credit cards
                
Balance at beginning of period
  
$
295
 
  
$
890
 
  
$
–
 
  
$
1,185
 
   $ 381     $ 851     $ –     $ 1,232  
Provision for credit losses
                
Remeasurement
(1)
  
 
(70
)
  
 
235
 
  
 
225
 
  
 
390
 
     (99 )      161       199       261  
Newly originated or purchased financial assets
  
 
26
 
  
 
–
 
  
 
–
 
  
 
26
 
     40       –       –       40  
Derecognition of financial assets and maturities
  
 
(10
)
  
 
(9
)
  
 
–
 
  
 
(19
)
     (13 )      (16 )      –       (29 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
95
 
  
 
(95
)
  
 
–
 
  
 
–
 
     85       (85 )      –       –  
Stage 2
  
 
(30
)
  
 
30
 
  
 
–
 
  
 
–
 
     (40 )      40       –       –  
Stage 3
  
 
–
 
  
 
(94
)
  
 
94
 
  
 
–
 
     –       (79 )      79       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(365
)
  
 
(365
)
     –       –       (327 )      (327 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
49
 
  
 
49
 
     –       –       47       47  
Foreign exchange and other movements
  
 
(14
)
  
 
(14
)
  
 
(3
)
  
 
(31
)
     3       10       2       15  
Balance at end of period
  
$
292
 
  
$
943
 
  
$
–
 
  
$
1,235
 
   $ 357     $ 882     $ –     $ 1,239  
Total retail loans
                
Balance at beginning of period
  
$
1,009
 
  
$
2,524
 
  
$
1,358
 
  
$
4,891
 
   $ 1,256     $ 2,237     $ 1,156     $ 4,649  
Provision for credit losses
                
Remeasurement
(1)
  
 
(277
)
  
 
618
 
  
 
708
 
  
 
1,049
 
     (327 )      445       695       813  
Newly originated or purchased financial assets
  
 
132
 
  
 
–
 
  
 
–
 
  
 
132
 
     146       –       –       146  
Derecognition of financial assets and maturities
  
 
(32
)
  
 
(51
)
  
 
–
 
  
 
(83
)
     (39 )      (68 )      –       (107 ) 
Changes in models and methodologies
  
 
7
 
  
 
(32
)
  
 
(3
)
  
 
(28
)
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
319
 
  
 
(301
)
  
 
(18
)
  
 
–
 
     308       (293 )      (15 )      –  
Stage 2
  
 
(91
)
  
 
172
 
  
 
(81
)
  
 
–
 
     (110 )      175       (65 )      –  
Stage 3
  
 
(2
)
  
 
(240
)
  
 
242
 
  
 
–
 
     (4 )      (227 )      231       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(910
)
  
 
(910
)
     –       –       (910 )      (910 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
125
 
  
 
125
 
     –       –       119       119  
Foreign exchange and other movements
  
 
(61
)
  
 
(67
)
  
 
(56
)
  
 
(184
)
     12       20       25       57  
Balance at end of period
  
$
 1,004
 
  
$
 2,623
 
  
$
 1,365
 
  
$
 4,992
 
   $  1,242     $  2,289     $  1,236     $  4,767  
Non-retail
loans:
                
Business and government
                
Balance at beginning of period
  
$
790
 
  
$
551
 
  
$
832
 
  
$
2,173
 
   $ 614     $ 439     $ 782     $ 1,835  
Provision for credit losses
                
Remeasurement
(1)
  
 
9
 
  
 
123
 
  
 
211
 
  
 
343
 
     (9 )      50       128       169  
Newly originated or purchased financial assets
  
 
317
 
  
 
–
 
  
 
–
 
  
 
317
 
     214       –       –       214  
Derecognition of financial assets and maturities
  
 
(296
)
  
 
(26
)
  
 
(11
)
  
 
(333
)
     (186 )      (28 )      (2 )      (216 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
38
 
  
 
(38
)
  
 
–
 
  
 
–
 
     33       (33 )      –       –  
Stage 2
  
 
(16
)
  
 
18
 
  
 
(2
)
  
 
–
 
     (21 )      22       (1 )      –  
Stage 3
  
 
(1
)
  
 
(5
)
  
 
6
 
  
 
–
 
     –       (4 )      4       –  
Gross write-offs  
 
–
 
  
 
–
 
  
 
(163
)
  
 
(163
)
     –       –       (108 )      (108 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
17
 
  
 
17
 
     –       –       10       10  
Foreign exchange and other movements
  
 
(21
)
  
 
(12
)
  
 
(54
)
  
 
(87
)
     8       1       (15 )      (6 ) 
Balance at end of period including
off-balance
sheet exposures
  
$
820
 
  
$
611
 
  
$
836
 
  
$
2,267
 
   $ 653     $ 447     $ 798     $ 1,898  
Less: Allowance for credit losses on
off-balance
sheet exposures
(2)
  
 
(153
)
  
 
(22
)
  
 
–
 
  
 
(175
)
     (103 )      (21 )      (34 )      (158 ) 
Balance at end of period
(2)
  
$
667
 
  
$
589
 
  
$
836
 
  
$
2,092
 
   $ 550     $ 426     $ 764     $ 1,740  
 
76
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
As at and for the six months ended
 
  
 
April 30, 2025
 
 
April 30, 2024
 
($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
Total
 
Retail loans:
                
Residential mortgages
                
Balance at beginning of period
  
$
165
 
  
$
398
 
  
$
645
 
  
$
1,208
 
   $ 265     $ 321     $ 498     $ 1,084  
Provision for credit losses
                
Remeasurement
(1)
  
 
(99
)
  
 
102
 
  
 
201
 
  
 
204
 
     (108 )      66       180       138  
Newly originated or purchased financial assets
  
 
25
 
  
 
–
 
  
 
–
 
  
 
25
 
     20       –       –       20  
Derecognition of financial assets and maturities
  
 
(4
)
  
 
(13
)
  
 
–
 
  
 
(17
)
     (4 )      (10 )      –       (14 ) 
Changes in models and methodologies
  
 
(2
)
  
 
(14
)
  
 
9
 
  
 
(7
)
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
116
 
  
 
(92
)
  
 
(24
)
  
 
–
 
     105       (80 )      (25 )      –  
Stage 2
  
 
(23
)
  
 
120
 
  
 
(97
)
  
 
–
 
     (21 )      97       (76 )      –  
Stage 3
  
 
–
 
  
 
(49
)
  
 
49
 
  
 
–
 
     –       (42 )      42       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(52
)
  
 
(52
)
     –       –       (54 )      (54 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
12
 
  
 
12
 
     –       –       10       10  
Foreign exchange and other movements
  
 
–
 
  
 
–
 
  
 
5
 
  
 
5
 
     2       (3 )      5       4  
Balance at end of period
  
$
178
 
  
$
452
 
  
$
748
 
  
$
1,378
 
   $ 259     $ 349     $ 580     $ 1,188  
Personal loans
                
Balance at beginning of period
  
$
544
 
  
$
1,154
 
  
$
621
 
  
$
2,319
 
   $ 647     $ 1,103     $ 664     $ 2,414  
Provision for credit losses
                
Remeasurement
(1)
  
 
(328
)
  
 
596
 
  
 
761
 
  
 
1,029
 
     (371 )      475       756       860  
Newly originated or purchased financial assets
  
 
194
 
  
 
–
 
  
 
–
 
  
 
194
 
     190       –       –       190  
Derecognition of financial assets and maturities
  
 
(43
)
  
 
(76
)
  
 
–
 
  
 
(119
)
     (47 )      (93 )      –       (140 ) 
Changes in models and methodologies
  
 
–
 
  
 
(29
)
  
 
5
 
  
 
(24
)
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
311
 
  
 
(303
)
  
 
(8
)
  
 
–
 
     340       (334 )      (6 )      –  
Stage 2
  
 
(106
)
  
 
162
 
  
 
(56
)
  
 
–
 
     (118 )      169       (51 )      –  
Stage 3
  
 
(4
)
  
 
(246
)
  
 
250
 
  
 
–
 
     (7 )      (253 )      260       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(1,075
)
  
 
(1,075
)
     –       –       (1,040 )      (1,040 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
145
 
  
 
145
 
     –       –       128       128  
Foreign exchange and other movements
  
 
(34
)
  
 
(30
)
  
 
(26
)
  
 
(90
)
     (8 )      (9 )      (55 )      (72 ) 
Balance at end of period
  
$
534
 
  
$
1,228
 
  
$
617
 
  
$
2,379
 
   $ 626     $ 1,058     $ 656     $ 2,340  
Credit cards
                
Balance at beginning of period
  
$
288
 
  
$
872
 
  
$
–
 
  
$
1,160
 
   $ 414     $ 823     $ –     $ 1,237  
Provision for credit losses
                
Remeasurement
(1)
  
 
(151
)
  
 
403
 
  
 
464
 
  
 
716
 
     (198 )      342       396       540  
Newly originated or purchased financial assets
  
 
58
 
  
 
–
 
  
 
–
 
  
 
58
 
     80       –       –       80  
Derecognition of financial assets and maturities
  
 
(23
)
  
 
(20
)
  
 
–
 
  
 
(43
)
     (26 )      (32 )      –       (58 ) 
Changes in models and methodologies
  
 
(2
)
  
 
(7
)
  
 
–
 
  
 
(9
)
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
183
 
  
 
(183
)
  
 
–
 
  
 
–
 
     163       (163 )      –       –  
Stage 2
  
 
(57
)
  
 
57
 
  
 
–
 
  
 
–
 
     (74 )      74       –       –  
Stage 3
  
 
–
 
  
 
(182
)
  
 
182
 
  
 
–
 
     –       (149 )      149       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(738
)
  
 
(738
)
     –       –       (643 )      (643 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
91
 
  
 
91
 
     –       –       90       90  
Foreign exchange and other movements
  
 
(4
)
  
 
3
 
  
 
1
 
  
 
–
 
     (2 )      (13 )      8       (7 ) 
Balance at end of period
  
$
292
 
  
$
943
 
  
$
–
 
  
$
1,235
 
   $ 357     $ 882     $ –     $ 1,239  
Total retail loans
                
Balance at beginning of period
  
$
997
 
  
$
2,424
 
  
$
1,266
 
  
$
4,687
 
   $  1,326     $  2,247     $  1,162     $  4,735  
Provision for credit losses
                
Remeasurement
(1)
  
 
(578
)
  
 
1,101
 
  
 
1,426
 
  
 
1,949
 
     (677 )      883       1,332       1,538  
Newly originated or purchased financial assets
  
 
277
 
  
 
–
 
  
 
–
 
  
 
277
 
     290       –       –       290  
Derecognition of financial assets and maturities
  
 
(70
)
  
 
(109
)
  
 
–
 
  
 
(179
)
     (77 )      (135 )      –       (212 ) 
Changes in models and methodologies
  
 
(4
)
  
 
(50
)
  
 
14
 
  
 
(40
)
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
610
 
  
 
(578
)
  
 
(32
)
  
 
–
 
     608       (577 )      (31 )      –  
Stage 2
  
 
(186
)
  
 
339
 
  
 
(153
)
  
 
–
 
     (213 )      340       (127 )      –  
Stage 3
  
 
(4
)
  
 
(477
)
  
 
481
 
  
 
–
 
     (7 )      (444 )      451       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(1,865
)
  
 
(1,865
)
     –       –       (1,737 )      (1,737 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
248
 
  
 
248
 
     –       –       228       228  
Foreign exchange and other movements
  
 
(38
)
  
 
(27
)
  
 
(20
)
  
 
(85
)
     (8 )      (25 )      (42 )      (75 ) 
Balance at end of period
  
$
1,004
 
  
$
2,623
 
  
$
1,365
 
  
$
4,992
 
   $ 1,242     $ 2,289     $ 1,236     $ 4,767  
Non-retail
loans:
                
Business and government
                
Balance at beginning of period
  
$
739
 
  
$
508
 
  
$
788
 
  
$
2,035
 
   $ 635     $ 403     $ 748     $ 1,786  
Provision for credit losses
                
Remeasurement
(1)
  
 
(2
)
  
 
190
 
  
 
390
 
  
 
578
 
     (49 )      142       290       383  
Newly originated or purchased financial assets
  
 
675
 
  
 
–
 
  
 
–
 
  
 
675
 
     426       –       –       426  
Derecognition of financial assets and maturities
  
 
(611
)
  
 
(53
)
  
 
(19
)
  
 
(683
)
     (382 )      (62 )      (4 )      (448 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
63
 
  
 
(63
)
  
 
–
 
  
 
–
 
     77       (77 )      –       –  
Stage 2
  
 
(38
)
  
 
41
 
  
 
(3
)
  
 
–
 
     (52 )      54       (2 )      –  
Stage 3
  
 
(2
)
  
 
(10
)
  
 
12
 
  
 
–
 
     –       (8 )      8       –  
Gross write-offs  
 
–
 
  
 
–
 
  
 
(303
)
  
 
(303
)
     –       –       (220 )      (220 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
35
 
  
 
35
 
     –       –       36       36  
Foreign exchange and other movements
  
 
(4
)
  
