株探米国株
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false2025-07-31Q30000009631--10-31Effective 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.Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment.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.The cumulative change in fair value is measured from the instruments’ date of initial recognition.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.Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts.Includes undistributed retained earnings of $75 (July 31, 2024 – $73) related to a foreign associated corporation, which is subject to local regulatory restriction.Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5).Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 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.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.Net of allowances of $3 (April 30, 2025 – $3; October 31, 2024 – $3).The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.Excludes debt investment securities measured at amortized cost of $29,412Excludes debt investment securities measured at amortized cost of $24,923 (April 30, 2025 – $26,454).These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $13,883 for the three months ended July 31, 2025 (April 30, 2025 – $13,943; July 31, 2024 – $15,230) and for the nine months ended July 31, 2025 – $42,403 (July 31, 2024 – $44,904).Represents amounts on account of share-based payments (refer to Note 13).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.Excludes amounts associated with other assets of $(14). The provision for credit losses, net of these amounts, is $3,601.Excludes amounts associated with other assets and reversal of impairment losses of $(10). The provision for credit losses, net of these amounts, is $3,021.Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.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.Excludes allowance for credit losses of $278 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.Stage 3 includes purchased or originated credit-impaired loans.Deposits denominated in U.S. dollars amount to $284,432 (April 30, 2025 – $293,366 ; October 31, 2024 – $295,316), deposits denominated in Chilean pesos amount to $19,406 (April 30, 2025 – $20,184; October 31, 2024 – $19,271), deposits denominated in Mexican pesos amount to $35,379 (April 30, 2025 – $33,975; October 31, 2024 – $34,416) and deposits denominated in other foreign currencies amount to $116,535 (April 30, 2025 – $114,253; October 31, 2024 – $109,683).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.Represents principal amount owed net of write-offs.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.The fair value of the transferred assets is $14,815 (April 30, 2025 – $15,524 and October 31, 2024 – $18,092) and the fair value of the associated liabilities is $14,966 (April 30, 2025 – $15,481 and October 31, 2024 – $17,692) for a net position of $(151) (April 30, 2025 – $43 and October 31, 2024 – $400).The fair value of transferred assets is $236,229 (April 30, 2025 – $225,430 and October 31, 2024 – $232,811) and the fair value of the associated liabilities is $182,223 (April 30, 2025 – $177,987 and October 31, 2024 – $190,449) for a net position of $54,006 (April 30, 2025 – $47,443 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.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 market value of the Bank’s investment in KeyCorp was $4,044 as at July 31, 2025 (April 30, 2025 – $3,332).Based on the quoted price on the Shanghai Stock Exchange, the market value of the Bank’s Investment in Bank of Xi’an Co. Ltd. was $595 (April 30, 2025 – $528; October 31, 2024 – $570), which has remained below the carrying amount. The Bank performed an impairment test as at July 31, 2025 using a value in use (VIU) discounted cash flow model. The Bank concluded that there is no impairment for the period ended July 31, 2025 (April 30, 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 July 31, 2025, these reserves amounted to $75 (April 30, 2025 – $74; October 31, 2024 – $74).Represents the date of the most recent financial statements.Deposits payable on demand include all deposits for which the Bank does not have the right to notice of withdrawal, generally chequing accounts. Deposits payable after notice include all deposits for which the Bank requires notice of withdrawal, generally savings accounts. Includes $135 (April 30, 2025 – $123; October 31, 2024 – $124) of non-interest-bearing deposits. All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments. Interest income recognized on impaired loans during the three months ended July 31, 2025 was $22 (April 30, 2025 – $24; October 31, 2024 – $22).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.The cumulative change in fair value is measured from the instrument’s date of initial recognition.Balances are net of allowances, which are $1 (April 30, 2025 – $1; October 31, 2024 – $1).The majority of foreign term deposits are in excess of $100,000. 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).Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.Earnings per share calculations are based on full dollar and share amounts.Includes interest on lease liabilities for the three months ended July 31, 2025 – $30 (April 30, 2025 – $31; July 31, 2024 – $29) and for the nine months ended July 31, 2025 – $93 (July 31, 2024 – $89) and insurance finance expense for the three months ended July 31, 2025 – $8 (April 30, 2025 – $9; July 31, 2024 – $7) and for the nine months ended July 31, 2025 – $25 (July 31, 2024 – $22).Certain options were not included in the calculation of diluted earnings per share as they were anti-dilutive. Retail includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail.After credit risk mitigation and excludes equity securities, centralized counterparties and other assets.Non-retail drawn exposures include government guaranteed and privately insured mortgages and retail loans.Non-retail drawn includes loans, bankers’ acceptances, deposits with financial institutions and FVOCI debt securities.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.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 – $(2), International Banking – $39, and Other – $120.Other plans operated by certain subsidiaries of the Bank are not considered material and are not included in this note.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $(2), International Banking – $38, and Other – $123.Includes income (on a taxable equivalent basis) from associated corporations for International Banking – $36 and Other – $18.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $20, International Banking – $112, and Other – $297.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $(7), International Banking – $94, and Other – $70.Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.The interest income/expense on financial assets/liabilities are calculated using the effective interest method.Includes dividend income on equity securities.Excludes allowance for credit losses of $189 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Refer to Note 11 for further details on the redemption of the equity instrument.Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. 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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: August, 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: August 26, 2025     By:  
/s/ Gerhardt Samwell
      Name:   Gerhardt Samwell
      Title:   Senior Vice-President and Chief Accountant
Table of Contents
EXHIBIT INDEX
 
Exhibit
   
Description of Exhibit
99.1    2025 Third 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
 
 
Exhibit 99.1
 
 
 
 
 
 
Live audio Web
broadcast of the
Bank’s analysts’
conference call.
See page 95
for details.
  
 
Quarterly Report
to Shareholders
 
 
Scotiabank reports third quarter results
 
TORONTO, August
 26, 2025 –
The Bank of Nova Scotia (“Scotiabank”) (TSX: BNS; NYSE: BNS) reported third quarter net income of $2,527 million compared to $1,912 million in the same period last year. Diluted earnings per share (EPS) were $1.84, compared to $1.41 in the same period a year ago.
 
Adjusted net income
(1)
for the third quarter was $2,518 million and adjusted diluted EPS
(1)
was $1.88, up from $1.63 last year. Adjusted return on equity
(1)
was 12.4% compared to 11.3% a year ago.
 
“I want to thank all Scotiabankers for delivering a very strong quarter as we continue to execute on our strategy,” said Scott Thomson, President and Chief Executive Officer of Scotiabank. “We reported improving revenue growth which helped drive another quarter of positive operating leverage and pushed our return on equity meaningfully higher compared to the prior year. We did this all while maintaining a strong balance sheet and buying back shares.”
 
Canadian Banking delivered adjusted earnings
(1)
of $959 million, up 56% compared to the prior quarter and down 2% compared to the prior year. The continued focus on personal demand deposits contributed to quarter-over-quarter margin expansion.
 
International Banking generated adjusted earnings
(1)
of $716 million, up 7% year-over-year. Solid revenue generation and strong expense management resulted in another quarter of positive operating leverage reflecting the continued impact of productivity initiatives. Key measures of profitability also improved year-over-year.
 
Global Wealth Management adjusted earnings
(1)
were $427 million, up 13% year-over-year driven by strong 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 $407 billion grew 12% year-over-year.
 
Global Banking and Markets reported earnings of $473 million, up 29% compared to the prior year. The results were supported by strong performance in our capital markets business as well as higher fee revenue.
 
The Bank reported a Common Equity Tier 1 (CET1) capital ratio
(3)
of 13.3%.
 
 
 
 
(1)
    Refer to
Non-GAAP
Measures section starting on page 5.
(2)
    Refer to Glossary on page 57 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
  
    Q3 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.    
52-55
    
 
 
 
  
 
 
 
    
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.    
52-54
      
4-5
        
55-58
       205  
    10      a) Regulatory capital components.    
52-54, 82
      
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.    
52-54
       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.    
86-87
      
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.		     87-88          
92-98
      
228-229
  
    24      Discussion of changes in period on period VaR results as well as VaR assumptions, limitations, backtesting and validation.     42, 88          
92-98
      
228-229
  
    25      Other risk management techniques e.g. stress tests, 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.     70      
33-34
         88,
118-121
       185  
    29      Analysis of counterparty credit risk that arises from derivative transactions.    
54, 86-87
       101        
82-84
      
172-175
  
 
     30      Discussion of credit risk mitigation, including collateral held for all sources of credit risk.     86-87    
 
 
 
  
 
 
 
    
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 Third 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 July 31, 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 August 26, 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 Third 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
nine months ended		  
(Unaudited)
   
July 31
2025
     April 30
2025		     July 31
2024		     
July 31
2025
      July 31
2024		  
Operating results
($ millions)
             
Net interest income
   
 
5,493
 
     5,270       4,862     
 
15,936
 
      14,329  
Non-interest
income
   
 
3,993
 
     3,810       3,502     
 
12,002
 
      10,815  
Total revenue
   
 
9,486
 
     9,080       8,364     
 
   27,938
 
         25,144  
Provision for credit losses
   
 
1,041
 
     1,398       1,052     
 
3,601
 
      3,021  
Non-interest
expenses
   
 
5,089
 
     5,110       4,949     
 
16,690
 
      14,399  
Income tax expense
   
 
829
 
     540       451     
 
2,095
 
      1,521  
Net income
   
 
2,527
 
     2,032       1,912     
 
5,552
 
      6,203  
Net income attributable to common shareholders
   
 
2,313
 
     1,841       1,756     
 
5,179
 
      5,765  
Operating performance
             
Basic earnings per share
($)
   
 
1.84
 
     1.48       1.43     
 
4.14
 
      4.72  
Diluted earnings per share
 ($)
   
 
1.84
 
     1.48       1.41     
 
4.02
 
      4.66  
Return on equity
(%)
(1)
   
 
12.2
 
     10.1       9.8     
 
9.3
 
      10.9  
Return on tangible common equity
(%)
(2)
   
 
15.0
 
     12.5       11.9     
 
11.4
 
      13.4  
Productivity ratio
(%)
(1)
   
 
53.7
 
     56.3       59.2     
 
59.7
 
      57.3  
Net interest margin
(%)
(2)
   
 
2.36
 
     2.31       2.14     
 
2.30
 
      2.17  
Financial position information
($ millions)
            
Cash and deposits with financial institutions
   
 
69,701
 
     63,577       58,329        
Trading assets
   
 
136,485
 
     128,987       133,999        
Loans
   
 
761,560
 
     756,372       759,211        
Total assets
   
 
1,414,686
 
     1,415,465       1,402,366        
Deposits
   
 
946,842
 
     945,843       949,201        
Common equity
   
 
75,258
 
     74,686       72,725        
Preferred shares and other equity instruments
   
 
8,544
 
     10,232       8,779        
Assets under administration
(1)
   
 
825,070
 
     779,054       760,975        
Assets under management
(1)
   
 
407,017
 
     379,889       363,933     
 
 
 
   
 
 
 
Capital and liquidity measures
             
Common Equity Tier 1 (CET1) capital ratio
(%)
(3)
   
 
13.3
 
     13.2       13.3        
Tier 1 capital ratio
(%)
(3)
   
 
15.2
 
     15.4       15.3        
Total capital ratio
(%)
(3)
   
 
16.9
 
     17.1       17.1        
Total loss absorbing capacity (TLAC) ratio
(%)
(4)
   
 
29.0
 
     30.3       29.1        
Leverage ratio
(%)
(5)
   
 
4.5
 
     4.5       4.5        
TLAC Leverage ratio
(%)
(4)
   
 
8.6
 
     8.9       8.5        
Risk-weighted assets
($ millions)
(3)
   
 
463,484
 
     458,989       453,658        
Liquidity coverage ratio (LCR)
(%)
(6)
   
 
126
 
     131       133        
Net stable funding ratio (NSFR)
(%)
(6)
   
 
120
 
     120       117     
 
 
 
   
 
 
 
Credit quality
             
Net impaired loans
($ millions)
   
 
4,656
 
     4,648       4,449        
Allowance for credit losses
($ millions)
(7)
   
 
7,386
 
     7,276       6,860        
Gross impaired loans as a % of loans and acceptances
(1)
   
 
0.90
 
     0.90       0.84        
Net impaired loans as a % of loans and acceptances
(1)
   
 
0.61
 
     0.61       0.58        
Provision for credit losses as a % of average net loans and acceptances (annualized)
(1)(8)
   
 
0.55
 
     0.75       0.55     
 
0.63
 
      0.53  
Provision for credit losses on impaired loans as a % of average net loans and acceptances (annualized)
(1)(8)
   
 
0.51
 
     0.57       0.51     
 
0.54
 
      0.51  
Net write-offs as a % of average net loans and acceptances (annualized)
(1)
   
 
0.50
 
     0.50       0.45     
 
0.50
 
      0.45  
Adjusted results
(2)
             
Adjusted total revenue
($ millions)
   
 
9,494
 
     9,098       8,507     
 
27,964
 
      25,287  
Adjusted
non-interest
expenses
($ millions)
   
 
5,095
 
     5,067       4,763     
 
15,273
 
      14,177  
Adjusted net income
($ millions)
   
 
2,518
 
     2,072       2,191     
 
6,952
 
      6,508  
Adjusted diluted earnings per share
($)
   
 
1.88
 
     1.52       1.63     
 
5.16
 
      4.90  
Adjusted return on equity
(%)
   
 
12.4
 
     10.4       11.3     
 
11.6
 
      11.5  
Adjusted return on tangible common equity
(%)
   
 
15.1
 
     12.7       13.7     
 
14.1
 
      14.0  
Adjusted productivity ratio
(%)
   
 
53.7
 
     55.7       56.0     
 
54.6
 
      56.1  
Common share information
             
Closing share price
($)
(TSX)
   
 
77.09
 
     68.98       64.47        
Shares outstanding
(millions)
             
Average – Basic
   
 
1,244
 
     1,246       1,230     
 
1,245
 
      1,222  
Average – Diluted
   
 
1,245
 
     1,246       1,235     
 
1,250
 
      1,228  
End of period
   
 
1,242
 
     1,246       1,237        
Dividends paid per share
($)
   
 
1.10
 
     1.06       1.06     
 
3.22
 
      3.18  
Dividend yield
(%)
(1)
   
 
6.0
 
     6.2       6.6     
 
6.0
 
      6.7  
Market capitalization
($ millions)
(TSX)
   
 
95,781
 
     85,918       79,771        
Book value per common share
($)
(1)
   
 
60.57
 
     59.96       58.78        
Market value to book value multiple
(1)
   
 
1.3
 
     1.2       1.1        
Price to earnings multiple (trailing 4 quarters)
(1)
   
 
14.4
 
     13.9       11.3     
 
 
 
   
 
 
 
Other information
             
Employees (full-time equivalent)
   
 
87,317
 
     86,746       89,239        
Branches and offices
   
 
2,135
 
     2,139       2,279     
 
 
 
   
 
 
 
(1)
Refer to Glossary on page 57 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 the Office of the Superintendent of Financial Institutions (OSFI) Guideline – Capital Adequacy Requirements.
(4)
This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity.
(5)
The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements.
(6)
The LCR and NSFR are calculated in accordance with OSFI Guideline – Liquidity Adequacy Requirements (LAR).
(7)
Includes allowance for credit losses on all financial assets – loans, acceptances,
off-balance
sheet exposures, debt securities and deposits with financial institutions.
(8)
Includes provision for credit losses on certain financial assets – loans, acceptances and
off-balance
sheet exposures.
 
4
    Scotiabank Third 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 Third Quarter Report 2025   
 
5
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T2 Reconciliation of reported and adjusted results
 
      For the three months ended      For the nine months ended  
($ millions)
   
July 31
2025
      April 30
2025		      July 31
2024		     
July 31
2025
      July 31
2024		  
Reported Results
               
Net interest income
   
$
5,493
 
    $ 5,270      $ 4,862     
$
15,936
 
    $ 14,329  
Non-interest
income
   
 
3,993
 
      3,810        3,502     
 
12,002
 
      10,815  
Total revenue
   
 
9,486
 
      9,080        8,364     
 
27,938
 
      25,144  
Provision for credit losses
   
 
1,041
 
      1,398        1,052     
 
3,601
 
      3,021  
Non-interest
expenses
   
 
5,089
 
      5,110        4,949     
 
16,690
 
      14,399  
Income before taxes
   
 
3,356
 
      2,572        2,363     
 
7,647
 
      7,724  
Income tax expense
   
 
829
 
      540        451     
 
2,095
 
      1,521  
Net income
   
$
2,527
 
    $ 2,032      $ 1,912     
$
5,552
 
    $ 6,203  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
   
 
80
 
      56        36     
 
(18
) 
      87  
Net income attributable to equity holders
   
 
2,447
 
      1,976        1,876     
 
5,570
 
      6,116  
Net income attributable to preferred shareholders and other equity instrument holders
   
 
134
 
      135        120     
 
391
 
      351  
Net income attributable to common shareholders
   
$
2,313
 
    $ 1,841      $ 1,756     
$
5,179
 
    $ 5,765  
Adjustments
               
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
               
(a) Divestitures and wind-down of operations
   
$
–
 
    $ 9      $ 143     
$
9
 
    $ 143  
(b) Amortization of acquisition-related intangible assets
   
 
8
 
      9        –     
 
17
 
      –  
Total
non-interest
income and total revenue adjusting items
(Pre-tax)
   
 
8
 
      18        143     
 
26
 
      143  
Adjusting items impacting
non-interest
expenses
(Pre-tax)
               
(a) Divestitures and wind-down of operations
   
 
(23
) 
      26        (7 )    
 
1,365
 
      (7 ) 
(b) Amortization of acquisition-related intangible assets
   
 
17
 
      17        17     
 
52
 
      53  
(c) Legal provision
   
 
–
 
      –        176     
 
–
 
      176  
Total
non-interest
expense adjusting items
(Pre-tax)
   
 
(6
) 
      43        186     
 
1,417
 
      222  
Total impact of adjusting items on net income before taxes
   
 
2
 
      61        329     
 
1,443
 
      365  
Impact of adjusting items on income tax expense
               
(a) Divestitures and wind-down of operations
   
 
(6
) 
      (15 )       (46 )    
 
(28
) 
      (46 ) 
(b) Amortization of acquisition-related intangible assets
   
 
(5
) 
      (6 )       (4 )    
 
(15
) 
      (14 ) 
Total impact of adjusting items on income tax expense
   
 
(11
) 
      (21 )       (50 )    
 
(43
) 
      (60 ) 
Total impact of adjusting items on net income
   
$
(9
) 
    $ 40      $ 279     
$
1,400
 
    $ 305  
Impact of adjusting items on NCI
   
 
37
 
      16        (2 )    
 
(138
) 
      (2 ) 
Total impact of adjusting items on net income attributable to equity holders
   
$
28
 
    $ 56      $ 277     
$
1,262
 
    $ 303  
Adjusted Results
               
Net interest income
   
$
5,493
 
    $ 5,270      $ 4,862     
$
15,936
 
    $ 14,329  
Non-interest
income
   
 
4,001
 
      3,828        3,645     
 
12,028
 
      10,958  
Total revenue
   
 
9,494
 
      9,098        8,507     
 
27,964
 
      25,287  
Provision for credit losses
   
 
1,041
 
      1,398        1,052     
 
3,601
 
      3,021  
Non-interest
expenses
   
 
5,095
 
      5,067        4,763     
 
15,273
 
      14,177  
Income before taxes
   
 
3,358
 
      2,633        2,692     
 
9,090
 
      8,089  
Income tax expense
   
 
840
 
      561        501     
 
2,138
 
      1,581  
Net income
   
$
2,518
 
    $ 2,072      $ 2,191     
$
6,952
 
    $ 6,508  
Net income attributable to NCI
   
 
43
 
      40        38     
 
120
 
      89  
Net income attributable to equity holders
   
 
2,475
 
      2,032        2,153     
 
6,832
 
      6,419  
Net income attributable to preferred shareholders and other equity instrument holders
   
 
134
 
      135        120     
 
391
 
      351  
Net income attributable to common shareholders
   
$
2,341
 
    $ 1,897      $ 2,033     
$
6,441
 
    $ 6,068  
 
6
    Scotiabank Third 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 January 6, 2025, the Bank entered into an agreement to sell its banking operations in Colombia, Costa Rica and Panama in exchange for an approximately 20% ownership stake in the newly combined entity of Davivienda. On that date, 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.
Subsequently, in Q2 2025, the Bank recognized an additional impairment loss of $26 million ($8 million
after-tax)
and in Q3 2025 recognized a partial reversal of the impairment loss of $23 million ($29 million
after-tax).
These subsequent changes represent changes in the carrying value of the assets being sold, as well as changes in foreign currency. 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 Q2 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 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) 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.
d) 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.
e) 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.
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.
 
 
In addition to the above, the following adjustment also impacted earnings per share calculation.
g) Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Note
In Q3 2025, the Bank redeemed all outstanding U.S. $1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (AT1 Note). The redemption resulted in a foreign currency loss of $22 million, which was recognized in retained earnings. The loss was deducted from net income attributable to common shareholders for the purposes of calculating basic and diluted earnings per share (EPS). For the adjusted diluted EPS calculation, the loss was added back as an adjusting item (refer to Table T2A for reconciliation). For further details, please refer to Note 11 and Note 17 of the Condensed Interim Consolidated Financial Statements.
 
 Scotiabank Third Quarter Report 2025   
 
7
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T2A Reconciliation of reported and adjusted diluted earnings per common share
 
      For the three months ended      For the nine months ended  
($ millions)
   
July 31
2025
      April 30
2025		      July 31
2024		     
July 31
2025
      July 31
2024		  
Reported Results
               
Net income attributable to common shareholders
   
$
2,313
 
    $ 1,841      $ 1,756     
$
5,179
 
    $ 5,765  
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes
   
 
(22
) 
      –        –     
 
(22
) 
      –  
Net income attributable to common shareholders used to calculate basic earnings per common share
   
$
2,291
 
    $ 1,841      $ 1,756     
$
5,157
 
    $ 5,765  
Dilutive impact of share-based payment options and others
   
 
–
 
      –        (15 )    
 
(136
) 
      (46 ) 
Net income attributable to common shareholders (diluted)
   
 
2,291
 
      1,841        1,741     
 
5,021
 
      5,719  
Weighted average number of diluted common shares outstanding
(millions)
   
 
1,245
 
      1,246        1,235     
 
1,250
 
      1,228  
Diluted earnings per common share
(in dollars)
   
 
1.84
 
      1.48        1.41     
 
4.02
 
      4.66  
Adjusted Results
               
Net income attributable to common shareholders used to calculate basic earnings per common share
   
$
2,291
 
    $ 1,841      $ 1,756     
$
5,157
 
    $ 5,765  
Impact of adjusting items on net income attributable to common shareholders
(1)
   
 
28
 
      56        277     
 
1,262
 
      303  
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes
   
 
22
 
      –        –     
 
22
 
      –  
Adjusted net income attributable to common shareholders used to calculate adjusted basic earnings per common share
   
 
2,341
 
      1,897        2,033     
 
6,441
 
      6,068  
Dilutive impact of share-based payment options and others
   
 
8
 
      1        (16 )    
 
3
 
      (46 ) 
Adjusted net income attributable to common shareholders (diluted)
   
 
2,349
 
      1,898        2,017     
 
6,444
 
      6,022  
Weighted average number of diluted common shares outstanding
(millions)
   
 
1,249
 
      1,250        1,235     
 
1,250
 
      1,228  
Adjusted diluted earnings per common share (in dollars)
   
 
1.88
 
      1.52        1.63     
 
5.16
 
      4.90  
Impact of adjustments on diluted earnings per share
(in dollars)
   
$
0.04
 
    $ 0.04      $ 0.22     
$
1.14
 
    $ 0.24  
(1)
Refer to Table T2 for details of adjusting items.
T2B Reconciliation of reported and adjusted results by business line
 
   
For the three months ended July 31, 2025
(1)
  
($ millions)
  
Canadian
Banking
    
International
Banking
    
Global
Wealth
Management
    
Global
Banking
and Markets
    
Other
    
Total
  
Reported net income (loss)
  
$
958
 
  
$
711
 
  
$
420
 
  
$
473
 
  
$
(35
) 
  
$
2,527
 
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
  
 
–
 
  
 
41
 
  
 
3
 
  
 
–
 
  
 
36
 
  
 
80
 
Reported net income attributable to equity holders
  
 
958
 
  
 
670
 
  
 
417
 
  
 
473
 
  
 
(71
) 
  
 
2,447
 
Reported net income attributable to preferred shareholders and other equity instrument holders
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
   134
 
  
 
134
 
Reported net income attributable to common shareholders
  
$
958
 
  
$
670
 
  
$
417
 
  
$
473
 
  
$
(205
) 
  
$
2,313
 
Adjustments:
            
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
            
Amortization of acquisition-related intangible assets
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
8
 
  
 
8
 
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(23
) 
  
 
(23
) 
Amortization of acquisition-related intangible assets
  
 
1
 
  
 
7
 
  
 
9
 
  
 
–
 
  
 
–
 
  
 
17
 
Total
non-interest
expenses adjustments
(Pre-tax)
  
 
1
 
  
 
7
 
  
 
9
 
  
 
–
 
  
 
(23
) 
  
 
(6
) 
Total impact of adjusting items on net income before taxes
  
 
1
 
  
 
7
 
  
 
9
 
  
 
–
 
  
 
(15
) 
  
 
2
 
Total impact of adjusting items on income tax expense
  
 
–
 
  
 
(2
) 
  
 
(2
) 
  
 
–
 
  
 
(7
) 
  
 
(11
) 
Total impact of adjusting items on net income
  
 
1
 
  
 
5
 
  
 
7
 
  
 
–
 
  
 
(22
) 
  
 
(9
) 
Impact of adjusting items on NCI
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
37
 
  
 
37
 
Total impact of adjusting items on net income attributable to equity holders
  
 
1
 
  
 
5
 
  
 
7
 
  
 
–
 
  
 
15
 
  
 
28
 
Adjusted net income (loss)
  
$
959
 
  
$
716
 
  
$
427
 
  
$
473
 
  
$
(57
) 
  
$
2,518
 
Adjusted net income attributable to equity holders
  
$
959
 
  
$
675
 
  
$
424
 
  
$
473
 
  
$
(56
) 
  
$
2,475
 
Adjusted net income attributable to common shareholders
  
$
959
 
  
$
675
 
  
$
424
 
  
$
473
 
  
$
(190
) 
  
$
2,341
 
(1)
Refer to Business Segment Review on page 21.
 
8
    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
    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 and total revenue 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 July 31, 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)
   $ 977     $ 664     $ 370     $ 368     $ (467 )    $ 1,912  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
     –       35       3       –       (2 )      36  
Reported net income attributable to equity holders
     977       629       367       368       (465 )      1,876  
Reported net income attributable to preferred shareholders and other
equity instrument holders
     –       –       –       –       120       120  
Reported net income attributable to common shareholders
   $ 977     $ 629     $ 367     $ 368     $ (585 )    $ 1,756  
Adjustments:
            
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
            
Divestitures and wind-down of operations
     –       –       –       –       143       143  
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
     –       –       –       –       (7 )      (7 ) 
Amortization of acquisition-related intangible assets
     1       7       9       –       –       17  
Legal provision
     –       –       –       –       176       176  
Total
non-interest
expenses adjustments
(Pre-tax)
     1       7       9       –       169       186  
Total impact of adjusting items on net income before taxes
     1       7       9       –       312       329  
Impact of adjusting items on income tax expense
     –       (2 )      (2 )      –       (46 )      (50 ) 
Total impact of adjusting items on net income
     1       5       7       –       266       279  
Impact of adjusting items on NCI
     –       –       –       –       (2 )      (2 ) 
Total impact of adjusting items on net income attributable to equity holders
     1       5       7       –       264       277  
Adjusted net income (loss)
   $ 978     $ 669     $ 377     $ 368     $ (201 )    $ 2,191  
Adjusted net income attributable to equity holders
   $ 978     $ 634     $ 374     $ 368     $ (201 )    $ 2,153  
Adjusted net income attributable to common shareholders
   $ 978     $ 634     $ 374     $ 368     $ (321 )    $ 2,033  
(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.
 
 Scotiabank Third Quarter Report 2025   
 
9
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
   
For the nine months ended July 31, 2025
(1)
  
($ millions)
  
Canadian
Banking
    
International
Banking
    
Global
Wealth
Management
    
Global
Banking
and Markets
    
Other
    
Total
  
Reported net income (loss)
  
$
2,484
 
  
$
2,111
 
  
$
1,230
 
  
$
1,402
 
  
$
(1,675
) 
  
$
5,552
 
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
  
 
–
 
  
 
114
 
  
 
7
 
  
 
(1
) 
  
 
(138
) 
  
 
(18
) 
Reported net income attributable to equity holders
  
 
2,484
 
  
 
1,997
 
  
 
1,223
 
  
 
1,403
 
  
 
(1,537
) 
  
 
5,570
 
Reported net income attributable to preferred shareholders and other equity instrument holders
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
391
 
  
 
391
 
Reported net income attributable to common shareholders
  
$
2,484
 
  
$
1,997
 
  
$
1,223
 
  
$
1,403
 
  
$
(1,928
) 
  
$
5,179
 
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
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
17
 
  
 
17
 
Total
non-interest
income and total revenue adjustments
(Pre-tax)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
26
 
  
 
26
 
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
1,365
 
  
 
1,365
 
Amortization of acquisition-related intangible assets
  
 
3
 
  
 
22
 
  
 
27
 
  
 
–
 
  
 
–
 
  
 
52
 
Total
non-interest
expenses adjustments
(Pre-tax)
  
 
3
 
  
 
22
 
  
 
27
 
  
 
–
 
  
 
1,365
 
  
 
1,417
 
Total impact of adjusting items on net income before taxes
  
 
3
 
  
 
22
 
  
 
27
 
  
 
–
 
  
 
1,391
 
  
 
1,443
 
Impact of adjusting items on income tax expense
  
 
(1
) 
  
 
(6
) 
  
 
(7
) 
  
 
–
 
  
 
(29
) 
  
 
(43
) 
Total impact of adjusting items on net income
  
 
2
 
  
 
16
 
  
 
20
 
  
 
–
 
  
 
1,362
 
  
 
1,400
 
Impact of adjusting items on NCI
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(138
) 
  
 
(138
) 
Total impact of adjusting items on net income attributable to equity holders
  
 
2
 
  
 
16
 
  
 
20
 
  
 
–
 
  
 
1,224
 
  
 
1,262
 
Adjusted net income (loss)
  
$
2,486
 
  
$
2,127
 
  
$
1,250
 
  
$
1,402
 
  
$
(313
) 
  
$
6,952
 
Adjusted net income attributable to equity holders
  
$
2,486
 
  
$
2,013
 
  
$
1,243
 
  
$
1,403
 
  
$
(313
) 
  
$
6,832
 
Adjusted net income attributable to common shareholders
  
$
2,486
 
  
$
2,013
 
  
$
1,243
 
  
$
1,403
 
  
$
(704
) 
  
$
6,441
 
(1)
Refer to Business Segment Review on page 21.
 
    For the nine months ended July 31, 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)
   $ 2,843     $ 2,062     $ 1,046     $ 1,131     $ (879 )    $ 6,203  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
     –       81       8       –       (2 )      87  
Reported net income attributable to equity holders
     2,843       1,981       1,038       1,131       (877 )      6,116  
Reported net income attributable to preferred shareholders and other equity instrument holders
     1       1       1       1       347       351  
Reported net income attributable to common shareholders
   $ 2,842     $ 1,980     $ 1,037     $ 1,130     $ (1,224 )    $ 5,765  
Adjustments:
            
Adjusting items impacting
non-interest
income and total revenue
(Pre-tax)
            
Divestitures and wind-down of operations
     –       –       –       –       143       143  
Adjusting items impacting
non-interest
expenses
(Pre-tax)
            
Divestitures and wind-down of operations
     –       –       –       –       (7 )      (7 ) 
Amortization of acquisition-related intangible assets
     3       23       27       –       –       53  
Legal provision
     –       –       –       –       176       176  
Total
non-interest
expenses adjustments
(Pre-tax)
     3       23       27       –       169       222  
Total impact of adjusting items on net income before taxes
     3       23       27       –       312       365  
Impact of adjusting items on income tax expense
     (1 )      (6 )      (7 )      –       (46 )      (60 ) 
Total impact of adjusting items on net income
     2       17       20       –       266       305  
Impact of adjusting items on NCI
     –       –       –       –       (2 )      (2 ) 
Total impact of adjusting items on net income attributable to equity holders
     2       17       20       –       264       303  
Adjusted net income (loss)
   $ 2,845     $ 2,079     $ 1,066     $ 1,131     $ (613 )    $ 6,508  
Adjusted net income attributable to equity holders
   $ 2,845     $ 1,998     $ 1,058     $ 1,131     $ (613 )    $ 6,419  
Adjusted net income attributable to common shareholders
   $ 2,844     $ 1,997     $ 1,057     $ 1,130     $ (960 )    $ 6,068  
(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.
 
10
    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
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 nine months ended  
($ millions)
   April 30, 2025     July 31, 2024
(1)
     July 31, 2024
(1)
  
(Taxable equivalent basis)
   Reported     Foreign
exchange		     Constant
dollar		     Reported     Foreign
exchange		     Constant
dollar		     Reported     Foreign
exchange		     Constant
dollar		  
Net interest income
   $ 2,179     $ 28     $ 2,151     $ 2,226     $ 36     $ 2,190     $ 6,720     $ 88     $ 6,632  
Non-interest
income
     780       8       772       747       12       735       2,287       39       2,248  
Total revenue
     2,959       36       2,923       2,973       48       2,925       9,007       127       8,880  
Provision for credit losses
     550       6       544       589       9       580       1,729       18       1,711  
Non-interest
expenses
     1,523       11       1,512       1,550       30       1,520       4,679       101       4,578  
Income before taxes
     886       19       867       834       9       825       2,599       8       2,591  
Income tax expense
     172       3       169       170       2       168       537       4       533  
Net income
   $ 714     $ 16     $ 698     $ 664     $ 7     $ 657     $ 2,062     $ 4     $ 2,058  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
   $ 38     $ 1     $ 37     $ 35     $ –     $ 35     $ 81     $ (4 )    $ 85  
Net income attributable to equity holders of the Bank
   $ 676     $ 15     $ 661     $ 629     $ 7     $ 622     $ 1,981     $ 8     $ 1,973  
Other measures
                  
Average assets
($ billions)
   $ 229     $ 3     $ 226     $ 233     $ 4     $ 229     $ 234     $ 3     $ 231  
Average liabilities
($ billions)
   $ 177     $ 2     $ 175     $ 179     $ 4     $ 175     $ 181     $ 3     $ 178  
(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.
 
Adjusted Results
   For the three months ended     For the nine months ended  
($ millions)
   April 30, 2025     July 31, 2024
(1)
     July 31, 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
   $ 2,179     $ 28     $ 2,151     $ 2,226     $ 36     $ 2,190     $ 6,720     $ 88     $ 6,632  
Non-interest
income
     780       8       772       747       12       735       2,287       39       2,248  
Total revenue
     2,959       36       2,923       2,973       48       2,925       9,007       127       8,880  
Provision for credit losses
     550       6       544       589       9       580       1,729       18       1,711  
Non-interest
expenses
     1,516       11       1,505       1,543       31       1,512       4,656       102       4,554  
Income before taxes
     893       19       874       841       8       833       2,622       7       2,615  
Income tax expense
     174       3       171       172       2       170       543       3       540  
Net income
   $ 719     $ 16     $ 703     $ 669     $ 6     $ 663     $ 2,079     $ 4     $ 2,075  
Net income attributable to
non-controlling
interests in subsidiaries (NCI)
   $ 38     $ 1     $ 37     $ 35     $ –     $ 35     $ 81     $ (4 )    $ 85  
Net income attributable to equity holders of the Bank
   $ 681     $ 15     $ 666     $ 634     $ 6     $ 628     $ 1,998     $ 8     $ 1,990  
(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. Management uses net interest margin to measure profitability and how efficiently the Bank earns income from its core earning assets relative to the cost of funding those assets.
 