 
(2
)
  
 
(64
)
  
 
(70
)
     (2 )      (5 )      (58 )      (65 ) 
Balance at end of period including
off-balance
sheet exposures
  
$
820
 
  
$
611
 
  
$
836
 
  
$
2,267
 
   $ 653     $ 447     $ 798     $ 1,898  
Less: Allowance for credit losses on
off-balance
sheet exposures
(2)
  
 
(153
)
  
 
(22
)
  
 
–
 
  
 
(175
)
     (103 )      (21 )      (34 )      (158 ) 
Balance at end of period
(2)
  
$
667
 
  
$
589
 
  
$
836
 
  
$
2,092
 
   $ 550     $ 426     $ 764     $ 1,740  
  (1)
Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.
  (2)
Allowance for credit los
ses o
n
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
 Scotiabank Second Quarter Report 2025   
 
77
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
  (d)
Carrying value of exposures by risk rating
 
Residential
mortgages
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Category of PD grades
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Very low
 
$
209,189
 
 
$
6,837
 
 
$
–
 
 
$
216,026
 
 
$
211,165
 
 
$
3,262
 
 
$
–
 
 
$
214,427
 
Low
 
 
80,220
 
 
 
7,933
 
 
 
–
 
 
 
88,153
 
 
 
78,344
 
 
 
3,625
 
 
 
–
 
 
 
81,969
 
Medium
 
 
22,437
 
 
 
4,247
 
 
 
–
 
 
 
26,684
 
 
 
19,205
 
 
 
2,072
 
 
 
–
 
 
 
21,277
 
High
 
 
2,815
 
 
 
5,549
 
 
 
–
 
 
 
8,364
 
 
 
2,561
 
 
 
5,280
 
 
 
–
 
 
 
7,841
 
Very high
 
 
40
 
 
 
3,014
 
 
 
–
 
 
 
3,054
 
 
 
13
 
 
 
2,814
 
 
 
–
 
 
 
2,827
 
Loans not graded
(2)
 
 
13,897
 
 
 
1,035
 
 
 
–
 
 
 
14,932
 
 
 
18,614
 
 
 
1,614
 
 
 
–
 
 
 
20,228
 
Default
 
 
–
 
 
 
–
 
 
 
2,579
 
 
 
2,579
 
 
 
–
 
 
 
–
 
 
 
2,372
 
 
 
2,372
 
Total
 
$
328,598
 
 
$
28,615
 
 
$
2,579
 
 
$
359,792
 
 
$
329,902
 
 
$
18,667
 
 
$
2,372
 
 
$
350,941
 
Allowance for credit losses
 
 
178
 
 
 
452
 
 
 
748
 
 
 
1,378
 
 
 
165
 
 
 
398
 
 
 
645
 
 
 
1,208
 
Carrying value
 
$
328,420
 
 
$
28,163
 
 
$
1,831
 
 
$
358,414
 
 
$
 329,737
 
 
$
 18,269
 
 
$
1,727
 
 
$
 349,733
 
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Personal loans
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Category of PD grades
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Very low
  
$
30,848
 
  
$
31
 
  
$
–
 
  
$
30,879
 
   $ 30,865     $ –     $ –     $ 30,865  
Low
  
 
21,321
 
  
 
356
 
  
 
–
 
  
 
21,677
 
     20,686       12       –       20,698  
Medium
  
 
12,913
 
  
 
45
 
  
 
–
 
  
 
12,958
 
     13,053       38       –       13,091  
High
  
 
9,572
 
  
 
5,509
 
  
 
–
 
  
 
15,081
 
     10,535       4,843       –       15,378  
Very high
  
 
26
 
  
 
2,606
 
  
 
–
 
  
 
2,632
 
     76       2,743       –       2,819  
Loans not graded
(2)
  
 
19,761
 
  
 
1,905
 
  
 
–
 
  
 
21,666
 
     20,482       1,929       –       22,411  
Default
  
 
–
 
  
 
–
 
  
 
1,060
 
  
 
1,060
 
     –       –       1,117       1,117  
Total
  
$
94,441
 
  
$
10,452
 
  
$
1,060
 
  
$
105,953
 
   $   95,697     $   9,565     $ 1,117     $  106,379  
Allowance for credit losses
  
 
534
 
  
 
1,228
 
  
 
617
 
  
 
2,379
 
     544       1,154       621       2,319  
Carrying value
  
$
93,907
 
  
$
9,224
 
  
$
443
 
  
$
103,574
 
   $ 95,153     $ 8,411     $ 496     $ 104,060  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit cards
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Category of PD grades
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
     Stage 1     Stage 2     Stage 3     Total  
Very low
 
$
2,340
 
 
$
–
 
 
$
–
 
 
$
2,340
 
 
$
2,382
 
 
$
3
 
 
$
–
 
 
$
2,385
 
Low
 
 
3,036
 
 
 
8
 
 
 
–
 
 
 
3,044
 
 
 
2,872
 
 
 
25
 
 
 
–
 
 
 
2,897
 
Medium
 
 
4,660
 
 
 
23
 
 
 
–
 
 
 
4,683
 
 
 
4,631
 
 
 
55
 
 
 
–
 
 
 
4,686
 
High
 
 
3,002
 
 
 
1,959
 
 
 
–
 
 
 
4,961
 
 
 
3,069
 
 
 
1,880
 
 
 
–
 
 
 
4,949
 
Very high
 
 
17
 
 
 
1,176
 
 
 
–
 
 
 
1,193
 
 
 
16
 
 
 
1,028
 
 
 
–
 
 
 
1,044
 
Loans not graded
(1)
 
 
543
 
 
 
460
 
 
 
–
 
 
 
1,003
 
 
 
895
 
 
 
518
 
 
 
–
 
 
 
1,413
 
Default
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Total
 
$
13,598
 
 
$
3,626
 
 
$
–
 
 
$
17,224
 
 
$
  13,865
 
 
$
  3,509
 
 
$
–
 
 
$
  17,374
 
Allowance for credit losses
 
 
292
 
 
 
943
 
 
 
–
 
 
 
1,235
 
 
 
288
 
 
 
872
 
 
 
–
 
 
 
1,160
 
Carrying value
 
$
13,306
 
 
$
2,683
 
 
$
–
 
 
$
15,989
 
 
$
13,577
 
 
$
2,637
 
 
$
–
 
 
$
16,214
 
  (1)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undrawn loan
commitments –
Retail
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Category of PD grades

($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
Total
 
Very low
 
$
122,013
 
 
$
12
 
 
$
–
 
 
$
122,025
 
 
$
115,396
 
 
$
2
 
 
$
–
 
 
$
115,398
 
Low
 
 
18,701
 
 
 
15
 
 
 
–
 
 
 
18,716
 
 
 
17,947
 
 
 
26
 
 
 
–
 
 
 
17,973
 
Medium
 
 
8,258
 
 
 
12
 
 
 
–
 
 
 
8,270
 
 
 
8,128
 
 
 
22
 
 
 
–
 
 
 
8,150
 
High
 
 
3,760
 
 
 
669
 
 
 
–
 
 
 
4,429
 
 
 
3,490
 
 
 
505
 
 
 
–
 
 
 
3,995
 
Very high
 
 
10
 
 
 
408
 
 
 
–
 
 
 
418
 
 
 
10
 
 
 
305
 
 
 
–
 
 
 
315
 
Loans not graded
(1)
 
 
10,897
 
 
 
2,572
 
 
 
–
 
 
 
13,469
 
 
 
12,634
 
 
 
2,749
 
 
 
–
 
 
 
15,383
 
Default
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Carrying value
 
$
163,639
 
 
$
3,688
 
 
$
–
 
 
$
167,327
 
 
$
 157,605
 
 
$
  3,609
 
 
$
–
 
 
$
 161,214
 
  (1)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
78
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total retail loans
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Category of PD grades

($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
Very low
  
$
364,390
 
  
$
6,880
 
  
$
–
 
  
$
371,270
 
   $ 359,808     $ 3,267     $ –     $ 363,075  
Low
  
 
123,278
 
  
 
8,312
 
  
 
–
 
  
 
131,590
 
     119,849       3,688       –       123,537  
Medium
  
 
48,268
 
  
 
4,327
 
  
 
–
 
  
 
52,595
 
     45,017       2,187       –       47,204  
High
  
 
19,149
 
  
 
13,686
 
  
 
–
 
  
 
32,835
 
     19,655       12,508       –       32,163  
Very high
  
 
93
 
  
 
7,204
 
  
 
–
 
  
 
7,297
 
     115       6,890       –       7,005  
Loans not graded
(2)
  
 
45,098
 
  
 
5,972
 
  
 
–
 
  
 
51,070
 
     52,625       6,810       –       59,435  
Default
  
 
–
 
  
 
–
 
  
 
3,639
 
  
 
3,639
 
     –       –       3,489       3,489  
Total
  
$
600,276
 
  
$
46,381
 
  
$
3,639
 
  
$
650,296
 
   $ 597,069     $ 35,350     $ 3,489     $ 635,908  
Allowance for credit losses
  
 
1,004
 
  
 
2,623
 
  
 
1,365
 
  
 
4,992
 
     997       2,424       1,266       4,687  
Carrying value
  
$
599,272
 
  
$
43,758
 
  
$
2,274
 
  
$
645,304
 
   $  596,072     $  32,926     $  2,223     $  631,221  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business and
government loans
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Grade
($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
Investment grade
  
$
138,303
 
  
$
754
 
  
$
–
 
  
$
139,057
 
   $ 146,999     $ 1,829     $ –     $ 148,828  
Non-investment
grade
  
 
124,319
 
  
 
6,930
 
  
 
–
 
  
 
131,249
 
     124,749       8,800       –       133,549  
Watch list
  
 
8
 
  
 
4,642
 
  
 
–
 
  
 
4,650
 
     10       4,819       –       4,829  
Loans not graded
(2)
  
 
2,295
 
  
 
26
 
  
 
–
 
  
 
2,321
 
     2,190       25       –       2,215  
Default
  
 
–
 
  
 
–
 
  
 
3,210
 
  
 
3,210
 
     –       –       3,250       3,250  
Total
  
$
264,925
 
  
$
12,352
 
  
$
3,210
 
  
$
280,487
 
   $ 273,948     $ 15,473     $ 3,250     $ 292,671  
Allowance for credit losses
  
 
667
 
  
 
589
 
  
 
836
 
  
 
2,092
 
     586       475       788       1,849  
Carrying value
  
$
264,258
 
  
$
11,763
 
  
$
2,374
 
  
$
278,395
 
   $  273,362     $  14,998     $  2,462     $  290,822  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undrawn loan
commitments –
Business and
government
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Grade
($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
Investment grade
  
$
244,182
 
  
$
1,308
 
  
$
–
 
  
$
245,490
 
   $ 243,635     $ 1,124     $ –     $ 244,759  
Non-investment
grade
  
 
56,569
 
  
 
2,283
 
  
 
–
 
  
 
58,852
 
     59,572       2,894       –       62,466  
Watch list
  
 
–
 
  
 
873
 
  
 
–
 
  
 
873
 
     –       1,142       –       1,142  
Loans not graded
(2)
  
 
4,171
 
  
 
1
 
  
 
–
 
  
 
4,172
 
     3,921       –       –       3,921  
Default
  
 
–
 
  
 
–
 
  
 
56
 
  
 
56
 
     –       –       32       32  
Total
  
$
304,922
 
  
$
4,465
 
  
$
56
 
  
$
309,443
 
   $ 307,128     $ 5,160     $ 32     $ 312,320  
Allowance for credit losses
  
 
153
 
  
 
22
 
  
 
–
 
  
 
175
 
     153       33       –       186  
Carrying value
  
$
304,769
 
  
$
4,443
 
  
$
56
 
  
$
309,268
 
   $  306,975     $   5,127     $     32     $  312,134  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
non-retail

loans
 
As at April 30, 2025
 
 
As at October 31, 2024
 
Grade
($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
Investment grade
  
$
382,485
 
  
$
2,062
 
  
$
–
 
  
$
384,547
 
   $ 390,634     $ 2,953     $ –     $ 393,587  
Non-investment
grade
  
 
180,888
 
  
 
9,213
 
  
 
–
 
  
 
190,101
 
     184,321       11,694       –       196,015  
Watch list
  
 
8
 
  
 
5,515
 
  
 
–
 
  
 
5,523
 
     10       5,961       –       5,971  
Loans not graded
(2)
  
 
6,466
 
  
 
27
 
  
 
–
 
  
 
6,493
 
     6,111       25       –       6,136  
Default
  
 
–
 
  
 
–
 
  
 
3,266
 
  
 
3,266
 
     –       –       3,282       3,282  
Total
  
$
569,847
 
  
$
16,817
 
  
$
3,266
 
  
$
589,930
 
   $ 581,076     $ 20,633     $ 3,282     $ 604,991  
Allowance for credit losses
  
 
820
 
  
 
611
 
  
 
836
 
  
 
2,267
 
     739       508       788       2,035  
Carrying value
  
$
569,027
 
  
$
16,206
 
  
$
2,430
 
  
$
587,663
 
   $  580,337     $  20,125     $   2,494     $  602,956  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’
has
not been determined have been included in the ‘Loans not graded’ category.
 
 
 
 
 
 
 Scotiabank Second Quarter Report 2025 
 
 
79
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
  (e)
Loans past due but not impaired
(1)
A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are contractually past due but not classified as impaired because they are either less than 90 days past due or fully secured and collection efforts are reasonably expected to result in repayment, or restoring it to a current status in accordance with the Bank’s policy. In cases where borrowers have opted to participate in payment deferral programs, deferral of payments is not considered past due and such loans are not aged further during the deferral period.
 
  
 
As at April 30, 2025
 
($ millions)
 
31-60

days
 
 
61-90

days
 
 
91 days
and greater
(2)
 
 
Total
 
Residential mortgages
  
$
1,506
 
  
$
720
 
  
$
–
 
  
$
2,226
 
Personal loans
  
 
635
 
  
 
346
 
  
 
–
 
  
 
981
 
Credit cards
  
 
245
 
  
 
184
 
  
 
395
 
  
 
824
 
Business and government
  
 
316
 
  
 
121
 
  
 
–
 
  
 
437
 
Total
  
$
 2,702
 
  
$
 1,371
 
  
$
 395
 
  
$
 4,468
 
 
  
 
As at January 31, 2025
 
($ millions)
 
31-60

days
 
 
61-90

days
 
 
91 days
and greater
(2)
 
 
Total
 
Residential mortgages
   $ 1,505     $ 715     $ –     $ 2,220  
Personal loans
     661       360       –       1,021  
Credit cards
     256       187       416       859  
Business and government
     150       54       –       204  
Total
   $  2,572     $  1,316     $  416     $  4,304  
 
  
 
As at October 31, 2024
 
($ millions)
 
31-60

days
 
 
61-90

days
 
 
91 days
and greater
(2)
 
 
Total
 
Residential mortgages
   $ 1,418     $ 718     $ –     $ 2,136  
Personal loans
     647       343       –       990  
Credit cards
     242       172       398       812  
Business and government
     192       48       –       240  
Total
   $  2,499     $  1,281     $  398     $  4,178  
  (1)
Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due.
  (2)
All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.
 
  (f)
Purchased credit-impaired loans
Certain financial assets including loans are credit-impaired on initial recognition. The following table provides details of such assets:
 
  
  
As at
 
($ millions)
  
April 30
2025
 
  
January 31
2025
 
  
October 31
2024
 
Unpaid principal balance
(1)
   
$
231
 
    $ 248      $ 243  
Credit related fair value adjustments
   
 
(26
)
      (29 )       (29 ) 
Carrying value
   
 
205
 
      219        214  
Stage 3 allowance
   
 
–
 
      (1 )       (1 ) 
Carrying value net of related allowance
   
$
205
 
    $  218      $  213  
  (1)
Represents principal amount owed net of write-offs.
 
8.
Derecognition of financial assets
Securitization of residential mortgage loans
The Bank securitizes fully insured residential mortgage loans, Bank originated and others, through the creation of mortgage-backed securities (MBS) under the National Housing Act (NHA) MBS program, sponsored by Canada Mortgage and Housing Corporation (CMHC). MBS created under the program are sold to either Canada Housing Trust (the Trust), a government sponsored entity under the Canada Mortgage Bond (CMB) program or to third-party investors.
The underlying mortgages sold in the above programs do not meet the derecognition requirements, when the Bank retains the
pre-payment
and interest rate risks associated with the mortgages, which represent substantially all the risks and rewards associated with the transferred assets.
These mortgages continue to be recognized on the Consolidated Statement of Financial Position as residential mortgage loans. Cash proceeds from the transfer are treated as secured borrowings and included in Deposits – Business and government on the Consolidated Statement of Financial Position.
 
80
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The following table provides the carrying amount of the transferred assets that do not qualify for derecognition and the associated liabilities:
 
  
  
As at
 
($ millions)
  
April 30
2025
(1)
 
  
January 31
2025
(1)
 
  
October 31
2024
(1)
 
Assets
  
  
  
Carrying value of residential mortgage loans
   
$
9,377
 
    $ 10,202      $ 11,190  
Other related assets
(2)
   
 
6,265
 
      6,747        7,202  
Liabilities
         
Carrying value of associated liabilities
   
$
15,479
 
    $   16,807      $   17,923  
  (1)
The fair value of the transferred assets is $15,524 (January 31, 2025 – $16,772 and October 31, 2024 – $18,092) and the fair value of the associated liabilities is $15,481 (January 31, 2025 – $16,769 and October 31, 2024 – $17,692) for a net position of $43 (January 31, 2025 – $3 and October 31, 2024 – $400).
  (2)
These include cash held in trust and trust-permitted investment assets, including repurchase-type transactions of mortgage-backed securities, included in the principal reinvestment account that the Bank is required to maintain in order to participate in the programs.
Securitization of credit card and auto loans
The Bank securitizes a portion of its unsecured credit card and auto loan receivables through consolidated structured entities. These receivables continue to be recognized on the Consolidated Statement of Financial Position as personal loans and credit card loans. During the quarter, the Bank did not enter into any new securitization arrangements
.

Securities sold under repurchase agreements and securities lent
The Bank enters into transactions, such as repurchase agreements and securities lending agreements, where the Bank transfers assets under agreements to repurchase them on a future date and retains all the substantial risks and rewards associated with the assets. The transferred securities remain on the Consolidated Statement of Financial Position.
The following table provides the carrying amount of the transferred assets and the associated liabilities:
 
  
  
As at
 
($ millions)
  
April 30
2025
(1)
 
  
January 31
2025
(1)
 
  
October 31
2024
(1)
 
Carrying value of securities associated with:
  
  
  
Repurchase agreements
(2)
   
$
161,938
 
    $ 163,805      $ 174,334  
Securities lending agreements
   
 
63,492
 
      71,189        58,477  
Total
   
 
225,430
 
      234,994        232,811  
Carrying value of associated liabilities
(3)
   
$
177,987
 
    $  182,259      $  190,449  
  (1)
The fair value of transferred assets is $225,430 (January 31, 2025 – $234,994 and October 31, 2024 – $232,811) and the fair value of the associated liabilities is $177,987 (January 31, 2025 – $182,259 and October 31, 2024 – $190,449) for a net position of $47,443 (January 31, 2025 – $52,735 and October 31, 2024 – $42,362).
  (2)
Does not include over-collateralization of assets pledged.
  (3)
Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral.
Other
off-balance
sheet arrangements
The Bank uses a capital vehicle to transfer credit exposure to security holders of the vehicle. While credit exposures are transferred, the related assets are not derecognized from the balance sheet. During the quarter, no new guarantee-linked notes were issued from this vehicle.
 
9.
Investments in associates
The Bank had significant investments in the following associates:
 
  
  
  
 
  
  
 
  
  
 
  
As at
 
  
  
  
 
  
  
 
  
  
 
  
  
 
  
April 30
2025
 
  
January 31
2025
 
  
October 31
2024
 
($ millions)
  
Country of
incorporation
 
  
Nature of
business
 
  
Ownership
percentage
 
  
Date of financial
statements
(1)
 
  
Carrying
value
 
  
Carrying
value
 
  
Carrying
value
 
KeyCorp
(2)
      United States        Banking        14.9 %       March 31, 2025     
$
4,048
 
    $  4,065      $ –  
Bank of Xi’an Co. Ltd.
(3)
      China        Banking        18.1 %       March 31, 2025     
 
674
 
      698         658  
Maduro & Curiel’s Bank N.V.
(4)
      Curacao        Banking        48.1 %       March 31, 2025     
 
539
 
      558        527  
  (1)
Represents the date of the most recent financial statements. Where available, financial statements prepared by the associates’ management or other published information is used to estimate the change in the Bank’s interest since the most recent financial statements.
  (2)
On December 27, 2024, the Bank completed the acquisition of an additional 10% ownership interest, bringing the total ownership interest in KeyCorp to 14.9% (refer to Note 20 for further details). The Bank has significant influence over KeyCorp through a combination of its ownership interest and board representation. Based on the quoted price on the New York Stock Exchange, the Bank’s
i
nvestment in KeyCorp was $3,332 as at April 30, 2025 (January 31, 2025 – $4,257).
  (3)
Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $528 (January 31, 2025 – $567; October 31, 2024 – $570). The market value of the investment has remained below the carrying amount. The Bank performed an impairment test as at April 30, 2025 using a value in use (VIU) discounted cash flow model. The Bank concluded that there is
no
impairment for the period ended April 30, 2025 (January 31, 2025 – nil; October 31, 2024 – $343).
 
The Bank has significant influence over the Bank of Xi’an Co. Ltd. through a combination of its ownership interest and board representation. 
  (4)
The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of April 30, 2025, these reserves amounted to $74 (January 31, 2025 – $77; October 31, 2024 – $74).
 
 Scotiabank Second Quarter Report 2025 
 
 
81
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
10.
Deposits
 
  
 
As at
 
 
  
 
  
 
April 30, 2025
 
 
January 31
2025
 
 
October 31
2024
 
 
 
Payable on demand
(1)
 
 
Payable
after
notice
(2)
 
 
 
 
 
 
 
 
 
 
 
 
 
($ millions)
 
Interest-
bearing
 
 
Non-interest-

bearing
 
 
Payable on a
fixed date
(3)
 
 
Total
 
 
Total
 
 
Total
 
Personal
  
$
5,615
 
  
$
10,442
 
  
$
151,710
 
  
$
133,302
 
  
$
301,069
 
   $ 303,798     $ 298,821  
Business and government
  
 
180,844
 
  
 
33,077
 
  
 
62,323
 
  
 
328,063
 
  
 
604,307
 
     617,874       600,114  
Financial institutions
  
 
10,006
 
  
 
614
 
  
 
2,307
 
  
 
27,540
 
  
 
40,467
 
     44,377       44,914  
 
  
$
196,465
 
  
$
44,133
 
  
$
216,340
(4)
 
  
$
488,905
 
  
$
945,843
 
   $ 966,049     $ 943,849  
Recorded in:
              
Canada
  
$
144,850
 
  
$
23,673
 
  
$
177,597
 
  
$
339,679
 
  
$
685,799
 
   $ 691,727     $ 686,817  
United States
  
 
40,780
 
  
 
45
 
  
 
2,326
 
  
 
45,680
 
  
 
88,831
 
     99,096       90,442  
United Kingdom
  
 
–
 
  
 
–
 
  
 
205
 
  
 
31,915
 
  
 
32,120
 
     31,086       27,091  
Mexico
  
 
150
 
  
 
6,897
 
  
 
13,001
 
  
 
16,974
 
  
 
37,022
 
     37,553       36,751  
Peru
  
 
5,729
 
  
 
29
 
  
 
5,854
 
  
 
7,521
 
  
 
19,133
 
     18,991       17,710  
Chile
  
 
1,297
 
  
 
5,213
 
  
 
140
 
  
 
17,463
 
  
 
24,113
 
     23,876       23,232  
Colombia
  
 
29
 
  
 
498
 
  
 
3,514
 
  
 
4,857
 
  
 
8,898
 
     9,134       8,102  
Other International
  
 
3,630
 
  
 
7,778
 
  
 
13,703
 
  
 
24,816
 
  
 
49,927
 
     54,586       53,704  
Total
(5)
  
$
196,465
 
  
$
44,133
 
  
$
216,340
 
  
$
488,905
 
  
$
945,843
 
   $  966,049     $  943,849  
  (1)
Deposits payable on demand include all deposits for which the Bank does not have the right to notice of withdrawal, generally chequing accounts.
  (2)
Deposits payable after notice include all deposits for which the Bank requires notice of withdrawal, generally savings accounts.
  (3)
All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.
  (4)
Includes $123 (January 31, 2025 – $122; October 31, 2024 – $124) of
non-interest-bearing
deposits.
  (5)
Deposits denominated in U.S. dollars amount to $293,366 (January 31, 2025 – $309,983; October 31, 2024 – $295,316), deposits denominated in Chilean pesos amount to $20,184 (January 31, 2025 – $20,198; October 31, 2024 – $19,271), deposits denominated in Mexican pesos amount to $33,975 (January 31, 2025 – $34,709; October 31, 2024 – $34,416) and deposits denominated in other foreign currencies amount to $114,253 (January 31, 2025 – $115,267; October 31, 2024 – $109,683).
The following table presents the maturity schedule for term deposits in Canada greater than $100,000
(1)
.
 
($ millions)
    Within
three months		      Three to
six months		      Six to
twelve months		      One to five
years		      Over
five years		      Total  
As at April 30, 2025
   
$
59,432
 
   
$
29,100
 
   
$
63,418
 
   
$
113,023
 
   
$
17,570
 
   
$
282,543
 
As at January 31, 2025
    $ 64,683      $ 39,867      $ 61,186      $ 107,596      $ 19,024      $ 292,356  
As at October 31, 2024
    $  64,521      $  37,062      $  59,273      $  115,757      $  18,820      $  295,433  
  (1)
The majority of foreign term deposits are in excess of $100,000.
 