 Scotiabank Third Quarter Report 2025   
 
11
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
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.
T4 Calculation of net interest margin
Consolidated Bank
 
      For the three months ended      For the nine months ended  
($ millions)
   
July 31
2025
      April 30
2025		     
July 31
2024
     
July 31
2025
     
July 31
2024
  
Average total assets – Reported
(1)
   
$
1,445,858
 
    $ 1,468,310      $ 1,422,740     
$
1,458,099
 
    $ 1,419,395  
Less:
Non-earning
assets
   
 
114,263
 
      118,403        105,539     
 
115,861
 
      108,556  
Average total earning assets
(1)
   
$
1,331,595
 
    $ 1,349,907      $ 1,317,201     
$
1,342,238
 
    $ 1,310,839  
Less:
               
Trading assets
   
 
148,567
 
      150,997        153,248     
 
152,046
 
      146,680  
Securities purchased under resale agreements and securities borrowed
   
 
200,737
 
      206,266        189,557     
 
202,604
 
      192,011  
Other deductions
   
 
36,154
 
      35,003        49,172     
 
34,883
 
      61,383  
Average core earning assets
(1)
   
$
946,137
 
    $ 957,641      $ 925,224     
$
952,705
 
    $ 910,765  
Net interest income – Reported
   
$
5,493
 
    $ 5,270      $ 4,862     
$
15,936
 
    $ 14,329  
Less:
Non-core
net interest income
   
 
(143
) 
      (135 )       (125 )    
 
(478
) 
      (462 ) 
Core net interest income
   
$
5,636
 
    $ 5,405      $ 4,987     
$
16,414
 
    $ 14,791  
Net interest margin
   
 
2.36
% 
      2.31 %       2.14 %    
 
2.30
% 
      2.17 % 
(1)
Average balances represent the average of daily balances for the period.
Canadian Banking
 
      For the three months ended      For the nine months ended  
($ millions)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Average total assets – Reported
(2)
   
$
463,108
 
    $ 461,444      $ 451,194     
$
461,483
 
    $ 447,006  
Less:
Non-earning
assets
   
 
4,681
 
      4,607        4,313     
 
4,681
 
      4,272  
Average total earning assets
(2)
   
$
458,427
 
    $ 456,837      $ 446,881     
$
456,802
 
    $ 442,734  
Less:
               
Other deductions
   
 
181
 
      179        13,197     
 
183
 
      21,481  
Average core earning assets
(2)
   
$
458,246
 
    $ 456,658      $ 433,684     
$
456,619
 
    $ 421,253  
Net interest income – Reported
   
$
2,641
 
    $ 2,524      $ 2,577     
$
7,812
 
    $ 7,550  
Less:
Non-core
net interest income
   
 
–
 
      –        –     
 
–
 
      –  
Core net interest income
   
$
2,641
 
    $ 2,524      $ 2,577     
$
7,812
 
    $ 7,550  
Net interest margin
   
 
2.29
% 
      2.27 %       2.36 %    
 
2.29
% 
      2.39 % 
(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 Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
International Banking
 
      For the three months ended      For the nine months ended  
($ millions)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Average total assets – Reported
(2)
   
$
223,347
 
    $ 229,118      $ 232,609     
$
227,092
 
    $ 234,120  
Less:
Non-earning
assets
   
 
13,442
 
      13,917        15,326     
 
14,082
 
      16,277  
Average total earning assets
(2)
   
$
209,905
 
    $ 215,201      $ 217,283     
$
213,010
 
    $ 217,843  
Less:
               
Trading assets
   
 
6,147
 
      6,438        6,771     
 
6,330
 
      6,695  
Securities purchased under resale agreements and securities borrowed
   
 
3,699
 
      4,243        4,442     
 
4,044
 
      4,061  
Other deductions
   
 
7,346
 
      7,413        6,841     
 
7,120
 
      6,758  
Average core earning assets
(2)
   
$
192,713
 
    $ 197,107      $ 199,229     
$
195,516
 
    $ 200,329  
Net interest income – Reported
   
$
2,245
 
    $ 2,179      $ 2,226     
$
6,593
 
    $ 6,720  
Less:
Non-core
net interest income
   
 
38
 
      17        19     
 
43
 
      113  
Core net interest income
   
$
2,207
 
    $ 2,162      $ 2,207     
$
6,550
 
    $ 6,607  
Net interest margin
   
 
4.54
% 
      4.50 %       4.41 %    
 
4.48
% 
      4.41 % 
(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.
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. Management uses operating segment return on equity to evaluate the performance of its operating segments.
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 July 31, 2025
  
($ millions)
   
Canadian
Banking
    
International
Banking
     
Global
Wealth
Management
     
Global
Banking
and Markets
    
Other
     
Total
  
Reported
                
Net income attributable to common shareholders
   
$
958
 
  
$
670
 
   
$
417
 
   
$
473
 
  
$
(205
)
(1)
 
   
$
2,313
 
Total average common equity
(2)
   
 
20,624
 
  
 
17,856
 
   
 
10,552
 
   
 
14,879
 
  
 
11,061
 
   
 
74,972
 
Return on equity
   
 
18.4
% 
  
 
14.9
% 
   
 
15.7
% 
   
 
12.6
% 
  
 
nm
(3)
 
   
 
12.2
% 
Adjusted
(4)
                
Net income attributable to common shareholders
   
$
959
 
  
$
675
 
   
$
424
 
   
$
473
 
  
$
(190
)
(1)
 
   
$
2,341
 
Return on equity
   
 
18.5
% 
  
 
15.0
% 
   
 
15.9
% 
   
 
12.6
% 
  
 
nm
(3)
 
   
 
12.4
% 
(1)
Includes dividends paid on preferred shares and other equity instruments of $134.
(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 Third Quarter Report 2025   
 
13
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
     For the three months ended April 30, 2025     For the three months ended July 31, 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
  
$
613
 
  
$
676
 
  
$
399
 
  
$
413
 
  
$
(260
)
(2)
 
  
$
1,841
 
  
$
977
 
  
$
629
 
  
$
367
 
  
$
368
 
  
$
(585
)
(2)
 
  
$
1,756
 
Total average common equity
(3)
  
 
20,893
 
  
 
18,087
 
  
 
10,332
 
  
 
14,970
 
  
 
10,343
 
  
 
74,625
 
  
 
20,535
 
  
 
19,077
 
  
 
10,195
 
  
 
15,389
 
  
 
6,455
 
  
 
71,651
 
Return on equity
  
 
12.0
% 
  
 
15.3
% 
  
 
15.8
% 
  
 
11.3
% 
  
 
nm
(4)
 
  
 
10.1
% 
  
 
18.9
% 
  
 
13.1
% 
  
 
14.3
% 
  
 
9.5
% 
  
 
nm
(4)
 
  
 
9.8
% 
Adjusted
(5)
            
 
            
Net income attributable to common shareholders
  
$
613
 
  
$
681
 
  
$
405
 
  
$
413
 
  
$
(215
)
(2)
 
  
$
1,897
 
  
$
978
 
  
$
634
 
  
$
374
 
  
$
368
 
  
$
(321
)
(2)
 
  
$
2,033
 
Return on equity
  
 
12.0
% 
  
 
15.5
% 
  
 
16.1
% 
  
 
11.3
% 
  
 
nm
(4)
 
  
 
10.4
% 
  
 
19.0
% 
  
 
13.2
% 
  
 
14.6
% 
  
 
9.5
% 
  
 
nm
(4)
 
  
 
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)
Includes dividends paid on preferred shares and other equity instruments of $135 for the three months ended April 30, 2025 and $120 for the three months ended July 31, 2024.
(3)
Average amounts calculated using methods intended to approximate the daily average balances for the period.
(4)
Not meaningful.
(5)
Refer to Table on page 6.
 
    
For the nine months ended July 31, 2025
     For the nine months ended July 31, 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
  
$
2,484
 
  
$
1,997
 
  
$
1,223
 
  
$
1,403
 
  
$
(1,928
)
(2)
 
  
$
5,179
 
  
$
2,842
 
  
$
1,980
 
  
$
1,037
 
  
$
1,130
 
  
$
(1,224
)
(2)
 
  
$
5,765
 
Total average common equity
(3)
  
 
21,053
 
  
 
18,044
 
  
 
10,356
 
  
 
15,071
 
  
 
10,000
 
  
 
74,524
 
  
 
20,351
 
  
 
19,269
 
  
 
10,203
 
  
 
15,333
 
  
 
5,356
 
  
 
70,512
 
Return on equity
  
 
15.8
% 
  
 
14.8
% 
  
 
15.8
% 
  
 
12.4
% 
  
 
nm
(4)
 
  
 
9.3
% 
  
 
18.7
% 
  
 
13.7
% 
  
 
13.6
% 
  
 
9.8
% 
  
 
nm
(4)
 
  
 
10.9
% 
Adjusted
(5)
            
 
            
Net income attributable to common shareholders
  
$
2,486
 
  
$
2,013
 
  
$
1,243
 
  
$
1,403
 
  
$
(704
)
(2)
 
  
$
6,441
 
  
$
2,844
 
  
$
1,997
 
  
$
1,057
 
  
$
1,130
 
  
$
(960
)
(2)
 
  
$
6,068
 
Return on equity
  
 
15.8
% 
  
 
14.9
% 
  
 
16.1
% 
  
 
12.4
% 
  
 
nm
(4)
 
  
 
11.6
% 
  
 
18.7
% 
  
 
13.8
% 
  
 
13.8
% 
  
 
9.8
% 
  
 
nm
(4)
 
  
 
11.5
% 
(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 dividends paid on preferred shares and other equity instruments of $391 for the nine months ended July 31, 2025 and $347 for the nine months ended July 31, 2024.
(3)
Average amounts calculated using methods intended to approximate the daily average balances for the period.
(4)
Not meaningful.
(5)
Refer to Table on page 6.
Return on tangible common equity
Return on tangible common equity (ROTCE) 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. Management uses ROTCE to assess the Bank’s performance and ability to use its tangible common equity to generate returns.
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.
 
 
14
    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T6 Return on tangible common equity
 
     For the three months ended     For the nine months ended  
($ millions)
  
July 31
2025
      April 30
2025		      July 31
2024		    
July 31
2025
      July 31
2024		  
Reported
             
Average common equity – Reported
(1)
  
$
74,972
 
    $ 74,625      $ 71,651    
$
74,524
 
    $ 70,512  
Average goodwill
(1)(2)
  
 
(9,827
) 
      (9,962 )       (9,052 )   
 
(9,683
) 
      (9,080 ) 
Average acquisition-related intangibles (net of deferred tax)
(1)
  
 
(3,571
) 
      (3,586 )       (3,622 )   
 
(3,583
) 
      (3,637 ) 
Average tangible common equity
(1)
  
$
61,574
 
    $ 61,077      $ 58,977    
$
61,258
 
    $ 57,795  
Net income attributable to common shareholders – reported
  
$
2,313
 
    $ 1,841      $ 1,756    
$
5,179
 
    $ 5,765  
Amortization of acquisition-related intangible assets
(after-tax)
(3)
  
 
20
 
      20        13    
 
54
 
      39  
Net income attributable to common shareholders adjusted for amortization of acquisition-related intangible assets
(after-tax)
  
$
2,333
 
    $ 1,861      $ 1,769    
$
5,233
 
    $ 5,804  
Return on tangible common equity – reported
  
 
15.0
% 
      12.5 %       11.9 %   
 
11.4
% 
      13.4 % 
Adjusted
             
Adjusted net income attributable to common shareholders
(3)
  
$
2,341
 
    $ 1,897      $ 2,033    
$
6,441
 
    $ 6,068  
Return on tangible common equity – adjusted
  
 
15.1
% 
      12.7 %       13.7 %   
 
14.1
% 
      14.0 % 
(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.
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 Third 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 $2,527 million compared to $1,912 million in the same period last year, an increase of 32%. The increase was driven primarily by higher revenues, partly offset by higher
non-interest
expenses and income taxes. Compared to last quarter, net income increased 24% from $2,032 million. The increase was driven primarily by higher revenues and lower provision for credit losses, partly offset by higher income taxes. Diluted earnings per share were $1.84 compared to $1.41 in the same period last year and $1.48 last quarter. Return on equity was 12.2% compared to 9.8% in the same period last year and 10.1% last quarter.
Adjusted net income was $2,518 million compared to $2,191 million last year, an increase of 15%. The increase was driven primarily by higher revenues, partly offset by higher
non-interest
expenses and income taxes. Compared to last quarter, adjusted net income increased 22% from $2,072 million. The increase was driven primarily by higher revenues and lower provision for credit losses, partly offset by higher income taxes.
Adjusted diluted earnings per share were $1.88 compared to $1.63, last year and $1.52 last quarter. Adjusted return on equity was 12.4% compared to 11.3% a year ago and 10.4% last quarter.
Refer to
Non-GAAP
Measures starting on page 5 for details of adjustments.
Economic summary and outlook
The global economic landscape remains challenged by developments in U.S. trade policy. While there is greater clarity about tariffs into the U.S. market given recent announcements, there remains much uncertainty about the impact of these changes on the United States and its trading partners. There are increasing signs that these policies are weighing more heavily on the U.S. than on many other countries, but the boost to growth coming from the U.S. fiscal package may limit the macroeconomic consequences of the tariffs on the U.S. and its trading partners.
It appears that the U.S. Federal Reserve will begin the process of lowering its policy rate in the coming months, though the inflationary consequences of the tariffs may limit its ability to aggressively cut the policy rate. Restrictive monetary policy and uncertainty surrounding the impact of tariffs are leading to modest growth this year before the economy benefits from some fiscal support next year. The economy is expected to grow by 1.5% in both 2025 and 2026, a marked slowdown from the 2.8% pace in 2024.
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 are weighing on growth this year. While there are signs of impacts in some sectors, the economy has thus far proven to be more resilient to tariff-related impacts than feared. This is likely because a large majority of Canadian exports to the U.S. still enter the U.S. tariff free. We expect GDP growth of about 1.6% this year, followed by growth of 1.3% next year. We assess that there is some upside risk to the growth outlook next year if governments move decisively on their desire to transform the Canadian economy. Though growth is weak, we anticipate the Bank of Canada will keep interest rates on hold for the remainder of the year given the upswing in inflation that is currently under way.
Latin American economies are moving at different speeds, faced with divergent performances at home and varying degrees of exposure to international trade conflicts, while regional central banks have shifted to a more careful approach to policy. Mexico’s economy, already facing weak domestic demand, has been further weighed by U.S. tariffs and softer growth stateside that leave it on track for a small contraction in 2025. The country’s central bank has also used up most of its easing space, leaving it with little scope for additional policy support. Peru’s economy continues to exceed expectations with strong growth and low inflation, with the country mostly benefitting from strong copper and gold prices boosting export revenues. Chile may also not face a significant direct impact from U.S. tariffs, but political uncertainty is growing leading up to the general election in late 2025.
 
16
    Scotiabank Third 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 11.
T7 Impact of foreign currency translation
 
      Average exchange rate      % Change  
For the three months ended   
July 31
2025
      April 30
2025		      July 31
2024		      July 31, 2025
vs. April 30, 2025		      July 31, 2025
vs. July 31, 2024		  
U.S. dollar/Canadian dollar
   
 
0.728
 
      0.704        0.730        3.4 %       (0.3 )% 
Mexican Peso/Canadian dollar
   
 
13.862
 
      14.240        12.915        (2.7 )%       7.3 % 
Peruvian Sol/Canadian dollar
   
 
2.624
 
      2.594        2.745        1.2 %       (4.4 )% 
Colombian Peso/Canadian dollar
   
 
2,997.961
 
      2,944.467        2,910.022        1.8 %       3.0 % 
Chilean Peso/Canadian dollar
   
 
687.720
 
      669.254        676.938        2.8 %       1.6 % 
                      Average exchange rate      % Change  
For the nine months ended                   
July 31
2025
      July 31
2024		      July 31, 2025
vs. July 31, 2024		  
U.S. dollar/Canadian dollar
         
 
0.712
 
      0.736        (3.3 )% 
Mexican Peso/Canadian dollar
         
 
14.148
 
      12.699        11.4 % 
Peruvian Sol/Canadian dollar
         
 
2.620
 
      2.760        (5.1 )% 
Colombian Peso/Canadian dollar
         
 
3,004.717
 
      2,905.119        3.4 % 
Chilean Peso/Canadian dollar
   
 
 
 
   
 
 
 
   
 
683.714
 
      682.161        0.2 % 
                      For the three months ended      For the
nine months ended		  
Impact on net income
(1)
($ millions except EPS)
                    July 31, 2025
vs. July 31, 2024		      July 31, 2025
vs. April 30, 2025		      July 31, 2025
vs. July 31, 2024		  
Net interest income
          $ (43 )     $ (32 )     $ (94 ) 
Non-interest
income
(2)
            (44 )       (17 )       (81 ) 
Total revenue
            (87 )       (49 )       (175 ) 
Non-interest
expenses
            25        26        35  
Other items (net of tax)
(2)
   
 
 
 
   
 
 
 
      24        11        63  
Net income
   
 
 
 
   
 
 
 
    $ (38 )     $ (12 )     $ (77 ) 
Earnings per share (diluted)
   
 
 
 
   
 
 
 
    $ (0.03 )     $ (0.01 )     $ (0.06 ) 
Impact by business line
($ millions)
            
 
   
Canadian Banking
(3)
          $ 1      $ (1 )     $ 3  
International Banking
(2)(3)
            (20 )       (2 )       (11 ) 
Global Wealth Management
(3)
            (2 )       (1 )       (5 ) 
Global Banking and Markets
(3)
            (2 )       (10 )       22  
Other
(2)(3)
   
 
 
 
   
 
 
 
      (15 )       2        (86 ) 
Net income
   
 
 
 
   
 
 
 
    $ (38 )     $ (12 )     $ (77 ) 
(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 Third 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 nine months ended  
(Unaudited) ($ millions)
   
July 31
2025
      April 30
2025		      July 31
2024		     
July 31
2025
      July 31
2024		  
Reported Results
               
Net interest income
   
$
5,493
 
    $ 5,270      $ 4,862     
$
15,936
 
    $ 14,329  
Non-interest
income
   
 
3,993
 
      3,810        3,502     
 
12,002
 
      10,815  
Total revenue
   
 
9,486
 
      9,080        8,364     
 
27,938
 
      25,144  
Provision for credit losses
   
 
1,041
 
      1,398        1,052     
 
3,601
 
      3,021  
Non-interest
expenses
   
 
5,089
 
      5,110        4,949     
 
16,690
 
      14,399  
Income before taxes
   
 
3,356
 
      2,572        2,363     
 
7,647
 
      7,724  
Income tax expense
   
 
829
 
      540        451     
 
2,095
 
      1,521  
Net income
   
$
2,527
 
    $ 2,032      $ 1,912     
$
5,552
 
    $ 6,203  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
80
 
    $ 56      $ 36     
$
(18
) 
    $ 87  
Net income attributable to equity holders of the Bank
   
$
2,447
 
    $ 1,976      $ 1,876     
$
5,570
 
    $ 6,116  
Other financial data and measures
               
Return on equity
(1)
   
 
12.2
% 
      10.1 %       9.8 %    
 
9.3
% 
      10.9 % 
Net interest margin
(2)
   
 
2.36
% 
      2.31 %       2.14 %    
 
2.30
% 
      2.17 % 
Effective tax rate
(1)
   
 
24.7
% 
      21.0 %       19.1 %    
 
27.4
% 
      19.7 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
66
 
    $ 346      $ 82     
$
510
 
    $ 134  
Provision for credit losses – impaired (Stage 3)
   
$
975
 
    $ 1,052      $ 970     
$
3,091
 
    $ 2,887  
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(1)
   
 
0.55
% 
      0.75 %       0.55 %    
 
0.63
% 
      0.53 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(1)
   
 
0.51
% 
      0.57 %       0.51 %    
 
0.54
% 
      0.51 % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(1)
  
 
0.50
% 
      0.50 %       0.45 %    
 
0.50
% 
      0.45 % 
(1)
Refer to Glossary on page 57 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 nine months ended  
(Unaudited) ($ millions)
   
July 31
2025
      April 30
2025		      July 31
2024		     
July 31
2025
      July 31
2024		  
Adjusted Results
(1)
               
Net interest income
   
$
5,493
 
    $ 5,270      $ 4,862     
$
15,936
 
    $ 14,329  
Non-interest
income
   
 
4,001
 
      3,828        3,645     
 
12,028
 
      10,958  
Total revenue
   
 
9,494
 
      9,098        8,507     
 
27,964
 
      25,287  
Provision for credit losses
   
 
1,041
 
      1,398        1,052     
 
3,601
 
      3,021  
Non-interest
expenses
   
 
5,095
 
      5,067        4,763     
 
15,273
 
      14,177  
Income before taxes
   
 
3,358
 
      2,633        2,692     
 
9,090
 
      8,089  
Income tax expense
   
 
840
 
      561        501     
 
2,138
 
      1,581  
Net income
   
$
2,518
 
    $ 2,072      $ 2,191     
$
6,952
 
    $ 6,508  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
43
 
    $ 40      $ 38     
$
120
 
    $ 89  
Net income attributable to equity holders of the Bank
   
$
2,475
 
    $ 2,032      $ 2,153     
$
6,832
 
    $ 6,419  
(1)
Refer to
Non-GAAP
Measures starting on page 5 for adjusted results.
Net income
Q3 2025 vs Q3 2024
Net income was $2,527 million compared to $1,912 million, an increase of 32%. Adjusted net income was $2,518 million compared to $2,191 million, an increase of 15%. The increase in net income was driven primarily by higher revenues, partly offset by higher
non-interest
expenses and income taxes.
Q3 2025 vs Q2 2025
Net income was $2,527 million compared to $2,032 million, an increase of 24%. Adjusted net income was $2,518 million compared to $2,072 million, an increase of 22%. The increase in net income was driven primarily by higher revenues and lower provision for credit losses, partly offset by higher income taxes.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net income was $5,552 million compared to $6,203 million, a decrease of 10%. The decrease was driven primarily by higher
non-interest
expenses, which included the impairment loss of $1,334 million after-tax related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. In addition, there were higher provision for credit losses and income taxes, partly offset by higher revenues.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Adjusted net income was $6,952 million compared to $6,508 million, an increase of 7%. The increase was driven primarily by higher revenues, partly offset by higher
non-interest
expenses, provision for credit losses and income taxes.
Total revenue
Q3 2025 vs Q3 2024
Revenues were $9,486 million compared to $8,364 million, an increase of 13%. Adjusted revenues were $9,494 million compared to $8,507 million, an increase of 12%.
Net interest income was $5,493 million, an increase of $631 million or 13%, due primarily to a higher net interest margin and loan growth, inclusive of the conversion of bankers’ acceptances to loans resulting from the cessation of CDOR in June 2024 (“BA conversion”), partly offset by the negative impact of foreign currency translation. The net interest margin was 2.36%, an increase of 22 basis points from significantly lower funding costs driven by central bank rate cuts in Canada, partly offset by lower deposit margins in Canadian Banking.
Non-interest
income was $3,993 million, up $491 million or 14%. Adjusted
non-interest
income was $4,001 million, an increase of $356 million or 10%. The increase was due mainly to higher wealth management revenues, trading revenues, fee and commission revenues, lower unrealized losses on
non-trading
derivatives, and higher income from associated corporations primarily related to the KeyCorp investment. This was partly offset by lower banking revenues due to the BA conversion, as well as the negative impact of foreign currency translation.
Q3 2025 vs Q2 2025
Revenues were $9,486 million compared to $9,080 million, an increase of 4%. Adjusted revenues were $9,494 million compared to $9,098 million, an increase of 4%.
Net interest income increased $223 million or 4%, due primarily to the impact of three additional days in the quarter and higher net interest margin. This was partly offset by a decrease in earning assets and the negative impact of foreign currency translation. The net interest margin increased five basis points, driven mainly by lower funding costs, and higher business line margins.
Non-interest
income increased $183 million or 5%. Adjusted
non-interest
income was up $173 million or 5% from higher banking fees, trading revenues and wealth management revenues. This was partly offset by higher unrealized losses on
non-trading
derivatives.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Revenues were $27,938 million compared to $25,144 million, an increase of 11%. Adjusted revenues were $27,964 million compared to $25,287 million, an increase of 11%.
Net interest income was $15,936 million, an increase of $1,607 million or 11%, due primarily to a higher net interest margin, and loan growth inclusive of the BA conversion, partly offset by the negative impact of foreign currency translation. The net interest margin was 2.30%, an increase of 13 basis points from significantly lower funding costs driven by central bank rate cuts in Canada. This was partly offset by lower deposit margins in Canadian Banking.
Non-interest
income was $12,002 million, up $1,187 million or 11%. Adjusted
non-interest
income was $12,028 million, an increase of $1,070 million or 10% due primarily to higher wealth management revenues, fees and commissions, trading revenues, income from associated corporations primarily related to the KeyCorp investment, and underwriting and advisory fees, as well as lower unrealized losses on
non-trading
derivatives. These were partly offset by lower banking revenues due to the BA conversion, as well as the negative impact of foreign currency translation.
Provision for credit losses
Q3 2025 vs Q3 2024
The provision for credit losses was $1,041 million compared to $1,052 million, a decrease of $11 million. The provision for credit losses ratio remains unchanged at 55 basis points.
The provision for credit losses on performing loans was $66 million compared to $82 million. The provision this period was related to credit quality migration impacting the commercial portfolios and retail portfolio growth.
The provision for credit losses on impaired loans was $975 million compared to $970 million, an increase of $5 million. The provision for credit losses ratio on impaired loans was 51 basis points, unchanged from last year. The increase in provision this quarter was due primarily to higher formations in Canadian Banking portfolios, partly offset by the International retail portfolio.
Q3 2025 vs Q2 2025
The provision for credit losses was $1,041 million compared to $1,398 million, a decrease of $357 million. The provision for credit losses ratio decreased 20 basis points to 55 basis points.
Provision for credit losses on performing loans was $66 million compared to $346 million. The provision this period was related to credit quality migration impacting the commercial portfolios and retail portfolio growth. Prior quarter provisions were impacted by the significant deterioration in the macroeconomic outlook indicators, as well as the continued uncertainty related to U.S. tariffs, impacting the Canadian retail and commercial portfolios.
The provision for credit losses on impaired loans was $975 million compared to $1,052 million, a decrease of $77 million. The provision for credit losses ratio on impaired loans was 51 basis points, a decrease of six basis points. The decrease this quarter is due primarily to lower provisions in Canadian retail across products and in the corporate loan portfolio, partly offset by higher provisions in the commercial portfolios.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The provision for credit losses was $3,601 million compared to $3,021 million. The provision for credit losses ratio increased by 10 basis points to 63 basis points.
Provision for credit losses on performing loans was $510 million compared to $134 million. The provision this year was due primarily to retail portfolio growth and the impact of a significant deterioration in the macroeconomic outlook. This also reflects the continued uncertainty related to U.S. tariffs, primarily impacting the Canadian retail and commercial portfolios.
The provision for credit losses on impaired loans was $3,091 million compared to $2,887 million, an increase of $204 million. The provision for credit losses ratio on impaired loans was 54 basis points, an increase of three basis points. The increase in provision this year was due primarily to higher formations in Canadian retail across most products, as well as in Canadian commercial.
 
 Scotiabank Third Quarter Report 2025   
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Non-interest expenses
Q3 2025 vs Q3 2024
Non-interest
expenses were $5,089 million, up $140 million or 3%. Adjusted
non-interest
expenses were $5,095 million, up $332 million or 7%, driven by higher personnel costs, including performance-based compensation, as well as higher technology and business development costs to support strategic and regulatory initiatives. This was partly offset by the positive impact of foreign currency translation.
The productivity ratio was 53.7% compared to 59.2%. The adjusted productivity ratio was 53.7% compared to 56.0%.
Q3 2025 vs Q2 2025
Non-interest
expenses were down $21 million, due mainly to the partial reversal of the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Adjusted
non-interest
expenses were up $28 million or 1%, driven by the impact of three more days in the quarter, higher personnel costs, including performance-based compensation, and higher business development costs. This was partly offset by lower professional fees, lower employee benefit expenses, and the positive impact of foreign currency translation.
The productivity ratio was 53.7% compared to 56.3%. The adjusted productivity ratio was 53.7% compared to 55.7%.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Non-interest
expenses were $16,690 million, up $2,291 million or 16%, which includes the impairment loss of $1,365 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Adjusted
non-interest
expenses were $15,273 million, up $1,096 million or 8%, driven by higher technology and professional fees to support strategic and regulatory initiatives, and higher personnel costs, including performance and stock-based compensation. This was partly offset by lower depreciation and amortization, and the positive impact of foreign currency translation.
The productivity ratio was 59.7% compared to 57.3%. The adjusted productivity ratio was 54.6% compared to 56.1%. Operating leverage was negative 4.8% on a reported basis and positive 2.9% on an adjusted basis.
Taxes
Q3 2025 vs Q3 2024
The effective tax rate was 24.7% compared to 19.1% due primarily to lower income in lower tax jurisdictions, higher withholding taxes and the implementation of the Global Minimum Tax (GMT), partly offset by higher
non-deductible
expenses in the prior year. On an adjusted basis, the effective rate was 25.0% compared to 18.6% due primarily to lower income in lower tax jurisdictions, higher withholding taxes and the implementation of the GMT.
Q3 2025 vs Q2 2025
The effective tax rate was 24.7% compared to 21.0% due primarily to lower income in lower tax jurisdictions, higher withholding taxes and favourable adjustments related to prior periods recorded in the prior quarter.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The effective tax rate was 27.4% compared to 19.7% due primarily to the impairment loss related to the announced sale of the banking operations in Colombia, Costa Rica and Panama, lower income in lower tax jurisdictions and the implementation of the GMT, partly offset by higher
non-deductible
expenses in the prior year. On an adjusted basis, the effective rate was 23.5% compared to 19.5% due primarily to lower income in lower tax jurisdictions and the implementation of the GMT.
 
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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 customer behaviours, market dynamics 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 income 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 Third 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 nine months ended  
(Unaudited) ($ millions) (Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Reported Results
               
Net interest income
   
$
2,641
 
    $ 2,524      $ 2,577     
$
7,812
 
    $ 7,550  
Non-interest
income
(2)
   
 
730
 
      711        728     
 
2,206
 
      2,164  
Total revenue
   
 
3,371
 
      3,235        3,305     
 
10,018
 
      9,714  
Provision for credit losses
   
 
456
 
      805        435     
 
1,799
 
      1,241  
Non-interest
expenses
   
 
1,596
 
      1,581        1,528     
 
4,788
 
      4,547  
Income before taxes
   
 
1,319
 
      849        1,342     
 
3,431
 
      3,926  
Income tax expense
   
 
361
 
      236        365     
 
947
 
      1,083  
Net income
   
$
958
 
    $ 613      $ 977     
$
2,484
 
    $ 2,843  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
–
 
    $ –      $ –     
$
–
 
    $ –  
Net income attributable to equity holders of the Bank
   
$
958
 
    $ 613      $ 977     
$
2,484
 
    $ 2,843  
Other financial data and measures
               
Return on equity
(3)
   
 
18.4
% 
      12.0 %       18.9 %    
 
15.8
% 
      18.7 % 
Net interest margin
(3)
   
 
2.29
% 
      2.27 %       2.36 %    
 
2.29
% 
      2.39 % 
Effective tax rate
(4)
   
 
27.3
% 
      27.8 %       27.1 %    
 
27.6
% 
      27.6 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
9
 
    $ 317      $ 97     
$
377
 
    $ 138  
Provision for credit losses – impaired (Stage 3)
   
$
447
 
    $ 488      $ 338     
$
1,422
 
    $ 1,103  
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.40
% 
      0.72 %       0.39 %    
 
0.53
% 
      0.38 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.39
% 
      0.44 %       0.30 %    
 
0.42
% 
      0.33 % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(4)
  
 
0.40
% 
      0.38 %       0.29 %    
 
0.39
% 
      0.30 % 
Average assets
($ billions)
   
$
463
 
    $ 461      $ 451     
$
461
 
    $ 447  
Average liabilities
($ billions)
   
$
381
 
    $ 384      $ 389     
$
383
 
    $ 390  
(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 July 31, 2025 – $(2) (April 30, 2025 – $(2); July 31, 2024 – nil) and for the nine months ended July 31, 2025 – $20 (July 31, 2024 – $(7)).
(3)
Refer to
Non-GAAP
Measures starting on page 5.
(4)
Refer to Glossary on page 57 for the description of the measure.
T9A Adjusted Canadian Banking financial performance
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions) (Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
2,641
 
    $ 2,524      $ 2,577     
$
7,812
 
    $ 7,550  
Non-interest
income
   
 
730
 
      711        728     
 
2,206
 
      2,164  
Total revenue
   
 
3,371
 
      3,235        3,305     
 
10,018
 
      9,714  
Provision for credit losses
   
 
456
 
      805        435     
 
1,799
 
      1,241  
Non-interest
expenses
(3)
   
 
1,595
 
      1,580        1,527     
 
4,785
 
      4,544  
Income before taxes
   
 
1,320
 
      850        1,343     
 
3,434
 
      3,929  
Income tax expense
   
 
361
 
      237        365     
 
948
 
      1,084  
Net income
   
$
959
 
    $ 613      $ 978     
$
2,486
 
    $ 2,845  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
–
 
    $ –      $ –     
$
–
 
    $ –  
Net income attributable to equity holders of the Bank
   
$
959
 
    $ 613      $ 978     
$
2,486
 
    $ 2,845  
(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 July 31, 2025 – $1 (April 30, 2025 – $1; July 31, 2024 – $1) and for the nine months ended July 31, 2025 – $3 (July 31, 2024 – $3).
Net income
Q3 2025 vs Q3 2024
Net income attributable to equity holders was $958 million compared to $977 million.
Adjusted net income attributable to equity holders was $959 million, a decrease of $19 million or 2%. The decrease was due primarily to higher
non-interest
expenses and provision for credit losses, partly offset by higher revenues.
Q3 2025 vs Q2 2025
Net income attributable to equity holders increased $345 million or 56%. The increase was due primarily to lower provision for credit losses and higher revenues.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net income attributable to equity holders was $2,484 million compared to $2,843 million, a decrease of $359 million or 13%. Adjusted net income attributable to equity holders was $2,486 million, a decrease of $359 million or 13%. The decrease was due primarily to higher provision for credit losses and
non-interest
expenses, partly offset by higher revenues.
Average assets
Q3 2025 vs Q3 2024
Average assets increased $12 billion or 3% to $463 billion. The growth included $13 billion or 5% in residential mortgages, partly offset by a decline of $1 billion or 1% in personal loans.
Q3 2025 vs Q2 2025
Average assets increased $2 billion. The growth included $1 billion in residential mortgages and $1 billion in business loans.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Average assets increased $14 billion or 3% to $461 billion. The growth included $13 billion or 5% in residential mortgages and $1 billion or 1% in business loans.
Average liabilities
Q3 2025 vs Q3 2024
Average liabilities decreased $8 billion or 2% to $381 billion. The decrease was due primarily to a reduction of $13 billion in bankers’ acceptances liabilities due to the BA conversion. Average deposits increased $6 billion or 2% driven by growth of $5 billion or 2% in personal deposits, primarily in chequing and savings products, and $1 billion or 1% in
non-personal
deposits, mainly in demand accounts.
Q3 2025 vs Q2 2025
Average liabilities decreased $3 billion or 1%, due primarily to a decline of $2 billion or 1% in
non-personal
deposits, and $1 billion in personal deposits, as the decline in term products was partly offset by solid growth in chequing and savings products.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Average liabilities decreased $7 billion or 2% to $383 billion. The decrease was due primarily to a reduction of $21 billion in bankers’ acceptances liabilities due to the BA conversion. Average deposits increased $15 billion or 4% driven by growth of $8 billion or 6% in
non-personal
deposits, and $7 billion or 3% in personal deposits.
Total revenue
Q3 2025 vs Q3 2024
Revenues were $3,371 million, an increase of $66 million or 2%.
Net interest income of $2,641 million increased $64 million or 2% due primarily to asset and deposit growth, and the benefit of the BA conversion, partly offset by lower net interest margin. The net interest margin declined seven basis points to 2.29% due primarily to a decline in deposit margins reflecting the impact of Bank of Canada’s rate cuts.
Non-interest
income of $730 million increased $2 million due primarily to higher mutual fund distribution fees and insurance income, partly offset by elevated private equity gains in the prior year and lower banking fees, including the impact of the BA conversion.
Q3 2025 vs Q2 2025
Revenues increased $136 million or 4%.
Net interest income increased $117 million or 5% due primarily to three additional days in the quarter, and higher net interest margin. The net interest margin increased two basis points to 2.29% due to an increase in deposit margins from improving deposit mix.
Non-interest
income increased $19 million or 3% due primarily to higher banking and mutual fund distribution fees, partly offset by lower insurance income.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Revenues were $10,018 million, an increase of $304 million or 3%.
Net interest income of $7,812 million increased $262 million or 3% 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 10 basis points to 2.29% due primarily to lower deposit margins reflecting the impact of Bank of Canada’s rate cuts, partly offset by an increase in asset margins.
Non-interest
income of $2,206 million increased $42 million or 2% due primarily to elevated private equity gains, higher mutual fund distribution fees and insurance income, 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
Q3 2025 vs Q3 2024
The provision for credit losses was $456 million
,
compared to $435 million, an increase of $21 million. The provision for credit losses ratio increased one basis point to 40 basis points.
The provision for credit losses on performing loans was $9 million compared to $97 million. The provision this period was driven by portfolio growth and the unfavorable macroeconomic outlook impacting the commercial portfolio. The higher provision in the prior period was driven by credit migration in the retail portfolio and the unfavourable macroeconomic outlook.
Provision for credit losses on impaired loans was $447 million compared to $338 million, an increase of $109 million. The provision for credit losses ratio on impaired loans was 39 basis points, an increase of nine basis points. The increase this period was due primarily to higher formations in commercial and retail, mainly in unsecured revolving products.
Q3 2025 vs Q2 2025
The provision for credit losses was $456 million
,
compared to $805 million, a decrease of $349 million. The provision for credit losses ratio decreased 32 basis points to 40 basis points.
The provision for credit losses on performing loans was $9 million compared to $317 million. Prior quarter provisions were impacted by the significant deterioration in the macroeconomic outlook, as well as the continued uncertainty related to U.S. tariffs impacting the retail and commercial portfolios.
Provision for credit losses on impaired loans was $447 million compared to $488 million, a decrease of $41 million. The provision for credit losses ratio on impaired loans was 39 basis points, a decrease of five basis points. The lower provision this quarter was due primarily to lower retail provisions mostly in personal loans, partly offset by an increase in the commercial portfolio.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The provision for credit losses was $1,799 million, an increase of $558 million. The provision for credit losses ratio was 53 basis points, an increase of 15 basis points.
The provision for credit losses on performing loans was $377 million compared to $138 million, an increase of $239 million. The provision this year was due primarily to the impact of a significant deterioration in the macroeconomic outlook. This also reflected the continued uncertainty related to U.S. tariffs, impacting the Canadian retail and commercial portfolios.
Provision for credit losses on impaired loans was $1,422 million compared to $1,103 million, an increase of $319 million, due primarily to higher formations in retail across most products, and commercial portfolios. The provision for credit losses ratio on impaired loans was 42 basis points, an increase of nine basis points.
Non-interest expenses
Q3 2025 vs Q3 2024
Non-interest
expenses were $1,596 million, an increase of $68 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, higher marketing costs, as well as general inflationary increases.
Q3 2025 vs Q2 2025
Non-interest
expenses increased $15 million or 1%, due primarily to the impact of three more days in the quarter, partly offset by lower technology costs.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Non-interest
expenses were $4,788 million, an increase of $241 million or 5%, due primarily to higher technology costs related to new systems and infrastructure implemented, increased project spend supporting key strategic and regulatory initiatives, as well as general inflationary increases.
Taxes
The effective tax rate was 27.3% compared to 27.1% in the prior year and 27.8% in the prior quarter. On a year-to-date basis, the effective tax rate was 27.6% in line with the prior year.
 