11.
Capital and financing transactions
Common shares
 
     For the three months ended  
    
April 30, 2025
     April 30, 2024  
($ millions)
  
Number of shares
    
Amount
     Number of shares     Amount  
Outstanding at beginning of period
  
 
1,245,527,961
 
  
$
22,136
 
     1,222,127,412     $ 20,599  
Issued in relation to share-based payments, net
  
 
21,402
 
  
 
2
 
     57,036       4  
Issued in relation to the Shareholder Dividend and Share Purchase Plan
(1)
  
 
–
 
  
 
–
 
     7,385,149       463  
Outstanding at end of period
  
 
1,245,549,363
 
  
$
22,138
 
     1,229,569,597     $  21,066  
 
     For the six months ended  
    
April 30, 2025
     April 30, 2024  
($ millions)
  
Number of shares
    
Amount
     Number of shares     Amount  
Outstanding at beginning of period
  
 
1,244,435,686
 
  
$
22,054
 
     1,214,044,420     $ 20,109  
Issued in relation to share-based payments, net
  
 
1,113,677
 
  
 
84
 
     115,078       8  
Issued in relation to the Shareholder Dividend and Share Purchase Plan
(1)
  
 
–
 
  
 
–
 
     15,410,099       949  
Outstanding at end of period
  
 
1,245,549,363
 
  
$
22,138
 
     1,229,569,597     $  21,066  
  (1)
Effective November 1, 2024, and until such time as the Bank elects otherwise, the Bank has suspended the discount to the Average Market Price (as defined in the Plan) for dividend reinvestments and stock dividends under the Plan and has discontinued issuances of common shares from treasury under the Plan. Additionally, effective November 1, 2024, and until such time as the Bank elects otherwise, purchases of common shares under the Plan will be made in the secondary market in accordance with the provisions of the Plan.
Normal Course Issuer Bid
On May 27, 2025, the Bank announced its intention to seek regulatory approval for a normal course issuer bid (the “NCIB”) pursuant to which it may repurchase for cancellation up to 20 million
of its common shares. Purchases under the NCIB are expected to commence on May 30, 2025 and are expected to terminate upon the earlier of: (i) the Bank purchasing the maximum number of common shares under the NCIB; (ii) the Bank providing a notice of termination; or (iii) a 12-month period ending on or about May 29, 2026.
 
82
 
 Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Preferred shares and other equity instruments
Issuance
On January 31, 2025, the Bank issued USD$1,000 million of 7.350% Limited Recourse Capital Notes Series 6 (NVCC) (LRCN Series 6) due April 27, 2085, which form part of the Bank’s Additional Tier 1 Capital. Non-deferrable interest is payable quarterly at a fixed rate of 7.350% per annum until April 27, 2030; and thereafter, the non-deferrable interest will reset every fifth year until April 27, 2080, at a rate equal to the 5-year U.S Treasury Rate plus 2.903%. In connection with the issuance of LRCN Series 6, the Bank issued USD$1,000 million of 7.350% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (the Series 6 AT1 Notes) to Scotiabank LRCN Trust, a consolidated entity, to be held as trust assets. As the Series 6 AT1 Notes are eliminated on consolidation, they do not currently form part of the Bank’s Additional Tier 1 Capital.
Upon the occurrence of a recourse event, the LRCN Series 6 noteholders’ sole recourse will be limited to their proportionate share of the assets held in the Scotiabank LRCN Trust. A recourse event occurs if (a) there is non-payment in cash by the Bank of the principal amount, together with any accrued and unpaid interest, on the maturity date, (b) there is non-payment in cash of interest which is not cured within 5 business days, (c) there is non-payment in cash of the redemption price in connection with the redemption of LRCN Series 6, (d) an event of default occurs (bankruptcy, insolvency, or liquidation of the Bank), or (e) there is an NVCC Trigger Event.
Subject to regulatory consent and approval, the LRCN Series 6 are redeemable, in whole or in part, on April 27, 2030 and each interest payment date thereafter.
The LRCN Series 6 and Series 6 AT1 Notes are the Bank’s direct unsecured obligations, ranking subordinate to the Bank’s Subordinated debentures and ranking equally with the Bank’s existing NVCC subordinated additional Tier 1 capital securities.
The LRCN Series 6 and the Series 6 AT1 Notes include NVCC provisions necessary for them to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the Series 6 AT1 Notes into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if the federal or a provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. Upon an NVCC Trigger Event, LRCN Series 6 will cease to be outstanding following delivery to the noteholders of their proportionate share of the trust assets comprised of common shares of the Bank received by the Scotiabank LRCN Trust upon automatic conversion of the Series 6 AT1 Notes.
The LRCN Series 6 are compound instruments with both equity and liability features. On the date of issuance, the Bank has assigned an insignificant value to the liability component of LRCN Series 6 and, as a result, the full proceeds received have been presented as equity.
Redemption
On May 1, 2025, the Bank announced its intention to redeem all outstanding U
.
S
.
$1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (Non-Viability Contingent Capital (NVCC)) (the “Notes”) at 100% of their principal amount plus accrued and unpaid interest to, but excluding, the date fixed for redemption.
The
redemption of the Notes will occur on June 4, 2025.

 
12.
Capital management
The Bank’s regulatory capital, total loss absorbing capacity and leverage measures were as follows:
 
  
  
As at
 
($ millions)
  
April 30
2025
 
  
January 31
2025
 
  
October 31
2024
 
Capital
(1)
  
  
  
Common Equity Tier 1 capital
   
$
60,425
 
    $ 60,294      $ 60,631  
Net Tier 1 capital
   
 
70,740
 
      70,592        69,499  
Total regulatory capital
   
 
78,682
 
      78,622        77,708  
Total loss absorbing capacity (TLAC)
(2)
   
 
139,119
 
      135,010        137,752  
Risk-weighted assets/exposures used in calculation of capital ratios
         
Risk-weighted assets
(1)(3)
   
$
458,989
 
    $ 468,124      $ 463,992  
Leverage exposures
(4)
   
 
 1,568,491
 
       1,586,812         1,563,140  
Regulatory ratios
(1)
         
Common Equity Tier 1 capital ratio
   
 
13.2
% 
      12.9 %       13.1 % 
Tier 1 capital ratio
   
 
15.4
% 
      15.1 %       15.0 % 
Total capital ratio
   
 
17.1
% 
      16.8 %       16.7 % 
Total loss absorbing capacity ratio
(2)
   
 
30.3
% 
      28.8 %       29.7 % 
Leverage ratio
(4)
   
 
4.5
% 
      4.4 %       4.4 % 
Total loss absorbing capacity leverage ratio
(2)
   
 
8.9
% 
      8.5 %       8.8 % 
  (1)
The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).
  (2)
This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).
  (3)
As at April 30, 2025, the Bank did not have a regulatory capital floor
add-on
to risk-weighted assets (RWA) for CET1, Tier 1, Total Capital and TLAC RWA (as at January 31, 2025
,
the Bank did not
have a regulatory capital floor add-on to risk-weighted assets for CET1, Tier 1, Total Capital and TLAC RWA; as at October 31, 2024, the Bank did not have a regulatory capital floor add-on to risk-weighted assets for CET1, Tier 1, Total Capital and TLAC RWA).
  (4)
The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).
The Bank substantially exceeded the OSFI minimum regulatory capital and TLAC ratios as at April 30, 2025, including the Domestic Stability Buffer requirement. In addition, the Bank substantially exceeded OSFI minimum leverage and TLAC leverage ratios as at April 30, 2025.
 
 Scotiabank Second Quarter Report 2025   
 
83
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
13.
Share-based payments
In Q1 2025, the Bank granted 1,586,630 options with an exercise price of $79.13 per option and a weighted average fair value of $8.26 to select employees, under the terms of the Employee Stock Option Plan. These stock options vest 50% at the end of the third year and 50% at the end of the fourth year.
The Bank recorded an increase to equity – other reserves of $3
million for the three months ended April 30, 2025 and
$11 million for the six months ended April 30, 2025 (April 30, 2024 – nil and $10 million), as a result of equity-classified share-based payment expense.
 
14.
Employee benefits
Employee benefits include pensions, other post-retirement benefits, and post-employment benefits. The following table summarizes the expenses for the Bank’s principal plans
(1)
.
 
  
  
For the three months ended
 
  
  
Pension plans
 
  
Other benefit plans
 
($ millions)
  
April 30
2025
 
  
January 31
2025
 
  
April 30
2024
 
  
April 30
2025
 
  
January 31
2025
 
  
April 30
2024
 
Defined benefit service cost
   
$
61
 
    $ 83      $ 51     
$
6
 
    $ 6      $ 4  
Interest on net defined benefit (asset) liability
   
 
(3
)
      (3 )       (7 )    
 
16
 
      16        17  
Other
   
 
3
 
      3        3     
 
(1
)
      –        (1 ) 
Defined benefit expense
   
$
61
 
    $ 83      $ 47     
$
21
 
    $ 22      $ 20  
Defined contribution expense
   
$
53
 
    $ 49      $ 45     
$
–
 
    $ –      $ –  
Actuarial gains (losses) on employee benefit plans in other comprehensive income
(2)
   
$
 (246
)
    $  273      $  264     
$
  (9
)
    $  (13 )     $  25  
 
  
  
For the six months ended
 
  
  
Pension plans
 
  
Other benefit plans
 
($ millions)
  
April 30
2025
 
  
April 30
2024
 
  
April 30
2025
 
  
April 30
2024
 
Defined benefit service cost
   
$
145
 
    $ 103     
$
11
 
    $ 9  
Interest on net defined benefit (asset) liability
   
 
(7
)
      (15 )    
 
31
 
      34  
Other
   
 
6
 
      6     
 
–
 
      2  
Defined benefit expense
   
$
144
 
    $ 94     
$
42
 
    $ 45  
Defined contribution expense
   
$
102
 
    $ 91     
$
1
 
    $ –  
Actuarial gains (losses) on employee benefit plans in other comprehensive income
(2)
   
$
  27
 
    $  (208 )   
$
  (22
)
    $  (33 )
  (1)
Other plans operated by certain subsidiaries of the Bank are not considered material and are not included in this note.
  (2)
Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. In the absence of legislated changes, all other assumptions are updated annually.
 
15.
Operating segments 
The Bank’s businesses are grouped into four business lines: Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets. The Bank’s other smaller business segments and corporate adjustments are included in the Other segment. The results of these business segments are based upon the internal financial reporting systems of the Bank. The accounting policies used in these segments are generally consistent with those followed in the preparation of the consolidated financial statements as disclosed in Note 3 of the Bank’s audited consolidated financial statements in the 2024 Annual Report.
The Bank analyzes revenue on a taxable equivalent basis (TEB) for business lines. This methodology grosses up
tax-exempt
income earned on certain securities reported in either net interest income or
non-interest
income to an equivalent before tax basis. It also grosses up net income from associated corporations to normalize the effective tax rate in the business lines. Corresponding increases are made to the provision for income taxes; hence, there is no impact on the segment’s net income. The elimination of the TEB
gross-up
is recorded in the Other segment; hence, there is no impact on the consolidated results.
Changes in business line allocation methodology
Effective the first quarter of 2025, the Bank made voluntary changes to its allocation methodology impacting business segment presentation. The new methodology includes updates related to the Bank’s funds transfer pricing, head office expense allocations, and allocations between business segments. Prior period results for each segment have been revised to conform with the current period’s methodology. Further details on the changes are as follows:
 
  1.
Funds transfer pricing methodology was updated, primarily related to the allocation of substantially all liquidity costs to the business lines, reflecting the Bank’s strategic objective to maintain higher liquidity ratios.
 
  2.
Periodically, the Bank updates its allocation methodologies. This includes a comprehensive update to the allocation of head office expenses across countries within International Banking, updates to the allocation of clients and associated revenue, expenses, and balances between International Banking, Global Banking and Markets, and Global Wealth Management to align with the strategy, as well as updates to the allocation of head office expenses and taxes from the Other segment to the business segments.
 
3.
To be consistent with the reporting of Scotiabank’s recent minority investment in KeyCorp, the Bank has also made changes to the reporting of certain minority investments in International Banking (Bank of Xi’an) and Global Wealth Management (Bank of Beijing Scotia Asset Management) which will now be reported in the Other segment.
 
84
    Scotiabank Second Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
  
 
For the three months ended April 30, 2025
 
($ millions)
 
Canadian
Banking
(1)
 
  
International
Banking
(1)
 
  
Global
Wealth
Management
(1)
 
  
Global
Banking and
Markets
(1)
 
  
Other
 
 
Total
 
Net interest income
(2)
 
$
2,524
 
  
$
2,179
 
  
$
246
 
  
$
368
 
  
$
(47
) 
 
$
5,270
 
Non-interest
income
(3)(4)
 
 
711
 
  
 
780
 
  
 
1,295
 
  
 
   1,090
 
  
 
(66
) 
 
 
3,810
 
Total revenues
 
 
   3,235
 
  
 
   2,959
 
  
 
   1,541
 
  
 
1,458
 
  
 
(113
) 
 
 
9,080
 
Provision for credit losses
 
 
805
 
  
 
550
 
  
 
2
 
  
 
40
 
  
 
1
 
 
 
1,398
 
Depreciation and amortization
 
 
139
 
  
 
115
 
  
 
48
 
  
 
65
 
  
 
26
 
 
 
393
 
Other
non-interest
expenses
 
 
1,442
 
  
 
1,408
 
  
 
949
 
  
 
813
 
  
 
105
 
 
 
4,717
 
Provision for income taxes
 
 
236
 
  
 
172
 
  
 
141
 
  
 
128
 
  
 
(137
) 
 
 
540
 
Net income
 
$
613
 
  
$
714
 
  
$
401
 
  
$
412
 
  
$
(108
) 
 
$
2,032
 
Net income attributable to
non-controlling
interests in subsidiaries
 
$
–
 
  
$
38
 
  
$
2
 
  
$
(1
) 
  
$
17
 
 
$
56
 
Net income attributable to equity holders of the Bank
 
$
613
 
  
$
676
 
  
$
399
 
  
$
413
 
  
$
(125
) 
 
$
1,976
 
Average assets
($ billions)
 
$
461
 
  
$
229
 
  
$
38
 
  
$
502
 
  
$
238
 
 
$
1,468
 
Average liabilities
($ billions)
 
$
384
 
  
$
177
 
  
$
47
 
  
$
516
 
  
$
    258
 
 
$
  1,382
 
  (1)
Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.
  (2)
Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.
  (3)
Card revenues and Banking services fees are mainly earned in Canadian Banking and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.
  (4)
Includes
income
(on a taxable equivalent basis) from associated corporations for Canadian Banking – $
(2
), International Banking – $
38
, and Other – $
123.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the three months ended January 31, 2025
 
($ millions)
 
Canadian
Banking
(1)
 
 
International
Banking
(1)
 
  
Global
Wealth
Management
(1)
 
  
Global
Banking and
Markets
(1)
 
  
Other
 
 
Total
 
Net interest income
(2)
   $  2,647     $  2,169      $ 232      $ 319      $ (194 )    $ 5,173  
Non-interest
income
(3)(4)
     765       861         1,347        1,275        (49 )      4,199  
Total revenues
     3,412       3,030        1,579         1,594        (243 )      9,372  
Provision for credit losses
     538       602        4        18        –       1,162  
Depreciation and amortization
     136       130        47        64        26       403  
Other
non-interest
expenses
     1,475       1,423        975        827        1,388
(5)
 		     6,088  
Provision for income taxes
     350       189        144        168        (125 )      726  
Net income
   $ 913     $ 686      $ 409      $ 517      $  (1,532 )    $ 993  
Net income attributable to
non-controlling
interests in subsidiaries
   $ –     $ 35      $ 2      $ –      $ (191 )    $ (154 ) 
Net income attributable to equity holders of the Bank
   $ 913     $ 651      $ 407      $ 517      $ (1,341 )    $ 1,147  
Average assets
($ billions)
  $ 460     $ 229      $ 37      $ 511      $ 224     $ 1,461  
Average liabilities
($ billions)
   $ 386     $ 174      $ 43      $ 511      $ 262     $  1,376  
  (1)
Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.
  (2)
Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.
  (3)
Card revenues and Banking services fees are mainly earned in Canadian Banking and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.
  (4)
Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $24, International Banking – $35, and Other – $54.
 
(5)
Includes the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Refer to Note 20 for further details.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the three months ended April 30, 2024
(1)
 
($ millions)
 
Canadian
Banking
(2)
 
 
International
Banking
(2)
 
  
Global
Wealth
Management
(2)
 
  
Global
Banking and
Markets
(2)
 
  
Other
 
 
Total
 
Net interest income
(3)
 
$
 2,482
 
 
$
 2,254
 
  
$
188
 
  
$
248
 
  
$
(478
) 
 
$
 4,694
 
Non-interest
income
(4)(5)
 
 
702
 
 
 
706
 
  
 
 1,183
 
  
 
984
 
  
 
78
 
 
 
3,653
 
Total revenues
 
 
3,184
 
 
 
2,960
 
  
 
1,371
 
  
 
 1,232
 
  
 
(400
) 
 
 
8,347
 
Provision for credit losses
 
 
428
 
 
 
566
 
  
 
7
 
  
 
5
 
  
 
1
 
 
 
1,007
 
Depreciation and amortization
 
 
143
 
 
 
142
 
  
 
47
 
  
 
62
 
  
 
16
 
 
 
410
 
Other
non-interest
expenses
 
 
1,377
 
 
 
1,405
 
  
 
859
 
  
 
699
 
  
 
(39
) 
 
 
4,301
 
Provision for income taxes
 
 
343
 
 
 
184
 
  
 
115
 
  
 
91
 
  
 
(196
) 
 
 
537
 
Net income
 
$
893
 
 
$
663
 
  
$
343
 
  
$
375
 
  
$
   (182
) 
 
$
2,092
 
Net income attributable to
non-controlling
interests in subsidiaries
 
$
–
 
 
$
24
 
  
$
2
 
  
$
–
 
  
$
–
 
 
$
26
 
Net income attributable to equity holders of the Bank
 
$
893
 
 
$
639
 
  
$
341
 
  
$
375
 
  
$
(182
) 
 
$
2,066
 
Average assets
($ billions)
 
$
445
 
 
$
234
 
  
$
35
 
  
$
494
 
  
$
203
 
 
$
1,411
 
Average liabilities
($ billions)
 
$
389
 
 
$
182
 
  
$
42
 
  
$
470
 
  
$
247
 
 
$
1,330
 
  (1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology.
  (2)
Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.
  (3)
Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.
  (4)
Card revenues and Banking services fees are mainly earned in Canadian Banking and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.
  (5)
Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking - 
$(7), International Banking 
-
 $24, and Other 
-
 
$40.
 
 
 
 
 
 
 Scotiabank Second Quarter Report 2025 
 
 
85
 
Table of Contents

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the six months ended April 30, 2025
 
($ millions)
 
Canadian
Banking
(1)
 
 
International
Banking
(1)
 
  
Global
Wealth
Management
(1)
 
  
Global
Banking and
Markets
(1)
 
  
Other
 
  
Total
 
Net interest income
(2)
 
$
  5,171
 
 
$
  4,348
 
  
$
478
 
  
$
687
 
  
$
(241
) 
  
$
10,443
 
Non-interest
income
(3)(4)
 
 
1,476
 
 
 
1,641
 
  
 
  2,642
 
  
 
2,365
 
  
 
(115
) 
  
 
8,009
 
Total revenues
 
 
6,647
 
 
 
5,989
 
  
 
3,120
 
  
 
  3,052
 
  
 
(356
) 
  
 
18,452
 
Provision for credit losses
 
 
1,343
 
 
 
1,152
 
  
 
6
 
  
 
58
 
  
 
1
 
  
 
2,560
 
Depreciation and amortization
 
 
275
 
 
 
245
 
  
 
95
 
  
 
129
 
  
 
52
 
  
 
796
 
Other
non-interest
expenses
 
 
2,917
 
 
 
2,831
 
  
 
1,924
 
  
 
1,640
 
  
 
 1,493
(5)
 
  
 
10,805
 
Provision for income taxes
 
 
586
 
 
 
361
 
  
 
285
 
  
 
296
 
  
 
(262
) 
  
 
1,266
 
Net income
 
$
1,526
 
 
$
1,400
 
  
$
810
 
  
$
929
 
  
$
(1,640
) 
  
$
3,025
 
Net income attributable to
non-controlling
interests in subsidiaries
 
$
–
 
 
$
73
 
  
$
4
 
  
$
(1
) 
  
$
(174
) 
  
$
(98
) 
Net income attributable to equity holders of the Bank
 
$
1,526
 
 
$
1,327
 
  
$
806
 
  
$
930
 
  
$
(1,466
) 
  
$
3,123
 
Average assets
($ billions)
 
$
461
 
 
$
229
 
  
$
38
 
  
$
506
 
  
$
230
 
  
$
1,464
 
Average liabilities
($ billions)
 
$
385
 
 
$
176
 
  
$
45
 
  
$
513
 
  
$
260
 
  
$
  1,379
 
  (1)
Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.
  (2)
Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.
  (3)
Card revenues and Banking services fees are mainly earned in Canadian Banking and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.
  (4)
Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking 
– 
$22, International Banking – $73, and Other – $177.
 
(5)
Includes the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Refer to Note 20 for further details.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the six months ended April 30, 2024
(1)
 
($ millions)
 
Canadian
Banking
(2)
 
 
International
Banking
(2)
 
  
Global
Wealth
Management
(2)
 
  
Global
Banking and
Markets
(2)
 
  
Other
 
  
Total
 
Net interest income
(3)
   $  4,973     $  4,494      $ 373      $ 518      $ (891 )    $ 9,467  
Non-interest
income
(4)(5)
     1,436       1,540         2,322         2,007        8        7,313  
Total revenues
     6,409       6,034        2,695        2,525        (883 )       16,780  
Provision for credit losses
     806       1,140        12        10        1        1,969  
Depreciation and amortization
     290       285        94        124        38        831  
Other
non-interest
expenses
     2,729       2,844        1,686        1,418        (58 )      8,619  
Provision for income taxes
     718       367        227        210        (452 )      1,070  
Net income
   $ 1,866     $ 1,398      $ 676      $ 763      $    (412 )    $ 4,291  
Net income attributable to
non-controlling
interests
in
 
subsidiaries
   $ –     $ 46      $ 5      $ –      $ –      $ 51  
Net income attributable to equity holders of the Bank
   $ 1,866     $ 1,352      $ 671      $ 763      $ (412 )     $ 4,240  
Average assets
($ billions)
  $ 445     $ 235      $ 35      $ 500      $ 202      $ 1,417  
Average liabilities
($ billions)
   $ 391     $ 182      $ 41      $ 473      $ 251      $   1,338  
  (1)
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology.
  (2)
Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.
  (3)
Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.
  (4)
Card revenues and Banking services fees are mainly earned in Canadian Banking and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.
  (5)
Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $(7), International Banking – $58, and Other – $52.
 
16.
Interest income and expense
 
  
 
For the three months ended
 
 
For the six months ended
 
  
 
April 30, 2025
 
 
January 31, 2025
 
 
April 30, 2024
 
 
April 30, 2025
 
 
April 30, 2024
 
($ millions)
 
Interest
income
 
 
Interest
expense
 
 
Interest
income
 
 
Interest
expense
 
 
Interest
income
 
 
Interest
expense
 
 
Interest
income
 
 
Interest
expense
 
 
Interest
income
 
 
Interest
expense
 
Measured at amortized cost
(1)
  
$
12,588
 
  
$
8,955
 
   $  13,135     $  9,746     $  13,321     $  10,452    
$
25,723
 
  
$
18,701
 
   $  26,860     $  21,066  
Measured at
FVOCI
(1)
  
 
1,355
 
  
 
–
 
     1,442       –       1,455       –    
 
2,797
 
  
 
–
 
     2,814       –  
 
 
13,943
 
  
 
8,955
 
     14,577       9,746       14,776       10,452    
 
28,520
 
  
 
18,701
 
     29,674       21,066  
Other
  
 
344
(2)
 
  
 
62
(3)
 
     403
(2)
 		     61
(3)
 		     436
(2)
 		     66
(3)
 		  
 
747
(2)
 
  
 
123
(3)
 
     977
(2)
 		     118
(3)
 
Total
  
$
14,287
 
  
$
9,017
 
   $ 14,980     $ 9,807     $ 15,212     $ 10,518    
$
29,267
 
  
$
18,824
 
   $ 30,651     $ 21,184  
  (1)
The interest income/expense on financial assets/liabilities are calculated using the effective interest method.
  (2)
Includes dividend income on equity securities.
  (3)
Includes interest on lease liabilities for the three months ended April 30, 2025 – $31
 
(January 31, 2025 – $32; April 30, 2024 – $30) and for the six months ended April 30, 2025 – $63
 
(April 30, 2024 – $60) and insurance finance expense for the three months ended April 30, 2025 – $9
 
(January 31, 2025 – $8; April 30, 2024 – $8
) and for the six months ended April 30, 2025 – $
17
 
(April 30, 2024 – $15).
 
 
 
 
86
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
17.
Earnings per share
 
  
  
For the three months ended
 
  
For the six months ended
 
($ millions)
  
April 30
2025
 
  
January 31
2025
 
  
April 30
2024
 
  
April 30
2025
 
  
April 30
2024
 
Basic earnings per common share
  
  
  
  
  
Net income attributable to common shareholders
   
$
1,841
 
    $ 1,025      $ 1,943     
$
2,866
 
    $ 4,009  
Weighted average number of common shares outstanding
(millions)
   
 
1,246
 
      1,245        1,223     
 
1,245
 
      1,218  
Basic earnings per common share
(1)
(in dollars)
   
$
1.48
 
    $ 0.82      $ 1.59     
$
2.30
 
    $ 3.29  
Diluted earnings per common share
               
Net income attributable to common shareholders
   
$
1,841
 
    $ 1,025      $ 1,943     
$
2,866
 
    $ 4,009  
Dilutive impact of share-based payment options and others
(2)
   
 
–
 
      (196 )       (15 )    
 
(180
)
      (30 ) 
Net income attributable to common shareholders (diluted)
   
$
1,841
 
    $ 829      $ 1,928     
$
2,686
 
    $ 3,979  
Weighted average number of common shares outstanding
(millions)
   
 
1,246
 
      1,245        1,223     
 
1,245
 
      1,218  
Dilutive impact of share-based payment options and others
(2)
(millions)
   
 
–
 
      5        5     
 
5
 
      7  
Weighted average number of diluted common shares outstanding
(millions)
   
 
1,246
 
      1,250        1,228     
 
1,250
 
      1,225  
Diluted earnings per common share
(1)
(in dollars)
   
$
1.48
 
    $   0.66      $   1.57     
$
2.15
 
    $   3.25  
  (1)
Earnings per share calculations are based on full dollar and share amounts.
  (2)
Certain options were not included in the calculation of diluted earnings per share as they were anti-dilutive.
 