24
    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
International Banking
                                   
T10 International Banking financial performance
                                   
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Reported Results
               
Net interest income
   
$
2,245
 
    $ 2,179      $ 2,226     
$
6,593
 
    $ 6,720  
Non-interest
income
(2)
   
 
758
 
      780        747     
 
2,399
 
      2,287  
Total revenue
   
 
3,003
 
      2,959        2,973     
 
8,992
 
      9,007  
Provision for credit losses
   
 
562
 
      550        589     
 
1,714
 
      1,729  
Non-interest
expenses
   
 
1,511
 
      1,523        1,550     
 
4,587
 
      4,679  
Income before taxes
   
 
930
 
      886        834     
 
2,691
 
      2,599  
Income tax expense
   
 
219
 
      172        170     
 
580
 
      537  
Net income
   
$
711
 
    $ 714      $ 664     
$
2,111
 
    $ 2,062  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
41
 
    $ 38      $ 35     
$
114
 
    $ 81  
Net income attributable to equity holders of the Bank
   
$
670
 
    $ 676      $ 629     
$
1,997
 
    $ 1,981  
Other financial data and measures
               
Return on equity
(3)
   
 
14.9
% 
      15.3 %       13.1 %    
 
14.8
% 
      13.7 % 
Net interest margin
(3)
   
 
4.54
% 
      4.50 %       4.41 %    
 
4.48
% 
      4.41 % 
Effective tax rate
(4)
   
 
23.6
% 
      19.4 %       20.4 %    
 
21.6
% 
      20.7 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
37
 
    $ 27      $ (28 )    
$
91
 
    $ (32 ) 
Provision for credit losses – impaired (Stage 3)
   
$
525
 
    $ 523      $ 617     
$
1,623
 
    $ 1,761  
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(4)
   
 
1.39
% 
      1.37 %       1.39 %    
 
1.41
% 
      1.37 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(4)
   
 
1.29
% 
      1.31 %       1.46 %    
 
1.33
% 
      1.40 % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(4)
   
 
1.12
% 
      1.19 %       1.27 %    
 
1.20
% 
      1.24 % 
Average assets
($ billions)
   
$
223
 
    $ 229      $ 233     
$
227
 
    $ 234  
Average liabilities
($ billions)
   
$
173
 
    $ 177      $ 179     
$
175
 
    $ 181  
(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 July 31, 2025 – $39 (April 30, 2025 – $38; July 31, 2024 – $36) and for the nine months ended July 31, 2025 – $112 (July 31, 2024 – $94). This income from associated corporations includes a tax normalization adjustment for the three months ended July 31, 2025 – $8 (April 30, 2025 – $9; July 31, 2024 – $8) and for the nine months ended July 31, 2025 – $25 (July 31, 2024 – $19).
(3)
Refer to
Non-GAAP
Measures starting on page 5.
(4)
Refer to Glossary on page 57 for the description of the measure.
T10A Adjusted International Banking financial performance
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions) (Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
2,245
 
    $ 2,179      $ 2,226     
$
6,593
 
    $ 6,720  
Non-interest
income
   
 
758
 
      780        747     
 
2,399
 
      2,287  
Total revenue
   
 
3,003
 
      2,959        2,973     
 
8,992
 
      9,007  
Provision for credit losses
   
 
562
 
      550        589     
 
1,714
 
      1,729  
Non-interest
expenses
(3)
   
 
1,504
 
      1,516        1,543     
 
4,565
 
      4,656  
Income before taxes
   
 
937
 
      893        841     
 
2,713
 
      2,622  
Income tax expense
   
 
221
 
      174        172     
 
586
 
      543  
Net income
   
$
716
 
    $ 719      $ 669     
$
2,127
 
    $ 2,079  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
41
 
    $ 38      $ 35     
$
114
 
    $ 81  
Net income attributable to equity holders of the Bank
   
$
675
 
    $ 681      $ 634     
$
2,013
 
    $ 1,998  
(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 July 31, 2025 – $7 (April 30, 2025 – $7; July 31, 2024 – $7) and for the nine months ended July 31, 2025 – $22 (July 31, 2024 – $23).
Net income
Q3 2025 vs Q3 2024
Net income attributable to equity holders was $670 million compared to $629 million, an increase of $41 million or 6%. Adjusted net income attributable to equity holders was $675 million, an increase of $41 million or 6%. The increase was driven by lower
non-interest
expenses and provision for credit losses and higher revenues. This was partly offset by higher income taxes and the negative impact of foreign currency translation.
 
 Scotiabank Third Quarter Report 2025   
 
25
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Q3 2025 vs Q2 2025
Net income attributable to equity holders was $670 million, a decrease of $6 million or 1%. Adjusted net income attributable to equity holders was $675 million, a decrease of $6 million or 1%. The decrease was driven by higher income taxes, lower
non-interest
income, the negative impact of foreign currency translation and higher provision for credit losses. This was partly offset by higher net interest income and lower non-interest expenses.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net income attributable to equity holders was $1,997 million, an increase of $16 million or 1% from $1,981 million. Adjusted net income attributable to equity holders was $2,013 million, an increase of $15 million or 1%. The increase was driven by higher
non-interest
income, lower
non-interest
expenses and lower provision for credit losses. This was partly offset by lower net interest income, higher income taxes and the negative impact of foreign currency translation.
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 nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Constant dollars – Reported
(2)
               
Net interest income
   
$
2,245
 
    $ 2,151      $ 2,190     
$
6,593
 
    $ 6,632  
Non-interest
income
(3)
   
 
758
 
      772        735     
 
2,399
 
      2,248  
Total revenue
   
 
3,003
 
      2,923        2,925     
 
8,992
 
      8,880  
Provision for credit losses
   
 
562
 
      544        580     
 
1,714
 
      1,711  
Non-interest
expenses
   
 
1,511
 
      1,512        1,520     
 
4,587
 
      4,578  
Income before taxes
   
 
930
 
      867        825     
 
2,691
 
      2,591  
Income tax expense
   
 
219
 
      169        168     
 
580
 
      533  
Net income
   
$
711
 
    $ 698      $ 657     
$
2,111
 
    $ 2,058  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
41
 
    $ 37      $ 35     
$
114
 
    $ 85  
Net income attributable to equity holders of the Bank
   
$
670
 
    $ 661      $ 622     
$
1,997
 
    $ 1,973  
Other financial data and measures
               
Average assets
($ billions)
   
$
223
 
    $ 226      $ 229     
$
227
 
    $ 231  
Average liabilities
($ billions)
   
$
173
 
    $ 175      $ 175     
$
175
 
    $ 178  
(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 11.
(3)
Includes income (on a taxable equivalent basis) from associated corporations for the three months ended July 31, 2025 – $39 (April 30, 2025 – $37; July 31, 2024 – $35) and for the nine months ended July 31, 2025 – $112 (July 31, 2024 – $95).
T11A International Banking financial performance on adjusted and constant dollar basis
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Constant dollars – Adjusted
(2)
               
Net interest income
   
$
2,245
 
    $ 2,151      $ 2,190     
$
6,593
 
    $ 6,632  
Non-interest
income
   
 
758
 
      772        735     
 
2,399
 
      2,248  
Total revenue
   
 
3,003
 
      2,923        2,925     
 
8,992
 
      8,880  
Provision for credit losses
   
 
562
 
      544        580     
 
1,714
 
      1,711  
Non-interest
expenses
   
 
1,504
 
      1,505        1,512     
 
4,565
 
      4,554  
Income before taxes
   
 
937
 
      874        833     
 
2,713
 
      2,615  
Income tax expense
   
 
221
 
      171        170     
 
586
 
      540  
Net income
   
$
716
 
    $ 703      $ 663     
$
2,127
 
    $ 2,075  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
41
 
    $ 37      $ 35     
$
114
 
    $ 85  
Net income attributable to equity holders of the Bank
   
$
675
 
    $ 666      $ 628     
$
2,013
 
    $ 1,990  
Other financial data and measures
               
Average assets
($ billions)
   
$
223
 
    $ 226      $ 229     
$
227
 
    $ 231  
Average liabilities
($ billions)
   
$
173
 
    $ 175      $ 175     
$
175
 
    $ 178  
(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 11.
 
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    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Net income
Q3 2025 vs Q3 2024
Net income attributable to equity holders was $670 million, an increase of $48 million or 8%. Adjusted net income attributable to equity holders was $675 million, an increase of $47 million or 7%. The increase was driven by higher revenues and lower provision for credit losses and
non-interest
expenses. This was partly offset by higher income taxes.
Q3 2025 vs Q2 2025
Net income attributable to equity holders was $670 million and adjusted net income attributable to equity holders was $675 million, an increase of $9 million or 1%. The increase was driven by higher net interest income. This was partly offset by higher income taxes and provision for credit losses, as well as lower
non-interest
income.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net income attributable to equity holders was $1,997 million, an increase of $24 million or 1% from $1,973 million. Adjusted net income attributable to equity holders was $2,013 million, an increase of $23 million or 1%. The increase was driven by higher
non-interest
income. This was partly offset by lower net-interest income, and higher
non-interest
expenses and income taxes.
Average assets
Q3 2025 vs Q3 2024
Average assets were $223 billion, a reduction of $6 billion or 2%. Total loans decreased $5 billion or 3%, primarily in Mexico and Brazil. The decrease was driven by an 8% reduction in business loans, partly offset by an increase of 3% in retail loans.
Q3 2025 vs Q2 2025
Average assets were $223 billion, a reduction of $3 billion or 1%. Investment securities declined by $1 billion or 4%. Total loans were in line with the prior quarter, as an increase in retail loans of 1% was offset by a reduction in business loans of 1%.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Average assets were $227 billion, a reduction of $4 billion or 2%. Total loans decreased by 3%, primarily in Brazil, Peru and Mexico. The decrease was driven by 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
Q3 2025 vs Q3 2024
Average liabilities were $173 billion, a reduction of $2 billion or 1%. Other liabilities declined by $3 billion. Total deposits were in line with the prior year.
Q3 2025 vs Q2 2025
Average liabilities were $173 billion a reduction of $2 billion or 1%. Other liabilities declined by $3 billion. Total deposits increased by 1% primarily in Colombia partly offset by Mexico.
Non-personal
deposits increased by 1%. Term deposits were in line with the prior quarter.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Average liabilities were $175 billion, a decrease of $3 billion or 2%. Other liabilities declined by $3 billion. Total deposits decreased by 1% primarily in Mexico and Brazil.
Non-personal
deposits decreased by 2% and personal deposits increased by 1%. Term deposits decreased by 5% and
non-term
deposits increased by 4%.
Total revenue
Q3 2025 vs Q3 2024
Revenues were $3,003 million compared to $2,925 million, an increase of $78 million or 3%.
Net interest income was $2,245 million, an increase of $55 million or 3%, driven by lower funding costs in Brazil and Mexico. Net interest margin increased by 13 basis points to 4.54%, driven mainly by lower funding costs due to declines in central bank rates.
Non-interest
income was $758 million, an increase of $23 million or 3%, driven mainly by higher banking fees in Chile and Colombia, and investment gains in Peru.
Q3 2025 vs Q2 2025
Revenues were $3,003 million compared to $2,923 million, an increase of $80 million or 3%.
Net interest income was $2,245 million, an increase of $94 million or 4%, driven mainly by three more days in the quarter and lower funding costs. Net interest margin increased by four basis points to 4.54%, driven by lower funding costs, mainly in Brazil.
Non-interest
income was $758 million, a decrease of $14 million or 2%, driven mainly by lower trading revenues in Brazil.
 
 Scotiabank Third Quarter Report 2025   
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Revenues were $8,992 million compared to $8,880 million an increase of $112 million or 1%.
Net interest income decreased by $39 million or 1%. Net interest margin increased by seven basis points to 4.48%, driven by lower funding costs due to declines in central bank rates.
Non-interest
income increased by $151 million or 7% due mainly to higher trading revenues in Chile and Mexico.
Provision for credit losses
Q3 2025 vs Q3 2024
The provision for credit losses was $562 million compared to $580 million, a decrease of $18 million. The provision for credit losses ratio was 139 basis points, unchanged from the prior period.
Provision for credit losses on performing loans was $37 million
,
compared to a net reversal of $28 million. The provision this period was driven by retail portfolio growth, primarily in Mexico and Colombia
,
as well as credit migration in the commercial portfolio. The prior period reversal was due mainly to retail credit migration to impaired, partly offset by higher commercial provisions.
Provision for credit losses on impaired loans was $525 million compared to $608 million, a decrease of $83 million, due primarily to lower retail formations mainly in Colombia and Peru, due in part to the CrediScotia divestiture. The provision for credit losses ratio on impaired loans was 129 basis points, a decrease of 17 basis points.
Q3 2025 vs Q2 2025
The provision for credit losses was $562 million compared to $544 million, an increase of $18 million. The provision for credit losses ratio was 139 basis points, an increase of two basis points.
Provision for credit losses on performing loans was $37 million compared to $26 million. The provision this period was driven by retail portfolio growth, primarily in Mexico and Colombia
,
along with credit migration in the commercial portfolio.
Provision for credit losses on impaired loans was $525 million compared to $518 million, an increase of $7 million driven by higher formations in the commercial portfolio. The provision for credit losses ratio on impaired loans decreased two basis points to 129 basis points.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The provision for credit losses was $1,714 million compared to $1,711 million, an increase of $3 million. The provision for credit losses ratio was 141 basis points, an increase of four basis points.
Provision for credit losses on performing loans was $91 million compared to a net reversal of $31 million. The provision this period was driven by the continued unfavourable macroeconomic outlook along with credit migration in the commercial portfolio and retail portfolio growth. The prior period reversal was due mainly to retail credit migration to impaired, partly offset by higher commercial provisions.
Provision for credit losses on impaired loans was $1,623 million compared to $1,742 million, a decrease of $119 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 133 basis points, a decrease of seven basis points.
Non-interest expenses
Q3 2025 vs Q3 2024
Non-interest
expenses were $1,511 million compared to $1,520 million, a decrease of $9 million or 1%. Adjusted
non-interest
expenses were $1,504 million, a decrease of $8 million. Lower depreciation and amortization were partly offset by higher salaries and employee benefits.
Q3 2025 vs Q2 2025
Non-interest
expenses were $1,511 million and adjusted
non-interest
expenses were $1,504 million, both in line with prior quarter. Higher salaries and employee benefits were largely offset by lower communications expenses.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Non-interest
expenses were $4,587 million compared to $4,578 million, an increase of $9 million. On an adjusted basis,
non-interest
expenses were $4,565 million, an increase of $11 million, driven mainly by higher technology costs and salaries and employee benefits. This was offset by lower depreciation and amortization, mainly in Colombia. The business continues to realize the benefits from its efficiency initiatives which have been instrumental in reducing expenses, despite an inflationary environment.
Taxes
Q3 2025 vs Q3 2024
The effective tax rate was 23.6% compared to 20.4%. On an adjusted basis, the effective tax rate was 23.6% compared to 20.5%. The increase was due primarily to the implementation of the GMT in the current year and a lower inflationary adjustment in Chile.
Q3 2025 vs Q2 2025
The effective tax rate was 23.6% compared to 19.4%. On an adjusted basis, the effective tax rate was 23.6% compared to 19.5%. The increase was due primarily to favorable adjustments in the prior quarter and change in the earnings mix across jurisdictions.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The effective tax rate was 21.6% compared to 20.7%. On an adjusted basis, the effective tax rate was 21.6% compared to 20.7%. The increase was due primarily to the implementation of the GMT in the current year and change in the earnings mix across jurisdictions. This was partly offset by favorable adjustments related to prior periods.
 
28
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Global Wealth Management
                                   
T12 Global Wealth Management financial performance
                                   
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Reported Results
               
Net interest income
   
$
266
 
    $ 246      $ 206     
$
744
 
    $ 579  
Non-interest
income
   
 
1,338
 
      1,295        1,222     
 
3,980
 
      3,544  
Total revenue
   
 
1,604
 
      1,541        1,428     
 
4,724
 
      4,123  
Provision for credit losses
   
 
4
 
      2        10     
 
10
 
      22  
Non-interest
expenses
   
 
1,030
 
      997        926     
 
3,049
 
      2,706  
Income before taxes
   
 
570
 
      542        492     
 
1,665
 
      1,395  
Income tax expense
   
 
150
 
      141        122     
 
435
 
      349  
Net income
   
$
420
 
    $ 401      $ 370     
$
1,230
 
    $ 1,046  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
3
 
    $ 2      $ 3     
$
7
 
    $ 8  
Net income attributable to equity holders of the Bank
   
$
417
 
    $ 399      $ 367     
$
1,223
 
    $ 1,038  
Other financial data and measures
               
Return on equity
(2)
   
 
15.7
% 
      15.8 %       14.3 %    
 
15.8
% 
      13.6 % 
Effective tax rate
(3)
   
 
26.4
% 
      26.0 %       24.8 %    
 
26.1
% 
      25.0 % 
Assets under administration
($ billions)
(3)
   
$
754
 
    $ 710      $ 694     
$
754
 
    $ 694  
Assets under management
($ billions)
(3)
   
$
407
 
    $ 380      $ 364     
$
407
 
    $ 364  
Average assets
($ billions)
   
$
39
 
    $ 38      $ 36     
$
38
 
    $ 35  
Average liabilities
($ billions)
   
$
50
 
    $ 47      $ 41     
$
47
 
    $ 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 57 for the description of the measure.
T12A Adjusted Global Wealth Management financial performance
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
266
 
    $ 246      $ 206     
$
744
 
    $ 579  
Non-interest
income
   
 
1,338
 
      1,295        1,222     
 
3,980
 
      3,544  
Total revenue
   
 
1,604
 
      1,541        1,428     
 
4,724
 
      4,123  
Provision for credit losses
   
 
4
 
      2        10     
 
10
 
      22  
Non-interest
expenses
(3)
   
 
1,021
 
      988        917     
 
3,022
 
      2,679  
Income before taxes
   
 
579
 
      551        501     
 
1,692
 
      1,422  
Income tax expense
   
 
152
 
      144        124     
 
442
 
      356  
Net income
   
$
427
 
    $ 407      $ 377     
$
1,250
 
    $ 1,066  
Net income attributable to
non-controlling
interests in subsidiaries
   
$
3
 
    $ 2      $ 3     
$
7
 
    $ 8  
Net income attributable to equity holders of the Bank
   
$
424
 
    $ 405      $ 374     
$
1,243
 
    $ 1,058  
(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 July 31, 2025 – $9 (April 30, 2025 – $9; July 31, 2024 – $9) and for the nine months ended July 31, 2025 – $27 (July 31, 2024 – $27).
Net income
Q3 2025 vs Q3 2024
Net income attributable to equity holders was $417 million, an increase of $50 million or 14%. Adjusted net income attributable to equity holders was $424 million, up $50 million or 13%. 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.
Q3 2025 vs Q2 2025
Net income attributable to equity holders increased $18 million or 5%. Adjusted net income attributable to equity holders increased $19 million or 5%, due primarily to higher mutual fund fees and net interest income, partly offset by higher volume-related
non-interest
expenses.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net income attributable to equity holders was $1,223 million, an increase of $185 million or 18%. Adjusted net income attributable to equity holders was $1,243 million, up $185 million or 18%. 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.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Assets under management (AUM) and assets under administration (AUA)
Q3 2025 vs Q3 2024
Assets under management of $407 billion increased $43 billion or 12% driven primarily by market appreciation and higher net sales. Assets under administration of $754 billion increased $60 billion or 9% due primarily to market appreciation and higher net sales.
Q3 2025 vs Q2 2025
Assets under management increased $27 billion or 7% due primarily to market appreciation and higher net sales. Assets under administration increased $44 billion or 6% due primarily to market appreciation and higher net sales.
Total revenue
Q3 2025 vs Q3 2024
Revenues were $1,604 million, an increase of $176 million or 12%. The increase was due primarily to higher mutual fund fees, brokerage revenues, and investment management fees driven by growth in assets under management and assets under administration, as well as higher net interest income driven by loan and deposit growth, and improved margins.
Q3 2025 vs Q2 2025
Revenues increased by $63 million or 4%, due primarily to higher mutual fund fees driven by growth in assets under management, and higher net interest income, driven by loan and deposit growth.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Revenues were $4,724 million, an increase of $601 million or 15%. The increase was due primarily to higher mutual fund fees, brokerage revenues, and investment management fees driven by growth in assets under management and assets under administration, as well as higher net interest income driven by loan and deposit growth, and improved margins.
Provision for credit losses
Q3 2025 vs Q3 2024
The provision for credit losses was $4 million, a decrease of $6 million from the prior year. The provision for credit losses ratio was five basis points, a decrease of 11 basis points.
Q3 2025 vs Q2 2025
The provision for credit losses was $4 million, an increase of $2 million from the prior quarter. The provision for credit losses ratio was five basis points, an increase of two basis points.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The provision for credit losses was $10 million
,
compared to $22 million. The provision for credit losses ratio was five basis points, a decrease of seven basis points.
Non-interest expenses
Q3 2025 vs Q3 2024
Non-interest
expenses of $1,030 million increased by $104 million or 11%, due primarily to higher volume-related expenses, technology costs, and sales force expansion to support business growth.
Q3 2025 vs Q2 2025
Non-interest
expenses increased by $33 million or 3%, due primarily to higher volume-related expenses, and three more days in the quarter.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Non-interest
expenses increased by $343 million or 13%, due primarily to higher volume-related expenses, technology costs, and sales force expansion to support business growth.
Taxes
Q3 2025 vs Q3 2024
The effective tax rate was 26.4% compared to 24.8% due to the implementation of the GMT in certain jurisdictions.
Q3 2025 vs Q2 2025
The effective tax rate was 26.4% compared to 26.0%.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The effective tax rate was 26.1% compared to 25.0% due to the implementation of the GMT in certain jurisdictions.
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Global Banking and Markets
T13 Global Banking and Markets financial performance
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Reported Results
               
Net interest income
(2)
   
$
350
 
    $ 368      $ 304     
$
1,037
 
    $ 822  
Non-interest
income
(2)
   
 
1,180
 
      1,090        960     
 
3,545
 
      2,967  
Total revenue
   
 
1,530
 
      1,458        1,264     
 
4,582
 
      3,789  
Provision for credit losses
   
 
19
 
      40        18     
 
77
 
      28  
Non-interest
expenses
   
 
894
 
      878        773     
 
2,663
 
      2,315  
Income before taxes
   
 
617
 
      540        473     
 
1,842
 
      1,446  
Income tax expense
   
 
144
 
      128        105     
 
440
 
      315  
Net income
   
$
473
 
    $ 412      $ 368     
$
1,402
 
    $ 1,131  
Net income attributable to
non-controlling
interest in subsidiaries
   
$
–
 
    $ (1 )     $ –     
$
(1
) 
    $ –  
Net income attributable to equity holders of the Bank
   
$
473
 
    $ 413      $ 368     
$
1,403
 
    $ 1,131  
Other financial data and measures
               
Return on equity
(3)
   
 
12.6
% 
      11.3 %       9.5 %    
 
12.4
% 
      9.8 % 
Effective tax rate
(4)
   
 
23.4
% 
      23.6 %       22.3 %    
 
23.9
% 
      21.8 % 
Provision for credit losses – performing (Stage 1 and 2)
   
$
16
 
    $ (1 )     $ 15     
$
33
 
    $ 29  
Provision for credit losses – impaired (Stage 3)
   
$
3
 
    $ 41      $ 3     
$
44
 
    $ (1 ) 
Provision for credit losses as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.07
% 
      0.14 %       0.06 %    
 
0.09
% 
      0.03 % 
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.01
% 
      0.15 %       0.01 %    
 
0.05
% 
      – % 
Net write-offs as a percentage of average net loans and acceptances (annualized)
(4)
   
 
0.09
% 
      0.13 %       – %    
 
0.07
% 
      (0.01 )% 
Average assets
($ billions)
   
$
493
 
    $ 502      $ 493     
$
502
 
    $ 497  
Average liabilities
($ billions)
   
$
513
 
    $ 516      $ 476     
$
513
 
    $ 474  
(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 July 31, 2025 – nil (April 30, 2025 – nil; July 31, 2024 – $5) and for the nine months ended July 31, 2025 – nil (July 31, 2024 – $50).
(3)
Refer to
Non-GAAP
Measures starting on page 5.
(4)
Refer to Glossary on page 57 for the description of the measure.
Net income
Q3 2025 vs Q3 2024
Net income attributable to equity holders was $473 million compared to $368 million, an increase of $105 million or 29%. The increase was driven primarily by higher net interest income and
non-interest
income, partly offset by higher
non-interest
expenses and higher income taxes.
Q3 2025 vs Q2 2025
Net income attributable to equity holders was $473 million compared to $413 million, an increase of $60 million or 15%. The increase was driven primarily by higher
non-interest
income and lower provision for credit losses, partly offset by lower net interest income, higher
non-interest
expenses and higher income taxes.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net income attributable to equity holders was $1,403 million compared to $1,131 million, an increase of $272 million or 24%. 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 income taxes.
Average assets
Q3 2025 vs Q3 2024
Average assets were $493 billion, in line with the prior year. Higher securities purchased under resale agreements and the impact of foreign currency translation were offset by lower loans and acceptances of $15 billion or 14%.
Q3 2025 vs Q2 2025
Average assets were $493 billion, a decrease of $9 billion or 2% due mainly to lower securities purchased under resale agreements, lower loans and acceptances of $3 billion or 3%, and the impact of foreign currency translation, partly offset by higher trading securities.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Average assets were $502 billion, an increase of $5 billion or 1% due mainly to higher securities purchased under resale agreements, higher trading securities and the impact of foreign currency translation, partly offset by lower loans and acceptances of $17 billion or 15%.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Average liabilities
Q3 2025 vs Q3 2024
Average liabilities of $513 billion increased $37 billion or 8% due mainly to higher securities sold under repurchase agreements and the impact of foreign currency translation.
Q3 2025 vs Q2 2025
Average liabilities of $513 billion decreased $3 billion or 1% due mainly to lower deposit volumes of $7 billion or 4% and the impact of foreign currency translation, partly offset by higher securities sold under repurchase agreements.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Average liabilities of $513 billion increased $39 billion or 8% due mainly to higher securities sold under repurchase agreements, higher deposit volumes of $4 billion or 2% and the impact of foreign currency translation.
Total revenue
Q3 2025 vs Q3 2024
Revenues were $1,530 million, up $266 million or 21%.
Net interest income of $350 million increased by $46 million or 15%. This was due mainly to higher lending margins and lower trading-related funding costs.
Non-interest
income of $1,180 million increased by $220 million or 23% due mainly to higher trading-related revenues from the fixed income and equities businesses as well as higher underwriting and advisory fees.
Q3 2025 vs Q2 2025
Revenues increased $72 million or 5%.
Net interest income of $350 million decreased by $18 million or 5%. This was due mainly to lower loan and deposit volumes, lower deposit margins, and the negative impact of foreign currency translation.
Non-interest
income of $1,180 million increased by $90 million or 8% due mainly to higher fixed income trading-related revenues, partly offset by the negative impact of foreign currency translation.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Revenues were $4,582 million, up $793 million or 21%.
Net interest income of $1,037 million increased by $215 million or 26%. This was due mainly to higher lending margins, lower trading-related funding costs and the positive impact of foreign currency translation.
Non-interest
income of $3,545 million increased by $578 million or 19% due mainly to higher trading-related revenues from equities, higher underwriting and advisory fees, and the positive impact of foreign currency translation.
Provision for credit losses
Q3 2025 vs Q3 2024
The provision for credit losses was $19 million compared to $18 million. The provision for credit losses ratio was seven basis points, an increase of one basis point.
Provision for credit losses on performing loans was $16 million, an increase of $1 million. The provision this period was related to credit quality migration.
Provision for credit losses on impaired loans was $3 million, unchanged from prior period. The provision for credit losses ratio on impaired loans was one basis point, unchanged from the prior year.
Q3 2025 vs Q2 2025
The provision for credit losses was $19 million compared to a provision of $40 million in the prior quarter. The provision for credit losses ratio was seven basis points, a decrease of seven basis points.
Provision for credit losses on performing loans was $16 million compared to a net reversal of $1 million. The provision this period was related to credit quality migration. The prior quarter reversal was driven by improved credit quality, partly offset by the unfavourable macroeconomic outlook.
Provision for credit losses on impaired loans was $3 million
,
compared to $41 million
as the prior quarter provisions were related mostly to one account. The provision for credit losses ratio on impaired loans was one basis point, a decrease of 14 basis points.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
The provision for credit losses was $77 million, an increase of $49 million. The provision for credit losses ratio was nine basis points, an increase of six basis points.
Provision for credit losses on performing loans was $33 million, compared to a provision of $29 million. The provision this period was driven by credit quality migration and the continued unfavourable macroeconomic outlook.
Provision for credit losses on impaired loans was $44 million, compared to a net reversal of $1 million, and was related mostly to one account. The provision for credit losses ratio on impaired loans was five basis points, an increase of five basis points.
Non-interest expenses
Q3 2025 vs Q3 2024
Non-interest
expenses were $894 million compared to $773 million, an increase of 16% 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.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Q3 2025 vs Q2 2025
Non-interest
expenses were $894 million compared to $878 million, an increase of 2% due mainly to higher personnel costs, including performance-based compensation and higher technology costs to support business growth, partly offset by the positive impact of foreign currency translation.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Non-interest
expenses of $2,663 million increased $348 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 23.4% compared to 22.3% in the prior year and 23.6% in the prior quarter, due mainly to the change in earnings mix across jurisdictions. On a
year-to-date
basis, the effective tax rate was 23.9% compared to 21.8%, due mainly to the change in earnings mix across jurisdictions.
Other
(1)
T14 Other financial performance
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(2)
     
July 31
2025
      July 31
2024
(2)
  
Reported Results
               
Net interest income
(3)
   
$
(9
) 
    $ (47 )     $ (451 )    
$
(250
) 
    $ (1,342 ) 
Non-interest
income
(3)(4)(5)
   
 
(13
) 
      (66 )       (155 )    
 
(128
) 
      (147 ) 
Total revenue
   
 
(22
) 
      (113 )       (606 )    
 
(378
) 
      (1,489 ) 
Provision for credit losses
   
 
–
 
      1        –     
 
1
 
      1  
Non-interest
expenses
(5)
   
 
58
 
      131        172     
 
1,603
 
      152  
Income before taxes
   
 
(80
) 
      (245 )       (778 )    
 
(1,982
) 
      (1,642 ) 
Income tax expense/(benefit)
(3)
   
 
(45
) 
      (137 )       (311 )    
 
(307
) 
      (763 ) 
Net income (loss)
   
$
(35
) 
    $ (108 )     $ (467 )    
$
(1,675
) 
    $ (879 ) 
Net income (loss) attributable to
non-controlling
interests in subsidiaries
   
$
36
 
    $ 17      $ (2 )    
$
(138)
 
    $ (2 ) 
Net income (loss) attributable to equity holders
   
$
(71
) 
    $ (125 )     $ (465 )    
$
(1,537
) 
    $ (877 ) 
Other measures
               
Average assets
($ billions)
   
$
228
 
    $ 238      $ 210     
$
230
 
    $ 206  
Average liabilities
($ billions)
   
$
243
 
    $ 258      $ 256     
$
255
 
    $ 253  
(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 July 31, 2025 – nil (April 30, 2025 – nil; July 31, 2024 – $6) and for the nine months ended July 31, 2025 – nil (July 31, 2024 – $53) 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 July 31, 2025 – $120 (April 30, 2025 – $123; July 31, 2024 – $18) and for the nine months ended July 31, 2025 – $297 (July 31, 2024 – $70).
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.
(5)
Includes elimination of fees paid to Canadian Banking by Canadian Wealth Management for administrative support and other services provided by Canadian Banking to the Global Wealth Management businesses. These are reported as revenues in Canadian Banking and operating expenses in Global Wealth Management.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
T14A Adjusted Other financial performance
 
      For the three months ended      For the nine months ended  
(Unaudited) ($ millions)

(Taxable equivalent basis)
   
July 31
2025
      April 30
2025		      July 31
2024
(1)
     
July 31
2025
      July 31
2024
(1)
  
Adjusted Results
(2)
               
Net interest income
   
$
(9
) 
    $ (47 )     $ (451 )    
$
(250
) 
    $ (1,342 ) 
Non-interest
income
(3)
   
 
(5
) 
      (48 )       (12 )    
 
(102
) 
      (4 ) 
Total revenue
   
 
(14
) 
      (95 )       (463 )    
 
(352
) 
      (1,346 ) 
Provision for credit losses
   
 
–
 
      1        –     
 
1
 
      1  
Non-interest
expenses
(4)
   
 
81
 
      105        3     
 
238
 
      (17 ) 
Income before taxes
   
 
(95
) 
      (201 )       (466 )    
 
(591
) 
      (1,330 ) 
Income tax expense/(benefit)
   
 
(38
) 
      (122 )       (265 )    
 
(278
) 
      (717 ) 
Net income (loss)
   
$
(57
) 
    $ (79 )     $ (201 )    
$
(313
) 
    $ (613 ) 
Net income (loss) attributable to
non-controlling
interests in subsidiaries
   
$
(1)
 
    $ 1      $ –     
$
–
 
    $ –  
Net income (loss) attributable to equity holders
   
$
(56
) 
    $ (80 )     $ (201 )    
$
(313
) 
    $ (613 ) 
(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 months ended July 31, 2025 – $8 (April 30, 2025 – $9; July 31, 2024 – nil) and for the nine months ended July 31, 2025 – $17 (July 31, 2024 – nil). Adjusted for the net (gain)/loss on divestitures and wind down of operations for the three months ended July 31, 2025 – nil (April 30, 2025 – $9; July 31, 2024 – $143) and for the nine months ended July 31, 2025 – $9 (July 31, 2024 – $143).
(4)
Adjusted for net (gain)/loss on divestitures and wind down of operations for the three months ended July 31, 2025 – $(23) (April 30, 2025 – $26; July 31, 2024 – $(7)) and for the nine months ended July 31, 2025 – $1,365 (July 31, 2024 – $(7)). Adjusted for legal provision for the three and nine months ended July 31, 2024 – $176.
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.
Q3 2025 vs Q3 2024
Net loss attributable to equity holders was $71 million compared to a net loss of $465 million in the prior year. The adjusted net loss attributable to equity holders was $56 million compared to an adjusted net loss of $201 million in the prior year. The lower loss was due to higher revenues, partly offset by higher expenses and a lower income tax benefit. The higher revenues were driven mainly by higher net interest income related to asset/liability management activities which benefitted from lower interest rates, and higher income from associated corporations related to the KeyCorp investment.
Q3 2025 vs Q2 2025
Net loss attributable to equity holders improved $54 million from the prior quarter. The adjusted net loss attributable to equity holders improved $24 million from the prior quarter. The lower loss was due to higher revenues and lower non-interest expenses, which was partly offset by a lower income tax benefit. The higher revenues were due primarily to higher net interest income from lower funding costs and higher investment gains.
Year-to-date
Q3 2025 vs
Year-to-date
Q3 2024
Net loss attributable to equity holders was $1,537 million compared to $877 million last year. The current year includes a net loss of $1,196 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama. Adjusted net loss attributable to equity holders was $313 million compared to $613 million last year. The lower loss was due to higher revenues, which were partly offset by higher expenses and a lower income tax benefit. The higher revenues were due primarily to higher net interest income which benefitted from lower interest rates, and higher income from associated corporations related to the KeyCorp investment.
 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
Geographic Highlights
T15 Geographic highlights
 
    
For the three months ended July 31, 2025
  
(Unaudited) ($ millions)
  
Canada
    
U.S.
    
Mexico
    
Peru
    
Chile
    
Colombia
    
Caribbean
and
Central
America
    
Other
    
Total
  
Reported results
                  
Net interest income
  
$
2,851
 
  
$
277
 
  
$
612
 
  
$
307
 
  
$
488
 
  
$
185
 
  
$
483
 
  
$
290
 
  
$
5,493
 
Non-interest income
  
 
2,452
 
  
 
405
 
  
 
237
 
  
 
153
 
  
 
137
 
  
 
123
 
  
 
332
 
  
 
154
 
  
 
3,993
 
Total revenue
  
 
5,303
 
  
 
682
 
  
 
849
 
  
 
460
 
  
 
625
 
  
 
308
 
  
 
815
 
  
 
444
 
  
 
9,486
 
Provision for credit losses
  
 
467
 
  
 
18
 
  
 
139
 
  
 
84
 
  
 
179
 
  
 
86
 
  
 
53
 
  
 
15
 
  
 
1,041
 
Non-interest expenses
  
 
2,906
 
  
 
399
 
  
 
449
 
  
 
209
 
  
 
293
 
  
 
183
 
  
 
368
 
  
 
282
 
  
 
5,089
 
Income tax expense
  
 
519
 
  
 
27
 
  
 
63
 
  
 
40
 
  
 
21
 
  
 
18
 
  
 
118
 
  
 
23
 
  
 
829
 
Net income
  
$
1,411
 
  
$
238
 
  
$
198
 
  
$
127
 
  
$
132
 
  
$
21
 
  
$
276
 
  
$
124
 
  
$
2,527
 
Net income attributable to non-controlling interests in subsidiaries
  
 
37
 
  
 
–
 
  
 
5
 
  
 
1
 
  
 
(3
) 
  
 
7
 
  
 
33
 
  
 
–
 
  
 
80
 
Net income attributable to equity holders of the Bank
  
$
1,374
 
  
$
238
 
  
$
193
 
  
$
126
 
  
$
135
 
  
$
14
 
  
$
243
 
  
$
124
 
  
$
2,447
 
Adjusted results
(1)
                  
Adjustments
  
 
15
 
  
 
7
 
  
 
–
 
  
 
–
 
  
 
5
 
  
 
–
 
  
 
–
 
  
 
1
 
  
 
28
 
Adjusted net income attributable to equity holders of the Bank
  
$
1,389
 
  
$
245
 
  
$
193
 
  
$
126
 
  
$
140
 
  
$
14
 
  
$
243
 
  
$
125
 
  
$
2,475
 
Average Assets
($ billions)
  
$
895
 
  
$
230
 
  
$
58
 
  
$
28
 
  
$
55
 
  
$
14
 
  
$
37
 
  
$
129
 
  
$
1,446
 
Average Liabilities
($ billions)
  
$
880
 
  
$
184
 
  
$
54
 
  
$
21
 
  
$
49
 
  
$
14
 
  
$
35
 
  
$
123
 
  
$
1,360
 
 
     For the three months ended April 30, 2025     For the three months ended July 31, 2024
(2)
  
(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
   $ 2,847     $ 122     $ 592     $ 332     $ 515     $ 174     $ 466     $ 222     $ 5,270     $ 2,314     $ 196     $ 603     $ 364     $ 487     $ 174     $ 469     $ 255     $ 4,862  
Non-interest income
     2,127       549       242       139       150       118       318       167       3,810       2,061       368       250       135       122       119       309       138       3,502  
Total revenue
     4,974       671       834       471       665       292       784       389       9,080       4,375       564       853       499       609       293       778       393       8,364  
Provision for credit losses
     813       33       145       81       168       94       46       18       1,398       442       13       108       127       147       156       33       26       1,052  
Non-interest expenses
     2,908       409       446       215       295       185       374       278       5,110       2,822       324       472       217       288       198       364       264       4,949  
Income tax expense
     288       25       62       10       25       8       107       15       540       201       38       59       40       26       (20 )      85       22       451  
Net income
   $ 965     $ 204     $ 181     $ 165     $ 177     $ 5     $ 257     $ 78     $ 2,032     $ 910     $ 189     $ 214     $ 115     $ 148     $ (41 )    $ 296     $ 81     $ 1,912  
Net income attributable to non-controlling interests in subsidiaries
     15       –       5       2       3       –       31       –       56       –       –       6       1       15       (16 )      30       –       36  
Net income attributable to equity holders of the Bank
   $ 950     $ 204     $ 176     $ 163     $ 174     $ 5     $ 226     $ 78     $ 1,976     $ 910     $ 189     $ 208     $ 114     $ 133     $ (25 )    $ 266     $ 81     $ 1,876  
Adjusted results
(1)
                
 
  
 
                
 
  
Adjustments
     41       9       –       –       5       –       –       1       56       273       –       –       –       4       –       –       –       277  
Adjusted net income (loss) attributable to equity holders of
the Bank
   $ 991     $ 213     $ 176     $ 163     $ 179     $ 5     $ 226     $ 79     $ 2,032     $ 1,183     $ 189     $ 208     $ 114     $ 137     $ (25 )    $ 266     $ 81     $ 2,153  
Average Assets
($ billions)
  
$
899
 		   $ 241     $ 59     $ 29     $ 57     $ 14     $ 38     $ 131     $ 1,468     $ 877     $ 217     $ 66     $ 27     $ 55     $ 15     $ 36     $ 130     $ 1,423  
Average Liabilities
($ billions)
  
$
889
 		   $ 187     $ 54     $ 22     $ 52     $ 14     $ 35     $ 129     $ 1,382     $ 859     $ 188     $ 60     $ 20     $ 51     $ 15     $ 33     $ 115     $ 1,341  
                                   
    
For the nine months ended July 31, 2025
     For the nine months ended July 31, 2024
(2)
  
(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
  
$
8,419
 
  
$
552
 
  
$
1,761
 
  
$
1,014
 
  
$
1,490
 
  
$
528
 
  
$
1,438
 
  
$
734
 
  
$
15,936
 
   $ 6,699     $ 517     $ 1,845     $ 1,054     $ 1,545     $ 517     $ 1,374     $ 778     $ 14,329  
Non-interest income
  
 
6,890
 
  
 
1,592
 
  
 
748
 
  
 
464
 
  
 
420
 
  
 
355
 
  
 
980
 
  
 
553
 
  
 
12,002
 
     6,380       1,166       791       416       330       365       884       483       10,815  
Total revenue
  
 
15,309
 
  
 
2,144
 
  
 
2,509
 
  
 
1,478
 
  
 
1,910
 
  
 
883
 
  
 
2,418
 
  
 
1,287
 
  
 
27,938
 
     13,079       1,683       2,636       1,470       1,875       882       2,258       1,261       25,144  
Provision for credit losses
  
 
1,827
 
  
 
63
 
  
 
412
 
  
 
277
 
  
 
539
 
  
 
287
 
  
 
147
 
  
 
49
 
  
 
3,601
 
     1,259       22       271       383       475       447       105       59       3,021  
Non-interest expenses
  
 
10,093
(3)
 
  
 
1,190
 
  
 
1,337
 
  
 
652
 
  
 
879
 
  
 
559
 
  
 
1,140
 
  
 
840
 
  
 
16,690
 
     8,005       966       1,444       639       861       604       1,095       785       14,399  
Income tax expense
  
 
1,199
 
  
 
133
 
  
 
193
 
  
 
91
 
  
 
66
 
  
 
22
 
  
 
338
 
  
 
53
 
  
 
2,095
 
     730       109       223       106       90       (50 )      225       88       1,521  
Net income
  
$
2,190
 
  
$
758
 
  
$
567
 
  
$
458
 
  
$
426
 
  
$
15
 
  
$
793
 
  
$
345
 
  
$
5,552
 
   $ 3,085     $ 586     $ 698     $ 342     $ 449     $ (119 )    $ 833     $ 329     $ 6,203  
Net income attributable to non-controlling interests in subsidiaries
  
 
(139
) 
  
 
–
 
  
 
16
 
  
 
5
 
  
 
6
 
  
 
2
 
  
 
92
 
  
 
–
 
  
 
(18
) 
     –       –       18       2       30       (46 )      83       –       87  
Net income attributable to equity holders of the Bank
  
$
2,329
 
  
$
758
 
  
$
551
 
  
$
453
 
  
$
420
 
  
$
13
 
  
$
701
 
  
$
345
 
  
$
5,570
 
   $ 3,085     $ 586     $ 680     $ 340     $ 419     $ (73 )    $ 750     $ 329     $ 6,116  
Adjusted results
(1)
                
 
  
 
                
 
  
Adjustments
  
 
1,227
 
  
 
16
 
  
 
–
 
  
 
–
 
  
 
15
 
  
 
–
 
  
 
1
 
  
 
3
 
  
 
1,262
 
     285       –       –       1       14       –       2       1       303  
Adjusted net income (loss) attributable to equity holders of
the Bank
  
$
3,556
 
  
$
774
 
  
$
551
 
  
$
453
 
  
$
435
 
  
$
13
 
  
$
702
 
  
$
348
 
  
$
6,832
 
   $ 3,370     $ 586     $ 680     $ 341     $ 433     $ (73 )    $ 752     $ 330     $ 6,419  
Average Assets
($ billions)
  
$
898
 
  
$
234
 
  
$
59
 
  
$
29
 
  
$
55
 
  
$
14
 
  
$
38
 
  
$
131
 
  
$
1,458
 
   $ 869     $ 219     $ 65     $ 27     $ 57     $ 15     $ 35     $ 132     $ 1,419  
Average Liabilities
($ billions)
  
$
884
 
  
$
188
 
  
$
54
 
  
$
22
 
  
$
50
 
  
$
14
 
  
$
35
 
  
$
126
 
  
$
1,373
 
   $ 848     $ 190     $ 61     $ 20     $ 53     $ 14     $ 32     $ 121     $ 1,339  
(1)
Refer to Non-GAAP Measures section starting on page 5.
(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 impairment loss related to the Bank’s announced sale of the banking operations in Colombia, Costa Rica and Panama.
 
 Scotiabank Third 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)
     
July 31
2025
     April 30
2025		     January 31
2025		     October 31
2024		     July 31
2024		     April 30
2024		     January 31
2024		     October 31
2023		  
Reported results
         
 
        
 
  
Net interest income
     
$
5,493
 
   $ 5,270     $ 5,173     $ 4,923     $ 4,862     $ 4,694     $ 4,773     $ 4,666  
Non-interest income
     
 
3,993
 
     3,810       4,199       3,603       3,502       3,653       3,660       3,606  
Total revenue
     
$
9,486
 
   $ 9,080     $ 9,372     $ 8,526     $ 8,364     $ 8,347     $ 8,433     $ 8,272  
Provision for credit losses
     
 
1,041
 
     1,398       1,162       1,030       1,052       1,007       962       1,256  
Non-interest expenses
     
 
5,089
 
     5,110       6,491       5,296       4,949       4,711       4,739       5,527  
Income tax expense
     
 
829
 
     540       726       511       451       537       533       135  
Net income
     
$
2,527
 
   $ 2,032     $ 993     $ 1,689     $ 1,912     $ 2,092     $ 2,199     $ 1,354  
Basic earnings per share
($)
     
 
1.84
 
     1.48       0.82       1.23       1.43       1.59       1.70       1.01  
Diluted earnings per share
($)
     
 
1.84
 
     1.48       0.66       1.22       1.41       1.57       1.68       0.99  
Net interest margin
(%)
(1)
     
 
2.36
 
     2.31       2.23       2.15       2.14       2.17       2.19       2.15  
Effective tax rate
(%)
(2)
     
 
24.7
 
     21.0       42.2       23.2       19.1       20.4       19.5       9.1  
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
     
 
8
 
     9       –       –       –       –       –       –  
Total non-interest income and total revenue adjusting items (Pre-tax)
     
 
8
 
     18       –       –       143       –       –       (367 ) 
Adjusting items impacting non-interest expenses (Pre-tax)
         
 
        
 
  
Divestitures and wind-down of operations
     
 
(23
) 
     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
 
     17       18       19       17       18       18       19  
Legal provision
     
 
–
 
     –       –       –       176       –       –       –  
Total non-interest expenses adjusting items (Pre-tax)
     
 
(6
) 
     43       1,380       512       186       18       18       806  
Total impact of adjusting items on net income before taxes
     
 
2
 
     61       1,380       512       329       18       18       439  
Impact of adjusting items on income tax expense
     
 
(11
) 
     (21 )      (11 )      (82 )      (50 )      (5 )      (5 )      (150 ) 
Total impact of adjusting items on net income
     
 
(9
) 
     40       1,369       430       279       13       13       289  
Adjusted net income
     
$
2,518
 
   $ 2,072     $ 2,362     $ 2,119     $ 2,191     $ 2,105     $ 2,212     $ 1,643  
Adjusted diluted earnings per share 
($)
     
 
1.88
 
     1.52       1.76       1.57       1.63       1.58       1.69       1.23  
(1)
Refer to Non-GAAP Measures section starting on page 5.
(2)
Refer to Glossary on page 57 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 generally 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 the positive impact from central bank rate decreases. 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 corporations.
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 generally 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 Third 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 period were impacted by adjusting items.
Provision for income taxes
The effective tax rate was 24.7% this quarter. The effective tax rate average was 22.4% over the period and was impacted by increased statutory tax rates, implementation of the GMT, 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)
   
July 31
2025
      October 31
2024		      Change      Volume
Change		      FX
Change		  
Assets
               
Cash, deposits with financial institutions and precious metals
   
$
75.5
 
    $ 66.4        13.7 %       13.5 %       0.2 % 
Trading assets
   
 
136.5
 
      129.7        5.2        4.7        0.5  
Securities purchased under resale agreements and securities borrowed
   
 
185.4
 
      200.6        (7.6 )       (7.8 )       0.2  
Derivative financial instruments
   
 
43.8
 
      44.4        (1.3 )       (3.7 )       2.4  
Investment securities
   
 
149.2
 
      152.8        (2.4 )       (2.5 )       0.1  
Loans
   
 
761.6
 
      760.8        0.1        (0.1 )       0.2  
Other
   
 
62.7
 
      57.3        9.6        9.4        0.2  
Total assets
   
$
1,414.7
 
    $ 1,412.0        0.2 %       (0.1 )%       0.3 % 
Liabilities
               
Deposits
   
$
946.8
 
    $ 943.8        0.3 %       – %       0.3 % 
Derivative financial instruments
   
 
52.9
 
      51.3        3.2        4.3        (1.1 ) 
Obligations related to securities sold under repurchase agreements and securities lent
   
 
182.2
 
      190.5        (4.3 )       (4.6 )       0.3  
Other liabilities
   
 
139.7
 
      134.5        3.8        2.9        0.9  
Subordinated debentures
   
 
7.6
 
      7.8        (2.9 )       (2.7 )       (0.2 ) 
Total liabilities
   
$
1,329.2
 
    $ 1,327.9        0.1 %       (0.2 )%       0.3 % 
Equity
               
Common equity
(1)
   
$
75.3
 
    $ 73.6        2.3 %       2.5 %       (0.2 )% 
Preferred shares and other equity instruments
   
 
8.5
 
      8.8        (2.7 )       (2.7 )       –  
Non-controlling interests in subsidiaries
   
 
1.7
 
      1.7        (1.5 )       (2.0 )       0.5  
Total equity
   
$
85.5
 
    $ 84.1        1.7 %       1.8 %       (0.1 )% 
Total liabilities and equity
   
$
1,414.7
 
    $ 1,412.0        0.2 %       (0.1 )%       0.3 % 
(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 July 31, 2025, an increase of $3 billion from October 31, 2024. Cash, deposits with financial institutions and precious metals increased $9 billion due mainly to higher amounts at central banks and increases in the gold position and price. Trading assets increased $7 billion due mainly to higher trading securities. Securities purchased under resale agreements and securities borrowed decreased $15 billion due mainly to lower client activity. Investment securities decreased $4 billion due mainly to lower holdings of other foreign government debt and common equities. Loans increased $1 billion. Residential mortgages were up $10 billion due mainly to growth in Canada and personal loans increased $2 billion mainly in Latin America, which were partly offset by lower business and government loans, mainly in Canada and Asia. Other assets increased $5 billion due mainly to the Bank’s investment in KeyCorp and higher collateral requirements.
Total liabilities were $1,329 billion as at July 31, 2025, an increase of $1 billion from October 31, 2024. Total deposits increased $3 billion. Personal deposits of $301 billion increased $3 billion mainly in Canada and business and government deposits were higher by $6 billion, mainly in Europe and Latin America, which were partly offset by lower deposits by financial institutions, mainly in Asia. Derivative instrument liabilities increased by $2 billion due to mainly to changes in equity derivatives. Obligations related to securities sold under repurchase agreements and securities lent decreased $8 billion due mainly to client activity. Other liabilities increased $5 billion due mainly to new issuances of financial instruments designated at fair value through profit or loss.
Total equity was $85 billion, an increase of $1 billion from October 31, 2024. Equity was higher due to current year earnings of $5,552 million and other comprehensive income of $841 million, due mainly to gains on derivative instruments designated as cash flow hedges, as well as the net change in fair value of debt securities measured through other comprehensive income. Partly offsetting these items were dividends paid of $4,399 million and the net redemption of shares and other equity instruments of $392 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. The impact of U.S. imposed tariffs and continued trade and government policy uncertainty is a key risk driver impacting our top and emerging risks.
 
 Scotiabank Third Quarter Report 2025   
 
37
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Impact of Tariffs
Heightened economic uncertainty driven by the impact of tariffs and changing government policy may be contributing to a slowdown in economic and trade activity. This is occurring in an already uncertain macroeconomic environment for the Bank’s clients who may also be dealing with higher borrowing costs and could further dampen consumer demand and investor confidence. In addition, existing sectoral and non-CUSMA compliant goods tariffs on Mexico and Canada could impact key exports creating headwinds for the Bank in its priority markets. Proactive provisioning, stress testing, and regular monitoring of the environment will help bolster the Bank’s preparedness for a significant downturn, while fostering a deeper understanding of how evolving conditions affect 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 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 assumes tariffs announced and implemented, 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.
The current quarter’s base case assumes lower trade tensions than in the prior quarter’s base case. However, uncertainty originating from the U.S. is still impacting its domestic and the global economic outlook. We forecast U.S. economic growth to slow in 2025, and further in 2026, due to the rise in import tariffs, but to post stronger than previously expected growth over this period, thanks to an upward revision to its assumed performance for the first half of this year and lower trade tensions. Despite softer stagflation headwinds from reduced trade tensions, our assumption about inflationary pressures is unchanged based on survey information and inflation figures from consumer price reports. We expect the U.S. monetary policy rate to stay constant throughout fiscal 2025 and to start declining in Q1 2026, the same profile as in our previous base case, consistent with our unchanged view on inflation pressures.
Canada’s economy is also expected to slow over the 2025-2026 period in line with softening U.S. economic growth, though to a lesser extent than previously projected, supported by the upward revision to U.S. growth. However, the gains in 2025 are overshadowed by a weaker than assumed performance in the first half of the year. Consequently, Canada’s economy will expand at a modestly slower pace than previously expected in 2025, but by more in 2026 as the drag from the early 2025 headwinds fades. Stronger economic growth expected for the second half of 2025, as well as recent CPI reports showing core inflation indicators at or slightly above the upper bound of the Bank of Canada inflation control range, are signaling stronger than previously assumed inflation pressures in Canada. This contributes to raising the monetary policy rate profile by 25 basis points in the second half of 2026 compared to last quarter’s base case.
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 an effective tariff of 7.5% on imports from Canada and Mexico while facing no retaliation from these countries. 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 about three times 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 71 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):
Economic growth is expected to slow down in Canada and the U.S. over 2025-2026 in the base case scenario. While trade tensions are assumed to be lower than in last quarter’s base case, they continue to weigh on the outlook, particularly in the U.S. where rising import tariffs and volatile policy changes are expected to dampen growth, albeit to a lesser extent than previously forecast. Real GDP growth in U.S. is expected to decline from an observed 2.8% in 2024 to 1.5% in 2025, and further to 0.9% in 2026. In Canada, economic growth is expected to soften from 1.6% in 2024 to 1.4% in 2025, and to 1.1% in 2026.
 
 

 
Sources: Scotiabank Economics, Statistics Canada.
   

 
Sources: Scotiabank Economics, BEA.
 
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    Scotiabank Third Quarter Report 2025 
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MANAGEMENT’S DISCUSSION & ANALYSIS
 
●
Unemployment Rate:
The base case scenario forecasts a rise in the unemployment rate in both Canada and U.S., but their expected peak levels are lower in this quarter’s base case due to reduced trade frictions. In the U.S., the unemployment rate is expected to peak at 4.9% in early 2026, while in Canada, it is projected to peak at 7.3% in Q4 2025. Over the longer term, the unemployment rate is now expected to remain higher than previously forecast in both economies. This reflects weaker economic growth during that period, as there is less need for catch-up following stronger than expected growth earlier in the forecast horizon.
 

 
Sources: Scotiabank Economics, Statistics Canada.
   

 
Sources: Scotiabank Economics, BLS.
The total allowance for credit losses as at July 31, 2025, was $7,386 million compared to $7,276 million in the prior quarter. The allowance for credit losses ratio was 96 basis points, an increase of one basis point. The allowance for credit losses on loans was $7,197 million, an increase of $113 million compared to last quarter. The increase was related to credit quality migration impacting the commercial portfolios and international retail portfolio growth. Allowances on impaired loans were higher due primarily to higher provisions in International Banking. The impact of foreign currency translation increased the allowance by $51 million.
The allowance for credit losses on performing loans was higher at $4,963 million compared to $4,883 million last quarter. The allowance for performing loans ratio was 67 basis points. The increase was related to credit quality migration impacting the commercial portfolios and International retail portfolio growth. The impact of foreign currency translation increased the allowance by $23 million.
The allowance on impaired loans increased by $33 million to $2,234 million from $2,201 million last quarter. The allowance for impaired loans ratio was 29 basis points, unchanged from prior quarter. The increase was due primarily to higher provisions in International Banking, and the impact of foreign currency translation of $28 million.
Impaired loans
Gross impaired loans increased to $6,890 million as at July 31, 2025, from $6,849 million last quarter. The increase was due primarily to International retail, mainly in Chile and Mexico, and higher formations in the Canadian and International commercial portfolios, as well as the impact of foreign currency translation. The gross impaired loan ratio was 90 basis points, unchanged from last quarter.
Net impaired loans in Canadian Banking were $1,486 million, a decrease of $12 million from last quarter, due primarily to higher repayments, partly offset by formations in the commercial portfolio. Net impaired loans in International Banking were $3,066 million, an increase of $60 million from last quarter, due to higher formations and the impact of foreign currency translation. Net impaired loans in Global Banking and Markets were $41 million, a decrease of $43 million from last quarter, due mainly to the write-off of one corporate account. Net impaired loans in Global Wealth Management were $63 million, an increase of $3 million from last quarter. Net impaired loans as a percentage of loans and acceptances were 0.61%, unchanged 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 July 31, 2025, these loans amounted to $486 billion or 63% of the Bank’s total loans and acceptances outstanding (April 30, 2025 – $483 billion or 63%). Of these, $384 billion or 79% are real estate secured loans (April 30, 2025 – $383 billion or 79%). The tables below provide more details by portfolio.
 
 Scotiabank Third 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 July 31, 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
  
$
4,487
 
  
 
1.5
% 
  
$
7,300
 
  
 
2.4
% 
  
$
11,787
 
  
 
3.9
% 
  
$
  –
 
  
 
–
% 
  
$
1,084
 
  
 
4.6
% 
  
$
1,084
 
  
 
4.6
% 
Quebec
  
 
7,162
 
  
 
2.4
 
  
 
13,193
 
  
 
4.3
 
  
 
20,355
 
  
 
6.7
 
  
 
–
 
  
 
–
 
  
 
1,256
 
  
 
5.3
 
  
 
1,256
 
  
 
5.3
 
Ontario
  
 
28,757
 
  
 
9.5
 
  
 
141,313
 
  
 
46.2
 
  
 
170,070
 
  
 
55.7
 
  
 
–
 
  
 
–
 
  
 
13,804
 
  
 
58.8
 
  
 
13,804
 
  
 
58.8
 
Manitoba & Saskatchewan
  
 
4,714
 
  
 
1.5
 
  
 
4,634
 
  
 
1.5
 
  
 
9,348
 
  
 
3.0
 
  
 
–
 
  
 
–
 
  
 
574
 
  
 
2.4
 
  
 
574
 
  
 
2.4
 
Alberta
  
 
14,197
 
  
 
4.6
 
  
 
17,794
 
  
 
5.9
 
  
 
31,991
 
  
 
10.5
 
  
 
–
 
  
 
–
 
  
 
2,268
 
  
 
9.7
 
  
 
2,268
 
  
 
9.7
 
British Columbia & Territories
  
 
9,921
 
  
 
3.2
 
  
 
52,115
 
  
 
17.0
 
  
 
62,036
 
  
 
20.2
 
  
 
–
 
  
 
–
 
  
 
4,498
 
  
 
19.2
 
  
 
4,498
 
  
 
19.2
 
Canada
(4)(5)
  
$
69,238
 
  
 
22.7
% 
  
$
236,349
 
  
 
77.3
% 
  
$
305,587
 
  
 
100
% 
  
$
–
 
  
 
–
% 
  
$
23,484
 
  
 
100
% 
  
$
23,484
 
  
 
100
% 
International
  
 
–
 
  
 
–
 
  
 
55,350
 
  
 
100
 
  
 
55,350
 
  
 
100
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Total
  
$
69,238
 
  
 
19.2
% 
  
$
291,699
 
  
 
80.8
% 
  
$
360,937
 
  
 
100
% 
  
$
–
 
  
 
–
% 
  
$
23,484
 
  
 
100
% 
  
$
23,484
 
  
 
100
% 
     As at April 30, 2025  
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 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 $3,176 (April 30, 2025 - $3,228; October 31, 2024 – $3,796) of which $2,514 are insured (April 30, 2025 – $2,548; October 31, 2024 – $3,024).
(5)
Variable rate mortgages account for 34% (April 30, 2025 – 33%; 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 July 31, 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
   
 
34.2
% 
  
 
34.0
% 
   
 
30.4
% 
   
 
0.8
% 
  
 
0.6
% 
   
 
100
% 
International
   
 
65.3
% 
  
 
18.1
% 
   
 
15.3
% 
   
 
1.3
% 
  
 
0.0
% 
   
 
100
% 
      As at April 30, 2025  
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 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 (April 30, 2025 – 77%; October 31, 2024 – 76%). The average loan-to-value (LTV) ratio of the uninsured portfolio is 52% (April 30, 2025 – 52%; October 31, 2024 – 51%).
 
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    Scotiabank Third 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 July 31, 2025
  
     
Residential
mortgages
     
Home equity lines of
credit 
(2)
  
     
LTV%
     
LTV%
  
Canada:
(3)
      
Atlantic provinces
   
 
59.4
% 
   
 
64.2
% 
Quebec
   
 
61.3
 
   
 
66.0
 
Ontario
   
 
60.1
 
   
 
62.9
 
Manitoba & Saskatchewan
   
 
65.3
 
   
 
64.8
 
Alberta
   
 
63.6
 
   
 
66.7
 
British Columbia & Territories
   
 
60.6
 
   
 
61.7
 
Canada
   
 
60.8
% 
   
 
63.3
% 
International
   
 
71.1
% 
   
 
n/a
 
      For the three months ended April 30, 2025  
Canada
      61.2 %       62.8 % 
International
      70.6 %       n/a  
      For the three months ended October 31, 2024  
Canada
      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 enterprise-wide scenario analyses to assess the impact to the enterprise under 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 $62.6 billion (April 30, 2025 – $62.3 billion; October 31, 2024 – $66.0 billion), or 8.1% (April 30, 2025 – 8.2%; October 31, 2024 –8.6%) of the Bank’s total loans outstanding as at July 31, 2025. This portfolio is comprised of 73% of loans to the residential and industrial sector (April 30, 2025 – 72%; October 31, 2024 –73%). Headwinds faced by the industry continue, however show signs of modest stabilization. Total exposure to the Office subsector (entities engaged in the construction, development, or ownership of office properties as a business) represents approximately 8% (April 30, 2025 – 9%; October 31, 2024 – 9%) of the commercial real estate portfolio, of which approximately 57% (April 30, 2025 – 57%; October 31, 2024 – 60%) are investment grade facilities. U.S. office exposure represents approximately 0.4% (April 30, 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 $3,545 million as at July 31, 2025 (April 30, 2025 – $3,518 million; October 31, 2024 – $3,238 million). This represents approximately 6% of the commercial real estate portfolio (April 30, 2025 – 6%; October 31, 2024 – 5%), of which approximately 76% are investment grade facilities (April 30, 2025 – 78%; October 31, 2024 – 72%). Downside risk is partially mitigated by primary focus on 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 creditworthiness of the counterparties (58% 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 $55.3 billion as at July 31, 2025 (April 30, 2025 – $55.9 billion; October 31, 2024 – $58.9 billion), $13 billion to banks (April 30, 2025 – $14.8 billion; October 31, 2024 – $15.5 billion), and $102.4 billion to corporates (April 30, 2025 – $103.0 billion; October 31, 2024 – $111.0 billion).
In addition to the 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 $0.01 billion as at July 31, 2025 (April 30, 2025 – $0.06 billion; October 31, 2024 – $0.09 billion).