18.
Financial instruments
(a) Risk management
The Bank’s principal business activities result in a balance sheet that consists primarily of financial instruments. In addition, the Bank uses derivative financial instruments for both trading and hedging purposes. The principal financial risks that arise from transacting financial instruments include credit risk, liquidity risk and market risk. The Bank’s framework to monitor, evaluate and manage these risks is consistent with that in place as at October 31, 2024.
(i) Credit risk
Credit risk is the risk of loss resulting from the failure of a borrower or counterparty to honour its financial or contractual obligations to the Bank.
Credit risk exposures disclosed below are presented based on the Basel framework utilized by the Bank. The Bank uses the Internal Ratings-Based approach (IRB) for all material Canadian, U.S. and European portfolios, and for a significant portion of the international corporate and commercial portfolios. The remaining portfolios, including other international portfolios, are treated under the standardized approach. Under the IRB approach, the Bank uses internal risk parameter estimates, based on historical experience.
Under the standardized approach, credit risk is estimated using the risk weights as prescribed by the Basel framework, either based on credit assessments by external rating agencies or based on the counterparty type for
non-retail
exposures and product type for retail exposures.
 
Exposure at default
(1)
    As at  
     
April 30, 2025
      January 31
2025		      October 31
2024		  
($ millions)
   
IRB
     
Standardized
     
Total
      Total      Total  
By exposure
sub-type
               
Non-retail
               
Drawn
(2)(3)
   
$
445,575
 
   
$
68,510
 
   
$
514,085
 
    $ 533,763      $ 535,326  
Undrawn commitments
   
 
87,330
 
   
 
5,173
 
   
 
92,503
 
      94,488        99,011  
Other exposures
(4)
   
 
136,379
 
   
 
21,532
 
   
 
157,911
 
      154,334        131,677  
Total
non-retail
   
$
669,284
 
   
$
95,215
 
   
$
764,499
 
    $ 782,585      $ 766,014  
Retail
(5)
               
Drawn
   
$
308,807
 
   
$
119,321
 
   
$
428,128
 
    $ 424,039      $ 417,760  
Undrawn commitments
   
 
114,143
 
   
 
9,889
 
   
 
124,032
 
      121,641        121,609  
Other exposures
   
 
–
 
   
 
66
 
   
 
66
 
      64        62  
Total retail
   
$
422,950
 
   
$
129,276
 
   
$
552,226
 
    $ 545,744      $ 539,431  
Total
   
$
1,092,234
 
   
$
224,491
 
   
$
1,316,725
 
    $  1,328,329      $  1,305,445  
  (1)
After credit risk mitigation and excludes equity securities, centralized counterparties and other assets.
  (2)
Non-retail
drawn exposures include government guaranteed and privately insured mortgages and retail loans.
  (3)
Non-retail
drawn includes loans, bankers’ acceptances, deposits with financial institutions and FVOCI debt securities.
  (4)
Includes
off-balance
sheet lending instruments such as letters of credit, letters of guarantee, securitizations,
over-the-counter
derivatives and repo-style transactions net of related collateral.
  (5)
Retail includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail.
 
 Scotiabank Second Quarter Report 2025   
 
87
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Credit quality of
non-retail
exposures
The Bank’s
non-retail
portfolio is well diversified by industry. A significant portion of the authorized corporate and commercial lending portfolio was internally assessed at a grade that would generally equate to an investment grade rating by external rating agencies. There has not been a significant change in concentrations of credit risk since October 31, 2024.
Credit quality of retail exposures
The Bank’s retail portfolios consist of a number of relatively small loans to a large number of borrowers. The portfolios are distributed across Canada and a wide range of countries. As such, the portfolios inherently have a high degree of diversification. In addition, as of April 30, 2025, 23% (January 31, 2025 – 23%; October 31, 2024 – 24%) of the Canadian residential mortgage portfolio is insured. The average
loan-to-value
ratio of the uninsured portion of the Canadian residential mortgage portfolio is 52% (January 31, 2025 – 52%; October 31, 2024 – 51%).
Retail standardized portfolio
The retail standardized portfolio of $129 billion as at April 30, 2025 (January 31, 2025 – $131 billion; October 31, 2024 – $127 billion) was comprised of residential mortgages, personal loans, credit cards and lines of credit to individuals, mainly in Latin America and the Caribbean. Of the total retail standardized exposures, $65 billion (January 31, 2025 – $66 billion; October 31, 2024 – $64 billion) was represented by mortgages and loans secured by residential real estate, mostly with a
loan-to-value
ratio of below 80%.
(ii) Liquidity risk
Liquidity risk is the risk that the Bank is unable to meet its financial obligations in a timely manner at reasonable prices. The Bank’s liquidity risk is subject to extensive risk management controls and is managed within the framework of policies and limits approved by the Board. The Board receives reports on risk exposures and performance against approved limits. The Asset/Liability Committee (ALCO) provides senior management oversight of liquidity risk.
The key elements of the Bank’s liquidity risk management framework include:
 
  •  
liquidity risk measurement and management limits, including limits on maximum net cash outflow by currency over specified short-term horizons;
 
  •  
prudent diversification of its wholesale funding activities by using a number of different funding programs to access the global financial markets and manage its maturity profile, as appropriate;
 
  •  
large holdings of liquid assets to support its operations, which can generally be sold or pledged to meet the Bank’s obligations;
 
  •  
liquidity stress testing, including Bank-specific, global-systemic, and combination systemic/specific scenarios; and
 
  •  
liquidity contingency planning.
The Bank’s foreign operations have liquidity management frameworks that are similar to the Bank’s framework. Local deposits are managed from a liquidity risk perspective based on the local management frameworks and regulatory requirements.
(iii) Market risk
Market risk arises from changes in market prices and rates (including interest rates, credit spreads, equity prices, foreign exchange rates and commodity prices), the correlations among them, and their levels of volatility.
Interest rate risk
Interest rate risk is the risk of loss due to the following: changes in the level, slope and curvature of the yield curve; the volatility of interest rates and changes in customers’ preferences (e.g. mortgage prepayment rates).
Non-trading
foreign currency risk
Foreign currency risk is the risk of loss due to changes in spot and forward rates.
As at April 30, 2025, a one per cent increase (decrease) in the Canadian dollar against all currencies in which the Bank operates decreases (increases) the Bank’s
before-tax
annual earnings by approximately $40 million (January 31, 2025 – $38 million; April 30, 2024 – $55 million) in the absence of hedging activity, due primarily from exposure to U.S. dollars from the Bank’s operations in the U.S. and activities conducted internationally in this currency and from exposures to Latin American currencies.
A similar change in the Canadian dollar as at April 30, 2025, would increase (decrease) the unrealized foreign currency translation losses in the accumulated other comprehensive income section of shareholders’ equity by approximately $357 million (January 31, 2025 – $363 million; April 30, 2024 – $353 million), net of hedging.
Non-trading
equity risk
Equity risk is the risk of loss due to adverse movements in equity
prices
. The Bank is exposed to equity risk through its investment equity portfolios. The fair value of investment equity securities is shown in Note 6.
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Trading portfolio risk management
Value at Risk (VaR) is a key measure of market risk in the Bank’s trading activities. The table below shows the Bank’s VaR by
risk
factor:
 
  
  
For the three months ended
 
  
  
 
  
As at
 
 
  
April 30, 2025
 
  
 
 
  
April 30
 
  
January 31
 
  
April 30
 
($ millions)
  
Average
 
  
High
 
  
Low
 
  
  
 
  
2025
 
  
2025
 
  
2024
 
Credit spread plus interest rate
   
$
14.2
 
   
$
17.8
 
   
$
9.8
 
      
$
14.3
 
    $ 14.3      $ 17.9  
Credit spread
(1)
   
 
12.4
 
   
 
18.7
 
   
 
7.6
 
      
 
12.0
 
      8.6        12.3  
Interest rate
   
 
12.8
 
   
 
22.0
 
   
 
6.0
 
      
 
8.6
 
      17.2        23.0  
Equities
   
 
6.1
 
   
 
9.9
 
   
 
4.2
 
      
 
8.2
 
      4.5        4.9  
Foreign exchange
   
 
2.0
 
   
 
4.8
 
   
 
0.7
 
      
 
1.4
 
      1.3        2.5  
Commodities
   
 
2.8
 
   
 
3.8
 
   
 
2.2
 
      
 
2.5
 
      3.1        1.7  
Debt specific
(1)
   
 
n/a
 
   
 
n/a
 
   
 
n/a
 
      
 
n/a
 
      n/a        2.8  
Diversification effect
   
 
(11.0
)
   
 
n/a
 
   
 
n/a
 
   
 
 
 
   
 
(14.3
)
      (9.3 )       (11.0 ) 
Total VaR
   
$
14.1
 
   
$
18.3
 
   
$
10.6
 
   
 
 
 
   
$
12.1
 
    $  13.9      $  18.8  
  (1)
Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.
(b) Financial instruments designated at fair value through profit or loss
In accordance with its risk management strategy, the Bank has elected to designate certain senior note liabilities at fair value through profit or loss to reduce an accounting mismatch between fair value changes in these instruments and fair value changes in related derivatives, and where a hybrid financial liability contains one or more embedded derivatives that are not closely related to the host contract. Changes in fair value of financial liabilities arising from the Bank’s own credit risk are recognized in other comprehensive income, without subsequent reclassification to net income.
The cumulative fair value adjustment due to own credit risk is determined at a point in time by comparing the present value of expected future cash flows over the term of these liabilities discounted at the Bank’s effective funding rate, and the present value of expected future cash flows discounted at a benchmark rate.
The following table presents the fair value of liabilities designated at fair value through profit or loss and their changes in fair value.
 
  
 
Fair value
 
 
Change in fair value
(1)
Gains/(Losses)
 
 
Cumulative change in fair value
(2)
Gains/(Losses)
 
  
 
As at
 
 
For the three months ended
 
 
  
 
 
As at
 
 
  
 
($ millions)
 
April 30
2025
 
 
January 31
2025
 
 
April 30
2024
 
 
April 30
2025
 
 
January 31
2025
 
 
April 30
2024
 
 
April 30
2025
 
 
January 31
2025
 
 
April 30
2024
 
Liabilities
 
 
 
 
 
 
 
 
 
Senior note liabilities
(3)
  
$
39,127
 
   $ 39,594     $ 32,987    
$
1,611
 
   $ 486     $ 1,058    
$
6,237
 
   $ 4,626     $ 5,459  
  (1)
Change in the difference between the contractual maturity amount and the carrying value.
  (2)
The cumulative change in fair value is measured from the instrument’s date of initial recognition.
  (3)
Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in
non-interest
income – trading revenues. The offsetting fair value changes from associated derivatives is also recorded in
non-interest
income – trading revenues.
The following table presents the changes in fair value attributable to changes in the Bank’s own credit risk for financial liabilities designated at fair value through profit or loss as well as their contractual maturity and carrying amounts.
 
  
  
Senior note liabilities
 
($ millions)
  
 
Contractual
maturity
amount
 
 
 
  
 
Carrying value
 
  
 
Difference
between
contractual
maturity
amount and
carrying
value
 
 
 
 
 
 
 
  
 
Changes in fair value
for the three
months period
attributable to
changes in own
credit risk
recorded in other
comprehensive
income
Gains/(Losses)
 
 
 
 
 
 
 
 
 
 
  
 
Cumulative changes
in fair value
attributable to
changes in own
credit risk
(1)

Gains/(Losses)
 
 
 
 
 
 
As at April 30, 2025
   
$
45,364
 
   
$
39,127
 
   
$
6,237
 
   
$
512
 
   
$
(665
)
As at January 31, 2025
    $ 44,220      $ 39,594      $ 4,626      $ (264 )     $  (1,177 ) 
As at April 30, 2024
    $  38,446      $  32,987      $  5,459      $  (474 )     $ (994 ) 
  (1)
The cumulative change in fair value is measured from the instruments’ date of initial recognition.
 