 Scotiabank Third 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                
    
July 31, 2025
     April 30
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)
   $ 76,065     $ 11,990     $ 17,988     $ 1,426     $ 107,469     $ 10,398    
$
117,867
 
   $ 118,812     $ 125,228  
Caribbean and Central America
     12,497       4,001       4,723       60       21,281       3,244    
 
24,525
 
     25,437       24,521  
Europe, excluding U.K.
     7,198       4,012       4,501       2,325       18,036       10,519    
 
28,555
 
     26,648       25,083  
U.K.
     6,501       1,296       722       1,153       9,672       5,921    
 
15,593
 
     17,126       18,192  
Asia
     6,897       736       5,935       274       13,842       7,693    
 
21,535
 
     24,005       29,458  
Other
(6)
     360       3       42       1       406       308    
 
714
 
     687       778  
Total
   $ 109,518     $ 22,038     $ 33,911     $ 5,239     $ 170,706     $ 38,083    
$
208,789
 
   $ 212,715     $ 223,260  
(1)
Allowances for credit losses are $602. 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 $14,394 as at July 31, 2025 (April 30, 2025 – $14,272; 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 $9,003 and collateral held against SFT was $128,275.
(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
 
      As at or for the three months ended  
     
July 31, 2025
      April 30, 2025      July 31, 2024  
Risk factor
($ millions)
   
As at
     
Average
     
High
    
Low
      As at      Average      As at      Average  
Credit spread plus interest rate
   
$
13.5
 
   
$
14.3
 
   
$
17.5
 
  
$
12.2
 
    $ 14.3      $ 14.2      $ 9.8      $ 12.7  
Credit spread
(1)
   
 
9.0
 
   
 
11.1
 
   
 
14.0
 
  
 
8.2
 
      12.0        12.4        6.1        7.7  
Interest rate
   
 
10.2
 
   
 
11.2
 
   
 
15.6
 
  
 
8.5
 
      8.6        12.8        7.3        13.7  
Equities
   
 
4.6
 
   
 
4.1
 
   
 
8.4
 
  
 
2.5
 
      8.2        6.1        5.1        4.6  
Foreign exchange
   
 
2.8
 
   
 
2.8
 
   
 
5.7
 
  
 
1.1
 
      1.4        2.0        2.4        2.1  
Commodities
   
 
4.1
 
   
 
3.4
 
   
 
4.9
 
  
 
2.3
 
      2.5        2.8        3.8        2.1  
Debt specific
(1)
   
 
n/a
 
   
 
n/a
 
   
 
n/a
 
  
 
n/a
 
      n/a        n/a        3.1        3.0  
Diversification effect
   
 
(12.9
) 
   
 
(11.5
) 
   
 
nm
(2)
 
  
 
nm
(2)
 
      (14.3 )       (11.0 )       (15.1 )       (10.6 ) 
Total VaR
   
$
12.1
 
   
$
13.1
 
   
$
18.3
 
  
$
9.7
 
    $ 12.1      $ 14.1      $ 9.1      $ 13.9  
(1)
Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.
(2)
Not meaningful.
In the third quarter of 2025, the average one-day Total VaR decreased primarily due to lower interest rate risk and equity 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 Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
T23 Structural interest sensitivity
 
                  As at  
    
July 31, 2025
     April 30, 2025     July 31, 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
  
$
207
 
  
$
(70
) 
  
$
137
 
  
$
(603
) 
  
$
(956
) 
  
$
(1,559
) 
   $ 174     $ (1,299 )    $ (54 )    $ (1,427 ) 
-100 bps
  
 
(192
) 
  
 
45
 
  
 
(147
) 
  
 
489
 
  
 
705
 
  
 
1,194
 
     (225 )      820       –       910  
During the third 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 July 31, 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
  
$
5,832
 
  
$
5,832
 
  
$
–
 
  
$
–
 
  
 
n/a
 
Trading assets
  
 
136,485
 
  
 
135,553
 
  
 
932
 
  
 
–
 
  
 
Interest rate, FX
 
Derivative financial instruments
  
 
43,801
 
  
 
39,986
 
  
 
3,815
 
  
 
–
 
  
 
Interest rate, FX, equity
 
Investment securities
  
 
149,151
 
  
 
–
 
  
 
149,151
 
  
 
–
 
  
 
Interest rate, FX, equity
 
Loans
  
 
761,560
 
  
 
–
 
  
 
761,560
 
  
 
–
 
  
 
Interest rate, FX
 
Assets – other
(1)
  
 
317,857
 
  
 
428
 
  
 
–
 
  
 
317,429
 
  
 
n/a
 
Total assets
  
$
1,414,686
 
  
$
181,799
 
  
$
915,458
 
  
$
317,429
 
  
 
 
 
Deposits
  
$
946,842
 
  
$
–
 
  
$
901,902
 
  
$
44,940
 
  
 
Interest rate, FX, equity
 
Financial instruments designated at fair value through profit or loss
  
 
43,536
 
  
 
43,536
 
  
 
–
 
  
 
–
 
  
 
Interest rate, equity
 
Obligations related to securities sold short
  
 
34,675
 
  
 
34,675
 
  
 
–
 
  
 
–
 
  
 
n/a
 
Derivative financial instruments
  
 
52,916
 
  
 
48,355
 
  
 
4,561
 
  
 
–
 
  
 
Interest rate, FX, equity
 
Trading liabilities
(2)
  
 
614
 
  
 
614
 
  
 
–
 
  
 
–
 
  
 
n/a
 
Pension and other benefit liabilities
  
 
1,552
 
  
 
–
 
  
 
1,552
 
  
 
–
 
  
 
Interest rate, credit spread, equity
 
Liabilities – other
(3)
 
 
249,068
 
  
 
272
 
  
 
–
 
  
 
248,796
 
  
 
n/a
 
Total liabilities
  
$
1,329,203
 
  
$
127,452
 
  
$
908,015
 
  
$
293,736
 
  
 
 
 
(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 Third 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 July 31, 2025 unencumbered liquid assets were $321 billion (October 31, 2024 – $310 billion). Securities, including National Housing Act (NHA) mortgage-backed securities, comprised 79% 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 21% (October 31, 2024 – 19%). The increase in total unencumbered liquid assets was attributable to an increase in cash and deposits with central banks, other liquid securities, precious metals, NHA mortgage backed securities and foreign government obligations, partly offset by a decrease in Canada government obligations 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 July 31, 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 July 31, 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
  
$
62,943
 
  
$
–
 
  
$
62,943
 
  
$
–
 
  
$
6,886
 
  
$
56,057
 
   
$
  –
 
Deposits with financial institutions
  
 
6,758
 
  
 
–
 
  
 
6,758
 
  
 
–
 
  
 
56
 
  
 
6,702
 
   
 
–
 
Precious metals
  
 
5,832
 
  
 
–
 
  
 
5,832
 
  
 
–
 
  
 
–
 
  
 
5,832
 
   
 
–
 
Securities:
               
Canadian government obligations
  
 
78,040
 
  
 
21,761
 
  
 
99,801
 
  
 
42,371
 
  
 
–
 
  
 
57,430
 
   
 
–
 
Foreign government obligations
  
 
118,090
 
  
 
110,702
 
  
 
228,792
 
  
 
103,783
 
  
 
–
 
  
 
125,009
 
   
 
–
 
Other securities
  
 
73,687
 
  
 
127,054
 
  
 
200,741
 
  
 
161,577
 
  
 
–
 
  
 
39,164
 
   
 
–
 
NHA mortgage-backed securities
  
 
37,874
 
  
 
–
 
  
 
37,874
 
  
 
6,908
 
  
 
–
 
  
 
30,966
 
   
 
–
 
Total
  
$
383,224
 
  
$
259,517
 
  
$
642,741
 
  
$
314,639
 
  
$
6,942
 
  
$
321,160
 
   
$
–
 
     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 Third 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)
   
July 31
2025
      October 31
2024		  
The Bank of Nova Scotia (Parent)
   
$
248,557
 
    $ 235,378  
Bank domestic subsidiaries
   
 
23,524
 
      32,769  
Bank foreign subsidiaries
   
 
49,079
 
      41,862  
Total
   
$
321,160
 
    $ 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 July 31, 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
  
$
62,943
 
  
$
–
 
  
$
62,943
 
  
$
–
 
  
$
6,886
 
  
$
56,057
 
   
$
–
 
Deposits with financial institutions
  
 
6,758
 
  
 
–
 
  
 
6,758
 
  
 
–
 
  
 
56
 
  
 
6,702
 
   
 
–
 
Precious metals
  
 
5,832
 
  
 
–
 
  
 
5,832
 
  
 
–
 
  
 
–
 
  
 
5,832
 
   
 
–
 
Liquid securities:
               
Canadian government obligations
  
 
78,040
 
  
 
21,761
 
  
 
99,801
 
  
 
42,371
 
  
 
–
 
  
 
57,430
 
   
 
–
 
Foreign government obligations
  
 
118,090
 
  
 
110,702
 
  
 
228,792
 
  
 
103,783
 
  
 
–
 
  
 
125,009
 
   
 
–
 
Other liquid securities
  
 
73,687
 
  
 
127,054
 
  
 
200,741
 
  
 
161,577
 
  
 
–
 
  
 
39,164
 
   
 
–
 
Other securities
  
 
4,776
 
  
 
18,431
 
  
 
23,207
 
  
 
13,209
 
  
 
–
 
  
 
–
 
   
 
9,998
 
Loans classified as liquid assets:
               
NHA mortgage-backed securities
  
 
37,874
 
  
 
–
 
  
 
37,874
 
  
 
6,908
 
  
 
–
 
  
 
30,966
 
   
 
–
 
Other loans
  
 
731,782
 
  
 
–
 
  
 
731,782
 
  
 
10,705
 
  
 
75,277
 
  
 
20,872
 
   
 
624,928
 
Other financial assets
(4)
  
 
238,269
 
  
 
(165,604
) 
  
 
72,665
 
  
 
15,356
 
  
 
–
 
  
 
–
 
   
 
57,309
 
Non-financial assets
  
 
56,635
 
  
 
–
 
  
 
56,635
 
  
 
–
 
  
 
–
 
  
 
–
 
   
 
56,635
 
Total
  
$
1,414,686
 
  
$
112,344
 
  
$
1,527,030
 
  
$
353,909
 
  
$
82,219
 
  
$
342,032
 
   
$
748,870
 
     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 Third Quarter Report 2025   
 
45
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
As at July 31, 2025 total encumbered assets of the Bank were $436 billion (October 31, 2024 – $421 billion). Of the remaining $1,091 billion (October 31, 2024 – $1,066 billion) of unencumbered assets, $342 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 July 31, 2025 the potential adverse impact on derivatives collateral that would result from a one, two or three-notch downgrade of the Bank’s rating below its lowest current rating was $37 million, $1,071 million or $1,912 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.
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 July 31, 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.
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.
 
46
    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The following table presents the Bank’s LCR for the quarter ended July 31, 2025, based on the average daily positions in the quarter:
T28 Bank’s average LCR
(1)
 
For the quarter ended July
 31, 2025
($ millions)
(2)
    Total
unweighted
Value
(Average)
(3)
      Total
weighted
Value
(Average)
(4)
  
High-quality liquid assets
      
Total high-quality liquid assets (HQLA)
   
 
*
 
   
$
262,449
 
Cash outflows
      
Retail deposits and deposits from small business customers, of which:
    $ 262,653      $ 27,952  
Stable deposits
      106,518        3,446  
Less stable deposits
      156,135        24,506  
Unsecured wholesale funding, of which:
      283,574        118,964  
Operational deposits (all counterparties) and deposits in networks of cooperative banks
      110,141        26,523  
Non-operational
deposits (all counterparties)
      162,721        81,729  
Unsecured debt
      10,712        10,712  
Secured wholesale funding
   
 
*
 
      85,795  
Additional requirements, of which:
      259,423        57,901  
Outflows related to derivative exposures and other collateral requirements
      45,108        24,040  
Outflows related to loss of funding on debt products
      5,076        5,076  
Credit and liquidity facilities
      209,239        28,785  
Other contractual funding obligations
      2,111        2,047  
Other contingent funding obligations
(5)
      614,697        8,730  
Total cash outflows
   
 
*
 
   
$
301,389
 
Cash inflows
      
Secured lending (e.g. reverse repos)
    $ 325,676      $ 45,271  
Inflows from fully performing exposures
      37,865        22,287  
Other cash inflows
      25,161        25,161  
Total cash inflows
   
$
388,702
 
   
$
92,719
 
              Total
adjusted
value
(6)
  
Total HQLA
   
 
*
 
   
$
262,449
 
Total net cash outflows
   
 
*
 
   
$
208,670
 
Liquidity coverage ratio (%)
   
 
*
 
   
 
126
% 
For the quarter ended April 30, 2025
($ millions)
            Total
adjusted
value
(6)
  
Total HQLA
      *      $ 275,824  
Total net cash outflows
      *      $ 209,768  
Liquidity coverage ratio (%)
      *        131 % 
*
Disclosure is not required under regulatory guideline.
(1)
The LCR is calculated in accordance with OSFI’s LAR Guideline (April 2025).
(2)
Based on the average of daily positions of the 64 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.
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 decrease in the Bank’s average LCR for the quarter ended July 31, 2025 versus the average of the previous quarter was mainly attributable to lower HQLA held during the quarter, mainly attributable to lower deposits with central banks. Net cash outflows were minimally changed as higher secured funding outflows were largely offset by higher secured lending inflows and inflows from fully performing exposures. 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 Third Quarter Report 2025   
 
47
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
The following table presents the Bank’s NSFR as at July 31, 2025:
T29 Bank’s NSFR
(1)
 
     Unweighted Value by Residual Maturity    
Weighted
Value
(3)
  
As at July 31, 2025
($ millions)
   No maturity
(2)
     < 6 months    
6-12 months
    
≥
 1 year		  
Available Stable Funding (ASF) Item
 
Capital:   $ 92,135     $        –     $        –     $        –     $ 92,135  
Regulatory capital
     92,135       –       –       –       92,135  
Other capital instruments
     –       –       –       –       –  
Retail deposits and deposits from small business customers:     231,504       79,349       35,937       52,469       362,509  
Stable deposits
     94,904       32,320       13,438       15,496       149,125  
Less stable deposits
     136,600       47,029       22,499       36,973       213,384  
Wholesale funding:     208,174       340,966       58,599       127,699       318,417  
Operational deposits
     108,670       –       –       –       54,335  
Other wholesale funding
     99,504       340,966       58,599       127,699       264,082  
Liabilities with matching interdependent assets
(4)
     –       1,703       814       13,038       –  
Other liabilities:     28,568       125,207       22,443  
NSFR derivative liabilities
       10,861    
All other liabilities and equity not included in the above categories
     28,568       90,216       3,374       20,756       22,443  
Total ASF
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
795,504
 
Required Stable Funding (RSF) Item
 
Total NSFR high-quality liquid assets (HQLA)           $ 19,102  
Deposits held at other financial institutions for operational purposes   $ 2,078     $ –     $ –     $ –     $ 1,039  
Performing loans and securities:     117,186       285,617       103,836       422,034       554,601  
Performing loans to financial institutions secured by Level 1 HQLA
     56       61,102       1,773       693       4,866  
Performing loans to financial institutions secured by
non-Level
1 HQLA and unsecured performing loans to financial institutions
     1,882       95,546       11,753       17,738       36,096  
Performing loans to
non-financial
corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and PSEs, of which:
     66,744       92,766       49,104       167,026       269,006  
With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk
     –       614       499       6,517       4,793  
Performing residential mortgages, of which:
     22,443       34,917       41,051       232,157       218,003  
With a risk weight of less than or equal to 35% under the Basel II standardised approach for credit risk
     22,443       34,657       40,738       220,421       207,741  
Securities that are not in default and do not qualify as HQLA, including exchange-traded equities
     26,061       1,286       155       4,420       26,630  
Assets with matching interdependent liabilities
(4)
     –       1,703       814       13,038       –  
Other assets:     8,778       157,088       70,061  
Physical traded commodities, including gold
     8,778             7,462  
Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs
       15,622       13,279  
NSFR derivative assets
       6,105       –  
NSFR derivative liabilities before deduction of variation margin posted
       27,437       1,372  
All other assets not included in the above categories
     –       59,976       –       47,948       47,948  
Off-balance
sheet items		  
 
 
 
     523,248       19,691  
Total RSF
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
664,494
 
Net Stable Funding Ratio (%)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
120
% 
As at April 30, 2025
($ millions)
   Weighted
Value
(3)
  
Total ASF
   $ 788,238  
Total RSF
     658,499  
Net stable funding ratio (%)
     120 % 
(1)
The NSFR is calculated in accordance with OSFI’s LAR guideline (April 2025).
(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 Bank’s NSFR as at July 31, 2025 remained unchanged versus the previous quarter as higher ASF from retail deposits and deposits from small business customers were offset by an increase in RSF for performing securities, loans and residential mortgages.
 
48
    Scotiabank Third 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 $401 billion as at July 31, 2025 (October 31, 2024 – $398 billion). The increase since October 31, 2024 is due primarily to growth in personal deposits. 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 $193 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 and retail indirect auto loan receivables through the Securitized Term Auto 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 Third 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 July 31, 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)
  
$
2,109
 
  
$
2,118
 
  
$
91
 
  
$
142
 
  
$
216
 
  
$
4,676
 
  
$
–
 
  
$
277
 
  
$
–
 
  
$
4,953
 
Bearer deposit notes, commercial paper and certificate of deposits
  
 
5,851
 
  
 
15,304
 
  
 
21,005
 
  
 
16,666
 
  
 
9,309
 
  
 
68,135
 
  
 
1,338
 
  
 
343
 
  
 
180
 
  
 
69,996
 
Asset-backed commercial paper
(3)
  
 
2,654
 
  
 
5,710
 
  
 
4,193
 
  
 
–
 
  
 
–
 
  
 
12,557
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
12,557
 
Senior notes
(4)(5)
  
 
84
 
  
 
717
 
  
 
211
 
  
 
2,750
 
  
 
2,236
 
  
 
5,998
 
  
 
3,711
 
  
 
6,363
 
  
 
12,946
 
  
 
29,018
 
Bail-inable notes
(5)
  
 
–
 
  
 
1,755
 
  
 
3,987
 
  
 
4,394
 
  
 
3,684
 
  
 
13,820
 
  
 
18,654
 
  
 
20,809
 
  
 
23,055
 
  
 
76,338
 
Asset-backed securities
  
 
922
 
  
 
35
 
  
 
655
 
  
 
47
 
  
 
44
 
  
 
1,703
 
  
 
746
 
  
 
1,657
 
  
 
76
 
  
 
4,182
 
Covered bonds
  
 
–
 
  
 
890
 
  
 
4,141
 
  
 
3,479
 
  
 
2,993
 
  
 
11,503
 
  
 
13,952
 
  
 
16,353
 
  
 
2,289
 
  
 
44,097
 
Mortgage securitization
(6)
  
 
–
 
  
 
232
 
  
 
1,344
 
  
 
360
 
  
 
432
 
  
 
2,368
 
  
 
2,369
 
  
 
7,160
 
  
 
2,600
 
  
 
14,497
 
Subordinated debentures
(7)
  
 
–
 
  
 
–
 
  
 
1,732
 
  
 
–
 
  
 
50
 
  
 
1,782
 
  
 
–
 
  
 
162
 
  
 
7,955
 
  
 
9,899
 
Total wholesale funding sources
  
$
11,620
 
  
$
26,761
 
  
$
37,359
 
  
$
27,838
 
  
$
18,964
 
  
$
122,542
 
  
$
40,770
 
  
$
53,124
 
  
$
49,101
 
  
$
265,537
 
Of Which:
                    
Unsecured funding
  
$
8,044
 
  
$
19,893
 
  
$
27,025
 
  
$
23,953
 
  
$
15,495
 
  
$
94,410
 
  
$
23,704
 
  
$
27,954
 
  
$
44,135
 
  
$
190,203
 
Secured funding
  
 
3,576
 
  
 
6,868
 
  
 
10,334
 
  
 
3,885
 
  
 
3,469
 
  
 
28,132
 
  
 
17,066
 
  
 
25,170
 
  
 
4,966
 
  
 
75,334
 
     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 $321 billion as at July 31, 2025 (October 31, 2024 – $310 billion) were well in excess of wholesale funding sources which mature in the next twelve months.
 
50
    Scotiabank Third 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 July 31, 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 July 31, 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
  
$
66,075
 
  
$
847
 
  
$
311
 
  
$
42
 
  
$
33
 
  
$
105
 
  
$
302
 
  
$
296
 
  
$
7,522
 
  
$
75,533
 
Trading assets
  
 
1,722
 
  
 
4,168
 
  
 
5,158
 
  
 
3,283
 
  
 
2,313
 
  
 
8,873
 
  
 
20,324
 
  
 
24,971
 
  
 
65,673
 
  
 
136,485
 
Securities purchased under resale agreements and securities borrowed
  
 
145,300
 
  
 
25,257
 
  
 
9,632
 
  
 
3,466
 
  
 
1,012
 
  
 
–
 
  
 
693
 
  
 
–
 
  
 
–
 
  
 
185,360
 
Derivative financial instruments
  
 
3,625
 
  
 
3,344
 
  
 
5,226
 
  
 
2,784
 
  
 
2,054
 
  
 
5,633
 
  
 
9,997
 
  
 
11,138
 
  
 
–
 
  
 
43,801
 
Investment securities – FVOCI
  
 
2,422
 
  
 
5,507
 
  
 
3,877
 
  
 
4,653
 
  
 
7,317
 
  
 
17,869
 
  
 
45,023
 
  
 
35,091
 
  
 
352
 
  
 
122,111
 
Investment securities – amortized cost
  
 
57
 
  
 
994
 
  
 
420
 
  
 
876
 
  
 
938
 
  
 
1,540
 
  
 
3,577
 
  
 
16,521
 
  
 
–
 
  
 
24,923
 
Investment securities – FVTPL
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
2,117
 
  
 
2,117
 
Loans
  
 
42,240
 
  
 
42,422
 
  
 
57,346
 
  
 
50,956
 
  
 
60,582
 
  
 
166,520
 
  
 
218,310
 
  
 
57,031
 
  
 
66,153
 
  
 
761,560
 
Residential mortgages
  
 
5,431
 
  
 
13,418
 
  
 
20,342
 
  
 
22,350
 
  
 
29,170
 
  
 
100,025
 
  
 
123,836
 
  
 
42,060
 
  
 
4,305
(1)
 
  
 
360,937
 
Personal loans
  
 
3,976
 
  
 
2,603
 
  
 
4,586
 
  
 
4,440
 
  
 
4,158
 
  
 
12,688
 
  
 
24,473
 
  
 
6,440
 
  
 
44,526
 
  
 
107,890
 
Credit cards
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
17,472
 
  
 
17,472
 
Business and government
  
 
32,833
 
  
 
26,401
 
  
 
32,418
 
  
 
24,166
 
  
 
27,254
 
  
 
53,807
 
  
 
70,001
 
  
 
8,531
 
  
 
7,047
(2)
 
  
 
282,458
 
Allowance for credit losses
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(7,197
) 
  
 
(7,197
) 
Customers’ liabilities under acceptances
  
 
21
 
  
 
36
 
  
 
58
 
  
 
11
 
  
 
7
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
133
 
Other assets
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
62,663
 
  
 
62,663
 
Total assets
  
$
261,462
 
  
$
82,575
 
  
$
82,028
 
  
$
66,071
 
  
$
74,256
 
  
$
200,540
 
  
$
298,226
 
  
$
145,048
 
  
$
204,480
 
  
$
1,414,686
 
Liabilities and equity
                    
Deposits
  
$
76,407
 
  
$
70,426
 
  
$
75,518
 
  
$
50,606
 
  
$
44,721
 
  
$
66,871
 
  
$
71,785
 
  
$
21,995
 
  
$
468,513
 
  
$
946,842
 
Personal
  
 
16,782
 
  
 
21,238
 
  
 
25,376
 
  
 
17,430
 
  
 
17,539
 
  
 
20,340
 
  
 
12,377
 
  
 
208
 
  
 
170,174
 
  
 
301,464
 
Non-personal
  
 
59,625
 
  
 
49,188
 
  
 
50,142
 
  
 
33,176
 
  
 
27,182
 
  
 
46,531
 
  
 
59,408
 
  
 
21,787
 
  
 
298,339
 
  
 
645,378
 
Financial instruments designated at fair value through profit or loss
  
 
837
 
  
 
921
 
  
 
1,811
 
  
 
2,738
 
  
 
2,617
 
  
 
5,574
 
  
 
10,849
 
  
 
18,189
 
  
 
–
 
  
 
43,536
 
Acceptances
  
 
22
 
  
 
36
 
  
 
58
 
  
 
11
 
  
 
7
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
134
 
Obligations related to securities sold short
  
 
148
 
  
 
2,526
 
  
 
2,079
 
  
 
765
 
  
 
985
 
  
 
2,271
 
  
 
6,879
 
  
 
11,394
 
  
 
7,628
 
  
 
34,675
 
Derivative financial instruments
  
 
3,070
 
  
 
3,389
 
  
 
5,581
 
  
 
2,734
 
  
 
2,593
 
  
 
6,945
 
  
 
10,912
 
  
 
17,692
 
  
 
–
 
  
 
52,916
 
Obligations related to securities sold under repurchase agreements and securities lent
  
 
174,530
 
  
 
6,886
 
  
 
172
 
  
 
417
 
  
 
–
 
  
 
218
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
182,223
 
Subordinated debentures
  
 
–
 
  
 
–
 
  
 
1,732
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
5,872
 
  
 
–
 
  
 
7,604
 
Other liabilities
  
 
226
 
  
 
850
 
  
 
774
 
  
 
2,021
 
  
 
887
 
  
 
2,343
 
  
 
6,471
 
  
 
9,342
 
  
 
38,359
 
  
 
61,273
 
Total equity
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
85,483
 
  
 
85,483
 
Total liabilities and equity
  
$
255,240
 
  
$
85,034
 
  
$
87,725
 
  
$
59,292
 
  
$
51,810
 
  
$
84,222
 
  
$
106,896
 
  
$
84,484
 
  
$
599,983
 
  
$
1,414,686
 
Off-balance
sheet commitments
                    
Credit commitments
(3)
  
$
1,575
 
  
$
8,426
 
  
$
15,874
 
  
$
14,762
 
  
$
16,742
 
  
$
53,870
 
  
$
137,266
 
  
$
28,727
 
  
$
     –
 
  
$
277,242
 
Guarantees and letters of credit
(4)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
74,876
 
  
 
74,876
 
Outsourcing obligations
(5)
  
 
2
 
  
 
4
 
  
 
6
 
  
 
6
 
  
 
6
 
  
 
24
 
  
 
42
 
  
 
5
 
  
 
–
 
  
 
95
 
(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 Third 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.
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.
Effective November 1, 2023 the Domestic Stability Buffer (DSB) was increased to 3.5% of total risk-weighted assets. This DSB requirement of 3.5% was maintained by OSFI in their June 2025 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 seven basis points.
 
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Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
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)
   
July 31
2025
      April 30
2025		      October 31
2024		  
Common Equity Tier 1 capital
(1)
   
$
61,591
 
    $ 60,425      $ 60,631  
Tier 1 capital
(1)
   
 
70,225
 
      70,740        69,499  
Total regulatory capital
(1)
   
 
78,208
 
      78,682        77,708  
Total loss absorbing capacity (TLAC)
(2)
   
 
134,627
 
      139,119        137,752  
Risk-weighted assets
(1)(3)
   
$
463,484
 
    $ 458,989      $ 463,992  
Capital ratios (%)
(1)
:
         
Common Equity Tier 1 capital ratio
   
 
13.3
 
      13.2        13.1  
Tier 1 capital ratio
   
 
15.2
 
      15.4        15.0  
Total capital ratio
   
 
16.9
 
      17.1        16.7  
Total loss absorbing capacity ratio
(2)
   
 
29.0
 
      30.3        29.7  
Leverage
(4)
:
         
Leverage exposures
   
$
1,573,879
 
    $ 1,568,491      $ 1,563,140  
Leverage ratio (%)
   
 
4.5
 
      4.5        4.4  
Total loss absorbing capacity leverage ratio (%)
(2)
   
 
8.6
 
      8.9        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 July 31, 2025, April 30, 2025 and October 31, 2024, 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.
(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 13.3% as at July 31, 2025, an increase of approximately 10 basis points from the prior quarter, due primarily to strong internal capital generation and higher unrealized gains for FVOCI securities, partly offset by growth in risk-weighted assets and share repurchases under the Bank’s Normal Course Issuer Bid.
The Bank’s Tier 1 capital and Total capital ratios were 15.2% and 16.9%, respectively, as at July 31, 2025, representing decreases of approximately 20 basis points from the prior quarter, due primarily to the redemption of U.S. $1.25 billion of Subordinated Additional Tier 1 Capital Notes, partly offset by the above noted impacts to the CET1 ratio.
The Leverage ratio was 4.5% as at July 31, 2025, in line with the prior quarter.
As at July 31, 2025, the CET1, Tier 1, Total capital, and Leverage ratios were well above OSFI’s minimum ratios. The TLAC and TLAC Leverage ratios were 29.0% and 8.6%, respectively, as at July 31, 2025, also well above OSFI’s minimum requirements.
 
 Scotiabank Third Quarter Report 2025   
 
53
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
Continuity of Common Equity Tier 1 ratio
 
 

Changes in regulatory capital
The Bank’s Common Equity Tier 1 capital as at July 31, 2025 was $61.6 billion, representing an increase of approximately $1.2 billion from the prior quarter. Capital increases were primarily from quarterly earnings less dividends of $0.9 billion and higher net accumulated other comprehensive income included for regulatory capital of $0.6 billion, comprised of gains from FVOCI securities, foreign currency translation and employee pensions. The increases were partly offset by the Bank’s share repurchases under its Normal Course Issuer Bid program of $0.2 billion and higher regulatory capital deductions of $0.1 billion.
Risk-weighted assets
CET1 risk-weighted assets (RWA) increased during the quarter by $4.5 billion (or 1.0%) to $463.5 billion. The increase in RWA during the quarter was primarily from business line growth and the impacts from foreign currency translation.
Normal Course Issuer Bid
On May 28, 2025, the Bank announced that OSFI and the Toronto Stock Exchange approved a normal course issuer bid (the “2025 NCIB”) pursuant to which it may repurchase for cancellation up to 20 million of the Bank’s common shares. Purchases under the 2025 NCIB commenced on May 30, 2025, and will terminate upon the earlier of: (i) the Bank purchasing the maximum number of common shares under the 2025 NCIB, (ii) the Bank providing a notice of termination, or (iii) May 29, 2026.
From the commencement of the 2025 NCIB until July 31, 2025, the Bank repurchased and cancelled approximately 3.2 million common shares at an average price of $74.52 per share for a total amount of $245 million, including tax.
Common dividend
The Board of Directors, at its meeting on August 25, 2025, approved a dividend of $1.10 per share. This quarterly dividend is payable to shareholders of record as of October 7, 2025, on October 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 $10,871 billion as at July 31, 2025, compared to $9,942 billion as at April 30, 2025 (October 31, 2024 – $9,058 billion). The quarterly increase was due to higher volume of interest rate contracts and the impact of foreign currency translation, partly offset by lower volume of foreign exchange contracts. The total notional amount of
over-the-counter
derivatives was $10,016 billion compared to $9,170 billion as at April 30, 2025 (October 31, 2024 – $8,313 billion), of which $7,614 billion was settled through central counterparties as at July 31, 2025 (April 30, 2025 – $6,712 billion; October 31, 2024 – $6,094 billion). The credit equivalent amount, which takes into account offsetting liabilities and collateral from master netting arrangements, was $33.1 billion, compared to $33.6 billion at April 30, 2025. The decrease was primarily due to a lower fair value and, as a result, corresponding lower exposure for foreign exchange and interest rate contracts, offset by an increase in fair value for equity 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.
 
54
    Scotiabank Third Quarter Report 2025 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
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
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 $8.6 billion as at July 31, 2025 (October 31, 2024 – $7.7 billion). As at July 31, 2025, total commercial paper outstanding for these conduits was $7.2 billion (October 31, 2024 – $6.4 billion). Funded assets purchased and held by these conduits as at July 31, 2025, as reflected at amortized cost, were $7.1 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.
Securitization
The Bank securitizes a portion of its Canadian auto loans through its Securitized Term Auto Receivables Trust Program. During the quarter, $2,937 million of its Canadian auto loan receivables were securitized through Securitized Term Auto Receivables Trust (SSTRT) a Bank-sponsored consolidated structured entity. The SSTRT entity issues offered notes to third-party investors and retained notes to the Bank. Recourse of the noteholders is limited to the receivables and a cash reserve account. The sale of such receivables does not qualify for derecognition, and the receivables continue to be recognized on the Bank’s Consolidated Statement of Financial Position. As of July 31, 2025, U.S. $186 million (CAD $258 million) offered notes issued to third party investors through SSTRT were outstanding and included in deposits – business and government on the Consolidated Statement of Financial Position.
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. Updates during the quarter are as follows:
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 nine months ended July 31, 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.
U.S. Tax Legislation
On July 4, 2025, the One Big Beautiful Bill Act (OBBB) was enacted into U.S. law, which codifies certain of the 2017 Tax Cuts and Jobs Act (TCJA) provisions, making them permanent. The Bank has evaluated the impact of this new legislation and does not expect any significant impact on the consolidated effective tax rate.
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 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. For more information on the Bank’s significant accounting estimates, judgements and assumptions, refer to Note 2 of the condensed interim consolidated financial statements and Note 3 of the audited consolidated financial statements in the 2024 Annual Report.
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.
 