 Scotiabank Second Quarter Report 2025 
 
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
(c) Financial instruments – fair value
Fair value of financial instruments
The calculation of fair value is based on market conditions at a specific point in time and therefore may not be reflective of future fair values. The Bank has controls and processes in place to ensure that the valuation of financial instruments is appropriately determined.
Refer to Note 8 of the Bank’s audited consolidated financial statements in the 2024 Annual Report for the valuation techniques used to fair value its significant financial assets and liabilities.
The following table sets out the fair values of financial instruments of the Bank and excludes
non-financial
assets, such as property and equipment, investments in associates, precious metals, goodwill and other intangible assets.
 
  
  
As at
 
  
  
April 30, 2025
 
  
January 31, 2025
 
  
October 31, 2024
 
($ millions)
  
Total fair
value
 
  
Total
carrying
value
 
  
Total fair
value
 
  
Total
carrying
value
 
  
Total fair
value
 
  
Total
carrying
value
 
Assets:
  
  
  
  
  
  
Cash and deposits with financial institutions
   
$
63,577
 
   
$
63,577
 
    $ 70,198      $ 70,198      $ 63,860      $ 63,860  
Trading assets
   
 
128,987
 
   
 
128,987
 
       136,708         136,708         129,727         129,727  
Securities purchased under resale agreements and securities borrowed
   
 
192,632
 
   
 
192,632
 
      195,258        195,258        200,543        200,543  
Derivative financial instruments
   
 
47,937
 
   
 
47,937
 
      48,035        48,035        44,379        44,379  
Investment securities – FVOCI and FVTPL
   
 
127,837
 
   
 
127,837
 
      124,525        124,525        123,420        123,420  
Investment securities – amortized cost
   
 
25,744
 
   
 
26,454
 
      27,653        28,494        28,422        29,412  
Loans
   
 
753,808
 
   
 
756,372
 
      764,977        766,305        757,825        760,829  
Customers’ liability under acceptances
   
 
189
 
   
 
189
 
      207        207        148        148  
Other financial assets
   
 
28,441
 
   
 
28,441
 
      27,460        27,460        22,467        22,467  
Liabilities:
                  
Deposits
   
 
945,024
 
   
 
945,843
 
      964,081        966,049        941,290        943,849  
Financial instruments designated at fair value through profit or loss
   
 
39,127
 
   
 
39,127
 
      39,594        39,594        36,341        36,341  
Acceptances
   
 
190
 
   
 
190
 
      210        210        149        149  
Obligations related to securities sold short
   
 
36,543
 
   
 
36,543
 
      34,855        34,855        35,042        35,042  
Derivative financial instruments
   
 
61,933
 
   
 
61,933
 
      59,847        59,847        51,260        51,260  
Obligations related to securities sold under repurchase agreements and securities lent
   
 
177,987
 
   
 
177,987
 
      182,259        182,259        190,449        190,449  
Subordinated debentures
   
 
7,832
 
   
 
7,891
 
      8,022        8,042        7,814        7,833  
Other financial liabilities
   
 
49,414
 
   
 
49,560
 
      52,102        52,537        53,342        53,387  
(d) Fair value hierarchy
The best evidence of fair value for a financial instrument is the quoted price in an active market. Unadjusted quoted market prices for identical instruments represent a Level 1 valuation. Where possible, valuations are based on quoted prices or observable inputs obtained from active markets.
Quoted prices are not always available for
over-the-counter
transactions, as well as transactions in inactive or illiquid markets. In these instances, internal models that maximize the use of observable inputs are used to estimate fair value. The chosen valuation technique incorporates all the factors that market participants would take into account in pricing a transaction. When all significant inputs to models are observable, the valuation is classified as Level 2. Financial instruments traded in a less active market are valued using indicative market prices or other valuation techniques. Fair value estimates do not consider forced or liquidation sales.
Where financial instruments trade in inactive markets, illiquid markets or when using models where observable parameters do not exist, greater management judgement is required for
valuation
purposes. Valuations that require the significant use of unobservable inputs are classified as Level 3.
 
90
 
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Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The following
table
outlines the fair value hierarchy and instruments carried at fair value on a recurring basis.
 
  
 
As at 
 
  
 
April 30, 2025
 
 
January 31, 2025
 
($ millions)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
Instruments carried at fair value on a recurring basis:
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Precious metals
(1)
  
$
–
 
  
$
5,971
 
  
$
–
 
  
$
5,971
 
   $ –     $ 3,687     $ –     $ 3,687  
Trading assets
                
Loans
  
 
–
 
  
 
7,840
 
  
 
1
 
  
 
7,841
 
     –       8,048       –       8,048  
Canadian federal government and government guaranteed debt
  
 
13,415
 
  
 
2,518
 
  
 
–
 
  
 
15,933
 
     11,241       2,767       –       14,008  
Canadian provincial and municipal debt
  
 
7,416
 
  
 
2,889
 
  
 
–
 
  
 
10,305
 
     7,029       3,270       –       10,299  
U.S. treasury and other U.S. agencies’ debt
  
 
9,155
 
  
 
–
 
  
 
–
 
  
 
9,155
 
     10,826       –       –       10,826  
Other foreign governments’ debt
  
 
1,436
 
  
 
9,842
 
  
 
–
 
  
 
11,278
     131       10,496       –       10,627  
Corporate and other debt
  
 
3,156
 
  
 
7,387
 
  
 
–
 
  
 
10,543
 
     4,152       7,934       –       12,086  
Equity securities
  
 
60,775
 
  
 
305
 
  
 
8
 
  
 
61,088
 
     68,088       75       10       68,173  
Other
  
 
–
 
  
 
2,844
 
  
 
–
 
  
 
2,844
 
     –       2,641       –       2,641  
 
  
$
95,353
 
  
$
33,625
 
  
$
9
 
  
$
128,987
 
   $  101,467     $  35,231     $ 10     $  136,708  
Investment securities
(2)
                
Canadian federal government and government guaranteed debt
  
$
14,649
 
  
$
7,501
 
  
$
–
 
  
$
22,150
 
   $ 13,774     $ 7,456     $ –     $ 21,230  
Canadian provincial and municipal debt
  
 
15,736
 
  
 
6,278
 
  
 
–
 
  
 
22,014
 
     10,989       8,239       –       19,228  
U.S. treasury and other U.S. agencies’ debt
  
 
42,374
 
  
 
7,147
 
  
 
–
 
  
 
49,521
 
     41,079       7,222       –       48,301  
Other foreign governments’ debt
  
 
3,861
 
  
 
24,494
 
  
 
–
 
  
 
28,355
 
     1,310       28,408       –       29,718  
Corporate and other debt
  
 
194
 
  
 
3,243
 
  
 
35
 
  
 
3,472
 
     135       3,513       34       3,682  
Equity securities
  
 
95
 
  
 
277
 
  
 
1,953
 
  
 
2,325
 
     79       309       1,978       2,366  
 
  
$
76,909
 
  
$
48,940
 
  
$
1,988
 
  
$
127,837
 
   $ 67,366     $ 55,147     $  2,012     $ 124,525  
Derivative financial instruments
                
Interest rate contracts
  
$
–
 
  
$
10,988
 
  
$
2
 
  
$
10,990
 
   $ –     $ 12,212     $ –     $ 12,212  
Foreign exchange and gold contracts
  
 
–
 
  
 
29,169
 
  
 
1
 
  
 
29,170
 
     –       29,262       –       29,262  
Equity contracts
  
 
232
 
  
 
4,102
 
  
 
45
 
  
 
4,379
 
     118       4,101       58       4,277  
Credit contracts
  
 
–
 
  
 
357
 
  
 
1
 
  
 
358
 
     –       174       1       175  
Commodity contracts
  
 
–
 
  
 
3,033
 
  
 
7
 
  
 
3,040
 
     –       2,103       6       2,109  
 
  
$
232
 
  
$
47,649
 
  
$
56
 
  
$
47,937
 
   $ 118     $ 47,852     $ 65     $ 48,035  
Liabilities:
                
Deposits
(3)
  
$
–
 
  
$
191
 
  
$
–
 
  
$
191
 
   $ –     $ 178     $ –     $ 178  
Financial liabilities designated at fair value through profit or loss
  
 
–
 
  
 
39,127
 
  
 
–
 
  
 
39,127
 
     –        39,594       –       39,594  
Obligations related to securities sold short
  
 
30,477
 
  
 
6,066
 
  
 
–
 
  
 
36,543
 
      29,021       5,834       –       34,855  
Derivative financial instruments
                
Interest rate contracts
  
 
–
 
  
 
17,861
 
  
 
13
 
  
 
17,874
 
     –       18,887       23       18,910  
Foreign exchange and gold contracts
  
 
–
 
  
 
32,294
 
  
 
–
 
  
 
32,294
 
     –       31,870       –       31,870  
Equity contracts
  
 
506
 
  
 
7,378
 
  
 
38
 
  
 
7,922
 
     230       5,400       12       5,642  
Credit contracts
  
 
–
 
  
 
22
 
  
 
–
 
  
 
22
 
     –       28       1       29  
Commodity contracts
  
 
–
 
  
 
3,808
 
  
 
13
 
  
 
3,821
 
     –       3,387       9       3,396  
 
  
$
506
 
  
$
61,363
 
  
$
64
 
  
$
61,933
 
   $ 230     $ 59,572     $ 45     $ 59,847  
  (1)
The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.
  (2)
Excludes debt investment securities measured at amortized cost of $26,454 (January 31, 2025 – $28,494).
  (3)
These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.
 
 Scotiabank Second Quarter Report 2025   
 
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Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
     As at October 31, 2024  
($ millions)
   Level 1     Level 2     Level 3     Total  
Instruments carried at fair value on a recurring basis:
        
Assets:
        
Precious metals
(1)
   $ –     $ 2,540     $ –     $ 2,540  
Trading assets
        
Loans
     –       7,649       –       7,649  
Canadian federal government and government guaranteed debt
     11,229       3,742       –       14,971  
Canadian provincial and municipal debt
     6,228       2,185       –       8,413  
U.S. treasury and other U.S. agencies’ debt
     15,050       –       –       15,050  
Other foreign governments’ debt
     422       9,932       –       10,354  
Corporate and other debt
     4,940       6,990       4       11,934  
Equity securities
     59,081       88       21       59,190  
Other
     –       2,166       –       2,166  
 
   $  96,950     $  32,752     $ 25     $  129,727  
Investment securities
(2)
        
Canadian federal government and government guaranteed debt
   $ 12,739     $ 8,801     $ –     $ 21,540  
Canadian provincial and municipal debt
     12,823       4,702       –       17,525  
U.S. treasury and other U.S. agencies’ debt
     39,999       6,377       –       46,376  
Other foreign governments’ debt
     3,940       25,346       –       29,286  
Corporate and other debt
     133       3,359       35       3,527  
Equity securities
     2,983       317       1,866       5,166  
 
   $ 72,617     $ 48,902     $  1,901     $ 123,420  
Derivative financial instruments
        
Interest rate contracts
   $ –     $ 11,584     $ –     $ 11,584  
Foreign exchange and gold contracts
     –       26,004       –       26,004  
Equity contracts
     150       4,313       44       4,507  
Credit contracts
     –       180       2       182  
Commodity contracts
     –       2,095       7       2,102  
 
   $ 150     $ 44,176     $ 53     $ 44,379  
Liabilities:
        
Deposits
(3)
   $ –     $ 193     $ –     $ 193  
Financial liabilities designated at fair value through profit or loss
     –       36,341       –       36,341  
Obligations related to securities sold short
     30,721       4,319       2       35,042  
Derivative financial instruments
        
Interest rate contracts
     –       17,895       13       17,908  
Foreign exchange and gold contracts
     –       25,900       –       25,900  
Equity contracts
     139       4,687       19       4,845  
Credit contracts
     –       46       1       47  
Commodity contracts
     –       2,550       10       2,560  
 
   $ 139     $ 51,078     $ 43     $ 51,260  
  (1)
The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.
  (2)
Excludes debt investment securities measured at amortized cost of $29,412.
  (3)
These amounts represent embedded derivatives bifurcated from structured note liabilities measured at
amortized
cost.
Level 3
instrument fair value changes
Financial instruments categorized as Level 3 as at April 30, 2025, in the fair value hierarchy comprised of loans, corporate bonds, equity securities and derivatives.
 
92
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The following table summarizes the changes in Level 3 instruments carried at fair value for the three months ended
April
 30, 2025.
All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities.
 
  
 
As at April 30, 2025
 
($ millions)
 
 
Fair value,
beginning of
the quarter
 
 
 
 
 
Gains/
(losses)
recorded
in income
(1)
 
 
 
 
 
 
Gains/
(losses)
recorded
in OCI
 
 
 
 
 
 
Purchases/
Issuances
 
 
 
 
Sales/
Settlements
 
 
 
 
Transfers
into/out
of Level 3
 
 
 
 
 
Fair value,
end of the
quarter
 
 
 
 
 
Changes in
unrealized
gains/(losses)
recorded in
income for
instruments
still held
(2)
 
 
 
 
 
 
 
Trading assets
 
 
 
 
 
 
 
 
 
Loans
 
$
–
 
 
$
–
 
 
$
–
 
 
$
1
 
 
$
–
 
 
$
–
 
 
$
1
 
 
$
–
 
Equity securities
     10       –       –       2       (2 )     (2 )  
 
8
 
     –  
    10       –       –       3       (2 )     (2 )  
 
9
 
     –  
Investment securities
              
 
  
Corporate and other debt
     34       –       1       –       –     –  
 
35
 
     –  
Equity securities
     1,978       13       53       29       (111 )     (9 )  
 
1,953
 
     11  
    2,012       13     54       29       (111 )      (9 )   
 
1,988
 
     11  
Derivative financial
instruments – assets
              
 
  
Interest rate contracts
     –       –       –       2       –       –    
 
2
 
     –  
Foreign exchange and gold contracts
     –       –       –       1       –       –    
 
1
 
     –  
Equity contracts
     58       (12 )      –       7       –       (8 )  
 
45
 
     (12 )
(3)
 
Credit contracts
     1       –       –       –       –       –    
 
1
 
     –  
Commodity contracts
     6       1       –       –     –       –    
 
7
 
     1  
       
Derivative financial
instruments – liabilities
              
 
    
Interest rate contracts
     (23 )     3     –       (1 )      8       –  
 
(13
)
     3
(4)
 
Equity contracts
     (12 )      (4 )     –       (9 )     –       (13 )  
 
(38
)
     (4 )
(3)
 
Credit contracts
     (1 )     1     –       –       –       –    
 
–
     1  
Commodity contracts
     (9 )     (4 )     –       –       –       –  
 
(13
) 
     (4 )
    20       (15 )     –       –       8       (21 )  
 
(8
)
     (15 )
Total
   $  2,042     $   (2 )   $  54     $  32     $  (105 )   $  (32 )  
$
 1,989
 
   $   (4 )
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
  (2)
These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income.
  (3)
Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.
  (4)
Certain unrealized gains and losses on interest rate derivative contracts are largely offset by mark-to-market changes on embedded derivatives on certain deposit liabilities in the Consolidated Statement of Income.
The following tables summarize the changes in Level 3 instruments carried at fair value for the three months ended January 31, 2025 and October 31, 2024.
 
      As at January 31, 2025  
($ millions)
    Fair value,
beginning
of the
quarter		      Gains/
(losses)
recorded
in income
(1)
      Gains/
(losses)
recorded
in OCI		      Purchases/
Issuances		      Sales/
Settlements		     
Transfers
into/
out of
Level 3
      Fair value,
end of the
quarter		  
Trading assets
    $ 25      $ 1      $    –      $ 1      $ (13 )     $     (4 )     $ 10  
Investment securities
       1,901          51        5         71          (8 )       (8 )        2,012  
Derivative financial instruments
      10        3        –        4        –        3        20  
Obligations related to securities sold short
      (2 )       –        –        –        –        2        –  
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
 
      As at October 31, 2024  
($ millions)
    Fair value,
beginning
of the
quarter		      Gains/
(losses)
recorded
in income
(1)
      Gains/
(losses)
recorded
in OCI		      Purchases/
Issuances		      Sales/
Settlements		     
Transfers
into/
out of
Level 3
      Fair value,
end of the
quarter		  
Trading assets
    $ 48      $ –      $    –      $ 3      $ (6 )     $   (20 )     $ 25  
Investment securities
       1,822          13        1         72         (40 )       33         1,901  
Derivative financial instruments
      35        1        –        (2 )       (8 )       (16 )       10  
Obligations related to securities sold short
      –        –        –        –        –        (2 )       (2 ) 
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or
Level 2.
 
 Scotiabank Second Quarter Report 2025 
 
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Significant transfers
Significant transfers can occur between the fair value hierarchy levels when additional or new information regarding valuation inputs and their refinement and observability become available. The Bank recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
The following significant transfers made between Level 1 and 2, were based on whether the fair value was determined using quoted market prices from an active market.
During the three months ended April 30, 2025:
 
  •  
Trading assets of $2,003 million, investment securities of $6,624 million and obligations related to securities sold short of $1,038 million were transferred out of Level 2 into Level 1.
 
  •  
Trading assets of $913 million, investment securities of $463 million and obligations related to securities sold short of $832 million were transferred out of Level 1 into Level 2.
During the three months ended January 31, 2025:
 
  •  
Trading assets of $1,004 million, investment securities of $788 million and obligations related to securities sold short of $392 million were transferred out of Level 2 into Level 1.
 
  •  
Trading assets of $1,519 million, investment securities of $6,393 million and obligations related to securities sold short of $1,366 million were transferred out of Level 1 into Level 2.
During the three months ended October 31, 2024:
 
  •  
Trading assets of $1,873 million, investment securities of $4,558 million and obligations related to securities sold short of $447 million were transferred out of Level 2 into Level 1.
 
  •  
Trading assets of $1,503 million, investment securities of $3,135 million and obligations related to securities sold short of $296 million were transferred out of Level 1 into Level 2.
There were no significant transfers into and out of Level 3 during the three months ended April 30, 2025, January 31, 2025 and October 31, 2024.
Level 3 sensitivity
The Bank applies judgement in determining unobservable inputs used to calculate the fair value of Level 3 instruments.
Refer to Note
8
 of the Bank’s audited consolidated financial statements for the year ended October 31, 2024 for a description of the significant unobservable inputs for Level 3 instruments and the potential effect that a change in each unobservable input may have on the fair value measurement. There have been no significant changes to the Level 3 sensitivities during the quarter.
 
19.
Corporate income taxes
Tax assessments
The Bank received reassessments totaling $1,634 million (January 31, 2025 – $1,634 million) of tax and interest as a result of the Canada Revenue Agency (CRA) denying the tax deductibility of certain Canadian dividends received during the 2011-2019 taxation years. The dividends subject to these reassessments are similar to those prospectively addressed by tax rules introduced in 2015 and 2018. The Bank has filed Notices of Appeal with the Tax Court of Canada against the federal reassessment in respect of its 2011 and 2012 taxation years. In addition, a subsidiary of the Bank received reassessments on the same matter in respect of its 2018 and 2019 taxation years totaling $3 million of tax and interest.
A subsidiary of the Bank received withholding tax assessments from the CRA in respect of certain of its securities lending transactions for its
2014-2019
taxation years totaling $
637 million (January 31, 2025 – $637
million) of tax, penalties and interest. The subsidiary has filed a Notice of Appeal with the Tax Court of Canada against the federal assessment in respect of its 2014-2018 taxation years and a Notice of Objection in respect of its 2019 taxation year assessment.
In respect of both matters, the Bank is confident that its tax filing position was appropriate and in accordance with the relevant provisions of the Income Tax Act (Canada) and intends to vigorously defend its position.
Canadian federal tax measures
On March 21, 2025, the Prime Minister announced that the federal government would cancel the previously proposed increase to the capital gains inclusion rate from 50% to 66.7%.
Global Minimum Tax
The Organisation for Economic Co-operation and Development (OECD) published Pillar Two model rules in December 2021 as part of its efforts toward international tax reform. The rules aim to have large multinational enterprises, with consolidated revenues in excess of
€
750 million, pay a minimum effective tax of 15%. These rules apply to the Bank effective November 1, 2024, and have been enacted or substantively enacted in certain jurisdictions in which the Bank operates, including Canada, whose Global Minimum Tax (GMT) Act was enacted in June 2024.
The IASB previously issued amendments to IAS 12 Income Taxes for a temporary mandatory exception from the recognition and disclosure of deferred taxes related to the implementation of Pillar Two GMT rules, which the Bank has applied.
For the six months ended April 30, 2025, the impact of the GMT on the Bank’s effective tax rate was
approximately 1%, and was primarily related to its operations in certain Caribbean jurisdictions and Ireland.
 
94
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Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
20.
Acquisitions and divestitures
Acquisitions
Acquisition completed impacting the current year
KeyCorp
On December 27, 2024, the Bank completed its acquisition of an approximate ownership interest of 14.9% or 163 million shares in KeyCorp.
The acquisition was completed in two stages – an initial investment
of 4.9%
(Initial Investment) on August 30, 2024, and an additional investment of
approximately 10% (
Additional Investment) on December 27, 2024. The acquisition was completed through all-cash purchases of newly issued voting common shares, at a fixed price of U.S.
$17.17
per share, resulting in total cash consideration paid of approximately U.S.$2.8 billion. Following completion of the Additional Investment, the Bank designated two individuals to serve on KeyCorp’s Board of Directors.
Effective December 27, 2024, the combined 14.9% investment was accounted for as an investment in associate as the Bank has significant influence over KeyCorp as defined under IFRS, given its board representation and ownership interest. The Initial Investment of 4.9% previously accounted for at fair value through other comprehensive income was derecognized and included in the cost base of the investment in associate in Q1 2025. The difference between the fixed transaction price and the quoted share price of KeyCorp on the date of Additional Investment (U.S.$17.20) was recognized as a gain in non-interest income – other in Q1 2025, with a corresponding increase in the carrying value of the investment in associate. The carrying amount of the investment in associate upon closing was U.S.$2.8 billion ($4.1 billion), and represents the Bank’s share of KeyCorp’s net assets, adjusted for goodwill and other intangibles. The total impact to the Bank’s common equity Tier 1 (CET1) ratio from the transaction was a decrease of approximately 49 basis points, including the finalization of acquisition-related adjustments this quarter.
For the three and six months ended April 30, 2025, 
$
102
million ($
95
million after-tax) and $
142
million ($
130
million after-tax), respectively, was recorded in net income from investments in associated corporations, representing the Bank’s share of KeyCorp’s financial results reported on a one-month lag. Changes during the one-month lag period are monitored and adjusted if results are materially impacted.
Divestitures
Divestiture closed during the period
CrediScotia Financiera
On February 28, 2025, the Bank completed the sale of CrediScotia Financiera S.A. (CrediScotia), a wholly-owned consumer finance subsidiary in Peru, to Banco Santander S.A. (Espana), upon receiving regulatory approvals and satisfying closing conditions.
Upon closing, assets and liabilities of $985 million and $726 million, respectively, in relation to this business were derecognized. A total loss of $102 million after-tax has been recognized and recorded in the Other segment for this transaction, of which $12 million after-tax was recorded this quarter and $90
million was recorded in Q3 2024. The amount this quarter was recognized in non-interest income – other. The closing of the transaction increased the Bank’s CET1 ratio by approximately three basis points.
Divestitures announced that are expected to close in a future period
Sale of banking operations in Colombia, Costa Rica and Panama
On January 6, 2025, the Bank entered into an agreement with Davivienda to sell Scotiabank’s banking operations in Colombia, Costa Rica and Panama in exchange for an approximately
 
20
%
ownership stake in the newly combined entity of Davivienda. The Bank’s ownership will consist of
 
14.99
%
voting common shares and the remainder in non-voting preferred shares. At the closing date, the Bank will have the right to designate individuals to serve on the Board of Directors of Davivienda’s combined operations commensurate with its ownership stake. This investment will be accounted for as an investment in associate, as the Bank will have significant influence.
The transaction is expected to be completed in approximately 12 months from the signing date, subject to regulatory approvals in all jurisdictions and customary closing conditions.
On announcement date, the Bank’s operations that are part of this transaction were classified as held for sale in accordance with IFRS 5 and an impairment loss of $1,362 million was recorded in non-interest expenses – other within the Other operating segment, representing the write-down of goodwill ($589 million), intangibles ($151 million), property and equipment ($290 million) and the remaining in other assets. The impact to the Bank’s CET1 capital ratio was a decrease of approximately 12 basis points in Q1 2025.
At each future reporting period, any changes in the carrying value of the net assets being sold and the fair value of the shares to be received, will be recognized in profit and loss. These changes resulted in an additional impairment loss of $8 million after-tax in Q2 2025. As at April 30, 2025, the held-for-sale operations included total assets of $22 billion and total liabilities of $21 billion, consisting primarily of loans and deposits, and the net cumulative foreign currency translation losses were $190 million. Upon closing, these assets and liabilities will be derecognized and the net cumulative foreign currency translation reserve at that date related to these operations will be recorded in the consolidated statement of income.
 
 Scotiabank Second Quarter Report 2025 
 
 
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Table of Contents
SHAREHOLDER INFORMATION
 
Direct Deposit Service
Shareholders may have dividends deposited directly into accounts held at financial institutions which are members of the Canadian Payments Association. To arrange direct deposit service, please write to the transfer agent.
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.
Dividend Dates for 2025
Record and payment dates for common and preferred shares, subject to approval by the Board of Directors.
 
Record Date
  
Payment Date
January 7, 2025
  
January 29, 2025
April 1, 2025
  
April 28, 2025
July 2, 2025
  
July 29, 2025
October 7, 2025
  
October 29, 2025
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 May 27, 2025, at 8:00 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
416-340-2217,
or toll-free at
1-800-806-5484
using ID 5132667# (please call shortly before 8:00 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 May 27, 2025, to June 27, 2025, by calling
905-694-9451
or
1-800-408-3053
(North America toll-free) and entering the access code 1341186#.
 
 
Contact 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
 
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SHAREHOLDER INFORMATION
 
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.
 
 Scotiabank Second Quarter Report 2025 
 
 
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The Bank of Nova Scotia is a chartered bank under the Bank Act
(Canada) and is a public company incorporated in Canada.