 Scotiabank Third Quarter Report 2025   
 
55
 
Table of Contents
MANAGEMENT’S DISCUSSION & ANALYSIS
 
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 July 31, 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.
Share Data
T33 Shares and other instruments
 
July 31, 2025   
Amount
($ millions)
     
Dividends
declared per
share
(1)
     
Number
outstanding
(000s)
     
Conversion
feature
  
Common Shares
(2)
    $ 22,089      $ 1.10        1,242,460        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. $ 18.4764        7.230        1,250  
Subordinated Additional Tier 1 Capital Notes
(6)
    U.S. $ 1,250      U.S. $ –        –        –  
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        4.950  
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)
   
 
 
 
   
 
 
 
   
 
 
 
      11,706  
(1)
Dividends are paid quarterly, if and when declared. Represents dividends announced on August 26, 2025. The Board of Directors, at its meeting on August 25, 2025, approved a dividend payable on October 29, 2025 to shareholders of record as of October 7, 2025.
(2)
As at August 15, 2025, the number of outstanding common shares and options were 1,241,580 thousand and 11,622 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 July 31, 2025 would be 4,483 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 June 4, 2025, the Bank redeemed these notes at 100% of their principal amount plus accrued and unpaid interest. The redemption of these AT1 Notes resulted in a foreign currency loss of $22 recorded in Retained Earnings.
(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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MANAGEMENT’S DISCUSSION & ANALYSIS
 
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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Table of Contents
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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Table of Contents
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 internally modelled and standardized portfolios to RWA calculated under a full 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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Table of Contents
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
  
July 31
2025
 
  
April 30
2025
 
  
October 31
2024
 
Assets
            
Cash and deposits with financial institutions
    5   
$
69,701
 
    $ 63,577      $ 63,860  
Precious metals
      
 
5,832
 
      5,971        2,540  
Trading assets
            
Securities
      
 
125,442
 
      118,302        119,912  
Loans
      
 
8,097
 
      7,841        7,649  
Other
   
 
   
 
2,946
 
      2,844        2,166  
     
 
136,485
 
      128,987        129,727  
Securities purchased under resale agreements and securities borrowed
      
 
185,360
 
      192,632        200,543  
Derivative financial instruments
      
 
43,801
 
      47,937        44,379  
Investment securities
    6   
 
149,151
 
      154,291        152,832  
Loans
            
Residential mortgages
    7   
 
360,937
 
      359,792        350,941  
Personal loans
    7   
 
107,890
 
      105,953        106,379  
Credit cards
    7   
 
17,472
 
      17,224        17,374  
Business and government
    7   
 
282,458
 
      280,487        292,671  
     
 
768,757
 
      763,456        767,365  
Allowance for credit losses
    7(c)   
 
7,197
 
      7,084        6,536  
     
 
761,560
 
      756,372        760,829  
Other
            
Customers’ liability under acceptances, net of allowance
      
 
133
 
      189        148  
Property and equipment
      
 
4,793
 
      4,809        5,252  
Investments in associates
    9   
 
6,029
 
      5,868        1,821  
Goodwill and other intangible assets
      
 
16,067
 
      16,089        16,853  
Deferred tax assets
      
 
3,045
 
      2,950        2,942  
Other assets
   
 
   
 
32,729
 
      35,793        30,301  
 
   
 
   
 
62,796
 
      65,698        57,317  
Total assets
   
 
   
$
1,414,686
 
    $ 1,415,465      $ 1,412,027  
Liabilities
            
Deposits
            
Personal
    10   
$
301,464
 
    $ 301,069      $ 298,821  
Business and government
    10   
 
605,934
 
      604,307        600,114  
Financial institutions
    10   
 
39,444
 
      40,467        44,914  
     
 
946,842
 
      945,843        943,849  
Financial instruments designated at fair value through profit or loss
    18(b)   
 
43,536
 
      39,127        36,341  
Other
            
Acceptances
      
 
134
 
      190        149  
Obligations related to securities sold short
      
 
34,675
 
      36,543        35,042  
Derivative financial instruments
      
 
52,916
 
      61,933        51,260  
Obligations related to securities sold under repurchase agreements and securities lent
      
 
182,223
 
      177,987        190,449  
Subordinated debentures
      
 
7,604
 
      7,891        7,833  
Other liabilities
   
 
   
 
61,273
 
      59,445        63,028  
 
   
 
   
 
338,825
 
      343,989        347,761  
Total liabilities
   
 
   
 
1,329,203
 
      1,328,959        1,327,951  
Equity
            
Common equity
            
Common shares
    11   
 
22,089
 
      22,138        22,054  
Retained earnings
      
 
58,703
 
      57,965        57,751  
Accumulated other comprehensive income (loss)
      
 
(5,310
)
      (5,191 )       (6,147 ) 
Other reserves
   
 
   
 
(224
)
      (226 )       (68 ) 
Total common equity
      
 
75,258
 
      74,686        73,590  
Preferred shares and other equity instruments
    11   
 
8,544
 
      10,232        8,779  
Total equity attributable to equity holders of the Bank
      
 
83,802
 
      84,918        82,369  
Non-controlling
interests in subsidiaries
   
 
   
 
1,681
 
      1,588        1,707  
Total equity
   
 
   
 
85,483
 
      86,506        84,076  
Total liabilities and equity
   
 
   
$
 1,414,686
 
    $  1,415,465      $  1,412,027  
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
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Table of Contents

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Income

  
  
  
  
For the three months ended
 
  
For the nine months ended
 
(Unaudited) ($ millions)
  
Note
  
July 31
2025
 
  
April 30
2025
 
  
July 31
2024
 
  
July 31
2025
 
  
July 31
2024
 
Revenue
                  
Interest income
(1)
                  
Loans
      
$
 10,859
 
    $  10,922      $  12,137     
$
 33,318
 
    $  35,841  
Securities
      
 
1,921
 
      1,993        2,367     
 
6,078
 
      6,947  
Securities purchased under resale agreements and securities borrowed
      
 
717
 
      661        413     
 
1,994
 
      1,131  
Deposits with financial institutions
   
 
   
 
623
 
      711        766     
 
1,997
 
      2,415  
 
    16   
 
14,120
 
      14,287        15,683     
 
43,387
 
      46,334  
Interest expense
                  
Deposits
      
 
8,075
 
      8,267        10,106     
 
25,430
 
      29,780  
Subordinated debentures
      
 
93
 
      103        122     
 
295
 
      378  
Other
   
 
   
 
459
 
      647        593     
 
1,726
 
      1,847  
 
    16   
 
8,627
 
      9,017        10,821     
 
27,451
 
      32,005  
Net interest income
   
 
   
 
5,493
 
      5,270        4,862     
 
15,936
 
      14,329  
Non-interest
income
                  
Card revenues
      
 
228
 
      223        220     
 
669
 
      643  
Banking services fees
      
 
500
 
      496        494     
 
1,498
 
      1,471  
Credit fees
      
 
314
 
      291        370     
 
931
 
      1,303  
Mutual funds
      
 
641
 
      607        570     
 
1,883
 
      1,659  
Brokerage fees
      
 
353
 
      349        333     
 
1,055
 
      941  
Investment management and trust
      
 
292
 
      288        278     
 
866
 
      817  
Underwriting and advisory fees
      
 
234
 
      246        202     
 
703
 
      534  
Non-trading
foreign exchange
      
 
228
 
      216        236     
 
708
 
      709  
Trading revenues
      
 
463
 
      405        370     
 
1,523
 
      1,226  
Net gain on sale of investment securities
      
 
22
 
      7        2     
 
60
 
      24  
Net income from investments in associated corporations
      
 
157
 
      159        54     
 
429
 
      157  
Insurance service results
      
 
119
 
      121        115     
 
365
 
      337  
Other fees and commissions
      
 
388
 
      391        308     
 
1,201
 
      885  
Other
   
 
   
 
54
 
      11        (50 )    
 
111
 
      109  
 
   
 
   
 
3,993
 
      3,810        3,502     
 
12,002
 
      10,815  
Total revenue
      
 
9,486
 
      9,080        8,364     
 
27,938
 
      25,144  
Provision for credit losses
   
 
   
 
1,041
 
      1,398        1,052     
 
3,601
 
      3,021  
 
   
 
   
 
8,445
 
      7,682        7,312     
 
24,337
 
      22,123  
Non-interest
expenses
                  
Salaries and employee benefits
      
 
2,662
 
      2,641        2,455     
 
8,012
 
      7,356  
Premises and technology
      
 
807
 
      814        737     
 
2,421
 
      2,144  
Depreciation and amortization
      
 
405
 
      393        428     
 
1,201
 
      1,259  
Communications
      
 
89
 
      103        89     
 
289
 
      294  
Advertising and business development
      
 
169
 
      159        146     
 
484
 
      446  
Professional
      
 
212
 
      229        215     
 
646
 
      568  
Business and capital taxes
      
 
177
 
      171        167     
 
532
 
      521  
Other
   
 
   
 
568
 
      600        712     
 
3,105
 
      1,811  
 
   
 
   
 
5,089
 
      5,110        4,949     
 
16,690
 
      14,399  
Income before taxes
      
 
3,356
 
      2,572        2,363     
 
7,647
 
      7,724  
Income tax expense
    19   
 
829
 
      540        451     
 
2,095
 
      1,521  
Net income
      
$
2,527
 
    $ 2,032      $ 1,912     
$
5,552
 
    $ 6,203  
Net income attributable to
non-controlling
interests in subsidiaries
   
 
   
 
80
 
      56        36     
 
(18
)
 
      87  
Net income attributable to equity holders of the Bank
      
$
2,447
 
    $ 1,976      $ 1,876     
$
5,570
 
    $ 6,116  
Preferred shareholders and other equity instrument holders
      
 
134
 
      135        120     
 
391
 
      351  
Common shareholders
   
 
   
$
2,313
 
    $ 1,841      $ 1,756     
$
5,179
 
    $ 5,765  
Earnings per common share
(in dollars)
                  
Basic
    17   
$
1.84
 
    $ 1.48      $ 1.43     
$
4.14
 
    $ 4.72  
Diluted
    17   
 
1.84
 
      1.48        1.41     
 
4.02
 
      4.66  
Dividends paid per common share
(in dollars)
   
 
   
 
1.10
 
      1.06        1.06     
 
3.22
 
      3.18  
(1)
Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $13,883 for the three months ended July 31, 2025 (April 30, 2025 – $13,943; July 31, 2024 – $15,230) and for the nine months ended July 31, 2025 – $42,403 (July 31, 2024 – $44,904).
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
 Scotiabank Third Quarter Report 2025 
 
 
63
 
Table of Contents

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Comprehensive Income
 
  
  
For the three months ended
 
  
For the nine months ended
 
(Unaudited) ($ millions)
  
July 31
2025
 
  
April 30
2025
 
  
July 31
2024
 
  
July 31
2025
 
  
July 31
2024
 
Net income
   
$
2,527
 
    $ 2,032      $ 1,912     
$
5,552
 
    $ 6,203  
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)
   
 
479
 
      (1,847 )       (814 )    
 
277
 
      (1,813 ) 
Net gains (losses) on hedges of net investments in foreign operations
   
 
(410
)
      539        377     
 
(554
)
      618  
Income tax expense (benefit):
               
Net unrealized foreign currency translation gains (losses)
   
 
15
 
      (21 )       (3 )    
 
(2
)
      (4 ) 
Net gains (losses) on hedges of net investments in foreign operations
   
 
(114
)
      149        103     
 
(155
)
      165  
  
 
168
 
      (1,436 )       (537 )    
 
(120
)
      (1,356 ) 
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
   
 
(692
)
      1,164        2,151     
 
612
 
      2,817  
Reclassification of net (gains) losses to net income
   
 
935
 
      (1,056 )       (1,811 )    
 
(228
)
      (1,914 ) 
Income tax expense (benefit):
               
Net gains (losses) in fair value
   
 
(191
)
      311        582     
 
152
 
      763  
Reclassification of net (gains) losses to net income
   
 
246
 
      (286 )       (494 )    
 
(64
)
      (511 ) 
  
 
188
 
      83        252     
 
296
 
      651  
Net change in gains (losses) on derivative instruments designated as cash flow hedges:
               
Net gains (losses) on derivative instruments designated as cash flow hedges
   
 
96
 
      2,522        2,777     
 
2,414
 
      3,701  
Reclassification of net (gains) losses to net income
   
 
(572
)
      (1,759 )       (1,114 )    
 
(1,668
)
      (1,348 ) 
Income tax expense (benefit):
               
Net gains (losses) on derivative instruments designated as cash flow hedges
   
 
2
 
      758        773     
 
728
 
      1,035  
Reclassification of net (gains) losses to net income
   
 
(117
)
      (561 )       (309 )    
 
(523
)
 
      (368 ) 
  
 
(361
)
 
      566        1,199     
 
541
 
      1,686  
Net changes in finance income/(expense) from insurance contracts:
               
Net finance income/(expense) from insurance contracts
   
 
–
 
      (2 )       (2 )    
 
3
 
      5  
Income tax expense (benefit)
   
 
–
 
      (1 )       –     
 
–
 
      1  
 
   
 
–
 
      (1 )       (2 )    
 
3
 
      4  
Other comprehensive income (loss) from investments in associates
   
 
43
 
      110        1     
 
91
 
      (2 ) 
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
   
 
270
 
      (255 )       120     
 
275
 
      (121 ) 
Income tax expense (benefit)
   
 
65
 
      (69 )       33     
 
74
 
      (39 ) 
  
 
205
 
      (186 )       87     
 
201
 
      (82 ) 
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
   
 
20
 
      49        125     
 
73
 
      306  
Income tax expense (benefit)
   
 
(2
)
      34        35     
 
24
 
      59  
  
 
22
 
      15        90     
 
49
 
      247  
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
   
 
(562
)
      512        127     
 
(314
)
      (758 ) 
Income tax expense (benefit)
   
 
(156
)
      142        36     
 
(87
)
      (210 ) 
 
   
 
(406
)
      370        91     
 
(227
)
      (548 ) 
Other comprehensive income (loss) from investments in associates
   
 
–
 
      14        –     
 
7
 
      1  
Other comprehensive income (loss)
   
 
(141
)
      (465 )       1,181     
 
841
 
      601  
Comprehensive income (loss)
   
$
2,386
 
    $ 1,567      $ 3,093     
$
6,393
 
    $ 6,804  
Comprehensive income (loss) attributable to
non-controlling
interests
   
 
58
 
      (7 )       13     
 
(14
)
      55  
Comprehensive income (loss) attributable to equity holders of the Bank
   
 
2,328
 
      1,574        3,080     
 
6,407
 
      6,749  
Preferred shareholders and other equity instrument holders
   
 
134
 
      135        120     
 
391
 
      351  
Common shareholders
   
$
2,194
 
    $  1,439      $  2,960     
$
6,016
 
    $  6,398  
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
64
 
 Scotiabank Third Quarter Report 2025 
Table of Contents

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Changes in Equity
 
 
 
For the nine months ended July 31, 2025
 
 
 
 
 
 
 
 
 
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
 
 
–
 
 
 
5,179
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
5,179
 
 
 
391
 
 
 
5,570
 
 
 
(18
)
 
 
5,552
 
Other comprehensive income (loss)
 
 
–
 
 
 
–
 
 
 
(133
)
 
 
295
 
 
 
50
 
 
 
544
 
 
 
81
 
 
 
–
 
 
 
837
 
 
 
–
 
 
 
837
 
 
 
4
 
 
 
841
 
Total comprehensive income
 
$
–
 
 
$
5,179
 
 
$
(133
)
 
$
295
 
 
$
50
 
 
$
544
 
 
$
81
 
 
$
–
 
 
$
6,016
 
 
$
391
 
 
$
6,407
 
 
$
(14
)
 
$
6,393
 
Shares/instruments issued
 
 
94
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(6
)
 
 
88
 
 
 
1,453
 
 
 
1,541
 
 
 
–
 
 
 
1,541
 
Shares repurchased/redeemed
 
 
(59
)
 
 
 
(186
)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(245
)
 
 
(1,688
)
 
 
(1,933
)
 
 
–
 
 
 
(1,933
)
Dividends and distributions paid to equity holders
 
 
–
 
 
 
(4,008
)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(4,008
)
 
 
 
(391
)
 
 
 
(4,399
)
 
 
 
(63
)
 
 
 
(4,462
)
Share-based payments
(3)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
13
 
 
 
13
 
 
 
–
 
 
 
13
 
 
 
–
 
 
 
13
 
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes
(4)
 
 
–
 
 
 
(22
)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(22
)
 
 
–
 
 
 
(22
)
 
 
–
 
 
 
(22
)
 
Other
 
 
–
 
 
 
(11
)
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(163
)
 
 
 
(174
)
 
 
–
 
 
 
(174
)
 
 
51
 
 
 
(123
)
Balance as at July 31, 2025
 
$
 22,089
 
 
$
 58,703
 
 
$
 (3,692
)
 
 
$
(196
)
 
 
$
 389
 
 
$
 (1,653
)
 
 
$
 (158
)
 
 
$
 (224
)
 
$
 75,258
 
 
$
 8,544
 
 
$
 83,802
 
 
$
 1,681
 
 
$
 85,483
 
   
 
 
For the nine months ended July 31, 2024
 
 
 
 
 
 
 
 
 
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, 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
 
 
–
 
 
 
5,765
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
5,765
 
 
 
351
 
 
 
6,116
 
 
 
87
 
 
 
6,203
 
Other comprehensive income (loss)
 
 
–
 
 
 
–
 
 
 
(1,341
) 
 
 
652
 
 
 
239
 
 
 
1,692
 
 
 
(609
) 
 
 
–
 
 
 
633
 
 
 
–
 
 
 
633
 
 
 
(32
) 
 
 
601
 
Total comprehensive income
 
$
–
 
 
$
5,765
 
 
$
(1,341
) 
 
$
652
 
 
$
239
 
 
$
1,692
 
 
$
(609
) 
 
$
–
 
 
$
6,398
 
 
$
351
 
 
$
6,749
 
 
$
55
 
 
$
6,804
 
Shares/instruments issued
 
 
1,440
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(1
) 
 
 
1,439
 
 
 
1,004
 
 
 
2,443
 
 
 
–
 
 
 
2,443
 
Shares repurchased/redeemed
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(300
) 
 
 
(300
) 
 
 
–
 
 
 
(300
) 
Dividends and distributions paid to equity holders
 
 
–
 
 
 
(3,886
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
(3,886
) 
 
 
(351
) 
 
 
(4,237
) 
 
 
(73
) 
 
 
(4,310
) 
Share-based payments
(3)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
11
 
 
 
11
 
 
 
–
 
 
 
11
 
 
 
–
 
 
 
11
 
Other
 
 
–
 
 
 
(11
) 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
 
 
7
 
 
 
(4
) 
 
 
–
 
 
 
(4
) 
 
 
4
 
 
 
–
 
Balance as at July 31, 2024
 
$
21,549
 
 
$
57,541
 
 
$
(3,096
) 
 
$
(452
) 
 
$
253
 
 
$
(2,853
) 
 
$
(150
) 
 
$
(67
) 
 
$
72,725
 
 
$
8,779
 
 
$
81,504
 
 
$
1,715
 
 
$
83,219
 
(1)
Includes undistributed retained earnings of $75 (July 31, 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).
(4)
Refer to Note 11 for further details on the redemption of the equity instrument.
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
 
 Scotiabank Third Quarter Report 2025 
 
 
65
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Consolidated Statement of Cash Flows
 
(Unaudited) ($ millions)
  
For the three months ended
 
  
For the nine months ended
 
Sources (uses) of cash flows
  
July 31
2025
 
  
July 31
2024
 
  
July 31
2025
 
  
July 31
2024
 
Cash flows from operating activities
  
  
  
  
Net income
   
$
2,527
 
    $ 1,912     
$
5,552
 
    $ 6,203  
Adjustment for:
            
Net interest income
   
 
(5,493
)
      (4,862 )    
 
(15,936
)
      (14,329 ) 
Depreciation and amortization
   
 
405
 
      428     
 
1,201
 
      1,259  
Provision for credit losses
   
 
1,041
 
      1,052     
 
3,601
 
      3,021  
Equity-settled share-based payment expense
   
 
2
 
      1     
 
13
 
      11  
Net gain on sale of investment securities
   
 
(22
)
      (2 )    
 
(60
)
      (24 ) 
Net (gain)/loss on divestitures
   
 
(23
)
      136     
 
1,374
 
      136  
Net income from investments in associated corporations
   
 
(157
)
      (54 )    
 
(429
)
      (157 ) 
Income tax expense
   
 
829
 
      451     
 
2,095
 
      1,521  
Changes in operating assets and liabilities:
            
Trading assets
   
 
(7,000
)
      (1,593 )    
 
(6,066
)
      (15,818 ) 
Securities purchased under resale agreements and securities borrowed
   
 
7,982
 
      (206 )    
 
15,586
 
      5,567  
Loans
   
 
(4,615
)
      (7,550 )    
 
(2,982
)
 
      (13,551 ) 
Deposits
   
 
1,418
 
      11,038     
 
6,605
 
      6,754  
Obligations related to securities sold short
   
 
(1,921
)
 
      (5,227 )    
 
(501
)
      (3,890 ) 
Obligations related to securities sold under repurchase agreements and securities lent
   
 
3,382
 
      4,387     
 
(8,826
)
      18,035  
Net derivative financial instruments
   
 
(4,925
)
      2,149     
 
4,604
 
      3,251  
Other, net
   
 
6,565
 
      637     
 
(6,948
)
      (2,812 ) 
Interest and dividends received
   
 
14,103
 
      15,914     
 
43,932
 
      46,006  
Interest paid
   
 
(8,855
)
      (10,966 )    
 
(28,440
)
      (31,338 ) 
Income tax paid
   
 
(860
)
      (532 )    
 
(2,779
)
      (1,385 ) 
Net cash from/(used in) operating activities
   
 
4,383
 
      7,113     
 
11,596
 
      8,460  
Cash flows from investing activities
            
Interest-bearing deposits with financial institutions
   
 
(4,826
)
      (384 )    
 
(3,343
)
      30,818  
Purchase of investment securities
   
 
(14,403
)
      (23,166 )    
 
(57,082
)
      (88,194 ) 
Proceeds from sale and maturity of investment securities
   
 
19,575
 
      18,470     
 
60,475
 
      57,231  
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired
   
 
–
 
      –     
 
(2,637
)
      –  
Property and equipment, net of disposals
   
 
(69
)
      (134 )    
 
(197
)
      (368 ) 
Other, net
   
 
(109
)
      (242 )    
 
(308
)
      (719 ) 
Net cash from/(used in) investing activities
   
 
168
 
      (5,456 )    
 
(3,092
)
      (1,232 ) 
Cash flows from financing activities
            
Proceeds from issue of subordinated debentures
   
 
–
 
      1,000     
 
–
 
      1,000  
Redemption of subordinated debentures
   
 
(250
)
      (1,500 )    
 
(250
)
      (3,250 ) 
Proceeds from preferred shares and other equity instruments issued
   
 
–
 
      –     
 
1,453
 
      1,004  
Redemption of preferred shares and other equity instruments
   
 
(1,688
)
      –     
 
(1,688
)
      (300 ) 
Proceeds from common shares issued
   
 
10
 
      483     
 
94
 
      1,440  
Common shares purchased for cancellation
   
 
(240
)
      –     
 
(240
)
      –  
Cash dividends and distributions paid
   
 
(1,501
)
      (1,424 )    
 
(4,399
)
      (4,237 ) 
Distributions to
non-controlling
interests
   
 
(16
)
      (17 )    
 
(63
)
      (73 ) 
Payment of lease liabilities
   
 
(76
)
      (74 )    
 
(225
)
      (232 ) 
Other, net
   
 
84
 
      (630 )    
 
(873
)
      (3,406 ) 
Net cash from/(used in) financing activities
   
 
(3,677
)
      (2,162 )    
 
(6,191
)
      (8,054 ) 
Effect of exchange rate changes on cash and cash equivalents
   
 
38
 
      (11 )    
 
1
 
      (94 ) 
Net change in cash and cash equivalents
   
 
912
 
      (516 )    
 
2,314
 
      (920 ) 
Cash and cash equivalents at beginning of period
(1)
   
 
10,808
 
      9,769     
 
9,406
 
      10,173  
Cash and cash equivalents at end of period
(1)
   
$
11,720
 
    $ 9,253     
$
11,720
 
    $ 9,253  
(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.
 
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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 July 31, 2025 have been approved by the Board of Directors for issue on August 26, 2025.
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 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 continues to be uncertainty surrounding U.S. trade policies and the impact of tariffs. 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 ongoing uncertainty surrounding U.S. trade policy and tariffs, estimates and valuation models applied based on conditions and information existing as at July 31, 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 as described in Note 3 of the Bank’s audited consolidated financial statements for the year ended October 31, 2024.
 
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.

5.
Cash and deposits with financial institutions
 
  
  
  As at
 
($ millions)
  
July 31
2025
 
  
April 30
2025
 
  
October 31
2024
 
Cash and
non-interest-bearing
deposits with financial institutions
   
$
11,720
 
    $ 10,808      $ 9,406  
Interest-bearing deposits with financial institutions
   
 
57,981
 
      52,769        54,454  
Total
   
$
69,701
(1)
 
    $  63,577
(1)
 		    $  63,860
(1)
 
  (1)
Net of allowances of $3 (April 30, 2025 – $3; October 31, 2024 – $3).
The Bank is required to maintain balances with central banks, other regulatory authorities and certain counterparties. These amounted to
 $7,454 million (April 30, 2025 – $6,464 million; October 31, 2024 – $5,322 million) and are included above.
 
 Scotiabank Third Quarter Report 2025 
 
 
67
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
6.
Investment
securities
The
following
table presents the carrying amounts of the Bank’s investment securities per measurement category.
 
  
  
  As at
 
($ millions)
  
July 31
2025
 
  
April 30
2025
 
  
October 31
2024
 
Debt investment securities measured at FVOCI
   
$
121,735
 
    $ 125,483      $ 118,226  
Debt investment securities measured at amortized cost
   
 
24,923
 
      26,454        29,412  
Equity investment securities designated at FVOCI
   
 
376
 
      371        3,162  
Equity investment securities measured at FVTPL
   
 
2,092
 
      1,954        2,004  
Debt investment securities measured at FVTPL
   
 
25
 
      29        28  
Total investment securities
   
$
149,151
 
    $  154,291      $  152,832  
(a) Debt investment securities measured at fair value through other comprehensive income (FVOCI)
 

As at July 31, 2025 ($ millions)
   
Cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
     
Fair value
  
Canadian federal government issued or guaranteed debt
   
$
22,681
 
   
$
203
 
   
$
164
 
   
$
22,720
 
Canadian provincial and municipal debt
   
 
20,311
 
   
 
222
 
   
 
158
 
   
 
20,375
 
U.S. treasury and other U.S. agency debt
   
 
49,940
 
   
 
297
 
   
 
762
 
   
 
49,475
 
Other foreign government debt
   
 
25,715
 
   
 
262
 
   
 
236
 
   
 
25,741
 
Other debt
   
 
3,423
 
   
 
27
 
   
 
26
 
   
 
3,424
 
Total
   
$
122,070
 
   
$
1,011
 
   
$
1,346
 
   
$
121,735
 
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 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  
(b) Debt investment securities measured at amortized cost
 
  
  
As at
 
  
  
July 31, 2025
 
  
April 30, 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
   
$
6,166
 
   
$
6,110
 
    $ 7,097      $ 7,007      $ 8,722      $ 8,721  
U.S. treasury and other U.S. agency debt
   
 
15,291
 
   
 
16,178
 
      16,019        16,828        17,440        18,440  
Other foreign government debt
   
 
2,430
 
   
 
2,427
 
      2,421        2,418        2,044        2,041  
Corporate debt
   
 
213
 
   
 
208
 
      207        201        216        210  
Total
   
$
24,100
 
   
$
 24,923
 
    $  25,744      $  26,454      $  28,422      $  29,412  
 
  (1)
Balances are net of allowances of
 $1 (April 30, 2025 – $1; October 31, 2024 – $1).
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
(c) Equity
investment
securities designated at fair value through other comprehensive income (FVOCI)
 
As at July 31, 2025 ($ millions)
   
Cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
     
Fair value
  
Common shares
   
$
172
 
   
$
205
 
   
$
1
 
   
$
376
 
Total
   
$
172
 
   
$
205
 
   
$
1
 
   
$
376
 
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 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 $1 million for the three months ended July 31, 2025 (April 30, 2025 – $9 million; July 31, 2024 – $21 million) and for the nine months ended July 31, 2025 – $46 million (July 31, 2024 – $101 million) has been recognized in interest income.
During the three months ended July 31, 2025, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $25 million (April 30, 2025 – $2 million; July 31, 2024 – $0.2 million) and for the nine months ended July 31, 2025 – $1,839 million (July 31, 2024 – $938
 million) for economic reasons and according to its investment strategy. This has resulted in a realized loss of $
27
 million in the three months ended July 31, 2025 (April 30, 2025 – realized gain of $
0.02
 million; July 31, 2024 – realized gain of $
0.2 million) and for the nine months ended July 31, 2025 – realized gain of $512
 million (July 31, 2024 – realized gain of $
21 million).
 
7.
Loans, impaired loans and allowance for credit losses
(a) Loans at amortized cost
 
  
  
As at
 
  
  
July 31, 2025
 
($ millions)
  
Gross
carrying
amount
 
  
Allowance
for credit
losses
 
  
Net
carrying
amount
 
Residential mortgages
   
$
360,937
 
   
$
1,430
 
   
$
359,507
 
Personal loans
   
 
107,890
 
   
 
2,387
 
   
 
105,503
 
Credit cards
   
 
17,472
 
   
 
1,250
 
   
 
16,222
 
Business and government
   
 
282,458
 
   
 
2,130
 
   
 
280,328
 
Total
   
$
 768,757
 
   
$
 7,197
 
   
$
 761,560
 

      As at  
      April 30, 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
    $ 359,792      $ 1,378      $ 358,414      $ 350,941      $ 1,208      $ 349,733  
Personal loans
      105,953        2,379        103,574        106,379        2,319        104,060  
Credit cards
      17,224        1,235        15,989        17,374        1,160        16,214  
Business and government
      280,487        2,092        278,395        292,671        1,849        290,822  
Total
    $  763,456      $  7,084      $  756,372      $  767,365      $  6,536      $  760,829  
 
 Scotiabank Third Quarter Report 2025 
 
 
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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
(b) Impaired loans
(1)
 
  
  
As at
 
  
  
July 31, 2025
 
($ millions)
  
Gross
impaired
loans
 
  
Allowance
for credit
losses
 
  
Net
carrying
amount
 
Residential mortgages
   
$
2,659
 
   
$
798
 
   
$
1,861
 
Personal loans
   
 
1,048
 
   
 
600
 
   
 
448
 
Credit cards
   
 
–
 
   
 
–
 
   
 
–
 
Business and government
   
 
3,183
 
   
 
836
 
   
 
2,347
 
Total
   
$
6,890
 
   
$
2,234
 
   
$
4,656
 
By geography:
         
Canada
   
$
2,244
 
   
$
662
 
   
$
1,582
 
United States
   
 
–
 
   
 
–
 
   
 
–
 
Mexico
   
 
1,446
 
   
 
511
 
   
 
935
 
Peru
   
 
771
 
   
 
369
 
   
 
402
 
Chile
   
 
1,353
 
   
 
321
 
   
 
1,032
 
Colombia
   
 
332
 
   
 
117
 
   
 
215
 
Other international
   
 
744
 
   
 
254
 
   
 
490
 
Total
   
$
 6,890
 
   
$
 2,234
 
   
$
 4,656
 
 
      As at  
      April 30, 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
    $ 2,579      $ 748      $ 1,831      $ 2,372      $ 645      $ 1,727  
Personal loans
      1,060        617        443        1,117        621        496  
Credit cards
      –        –        –        –        –        –  
Business and government
      3,210        836        2,374        3,250        788        2,462  
Total
    $ 6,849      $ 2,201      $ 4,648      $ 6,739      $ 2,054      $ 4,685  
By geography:
                  
Canada
    $ 2,273      $ 682      $ 1,591      $ 2,158      $ 569      $ 1,589  
United States
      64        23        41        109        22        87  
Mexico
      1,386        460        926        1,343        424        919  
Peru
      716        361        355        715        385        330  
Chile
      1,333        307        1,026        1,249        281        968  
Colombia
      336        116        220        322        109        213  
Other international
      741        252        489        843        264        579  
Total
    $  6,849      $  2,201      $  4,648      $  6,739      $  2,054      $  4,685  
 
  (1)
Interest income recognized on impaired loans during the three months ended July 31, 2025 was $
22
(April 30, 2025 – $
24
; 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.
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.
 
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(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 the 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.
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. Given the 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 assume
s
 tariffs announced and implemented, 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.
The current quarter’s base case assumes lower trade tensions than in the prior quarter’s base case. However, uncertainty originating from the U.S. is still impacting its domestic and the global economic outlook. We forecast U.S. economic growth to slow in 2025, and further in 2026, due to the rise in import tariffs, but to post stronger than previously expected growth over this period, thanks to an upward revision to its assumed performance for the first half of this year and lower trade tensions. Despite softer stagflation headwinds from reduced trade tensions, our assumption about inflationary pressures is unchanged based on survey information and inflation figures from consumer price reports. We expect the U.S. monetary policy rate to stay constant throughout fiscal 2025 and to start declining in Q1 2026, the same profile as in our previous base case, consistent with our unchanged view on inflation pressures. Canada’s economy is also expected to slow over the 2025-2026 period in line with softening U.S. economic growth, though to a lesser extent than previously projected, supported by the upward revision to U.S. growth.
However, the
gains in 2025 are overshadowed by a weaker than assumed performance in the first half of the year. Consequently, Canada’s economy will expand at a modestly slower pace than previously expected in 2025, but by more in 2026 as the drag from the early 2025 headwinds fades. Stronger economic growth expected for
 the
 
second half of 2025
,
 
as well as recent CPI reports showing core inflation indicators at or slightly above the upper bound of the Bank of Canada inflation control range
,
are signaling stronger than previously assumed inflation pressures in Canada. This contributes to raising the monetary policy rate profile by 25 basis points in the second half of 2026 compared to last quarter’s base case.
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 an effective tariff of
7.5
% on imports from Canada and Mexico while facing no retaliation from these countries. 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 about three times 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.
 
 Scotiabank Third Quarter Report 2025 
 
 
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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 July 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
   
 
1.0
 
  
 
2.1
 
   
 
1.8
 
  
 
3.0
 
   
 
-0.9
 
  
 
2.5
 
   
 
-4.3
 
  
 
3.2
 
Consumer price index, y/y %
   
 
2.0
 
  
 
2.1
 
   
 
2.1
 
  
 
2.6
 
   
 
1.6
 
  
 
1.9
 
   
 
5.0
 
  
 
2.3
 
Unemployment rate, average %
   
 
7.2
 
  
 
6.1
 
   
 
7.0
 
  
 
5.0
 
   
 
8.2
 
  
 
6.5
 
   
 
11.3
 
  
 
7.2
 
Bank of Canada overnight rate target, average %
   
 
2.6
 
  
 
2.5
 
   
 
2.9
 
  
 
3.4
 
   
 
2.4
 
  
 
2.3
 
   
 
3.2
 
  
 
2.9
 
HPI - Housing Price Index, y/y % change
   
 
-2.4
 
  
 
6.7
 
   
 
-2.0
 
  
 
8.1
 
   
 
-5.2
 
  
 
7.1
 
   
 
-8.8
 
  
 
6.7
 
USD/CAD exchange rate, average
   
 
1.34
 
  
 
1.30
 
   
 
1.33
 
  
 
1.28
 
   
 
1.38
 
  
 
1.29
 
   
 
1.47
 
  
 
1.30
 
U.S.
                    
Real GDP growth, y/y % change
   
 
0.9
 
  
 
2.3
 
   
 
1.4
 
  
 
3.3
 
   
 
-1.0
 
  
 
2.8
 
   
 
-3.8
 
  
 
3.4
 
Consumer price index, y/y %
   
 
2.3
 
  
 
2.4
 
   
 
2.4
 
  
 
2.7
 
   
 
2.4
 
  
 
2.3
 
   
 
5.5
 
  
 
2.6
 
Target federal funds rate, upper limit, average %
   
 
4.3
 
  
 
2.9
 
   
 
4.5
 
  
 
3.4
 
   
 
4.3
 
  
 
2.7
 
   
 
5.1
 
  
 
3.4
 
Unemployment rate, average %
   
 
4.7
 
  
 
4.6
 
   
 
4.6
 
  
 
4.3
 
   
 
5.9
 
  
 
5.0
 
   
 
8.4
 
  
 
5.5
 
Mexico
                    
Real GDP growth, y/y % change
   
 
-1.1
 
  
 
2.3
 
   
 
-0.2
 
  
 
3.2
 
   
 
-2.8
 
  
 
2.7
 
   
 
-6.0
 
  
 
3.4
 
Unemployment rate, average %
   
 
3.6
 
  
 
3.9
 
   
 
3.4
 
  
 
3.3
 
   
 
4.0
 
  
 
4.0
 
   
 
6.3
 
  
 
4.9
 
Chile
                    
Real GDP growth, y/y % change
   
 
2.5
 
  
 
2.1
 
   
 
3.9
 
  
 
3.1
 
   
 
0.9
 
  
 
2.6
 
   
 
-3.2
 
  
 
3.5
 
Unemployment rate, average %
   
 
8.0
 
  
 
6.9
 
   
 
7.7
 
  
 
6.3
 
   
 
8.9
 
  
 
7.0
 
   
 
11.1
 
  
 
7.4
 
Peru
                    
Real GDP growth, y/y % change
   
 
2.7
 
  
 
3.1
 
   
 
3.6
 
  
 
4.3
 
   
 
0.9
 
  
 
3.5
 
   
 
-0.9
 
  
 
4.1
 
Unemployment rate, average %
   
 
5.8
 
  
 
6.1
 
   
 
5.5
 
  
 
5.2
 
   
 
6.6
 
  
 
6.4
 
   
 
10.4
 
  
 
7.6
 
Colombia
                    
Real GDP growth, y/y % change
   
 
2.7
 
  
 
2.7
 
   
 
3.7
 
  
 
3.7
 
   
 
0.9
 
  
 
3.0
 
   
 
-1.0
 
  
 
3.6
 
Unemployment rate, average %
   
 
10.1
 
  
 
9.9
 
   
 
9.7
 
  
 
9.0
 
   
 
11.4
 
  
 
10.4
 
   
 
17.9
 
  
 
12.4
 
Caribbean
                    
Real GDP growth, y/y % change
   
 
3.6
 
  
 
3.9
 
   
 
4.3
 
  
 
4.8
 
   
 
2.3
 
  
 
4.3
 
   
 
0.5
 
  
 
4.7
 
Global
                    
WTI oil price, average USD/bbl
   
 
60
 
  
 
65
 
   
 
63
 
  
 
77
 
   
 
54
 
  
 
61
 
   
 
46
 
  
 
56
 
Copper price, average USD/lb
   
 
4.22
 
  
 
4.76
 
   
 
4.30
 
  
 
5.13
 
   
 
4.00
 
  
 
4.69
 
   
 
3.67
 
  
 
4.55
 
Global GDP, y/y % change
   
 
2.3
 
  
 
2.7
 
   
 
2.9
 
  
 
3.6
 
   
 
0.7
 
  
 
3.0
 
   
 
-1.9
 
  
 
3.6
 
 
  
  
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  
 
72
 
 Scotiabank Third Quarter Report 2025 
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 $5,152 million (April 30, 2025 – $5,075 million; October 31, 2024 – $4,682 million) from $4,878 million (April 30, 2025 – $4,774 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 $721 million higher than the reported allowance for credit losses as at July 31, 2025 (April 30, 2025 – $1,081 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 $891 million (April 30, 2025 – $822 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
July 31,
2025
 
Residential mortgages
    $ 1,208      $ 270      $ (72 )    $ 24     
$
 1,430
 
Personal loans
      2,319        1,499        (1,353 )      (78 )   
 
2,387
 
Credit cards
      1,160        1,029        (942 )      3     
 
1,250
 
Business and government
      2,036        817        (466 )      (83 )   
 
2,304
 
 
    $  6,723      $  3,615      $  (2,833 )     $  (134 )    
$
7,371
 
Presented as:
               
Allowance for credit losses on loans
    $ 6,536              
$
7,197
 
Allowance for credit losses on acceptances
(2)
      1              
 
1
 
Allowance for credit losses on
off-balance
sheet exposures
(3)
      186     
 
 
 
   
 
 
 
   
 
 
 
   
 
173
 
  (1)
Excludes
amounts associated with
other assets
of $(14)
.
The provision for credit losses, net of these amounts, is
 $3,601.
  (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.
 
 Scotiabank Third Quarter Report 2025 
 
 
73
 
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
July 31,
2024
  
Residential mortgages
    $ 1,084      $ 214      $ (61 )     $ (27 )     $ 1,210  
Personal loans
      2,414        1,427        (1,375 )       (94 )       2,372  
Credit cards
      1,237        822        (857 )       (12 )       1,190  
Business and government
      1,876        568        (265 )       (106 )       2,073  
 
    $  6,611      $  3,031      $  (2,558 )    $  (239 )    $  6,845  
Presented as:
               
Allowance for credit losses on loans
    $ 6,372               $ 6,582  
Allowance for credit losses on acceptances
(2)
      90                 48  
Allowance for credit losses on
off-balance
sheet
exposures
(3)
      149     
 
 
 
   
 
 
 
   
 
 
 
      215  
  (1)
Excludes
amounts associated with
other assets
and reversal of impairment losses
 of $(10)
.
 
The provision for credit losses, net of these amounts, is
 $3,021.
  (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 July 31, 2025
 
($ millions)
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Residential mortgages
   
$
185
 
   
$
447
 
   
$
798
 
   
$
1,430
 
Personal loans
   
 
564
 
   
 
1,223
 
   
 
600
 
   
 
2,387
 
Credit cards
   
 
309
 
   
 
941
 
   
 
–
 
   
 
1,250
 
Business and government
   
 
699
 
   
 
595
 
   
 
836
 
   
 
2,130
 
Total
(1)
   
$
1,757
 
   
$
3,206
 
   
$
2,234
 
   
$
7,197
 
  (1)
Excludes allowance for credit losses of $189 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 July 31, 2024  
($ millions)
    Stage 1      Stage 2      Stage 3      Total  
Residential mortgages
    $ 201      $ 416      $ 593      $ 1,210  
Personal loans
      553        1,160        659        2,372  
Credit cards
      303        887        –        1,190  
Business and government
      589        433        788        1,810  
Total
(1)
    $  1,646      $  2,896      $  2,040      $  6,582  
  (1)
Excludes allowance for credit losses of $278 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
74
 
 Scotiabank Third Quarter Report 2025 
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
 
  
 
July 31, 2025
 
 
July 31, 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
  
$
178
 
  
$
452
 
  
$
748
 
  
$
1,378
 
   $ 259     $ 349     $ 580     $ 1,188  
Provision for credit losses
                
Remeasurement
(1)
  
 
(73
)
  
 
21
 
  
 
118
 
  
 
66
 
     (86 )      89       83       86  
Newly originated or purchased financial assets
  
 
11
 
  
 
–
 
  
 
–
 
  
 
11
 
     12       –       –       12  
Derecognition of financial assets and maturities
  
 
(2
)
  
 
(10
)
  
 
–
 
  
 
(12
)
     (3 )      (6 )      –       (9 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     (22 )      3       –       (19 ) 
Transfer to (from):
                
Stage 1
  
 
80
 
  
 
(64
)
 
  
 
(16
)
  
 
–
 
     59       (44 )      (15 )      –  
Stage 2
  
 
(10
)
 
  
 
69
 
  
 
(59
)
  
 
–
 
     (9 )      51       (42 )      –  
Stage 3
  
 
–
 
  
 
(26
)
  
 
26
 
  
 
–
 
     –       (20 )      20       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(39
)
 
  
 
(39
)
 
     –       –       (23 )      (23 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
7
 
  
 
7
 
     –       –       6       6  
Foreign exchange and other movements
  
 
1
 
  
 
5
 
  
 
13
 
  
 
19
 
     (9 )      (6 )      (16 )      (31 ) 
Balance at end of period
  
$
185
 
  
$
447
 
  
$
798
 
  
$
1,430
 
   $ 201     $ 416     $ 593     $ 1,210  
Personal loans
                
Balance at beginning of period
  
$
534
 
  
$
1,228
 
  
$
617
 
  
$
2,379
 
   $ 626     $ 1,058     $ 656     $ 2,340  
Provision for credit losses
                
Remeasurement
(1)
  
 
(136
)
  
 
201
 
  
 
318
 
  
 
383
 
     (182 )      284       378       480  
Newly originated or purchased financial assets
  
 
94
 
  
 
–
 
  
 
–
 
  
 
94
 
     89       –       –       89  
Derecognition of financial assets and maturities
  
 
(23
)
  
 
(34
)
  
 
–
 
  
 
(57
)
     (26 )      (54 )      –       (80 ) 
Changes in models and methodologies
  
 
3
 
  
 
(4
)
  
 
–
 
  
 
(1
)
     (68 )      96       –       28  
Transfer to (from):
                
Stage 1
  
 
146
 
  
 
(142
)
  
 
(4
)
  
 
–
 
     183       (178 )      (5 )      –  
Stage 2
  
 
(54
)
  
 
87
 
  
 
(33
)
  
 
–
 
     (57 )      90       (33 )      –  
Stage 3
  
 
(2
)
  
 
(115
)
  
 
117
 
  
 
–
 
     (4 )      (128 )      132       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(508
)
  
 
(508
)
     –       –       (551 )      (551 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
85
 
  
 
85
 
     –       –       88       88  
Foreign exchange and other movements
  
 
2
 
  
 
2
 
  
 
8
 
  
 
12
 
     (8 )      (8 )      (6 )      (22 ) 
Balance at end of period
  
$
564
 
  
$
1,223
 
  
$
600
 
  
$
2,387
 
   $ 553     $ 1,160     $ 659     $ 2,372  
Credit cards
                
Balance at beginning of period
  
$
292
 
  
$
943
 
  
$
 –
 
  
$
1,235
 
   $ 357     $ 882     $ –     $ 1,239  
Provision for credit losses
                
Remeasurement
(1)
  
 
(67
)
  
 
168
 
  
 
188
 
  
 
289
 
     (101 )      161       214       274  
Newly originated or purchased financial assets
  
 
41
 
  
 
–
 
  
 
–
 
  
 
41
 
     31       –       –       31  
Derecognition of financial assets and maturities
  
 
(10
)
  
 
(12
)
  
 
–
 
  
 
(22
)
     (13 )      (15 )      –       (28 ) 
Changes in models and methodologies
  
 
2
 
  
 
(3
)
  
 
–
 
  
 
(1
)
     (38 )      21       –       (17 ) 
Transfer to (from):
                
Stage 1
  
 
86
 
  
 
(86
)
  
 
–
 
  
 
–
 
     99       (99 )      –       –  
Stage 2
  
 
(39
)
  
 
39
 
  
 
–
 
  
 
–
 
     (30 )      30       –       –  
Stage 3
  
 
–
 
  
 
(102
)
  
 
102
 
  
 
–
 
     –       (95 )      95       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(368
)
  
 
(368
)
     –       –       (359 )      (359 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
73
 
  
 
73
 
     –       –       55       55  
Foreign exchange and other movements
  
 
4
 
  
 
(6
)
  
 
5
 
  
 
3
 
     (2 )      2       (5 )      (5 ) 
Balance at end of period
  
$
309
 
  
$
941
 
  
$
–
 
  
$
1,250
 
   $ 303     $ 887     $ –     $ 1,190  
Total retail loans
                
Balance at beginning of period
  
$
1,004
 
  
$
2,623
 
  
$
1,365
 
  
$
4,992
 
   $ 1,242     $ 2,289     $ 1,236     $ 4,767  
Provision for credit losses
                
Remeasurement
(1)
  
 
(276
)
  
 
390
 
  
 
624
 
  
 
738
 
     (369 )      534       675       840  
Newly originated or purchased financial assets
  
 
146
 
  
 
–
 
  
 
–
 
  
 
146
 
     132       –       –       132  
Derecognition of financial assets and maturities
  
 
(35
)
  
 
(56
)
  
 
–
 
  
 
(91
)
     (42 )      (75 )      –       (117 ) 
Changes in models and methodologies
  
 
5
 
  
 
(7
)
  
 
–
 
  
 
(2
)
     (128 )      120       –       (8 ) 
Transfer to (from):
                
Stage 1
  
 
312
 
  
 
(292
)
  
 
(20
)
  
 
–
 
     341       (321 )      (20 )      –  
Stage 2
  
 
(103
)
  
 
195
 
  
 
(92
)
  
 
–
 
     (96 )      171       (75 )      –  
Stage 3
  
 
(2
)
  
 
(243
)
  
 
245
 
  
 
–
 
     (4 )      (243 )      247       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(915
)
  
 
(915
)
     –       –       (933 )      (933 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
165
 
  
 
165
 
     –       –       149       149  
Foreign exchange and other movements
  
 
7
 
  
 
1
 
  
 
26
 
  
 
34
 
     (19 )      (12 )      (27 )      (58 ) 
Balance at end of period
  
$
1,058
 
  
$
2,611
 
  
$
1,398
 
  
$
5,067
 
   $  1,057     $  2,463     $  1,252     $  4,772  
Non-retail
loans:
                
Business and government
                
Balance at beginning of period
  
$
820
 
  
$
611
 
  
$
836
 
  
$
2,267
 
   $ 653     $ 447     $ 798     $ 1,898  
Provision for credit losses
                
Remeasurement
(1)
  
 
(50
)
  
 
69
 
  
 
213
 
  
 
232
 
     (146 )      13       144       11  
Newly originated or purchased financial assets
  
 
308
 
  
 
–
 
  
 
–
 
  
 
308
 
     204       –       –       204  
Derecognition of financial assets and maturities
  
 
(245
)
  
 
(40
)
  
 
(9
)
  
 
(294
)
     (187 )      (12 )      (4 )      (203 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     200       37       –       237  
Transfer to (from):
                
Stage 1
  
 
29
 
  
 
(29
)
  
 
–
 
  
 
–
 
     37       (37 )      –       –  
Stage 2
  
 
(21
)
  
 
21
 
  
 
–
 
  
 
–
 
     (21 )      22       (1 )      –  
Stage 3
  
 
(1
)
  
 
(13
)
  
 
14
 
  
 
–
 
     –       (4 )      4       –  
Gross write-offs  
 
–
 
  
 
–
 
  
 
(210
)
  
 
(210
)
     –       –       (93 )      (93 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
12
 
  
 
12
 
     –       –       12       12  
Foreign exchange and other movements
  
 
5
 
  
 
3
 
  
 
(20
)
  
 
(12
)
     (2 )      (3 )      (36 )      (41 ) 
Balance at end of period including
off-balance
sheet exposures
  
$
845
 
  
$
622
 
  
$
836
 
  
$
2,303
 
   $ 738     $ 463     $ 824     $ 2,025  
Less: Allowance for credit losses on
off-balance
sheet exposures
(2)
  
 
(146
)
  
 
(27
)
  
 
–
 
  
 
(173
)
     (149 )      (30 )      (36 )      (215 ) 
Balance at end of period
(2)
  
$
699
 
  
$
595
 
  
$
836
 
  
$
2,130
 
   $ 589     $ 433     $ 788     $ 1,810  
 
 Scotiabank Third Quarter Report 2025 
 
 
75
 
Table of Contents

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
As at and for the nine months ended
 
  
 
July 31, 2025
 
 
July 31, 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)
  
 
(172
)
 
  
 
123
 
  
 
319
 
  
 
270
 
     (194 )      155       263       224  
Newly originated or purchased financial assets
  
 
36
 
  
 
–
 
  
 
–
 
  
 
36
 
     32       –       –       32  
Derecognition of financial assets and maturities
  
 
(6
)
  
 
(23
)
 
  
 
–
 
  
 
(29
)
     (7 )      (16 )      –       (23 ) 
Changes in models and methodologies
  
 
(2
)
  
 
(14
)
  
 
9
 
  
 
(7
)
 
     (22 )      3       –       (19 ) 
Transfer to (from):
                
Stage 1
  
 
196
 
  
 
(156
)
  
 
(40
)
 
  
 
–
 
     164       (124 )      (40 )      –  
Stage 2
  
 
(33
)
  
 
189
 
  
 
(156
)
  
 
–
 
     (30 )      148       (118 )      –  
Stage 3
  
 
–
 
  
 
(75
)
  
 
75
 
  
 
–
 
     –       (62 )      62       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(91
)
  
 
(91
)
     –       –       (77 )      (77 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
19
 
  
 
19
 
     –       –       16       16  
Foreign exchange and other movements
  
 
1
 
  
 
5
 
  
 
18
 
  
 
24
 
     (7 )      (9 )      (11 )      (27 ) 
Balance at end of period
  
$
185
 
  
$
447
 
  
$
798
 
  
$
1,430
 
   $ 201     $ 416     $ 593     $ 1,210  
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)
  
 
(464
)
  
 
797
 
  
 
1,079
 
  
 
1,412
 
     (553 )      759       1,134       1,340  
Newly originated or purchased financial assets
  
 
288
 
  
 
–
 
  
 
–
 
  
 
288
 
     279       –       –       279  
Derecognition of financial assets and maturities
  
 
(66
)
  
 
(110
)
  
 
–
 
  
 
(176
)
     (73 )      (147 )      –       (220 ) 
Changes in models and methodologies
  
 
3
 
  
 
(33
)
  
 
5
 
  
 
(25
)
     (68 )      96       –       28  
Transfer to (from):
                
Stage 1
  
 
457
 
  
 
(445
)
  
 
(12
)
  
 
–
 
     523       (512 )      (11 )      –  
Stage 2
  
 
(160
)
  
 
249
 
  
 
(89
)
  
 
–
 
     (175 )      259       (84 )      –  
Stage 3
  
 
(6
)
  
 
(361
)
  
 
367
 
  
 
–
 
     (11 )      (381 )      392       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(1,583
)
  
 
(1,583
)
     –       –       (1,591 )      (1,591 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
230
 
  
 
230
 
     –       –       216       216  
Foreign exchange and other movements
  
 
(32
)
  
 
(28
)
  
 
(18
)
  
 
(78
)
     (16 )      (17 )      (61 )      (94 ) 
Balance at end of period
  
$
564
 
  
$
1,223
 
  
$
600
 
  
$
2,387
 
   $ 553     $ 1,160     $ 659     $ 2,372  
Credit cards
                
Balance at beginning of period
  
$
288
 
  
$
872
 
  
$
–
 
  
$
1,160
 
   $ 414     $ 823     $ –     $ 1,237  
Provision for credit losses
                
Remeasurement
(1)
  
 
(218
)
  
 
571
 
  
 
652
 
  
 
1,005
 
     (299 )      503       610       814  
Newly originated or purchased financial assets
  
 
99
 
  
 
–
 
  
 
–
 
  
 
99
 
     111       –       –       111  
Derecognition of financial assets and maturities
  
 
(33
)
  
 
(32
)
  
 
–
 
  
 
(65
)
     (39 )      (47 )      –       (86 ) 
Changes in models and methodologies
  
 
–
 
  
 
(10
)
  
 
–
 
  
 
(10
)
     (38 )      21       –       (17 ) 
Transfer to (from):
                
Stage 1
  
 
269
 
  
 
(269
)
  
 
–
 
  
 
–
 
     262       (262 )      –       –  
Stage 2
  
 
(96
)
  
 
96
 
  
 
–
 
  
 
–
 
     (104 )      104       –       –  
Stage 3
  
 
–
 
  
 
(284
)
  
 
284
 
  
 
–
 
     –       (244 )      244       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(1,106
)
  
 
(1,106
)
     –       –       (1,002 )      (1,002 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
164
 
  
 
164
 
     –       –       145       145  
Foreign exchange and other movements
  
 
–
 
  
 
(3
)
  
 
6
 
  
 
3
 
     (4 )      (11 )      3       (12 ) 
Balance at end of period
  
$
309
 
  
$
941
 
  
$
–
 
  
$
1,250
 
   $ 303     $ 887     $ –     $ 1,190  
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)
  
 
(854
)
  
 
1,491
 
  
 
2,050
 
  
 
2,687
 
     (1,046 )      1,417       2,007       2,378  
Newly originated or purchased financial assets
  
 
423
 
  
 
–
 
  
 
–
 
  
 
423
 
     422       –       –       422  
Derecognition of financial assets and maturities
  
 
(105
)
  
 
(165
)
  
 
–
 
  
 
(270
)
     (119 )      (210 )      –       (329 ) 
Changes in models and methodologies
  
 
1
 
  
 
(57
)
  
 
14
 
  
 
(42
)
     (128 )      120       –       (8 ) 
Transfer to (from):
                
Stage 1
  
 
922
 
  
 
(870
)
  
 
(52
)
  
 
–
 
     949       (898 )      (51 )      –  
Stage 2
  
 
(289
)
  
 
534
 
  
 
(245
)
  
 
–
 
     (309 )      511       (202 )      –  
Stage 3
  
 
(6
)
  
 
(720
)
  
 
726
 
  
 
–
 
     (11 )      (687 )      698       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(2,780
)
  
 
(2,780
)
     –       –       (2,670 )      (2,670 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
413
 
  
 
413
 
     –       –       377       377  
Foreign exchange and other movements
  
 
(31
)
  
 
(26
)
  
 
6
 
  
 
(51
)
     (27 )      (37 )      (69 )      (133 ) 
Balance at end of period
  
$
1,058
 
  
$
2,611
 
  
$
1,398
 
  
$
5,067
 
   $  1,057     $  2,463     $  1,252     $  4,772  
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)
  
 
(52
)
  
 
259
 
  
 
603
 
  
 
810
 
     (195 )      155       434       394  
Newly originated or purchased financial assets
  
 
983
 
  
 
–
 
  
 
–
 
  
 
983
 
     630       –       –       630  
Derecognition of financial assets and maturities
  
 
(856
)
  
 
(93
)
  
 
(28
)
  
 
(977
)
     (569 )      (74 )      (8 )      (651 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     200       37       –       237  
Transfer to (from):
                
Stage 1
  
 
92
 
  
 
(92
)
  
 
–
 
  
 
–
 
     114       (114 )      –       –  
Stage 2
  
 
(59
)
  
 
62
 
  
 
(3
)
  
 
–
 
     (73 )      76       (3 )      –  
Stage 3
  
 
(3
)
  
 
(23
)
  
 
26
 
  
 
–
 
     –       (12 )      12       –  
Gross write-offs  
 
–
 
  
 
–
 
  
 
(513
)
  
 
(513
)
     –       –       (313 )      (313 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
47
 
  
 
47
 
     –       –       48       48  
Foreign exchange and other movements
  
 
1
 
  
 
1
 
  
 
(84
)
  
 
(82
)
     (4 )      (8 )      (94 )      (106 ) 
Balance at end of period including
off-balance
sheet exposures
  
$
845
 
  
$
622
 
  
$
836
 
  
$
2,303
 
   $ 738     $ 463     $ 824     $ 2,025  
Less: Allowance for credit losses on
off-balance
sheet exposures
(2)
  
 
(146
)
  
 
(27
)
  
 
–
 
  
 
(173
)
     (149 )      (30 )      (36 )      (215 ) 
Balance at end of period
(2)
  
$
699
 
  
$
595
 
  
$
836
 
  
$
2,130
 
   $ 589     $ 433     $ 788     $ 1,810  
  (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 losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
76
 
 Scotiabank Third Quarter Report 2025 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
  (d)
Carrying value of exposures by risk rating
 
Residential
mortgages
 
As at July 31, 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
  
$
207,050
 
  
$
5,849
 
  
$
–
 
  
$
212,899
 
   $ 211,165     $ 3,262     $ –     $ 214,427  
Low
  
 
83,929
 
  
 
6,650
 
  
 
–
 
  
 
90,579
 
     78,344       3,625       –       81,969  
Medium
  
 
20,742
 
  
 
7,351
 
  
 
–
 
  
 
28,093
 
     19,205       2,072       –       21,277  
High
  
 
2,841
 
  
 
5,573
 
  
 
–
 
  
 
8,414
 
     2,561       5,280       –       7,841  
Very high
  
 
44
 
  
 
2,881
 
  
 
–
 
  
 
2,925
 
     13       2,814       –       2,827  
Loans not graded
(2)
  
 
14,212
 
  
 
1,156
 
  
 
–
 
  
 
15,368
 
     18,614       1,614       –       20,228  
Default
  
 
–
 
  
 
–
 
  
 
2,659
 
  
 
2,659
 
     –       –       2,372       2,372  
Total
  
$
328,818
 
  
$
29,460
 
  
$
2,659
 
  
$
360,937
 
   $ 329,902     $ 18,667     $ 2,372     $ 350,941  
Allowance for credit losses
  
 
185
 
  
 
447
 
  
 
798
 
  
 
1,430
 
     165       398       645       1,208  
Carrying value
  
$
328,633
 
  
$
29,013
 
  
$
1,861
 
  
$
359,507
 
   $  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 July 31, 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
  
$
31,114
 
  
$
266
 
  
$
–
 
  
$
31,380
 
   $ 30,865     $ –     $ –     $ 30,865  
Low
  
 
21,051
 
  
 
840
 
  
 
–
 
  
 
21,891
 
     20,686       12       –       20,698  
Medium
  
 
12,527
 
  
 
106
 
  
 
–
 
  
 
12,633
 
     13,053       38       –       13,091  
High
  
 
9,081
 
  
 
5,934
 
  
 
–
 
  
 
15,015
 
     10,535       4,843       –       15,378  
Very high
  
 
27
 
  
 
2,450
 
  
 
–
 
  
 
2,477
 
     76       2,743       –       2,819  
Loans not graded
(2)
  
 
21,146
 
  
 
2,300
 
  
 
–
 
  
 
23,446
 
     20,482       1,929       –       22,411  
Default
  
 
–
 
  
 
–
 
  
 
1,048
 
  
 
1,048
 
     –       –       1,117       1,117  
Total
  
$
94,946
 
  
$
11,896
 
  
$
1,048
 
  
$
107,890
 
   $   95,697     $   9,565     $ 1,117     $  106,379  
Allowance for credit losses
  
 
564
 
  
 
1,223
 
  
 
600
 
  
 
2,387
 
     544       1,154       621       2,319  
Carrying value
  
$
94,382
 
  
$
10,673
 
  
$
448
 
  
$
105,503
 
   $ 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 July 31, 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
  
$
2,541
 
  
$
2
 
  
$
–
 
  
$
2,543
 
   $ 2,382     $ 3     $ –     $ 2,385  
Low
  
 
3,033
 
  
 
12
 
  
 
–
 
  
 
3,045
 
     2,872       25       –       2,897  
Medium
  
 
4,659
 
  
 
30
 
  
 
–
 
  
 
4,689
 
     4,631       55       –       4,686  
High
  
 
2,742
 
  
 
2,185
 
  
 
–
 
  
 
4,927
 
     3,069       1,880       –       4,949  
Very high
  
 
19
 
  
 
1,119
 
  
 
–
 
  
 
1,138
 
     16       1,028       –       1,044  
Loans not graded
(1)
  
 
654
 
  
 
476
 
  
 
–
 
  
 
1,130
 
     895       518       –       1,413  
Default
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Total
  
$
13,648
 
  
$
3,824
 
  
$
–
 
  
$
17,472
 
   $   13,865     $   3,509     $ –     $   17,374  
Allowance for credit losses
  
 
309
 
  
 
941
 
  
 
–
 
  
 
1,250
 
     288       872       –       1,160  
Carrying value
  
$
13,339
 
  
$
2,883
 
  
$
–
 
  
$
16,222
 
   $ 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 July 31, 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
  
$
123,848
 
  
$
326
 
  
$
–
 
  
$
124,174
 
   $ 115,396     $ 2     $ –     $ 115,398  
Low
  
 
19,166
 
  
 
81
 
  
 
–
 
  
 
19,247
 
     17,947       26       –       17,973  
Medium
  
 
8,350
 
  
 
12
 
  
 
–
 
  
 
8,362
 
     8,128       22       –       8,150  
High
  
 
3,645
 
  
 
582
 
  
 
–
 
  
 
4,227
 
     3,490       505       –       3,995  
Very high
  
 
13
 
  
 
309
 
  
 
–
 
  
 
322
 
     10       305       –       315  
Loans not graded
(1)
  
 
11,144
 
  
 
2,871
 
  
 
–
 
  
 
14,015
 
     12,634       2,749       –       15,383  
Default
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Carrying value
  
$
166,166
 
  
$
4,181
 
  
$
–
 
  
$
170,347
 
   $  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.
 
 Scotiabank Third Quarter Report 2025 
 
 
77
 
Table of Contents
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Total retail loans
 
As at July 31, 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
  
$
364,553
 
  
$
6,443
 
  
$
–
 
  
$
370,996
 
   $ 359,808     $ 3,267     $ –     $ 363,075  
Low
  
 
127,179
 
  
 
7,583
 
  
 
–
 
  
 
134,762
 
     119,849       3,688       –       123,537  
Medium
  
 
46,278
 
  
 
7,499
 
  
 
–
 
  
 
53,777
 
     45,017       2,187       –       47,204  
High
  
 
18,309
 
  
 
14,274
 
  
 
–
 
  
 
32,583
 
     19,655       12,508       –       32,163  
Very high
  
 
103
 
  
 
6,759
 
  
 
–
 
  
 
6,862
 
     115       6,890       –       7,005  
Loans not graded
(2)
  
 
47,156
 
  
 
6,803
 
  
 
–
 
  
 
53,959
 
     52,625       6,810       –       59,435  
Default
  
 
–
 
  
 
–
 
  
 
3,707
 
  
 
3,707
 
     –       –       3,489       3,489  
Total
  
$
603,578
 
  
$
49,361
 
  
$
3,707
 
  
$
656,646
 
   $ 597,069     $ 35,350     $ 3,489     $ 635,908  
Allowance for credit losses
  
 
1,058
 
  
 
2,611
 
  
 
1,398
 
  
 
5,067
 
     997       2,424       1,266       4,687  
Carrying value
  
$
602,520
 
  
$
46,750
 
  
$
2,309
 
  
$
651,579
 
   $  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 July 31, 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
  
$
138,872
 
  
$
1,378
 
  
$
–
 
  
$
140,250
 
   $ 146,999     $ 1,829     $ –     $ 148,828  
Non-investment
grade
  
 
125,455
 
  
 
6,577
 
  
 
–
 
  
 
132,032
 
     124,749       8,800       –       133,549  
Watch list
  
 
9
 
  
 
4,575
 
  
 
–
 
  
 
4,584
 
     10       4,819       –       4,829  
Loans not graded
(2)
  
 
2,382
 
  
 
27
 
  
 
–
 
  
 
2,409
 
     2,190       25       –       2,215  
Default
  
 
–
 
  
 
–
 
  
 
3,183
 
  
 
3,183
 
     –       –       3,250       3,250  
Total
  
$
266,718
 
  
$
12,557
 
  
$
3,183
 
  
$
282,458
 
   $ 273,948     $ 15,473     $ 3,250     $ 292,671  
Allowance for credit losses
  
 
699
 
  
 
595
 
  
 
836
 
  
 
2,130
 
     586       475       788       1,849  
Carrying value
  
$
266,019
 
  
$
11,962
 
  
$
2,347
 
  
$
280,328
 
   $  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 July 31, 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
  
$
241,496
 
  
$
1,217
 
  
$
–
 
  
$
242,713
 
   $ 243,635     $ 1,124     $ –     $ 244,759  
Non-investment
grade
  
 
57,503
 
  
 
2,113
 
  
 
–
 
  
 
59,616
 
     59,572       2,894       –       62,466  
Watch list
  
 
–
 
  
 
916
 
  
 
–
 
  
 
916
 
     –       1,142       –       1,142  
Loans not graded
(2)
  
 
4,009
 
  
 
1
 
  
 
–
 
  
 
4,010
 
     3,921       –       –       3,921  
Default
  
 
–
 
  
 
–
 
  
 
36
 
  
 
36
 
     –       –       32       32  
Total
  
$
303,008
 
  
$
4,247
 
  
$
36
 
  
$
307,291
 
   $ 307,128     $ 5,160     $ 32     $ 312,320  
Allowance for credit losses
  
 
146
 
  
 
27
 
  
 
–
 
  
 
173
 
     153       33       –       186  
Carrying value
  
$
302,862
 
  
$
4,220
 
  
$
36
 
  
$
307,118
 
   $  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 July 31, 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
  
$
380,368
 
  
$
2,595
 
  
$
–
 
  
$
382,963
 
   $ 390,634     $ 2,953     $ –     $ 393,587  
Non-investment
grade
  
 
182,958
 
  
 
8,690
 
  
 
–
 
  
 
191,648
 
     184,321       11,694       –       196,015  
Watch list
  
 
9
 
  
 
5,491
 
  
 
–
 
  
 
5,500
 
     10       5,961       –       5,971  
Loans not graded
(2)
  
 
6,391
 
  
 
28
 
  
 
–
 
  
 
6,419
 
     6,111       25       –       6,136  
Default
  
 
–
 
  
 
–
 
  
 
3,219
 
  
 
3,219
 
     –       –       3,282       3,282  
Total
  
$
569,726
 
  
$
16,804
 
  
$
3,219
 
  
$
589,749
 
   $ 581,076     $ 20,633     $ 3,282     $ 604,991  
Allowance for credit losses
  
 
845
 
  
 
622
 
  
 
836
 
  
 
2,303
 
     739       508       788       2,035  
Carrying value
  
$
568,881
 
  
$
16,182
 
  
$
2,383
 
  
$
587,446
 
   $  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.
 
78
 
 Scotiabank Third Quarter Report 2025 
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. 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 July 31, 2025
 
($ millions)
 
31-60

days
 
 
61-90

days
 
 
91 days
and greater
(2)
 
 
Total
 
Residential mortgages
  
$
1,520
 
  
$
732
 
  
$
–
 
  
$
2,252
 
Personal loans
  
 
616
 
  
 
338
 
  
 
–
 
  
 
954
 
Credit cards
  
 
240
 
  
 
191
 
  
 
386
 
  
 
817
 
Business and government
  
 
271
 
  
 
76
 
  
 
–
 
  
 
347
 
Total
  
$
2,647
 
  
$
1,337
 
  
$
386
 
  
$
4,370
 
     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 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)
  
July 31
2025
 
  
April 30
2025
 
  
October 31
2024
 
Unpaid principal balance
(1)
   
$
227
 
    $ 231      $ 243  
Credit related fair value adjustments
   
 
(25
)
 
      (26 )       (29 ) 
Carrying value
   
 
202
 
      205        214  
Stage 3 allowance
   
 
(1
)
      –        (1 ) 
Carrying value net of related allowance
   
$
201
 
    $  205      $  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.
 
 Scotiabank Third Quarter Report 2025 
 
 
79
 
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)
  
July 31
2025
(1)
 
  
April 30
2025
(1)
 
  
October 31
2024
(1)
 
Assets
  
  
  
Carrying value of residential mortgage loans
   
$
8,854
 
    $ 9,377      $ 11,190  
Other related assets
(2)
   
 
6,248
 
      6,265        7,202  
Liabilities
         
Carrying value of associated liabilities
   
$
15,061
 
    $   15,479      $   17,923  
  (1)
The fair value of the transferred assets is $14,815 (April 30, 2025 – $15,524 and October 31, 2024 – $18,092) and the fair value of the associated liabilities is $14,966 (April 30, 2025 – $15,481 and October 31, 2024 – $17,692) for a net position of $(151) (April 30, 2025 – $43 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, $
2,937
 million (April 30, 2025 –
nil
) of the Bank’s Canadian auto loan receivables were securitized through Securitized Term Auto Receivables Trust (SSTRT), a Bank-sponsored consolidated structured entity. As of July 31, 2025,
U.S.
$
186
 million (CAD $
258
 million) (April 30, 2025 –
nil
) offered notes issued to third party investors through SSTRT were outstanding and included in deposits – business and government on the Consolidated Statement of Financial Position.
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)
  
July 31
2025
(1)
 
  
April 30
2025
(1)
 
  
October 31
2024
(1)
 
Carrying value of securities associated with:
  
  
  
Repurchase agreements
(2)
   
$
169,302
 
    $ 161,938      $ 174,334  
Securities lending agreements
   
 
66,927
 
      63,492        58,477  
Total
   
 
236,229
 
      225,430        232,811  
Carrying value of associated liabilities
(3)
   
$
182,223
 
    $  177,987      $  190,449  
  (1)
The fair value of transferred assets is $236,229 (April 30, 2025 – $225,430 and October 31, 2024 – $232,811) and the fair value of the associated liabilities is $182,223 (April 30, 2025 – $177,987 and October 31, 2024 – $190,449) for a net position of $54,006 (April 30, 2025 – $47,443 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
 
  
  
  
 
  
  
 
  
  
 
  
  
 
  
July 31
2025
 
  
April 30
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 %       June 30, 2025     
$
 4,184
 
    $  4,048      $ –  
Bank of Xi’an Co. Ltd.
(3)
      China        Banking        18.1 %       March 31, 2025     
 
679
 
      674         658  
Maduro & Curiel’s Bank N.V.
(4)
      Curacao        Banking        48.1 %       June 30, 2025     
 
552
 
      539        527  
(1)
Represents the date of 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
market value of the 
Bank’s investment in KeyCorp was $4,044 as at July 31, 2025 (April 30, 2025 – $3,332).
  (3)
Based on the quoted price on the Shanghai Stock Exchange, the market value of the Bank’s Investment in Bank of Xi’an Co. Ltd. was
 $595 (April 30, 2025 – $528; October 31, 2024 – $570)
,
 
which has remained below the carrying amount. The Bank performed an impairment test as at July 31, 2025 using
 a value in use (VIU) discounted cash flow model. The Bank concluded that there is no impairment for the period ended July 31, 2025 (April 30, 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 July 31, 2025, these reserves amounted to $75 (April 30, 2025 – $74; October 31, 2024 – $74).
 
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Table of Contents
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
10.
Deposits
 
  
 
As at
 
 
  
 
  
 
July 31, 2025
 
 
April 30
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
  
$
5,862
 
  
$
10,616
 
  
$
153,696
 
  
$
131,290
 
  
$
301,464
 
   $ 301,069     $ 298,821  
Business and government
  
 
182,026
 
  
 
33,018
 
  
 
69,439
 
  
 
321,451
 
  
 
605,934
 
     604,307       600,114  
Financial institutions
  
 
10,408
 
  
 
1,171
 
  
 
2,277
 
  
 
25,588
 
  
 
39,444
 
     40,467       44,914  
 
  
$
198,296
 
  
$
44,805
 
  
$
225,412
(4)
 
  
$
478,329
 
  
$
946,842
 
   $ 945,843     $ 943,849  
Recorded in:
              
Canada
  
$
147,533
 
  
$
23,949
 
  
$
183,943
 
  
$
326,237
 
  
$
681,662
 
   $ 685,799     $ 686,817  
United States
  
 
39,707
 
  
 
138
 
  
 
3,932
 
  
 
47,908
 
  
 
91,685
 
     88,831       90,442  
United Kingdom
  
 
–
 
  
 
–
 
  
 
307
 
  
 
35,512
 
  
 
35,819
 
     32,120       27,091  
Mexico
  
 
149
 
  
 
7,322
 
  
 
13,725
 
  
 
17,385
 
  
 
38,581
 
     37,022       36,751  
Peru
  
 
5,793
 
  
 
41
 
  
 
5,892
 
  
 
7,004
 
  
 
18,730
 
     19,133       17,710  
Chile
  
 
1,545
 
  
 
4,951
 
  
 
136
 
  
 
15,936
 
  
 
22,568
 
     24,113       23,232  
Colombia
  
 
24
 
  
 
500
 
  
 
3,444
 
  
 
5,478
 
  
 
9,446
 
     8,898       8,102  
Other International
  
 
3,545
 
  
 
7,904
 
  
 
14,033
 
  
 
22,869
 
  
 
48,351
 
     49,927       53,704  
Total
(5)
  
$
198,296
 
  
$
44,805
 
  
$
225,412
 
  
$
478,329
 
  
$
946,842
 
   $  945,843     $  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 $135 (April 30, 2025 – $123; October 31, 2024 – $124) of
non-interest-bearing
deposits.
  (5)
Deposits denominated in U.S. dollars amount to $284,432 (April 30, 2025 – $293,366 ; October 31, 2024 – $295,316), deposits denominated in Chilean pesos amount to $19,406 (April 30, 2025 – $20,184; October 31, 2024 – $19,271), deposits denominated in Mexican pesos amount to $35,379 (April 30, 2025 – $33,975; October 31, 2024 – $34,416) and deposits denominated in other foreign currencies amount to $116,535 (April 30, 2025 – $114,253; 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 July 31, 2025
   
$
49,249
 
   
$
36,829
 
   
$
58,671
 
   
$
111,629
 
   
$
15,175
 
   
$
271,553
 
As at April 30, 2025
    $ 59,432      $ 29,100      $ 63,418      $ 113,023      $ 17,570      $ 282,543  
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
 
  
 
July 31, 2025
 
 
July 31, 2024
 
($ millions)
 
Number of shares
 
 
Amount
 
 
Number of shares
 
 
Amount
 
Outstanding at beginning of period
  
 
1,245,549,363
 
  
$
22,138
 
     1,229,569,597     $ 21,066  
Issued in relation to share-based payments, net
  
 
138,392
 
  
 
10
 
     18,688       2  
Issued in relation to the Shareholder Dividend and Share Purchase Plan
(1)
  
 
–
 
  
 
–
 
     7,750,463       481  
Repurchased for cancellation under the Normal Course Issuer Bid
  
 
(3,227,456
)
 
  
 
(59
)
 
     –       –  
Outstanding at end of period
  
 
1,242,460,299
 
  
$
22,089
 
     1,237,338,748     $  21,549  
 
  
 
For the nine months ended
 
  
 
July 31, 2025
 
 
July 31, 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
  
 
1,252,069
 
  
 
94
 
     133,766       9  
Issued in relation to the Shareholder Dividend and Share Purchase Plan
(1)
  
 
–
 
  
 
–
 
     23,160,562       1,431  
Repurchased for cancellation under the Normal Course Issuer Bid
  
 
(3,227,456
)
 
  
 
(59
)
 
     –       –  
Outstanding at end of period
  
 
1,242,460,299
 
  
$
22,089
 
     1,237,338,748     $  21,549  
  (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.
 
 Scotiabank Third Quarter Report 2025 
 
 
81
 
Table of Contents
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
Normal Course Issuer Bid
On May 28, 2025, the Bank announced that OSFI and the Toronto Stock Exchange approved a normal course issuer bid (the “2025 NCIB”) pursuant to which it may repurchase for cancellation up
to
20 
million of the Bank’s common shares. Purchases under the 2025 NCIB commenced on May 30, 2025, and will terminate upon the earlier of: (i) the Bank purchasing the maximum number of common shares under the 2025 NCIB, (ii) the Bank providing a notice of termination, or (iii) May 29, 2026.
From the commencement of the 2025 NCIB until July 31, 2025, the Bank repurchased and cancelled approximately
3.2
 million common shares at an average price of $
74.52
per share for a total amount of
$245
million, including tax.
Preferred shares and other equity instruments
Redemption
On June 4, 2025, the Bank redeemed all outstanding US
$1,250 million 4.900
% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes
(Non-Viability
Contingent Capital (NVCC)) at
100%
of their principal amount plus accrued and unpaid interest. The redemption of these notes resulted in a foreign currency loss of $22 million, which was recorded in Retained Earnings.
 
12.
Capital management
The Bank’s regulatory capital, total loss absorbing capacity and leverage measures were as follows:
 
  
  
As at
 
($ millions)
  
July 31
2025
 
  
April 30
2025
 
  
October 31
2024
 
Capital
(1)
  
  
  
Common Equity Tier 1 capital
   
$
 61,591
 
    $ 60,425      $ 60,631  
Net Tier 1 capital
   
 
70,225
 
      70,740        69,499  
Total regulatory capital
   
 
78,208
 
      78,682        77,708  
Total loss absorbing capacity (TLAC)
(2)
   
 
134,627
 
      139,119        137,752  
Risk-weighted assets/exposures used in calculation of capital ratios
         
Risk-weighted assets
(1)(3)
   
$
463,484
 
    $ 458,989      $ 463,992  
Leverage exposures
(4)
   
 
1,573,879
 
       1,568,491         1,563,140  
Regulatory ratios
(1)
         
Common Equity Tier 1 capital ratio
   
 
13.3
% 
      13.2 %       13.1 % 
Tier 1 capital ratio
   
 
15.2
% 
      15.4 %       15.0 % 
Total capital ratio
   
 
16.9
% 
      17.1 %       16.7 % 
Total loss absorbing capacity ratio
(2)
   
 
29.0
% 
      30.3 %       29.7 % 
Leverage ratio
(4)
   
 
4.5
% 
      4.5 %       4.4 % 
Total loss absorbing capacity leverage ratio
(2)
   
 
8.6
% 
      8.9 %       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 July 31, 2025, April 30, 2025 and October 31, 2024, 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.
  (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 July 31, 2025, including the Domestic Stability Buffer requirement. In addition, the Bank substantially exceeded OSFI minimum leverage and TLAC leverage ratios as at July 31, 2025.
 
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 $2 million for the three months ended July 31, 2025 and $13 million for the nine months ended July 31, 2025 (July 31, 2024 – $1 million and $11 million), as a result of equity-classified share-based payment expense.
     
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Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
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)
  
July 31
2025
 
  
April 30
2025
 
  
July 31
2024
 
  
July 31
2025
 
  
April 30
2025
 
  
July 31
2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined benefit service cost
   
$
70
 
    $ 61      $ 51     
$
(57
)
(2)
 
    $ 6      $ 5  
Interest on net defined benefit (asset) liability
   
 
(2
)
      (3 )      (8 )   
 
16
 
      16        16  
Other
   
 
3
 
      3        3     
 
1
 
      (1 )       2  
Defined benefit expense
   
$
71
 
    $ 61      $ 46     
$
 (40
)
    $  21      $ 23  
Defined contribution expense
   
$
52
 
    $ 53      $ 46     
$
–
 
    $ –      $ –  
Actuarial gains (losses) on employee benefit plans in other comprehensive income
(3)
   
$
 267
 
    $  (246 )    $  138     
$
 3
 
    $  (9 )     $  (18 ) 
 
  
  
For the nine months ended
 
  
  
Pension plans
 
  
Other benefit plans
 
($ millions)
  
July 31
2025
 
  
July 31
2024
 
  
July 31
2025
 
  
July 31
2024
 
Defined benefit service cost
   
$
214
 
    $ 154     
$
(45
)
(2)
 
    $ 14  
Interest on net defined benefit (asset) liability
   
 
(9
)
      (23 )   
 
46
 
      51  
Other
   
 
9
 
      9     
 
1
 
      4  
Defined benefit expense
   
$
214
 
    $ 140     
$
2
 
    $ 69  
Defined contribution expense
   
$
154
 
    $ 137     
$
1
 
    $ –  
Actuarial gains (losses) on employee benefit plans in other comprehensive income
(3)
   
$
 294
 
    $  (70 )   
$
 (19
)
    $  (51 ) 
(1)
Other plans operated by certain subsidiaries of the Bank are not considered material and are not included in this note.
 
(2)
Includes benefit related to certain post-retirement plan amendments.
 
(3)
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 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 income tax expense; 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 income 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.
         
 Scotiabank Third Quarter Report 2025 
 
 
83
 
Table of Contents
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the three months ended July 31, 2025
 
($ millions)
 
Canadian
Banking
(1)
 
  
International
Banking
(1)
 
  
Global
Wealth
Management
(1)
 
  
Global
Banking and
Markets
(1)
 
  
Other
 
 
Total
 
Net interest income
(2)
 
$
 2,641
 
  
$
 2,245
 
  
$
  266
 
  
$
  350
 
  
$
(9
) 
 
$
 5,493
 
Non-interest
income
(3)(4)
 
 
730
 
  
 
758
 
  
 
1,338
 
  
 
1,180
 
  
 
(13
) 
 
 
3,993
 
Total revenues
 
 
3,371
 
  
 
3,003
 
  
 
1,604
 
  
 
 1,530
 
  
 
(22
) 
 
 
9,486
 
Provision for credit losses
 
 
456
 
  
 
562
 
  
 
4
 
  
 
19
 
  
 
–
 
 
 
1,041
 
Depreciation and amortization
 
 
137
 
  
 
119
 
  
 
48
 
  
 
65
 
  
 
36
 
 
 
405
 
Other
non-interest
expenses
 
 
1,459
 
  
 
1,392
 
  
 
982
 
  
 
829
 
  
 
22
 
 
 
4,684
 
Provision for income taxes
 
 
361
 
  
 
219
 
  
 
150
 
  
 
144
 
  
 
(45
) 
 
 
829
 
Net income
 
$
958
 
  
$
711
 
  
$
420
 
  
$
473
 
  
$
(35
) 
 
$
2,527
 
Net income attributable to
non-controlling
interests in subsidiaries
 
$
–
 
  
$
41
 
  
$
3
 
  
$
–
 
  
$
36
 
 
$
80
 
Net income attributable to equity holders of the Bank
 
$
958
 
  
$
670
 
  
$
417
 
  
$
473
 
  
$
(71
) 
 
$
2,447
 
Average assets
($ billions)
 
$
463
 
  
$
223
 
  
$
39
 
  
$
493
 
  
$
228
 
 
$
1,446
 
Average liabilities
($ billions)
 
$
381
 
  
$
173
 
  
$
50
 
  
$
513
 
  
$
  243
 
 
$
1,360
 
  (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 – $39, and Other – $120.
 
     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 July 31, 2024
(1)
  
($ millions)
   Canadian
Banking
(2)
     International
Banking
(2)
     
Global
Wealth
Management
(2)
      Global
Banking and
Markets
(2)
      Other     Total  
Net interest income
(3)
   $ 2,577     $ 2,226      $ 206      $ 304      $ (451 )    $ 4,862  
Non-interest
income
(4)(5)
     728       747        1,222        960        (155 )      3,502  
Total revenues
      3,305        2,973         1,428         1,264        (606 )       8,364  
Provision for credit losses
     435       589        10        18        –       1,052  
Depreciation and amortization
     145       142        48        68        25       428  
Other
non-interest
expenses
     1,383       1,408        878        705        147       4,521  
Provision for income taxes
     365       170        122        105        (311 )     451  
Net income
   $ 977     $ 664      $ 370      $ 368      $ (467 )    $ 1,912  
Net income attributable to
non-controlling
interests
in subsidiaries
   $ –     $ 35      $ 3      $ –      $ (2 )    $ 36  
Net income attributable to equity holders of the Bank
   $ 977     $ 629      $ 367      $ 368      $  (465 )    $ 1,876  
Average assets
($ billions)
  $ 451     $ 233      $ 36      $ 493      $ 210     $ 1,423  
Average liabilities
($ billions)
   $ 389     $ 179      $ 41      $ 476      $ 256     $ 1,341  
  (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 International Banking – $36 and Other – $18.
 
 
 
 
84
 
 Scotiabank Third Quarter Report 2025 
Table of Contents
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
  
 
For the nine months ended July 31, 2025
 
($ millions)
 
Canadian
Banking
(1)
 
 
International
Banking
(1)
 
  
Global
Wealth
Management
(1)
 
  
Global
Banking and
Markets
(1)
 
  
Other
 
  
Total
 
Net interest income
(2)
  
$
7,812
 
  
$
6,593
 
   
$
744
 
   
$
1,037
 
   
$
(250)
     
$
15,936
 
Non-interest
income
(3)(4)
  
 
2,206
 
  
 
2,399
 
   
 
3,980
 
   
 
3,545
 
   
 
(128
)
   
 
12,002
 
Total revenues
  
 
 10,018
 
  
 
 8,992
 
   
 
 4,724
 
   
 
 4,582
 
   
 
(378
)
   
 
 27,938
 
Provision for credit losses
  
 
1,799
 
  
 
1,714
 
   
 
10
 
   
 
77
 
   
 
1
 
   
 
3,601
 
Depreciation and amortization
  
 
412
 
  
 
364
 
   
 
143
 
   
 
194
 
   
 
88
 
   
 
1,201
 
Other
non-interest
expenses
  
 
4,376
 
  
 
4,223
 
   
 
2,906
 
   
 
2,469
 
   
 
1,515
(5)
 
   
 
15,489
 
Provision for income taxes
  
 
947
 
  
 
580
 
   
 
435
 
   
 
440
 
   
 
(307
)
   
 
2,095
 
Net income
  
$
2,484
 
  
$
2,111
 
   
$
1,230
 
   
$
1,402
 
   
$
(1,675
)
   
$
5,552
 
Net income attributable to
non-controlling
interests in subsidiaries
  
$
–
 
  
$
114
 
   
$
7
 
   
$
(1
)
   
$
(138
)
   
$
(18
)
Net income attributable to equity holders of the Bank
  
$
2,484
 
  
$
1,997
 
   
$
1,223
 
   
$
1,403
 
   
$
 (1,537
)
   
$
5,570
 
Average assets
($ billions)
 
$
461
 
  
$
227
 
   
$
38
 
   
$
502
 
   
$
230
 
   
$
1,458
 
Average liabilities
($ billions)
 
$
383
 
  
$
175
 
   
$
47
 
   
$
513
 
   
$
255
 
   
$
1,373
 
(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
– $20, International Banking – $112, and Other – $297.
  (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 nine months ended July 31, 2024
(1)
  
($ millions)
   Canadian
Banking
(2)
     International
Banking
(2)
     
Global
Wealth
Management
(2)
      Global
Banking and
Markets
(2)
      Other      Total  
Net interest income
(3)
   $  7,550     $  6,720      $ 579      $ 822      $  (1,342 )     $ 14,329  
Non-interest
income
(4)(5)
     2,164       2,287         3,544         2,967        (147 )        10,815  
Total revenues
     9,714       9,007        4,123        3,789        (1,489 )       25,144  
Provision for credit losses
     1,241       1,729        22        28        1        3,021  
Depreciation and amortization
     435       427        142        192        63        1,259  
Other
non-interest
expenses
     4,112       4,252        2,564        2,123        89        13,140  
Provision for income taxes
     1,083       537        349        315        (763 )      1,521  
Net income
   $ 2,843     $ 2,062      $ 1,046      $ 1,131      $ (879 )     $ 6,203  
Net income attributable to
non-controlling
interests in subsidiaries
   $ –     $ 81      $ 8      $ –      $ (2 )     $ 87  
Net income attributable to equity holders of the Bank
   $ 2,843     $ 1,981      $ 1,038      $ 1,131      $ (877 )     $ 6,116  
Average assets
($ billions)
  $ 447     $ 234      $ 35      $ 497      $ 206      $ 1,419  
Average liabilities
($ billions)
   $ 390     $ 181      $ 41      $ 474      $ 253      $ 1,339  
  (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 – $94, and Other – $70.
 
16.
Interest income and
expense
 
     For the three months ended     For the nine months ended  
    
July 31, 2025
     April 30, 2025     July 31, 2024    
July 31, 2025
     July 31, 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)
  
$
12,468
 
  
$
8,570
 
   $ 12,588     $ 8,955     $ 13,657     $ 10,763    
$
38,191
 
  
$
27,271
 
   $ 40,517     $ 31,829  
Measured at
FVOCI
(1)
  
 
1,415
 
  
 
–
 
     1,355       –       1,573       –    
 
4,212
 
  
 
–
 
     4,387       –  
 
 
13,883
 
  
 
8,570
 
     13,943       8,955       15,230       10,763    
 
42,403
 
  
 
27,271
 
     44,904       31,829  
Other
  
 
237
(2)
 
  
 
57
(3)
 
     344
(2)
 		     62
(3)
 		     453
(2)
 		     58
(3)
 		  
 
984
(2)
 
  
 
180
(3)
 
     1,430
(2)
 		     176
(3)
 
Total
  
$
14,120
 
  
$
8,627
 
   $  14,287     $  9,017     $  15,683     $  10,821    
$
43,387
 
  
$
27,451
 
   $  46,334     $  32,005  
  (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 July 31, 2025 – $30 (April 30, 2025 – $31; July 31, 2024 – $29) and for the nine months ended July 31, 2025 – $93 (July 31, 2024 – $89) and insurance finance expense for the three months ended July 31, 2025 – $8 (April 30, 2025 – $9; July 31, 2024 – $7) and for the nine months ended July 31, 2025 – $25 (July 31, 2024 – $22).
 
 Scotiabank Third Quarter Report 2025 
 
 
85
 
Table of Contents
 
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
17.
Earnings per share
 
  
  
For the three months ended
 
  
For the nine months ended
 
($ millions)
  
July 31
2025
 
  
April 30
2025
 
  
July 31
2024
 
  
July 31
2025
 
  
July 31
2024
 
Basic earnings per common share
               
Net income attributable to common shareholders
   
$
2,313
 
    $  1,841      $  1,756     
$
5,179
 
    $  5,765  
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes
(1)
   
 
(22
)
      –        –     
 
(22
)
      –  
Net income attributable to common shareholders used to calculate basic earnings per common share
   
 
2,291
 
      1,841        1,756     
 
5,157
 
      5,765  
Weighted average number of common shares outstanding
(millions)
   
 
1,244
 
      1,246        1,230     
 
1,245
 
      1,222  
Basic earnings per common share
(2)
(in dollars)
   
$
1.84
 
    $ 1.48      $ 1.43     
$
4.14
 
    $ 4.72  
Diluted earnings per common share
               
Net income attributable to common shareholders used to calculate basic earnings per common share
   
$
2,291
 
    $ 1,841      $ 1,756     
$
5,157
 
    $ 5,765  
Dilutive impact of share-based payment options and others
(3)
   
 
–
 
      –        (15 )    
 
(136
)
      (46 ) 
Net income attributable to common shareholders (diluted)
   
$
2,291
 
    $ 1,841      $ 1,741     
$
5,021
 
    $ 5,719  
Weighted average number of common shares outstanding
(millions)
   
 
1,244
 
      1,246        1,230     
 
1,245
 
      1,222  
Dilutive impact of share-based payment options and others
(3)
(millions)
   
 
1
 
      –        5     
 
5
 
      6  
Weighted average number of diluted common shares outstanding
(millions)
   
 
1,245
 
      1,246        1,235     
 
1,250
 
      1,228  
Diluted earnings per common share
(2)
(in dollars)
   
$
1.84
 
    $ 1.48      $ 1.41     
$
4.02
 
    $ 4.66  
 
(1)
Refer to Note 11 for further details on the redemption of the equity instrument.
 
(2)
Earnings per share calculations are based on full dollar and share amounts.
 
(3)
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 and/or based on the counterparty type for
non-retail
exposures and product type for retail
 
exposures.
 
Exposure at default
(1)
     As at  
     
July 31, 2025
      April 30
2025		      October 31
2024		  
($ millions)
   
IRB
     
Standardized
     
Total
      Total      Total  
By exposure
sub-type
               
Non-retail
               
Drawn
(2)(3)
   
$
448,236
 
   
$
68,656
 
   
$
516,892
 
    $ 514,085      $ 535,326  
Undrawn commitments
   
 
86,620
 
   
 
4,763
 
   
 
91,383
 
      92,503        99,011  
Other exposures
(4)
   
 
141,016
 
   
 
21,712
 
   
 
162,728
 
      157,911        131,677  
Total
non-retail
   
$
675,872
 
   
$
95,131
 
   
$
771,003
 
    $ 764,499      $ 766,014  
Retail
(5)
               
Drawn
   
$
308,781
 
   
$
120,887
 
   
$
429,668
 
    $ 428,128      $ 417,760  
Undrawn commitments
   
 
115,642
 
   
 
10,037
 
   
 
125,679
 
      124,032        121,609  
Other exposures
   
 
–
 
   
 
69
 
   
 
69
 
      66        62  
Total retail
   
$
424,423
 
   
$
130,993
 
   
$
555,416
 
    $ 552,226      $ 539,431  
Total
   
$
1,100,295
 
   
$
226,124
 
   
$
1,326,419
 
    $  1,316,725      $  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.
 
86
 
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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 July 31, 2025, 23% (April 30, 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% (April 30, 2025 – 52%; October 31, 2024 – 51%).
Retail standardized portfolio
The retail standardized portfolio of $131 billion as at July 31, 2025 (April 30, 2025 – $129 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 (April 30, 2025 – $65 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 July 31, 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 $44 million (April 30, 2025 – $40 million; July 31, 2024 – $48 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 July 31, 2025, would increase (decrease) the unrealized foreign currency translation losses in the accumulated other comprehensive income section of shareholders’ equity by approximately $368 million (April 30, 2025 – $357 million; July 31, 2024 – $339 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.
 
 Scotiabank Third Quarter Report 2025 
 
 
87
 
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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:
 
  
  
As at or for the three months ended
 
 
  
July 31, 2025
 
  
April 30, 2025
 
  
July 31, 2024
 
($millions)
  
As at
 
  
Average
 
  
High
 
  
Low
 
  
As at
 
  
Average
 
  
As at
 
  
Average
 
Credit spread plus interest rate
  
$
13.5
 
  
$
14.3
 
  
$
17.5
 
  
$
12.2
 
  
$
14.3
 
  
$
14.2
 
  
$
9.8
 
  
$
12.7
 
Credit spread
(1)
  
 
9.0
 
  
 
11.1
 
  
 
14.0
 
  
 
8.2
 
  
 
 12.0
 
  
 
 12.4
 
  
 
  6.1
 
  
 
  7.7
 
Interest rate
  
 
10.2
 
  
 
11.2
 
  
 
15.6
 
  
 
8.5
 
  
 
8.6
 
  
 
12.8
 
  
 
7.3
 
  
 
13.7
 
Equities
  
 
4.6
 
  
 
4.1
 
  
 
8.4
 
  
 
2.5
 
  
 
8.2
 
  
 
6.1
 
  
 
5.1
 
  
 
4.6
 
Foreign exchange
  
 
2.8
 
  
 
2.8
 
  
 
5.7
 
  
 
1.1
 
  
 
1.4
 
  
 
2.0
 
  
 
2.4
 
  
 
2.1
 
Commodities
  
 
4.1
 
  
 
3.4
 
  
 
4.9
 
  
 
2.3
 
  
 
2.5
 
  
 
2.8
 
  
 
3.8
 
  
 
2.1
 
Debt specific
(1)
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
3.1
 
  
 
3.0
 
Diversification effect
  
 
(12.9
)
  
 
(11.5
)
  
 
nm
(2)
 
  
 
nm
(2)
 
  
 
(14.3
) 
  
 
(11.0
) 
  
 
(15.1
) 
  
 
(10.6
) 
Total VaR
  
$
12.1
 
  
$
13.1
 
  
$
18.3
 
  
$
9.7
 
  
$
12.1
 
  
$
14.1
 
  
$
9.1
 
  
$
13.9
 
 
(1)
Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.
 
(2)
Not meaningful.
(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)
 
July 31
2025
 
 
April 30
2025
 
 
July 31
2024
 
 
July 31
2025
 
 
April 30
2025
 
 
July 31
2024
 
 
July 31
2025
 
 
April 30
2025
 
 
July 31
2024
 
Liabilities
 
 
 
 
 
 
 
 
 
Senior note liabilities
(3)
  
$
43,536
 
   $ 39,127     $ 37,754    
$
(1,633)
 
   $ 1,611     $ (1,478 )  
$
4,604
 
   $ 6,237     $ 3,981  
  (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 July 31, 2025
   
$
48,140
 
   
$
43,536
 
   
$
4,604
 
   
$
(562
)
 
   
$
(1,227
)
As at April 30, 2025
    $ 45,364      $ 39,127      $ 6,237      $ 512      $ (665 ) 
As at July 31, 2024
    $  41,735      $  37,754      $  3,981      $  127      $  (867 ) 
  (1)
The cumulative change in fair value is measured from the instruments’ date of initial recognition.
 
88
 
  Scotiabank Third Quarter Report 2025 
Table of Contents
 
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
 
  
  
July 31, 2025
 
  
April 30, 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
   
$
69,701
 
   
$
69,701
 
    $ 63,577      $ 63,577      $ 63,860      $ 63,860  
Trading assets
   
 
 136,485
 
   
 
 136,485
 
       128,987         128,987         129,727         129,727  
Securities purchased under resale agreements and securities borrowed
   
 
185,360
 
   
 
185,360
 
      192,632        192,632        200,543        200,543  
Derivative financial instruments
   
 
43,801
 
   
 
43,801
 
      47,937        47,937        44,379        44,379  
Investment securities – FVOCI and FVTPL
   
 
124,228
 
   
 
124,228
 
      127,837        127,837        123,420        123,420  
Investment securities – amortized cost
   
 
24,100
 
   
 
24,923
 
      25,744        26,454        28,422        29,412  
Loans
   
 
760,294
 
   
 
761,560
 
      753,808        756,372        757,825        760,829  
Customers’ liability under acceptances
   
 
133
 
   
 
133
 
      189        189        148        148  
Other financial assets
   
 
25,164
 
   
 
25,164
 
      28,441        28,441        22,467        22,467  
Liabilities:
                  
Deposits
   
 
945,377
 
   
 
946,842
 
      945,024        945,843        941,290        943,849  
Financial instruments designated at fair value through profit or loss
   
 
43,536
 
   
 
43,536
 
      39,127        39,127        36,341        36,341  
Acceptances
   
 
134
 
   
 
134
 
      190        190        149        149  
Obligations related to securities sold short
   
 
34,675
 
   
 
34,675
 
      36,543        36,543        35,042        35,042  
Derivative financial instruments
   
 
52,916
 
   
 
52,916
 
      61,933        61,933        51,260        51,260  
Obligations related to securities sold under repurchase agreements and securities lent
   
 
182,223
 
   
 
182,223
 
      177,987        177,987        190,449        190,449  
Subordinated debentures
   
 
7,683
 
   
 
7,604
 
      7,832        7,891        7,814        7,833  
Other financial liabilities
   
 
51,924
 
   
 
52,075
 
      49,414        49,560        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.
 
 Scotiabank Third Quarter Report 2025 
 
 
89
 
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
 
  
 
July 31, 2025
 
 
April 30, 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)
  
$
–
 
  
$
5,832
 
  
$
–
 
  
$
5,832
 
   $ –     $ 5,971     $ –     $ 5,971  
Trading assets
                
Loans
  
 
–
 
  
 
7,918
 
  
 
179
 
  
 
8,097
 
     –       7,840       1       7,841  
Canadian federal government and government guaranteed debt
  
 
15,742
 
  
 
2,963
 
  
 
–
 
  
 
18,705
 
     13,415       2,518       –       15,933  
Canadian provincial and municipal debt
  
 
7,835
 
  
 
3,005
 
  
 
–
 
  
 
10,840
 
     7,416       2,889       –       10,305  
U.S. treasury and other U.S. agencies’ debt
  
 
12,156
 
  
 
–
 
  
 
–
 
  
 
12,156
 
     9,155       –       –       9,155  
Other foreign governments’ debt
  
 
916
 
  
 
10,402
 
  
 
–
 
  
 
11,318
 
     1,436       9,842       –       11,278  
Corporate and other debt
  
 
2,720
 
  
 
6,969
 
  
 
–
 
  
 
9,689
 
     3,156       7,387       –       10,543  
Equity securities
  
 
62,105
 
  
 
624
 
  
 
5
 
  
 
62,734
 
     60,775       305       8       61,088  
Other
  
 
–
 
  
 
2,946
 
  
 
–
 
  
 
2,946
 
     –       2,844       –       2,844  
 
  
$
101,474
 
  
$
34,827
 
  
$
184
 
  
$
136,485
 
   $ 95,353     $ 33,625     $ 9     $  128,987  
Investment securities
(2)
                
Canadian federal government and government guaranteed debt
  
$
14,691
 
  
$
8,029
 
  
$
–
 
  
$
22,720
 
   $ 14,649     $ 7,501     $ –     $ 22,150  
Canadian provincial and municipal debt
  
 
15,421
 
  
 
4,954
 
  
 
–
 
  
 
20,375
 
     15,736       6,278       –       22,014  
U.S. treasury and other U.S. agencies’ debt
  
 
42,584
 
  
 
6,891
 
  
 
–
 
  
 
49,475
 
      42,374       7,147       –       49,521  
Other foreign governments’ debt
  
 
2,997
 
  
 
22,744
 
  
 
–
 
  
 
25,741
 
     3,861        24,494       –        28,355  
Corporate and other debt
  
 
135
 
  
 
3,282
 
  
 
32
 
  
 
3,449
 
     194       3,243       35       3,472  
Equity securities
  
 
100
 
  
 
323
 
  
 
2,045
 
  
 
2,468
 
     95       277       1,953       2,325  
 
  
$
75,928
 
  
$
46,223
 
  
$
2,077
 
  
$
124,228
 
   $ 76,909     $ 48,940     $  1,988     $ 127,837  
Derivative financial instruments
                
Interest rate contracts
  
$
–
 
  
$
9,779
 
  
$
2
 
  
$
9,781
 
   $ –     $ 10,988     $ 2     $ 10,990  
Foreign exchange and gold contracts
  
 
–
 
  
 
25,443
 
  
 
–
 
  
 
25,443
 
     –       29,169       1       29,170  
Equity contracts
  
 
636
 
  
 
5,037
 
  
 
33
 
  
 
5,706
 
     232       4,102       45       4,379  
Credit contracts
  
 
–
 
  
 
233
 
  
 
1
 
  
 
234
 
     –       357       1       358  
Commodity contracts
  
 
–
 
  
 
2,624
 
  
 
13
 
  
 
2,637
 
     –       3,033       7       3,040  
 
  
$
636
 
  
$
43,116
 
  
$
49
 
  
$
43,801
 
   $ 232     $ 47,649     $ 56     $ 47,937  
Liabilities:
                
Deposits
(3)
  
$
–
 
  
$
272
 
  
$
–
 
  
$
272
 
   $ –     $ 191     $ –     $ 191  
Financial liabilities designated at fair value through profit or loss
  
 
–
 
  
 
43,536
 
  
 
–
 
  
 
43,536
 
     –       39,127       –       39,127  
Obligations related to securities sold short
  
 
29,778
 
  
 
4,897
 
  
 
–
 
  
 
34,675
 
     30,477       6,066       –       36,543  
Derivative financial instruments
                
Interest rate contracts
  
 
–
 
  
 
17,645
 
  
 
2
 
  
 
17,647
 
     –       17,861       13       17,874  
Foreign exchange and gold contracts
  
 
–
 
  
 
24,288
 
  
 
–
 
  
 
24,288
 
     –       32,294       –       32,294  
Equity contracts
  
 
732
 
  
 
7,547
 
  
 
38
 
  
 
8,317
 
     506       7,378       38       7,922  
Credit contracts
  
 
–
 
  
 
25
 
  
 
1
 
  
 
26
 
     –       22       –       22  
Commodity contracts
  
 
–
 
  
 
2,628
 
  
 
10
 
  
 
2,638
 
     –       3,808       13       3,821  
 
  
$
732
 
  
$
52,133
 
  
$
51
 
  
$
52,916
 
   $ 506     $ 61,363     $ 64     $ 61,933  
  (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 $24,923 (April 30, 2025 – $26,454).
  (3)
These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.
 
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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 July 31, 2025, in the fair value hierarchy comprised of loans, corporate bonds, equity securities and derivatives.
 
 
 
 
 
 
 Scotiabank Third Quarter Report 2025 
 
 
91
 
Table of Contents
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
 
The following table summarizes the changes in Level 3 instruments carried at fair value for the three months ended July 31, 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 July 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
 
 
 
 
 





 
Changes in
unrealized
gains/(losses)
recorded in
income for
instruments
still held
(2)
 
 
 
 
 
 
 
Trading assets
 
      
 
      
 
      
 
      
 
      
 
      
 
    
 
 
      
Loans
   $ 1     $ –     $ –     $ –     $ –     $ 178    
$
179
 
   $ –  
Equity securities
     8       –       –       2       (3 )     (2 )
 
  
 
5
 
     –  
    9       –       –       2       (3 )     176    
 
184
 
     –  
Investment securities
              
 
  
Corporate and other debt
     35       (4 )     (1 )
 
     –       –       2    
 
32
 
     (4 )
Equity securities
     1,953       47       4       49       (18 )
 
     10    
 
2,045
 
     43  
    1,988       43       3       49       (18 )     12    
 
2,077
 
     39  
Derivative financial instruments –
assets
              
 
  
Interest rate contracts
     2       –       –       2       (2 )     –    
 
2
 
     –  
Foreign exchange and gold contracts
     1       –       –       –       –       (1 )  
 
–
 
     –  
Equity contracts
     45       (7 )     –       1       –       (6 )  
 
33
 
     (7 )
(3)
 
Credit contracts
     1       –       –       –       –       –    
 
1
 
     –  
Commodity contracts
     7       6       –       –       –       –    
 
13
 
     6  
     
Derivative financial instruments –
liabilities
              
 
  
Interest rate contracts
     (13 )      –       –       (1 )     14       (2 )  
 
(2
)
     –  
Equity contracts
     (38 )      (5 )     –       (7 )     –       12    
 
(38
)
     (5 )
(3)
 
Credit contracts
     –       –       –       (1 )     –       –    
 
(1
)
     –  
Commodity contracts
     (13 )      3       –       –       –       –    
 
(10
)
 
     3  
 
     (8 )      (3 )
 
     –       (6 )
 
     12       3    
 
(2
)
     (3 )
 
Total
   $  1,989     $    40     $    3     $    45     $    (9 )   $    191    
$
 2,259
 
   $    36  
  (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.
The following tables summarize the changes in Level 3 instruments carried at fair value for the three months ended April 30, 2025 and October 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
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
 
Trading assets
    $ 10      $ –      $    –      $ 3      $ (2 )     $ (2 )     $ 9  
Investment securities
       2,012          13        54          29        (111 )          (9 )        1,988  
Derivative financial instruments
      20        (15 )       –        –            8        (21 )       (8 ) 
  (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.
     
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Table of Contents
 
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 July 31, 2025:
 
  •  
Trading assets of $868 million, investment securities of $1,077 million and obligations related to securities sold short of $517 million were transferred out of Level 2 into Level 1.
 
  •  
Trading assets of $1,004 million, investment securities of $2,047 million and obligations related to securities sold short of $466 million were transferred out of Level 1 into Level 2.
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 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.
During the three months ended July 31, 2025, trading loans of $
178
million were transferred out of Level 2 into Level 3. Transfers were a result of the change in the observability of the price used for valuing the loans.
There were no
significant transfers into and out of Level 3 during the three months ended April 30, 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 $1,808 million (April 30, 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 2011-2020 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 2018-2020 taxation years totaling
$4 
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 (April 30, 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 2014-2019 taxation years. 
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.
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 nine months ended July 31, 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.
         
 Scotiabank Third Quarter Report 2025 
 
 
93
 
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.
For the three and
nine
months ended
July
 
31
, 2025, $103 million ($97 million
after-tax)
and $245 million ($227 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
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 the date of the agreement, 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 ($1,355 million after-tax) was recorded in
non-interest
expenses – other within the Other operating segment, representing the write-down of goodwill ($
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 a partial reversal of
the
 
impairment loss of $29 million after-tax in Q3 2025 (Q2 2025 – impairment loss of $8 million
after-tax).
As at July 31, 2025, the
held-for-sale
operations included total assets of $
23
 billion and total liabilities of $
21
 billion, consisting primarily of loans and deposits, and the net cumulative foreign currency translation losses were $
194
 million. Upon closing, these assets and liabilities will be derecognized and the net cumulative foreign currency translation reserve at the closing date related to these operations will be recorded in the consolidated statement of income.
Divestiture closed during the year
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 in Q2 2025 and $
90
million was recorded in Q3 2024. The amount was recognized in non-interest income – other.
The closing of the transaction increased the Bank’s CET1 ratio by approximately three basis points.
 
94
    Scotiabank Third Quarter Report 2025 
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.
Normal Course Issuer Bid
A copy of the Notice of Intention to commence the Normal Course Issuer Bid is available without charge by contacting the Investor Relations Department at (416) 775-0798 or investor.relations@scotiabank.com.
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
Annual Meeting
The Annual Meeting for fiscal year 2025 is scheduled for April 14, 2026.
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 August 26, 2025, at 8:15 am ET and is expected to last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone at
416-340-2217,
or toll-free at
1-800-806-5484
using ID 3178065# (please call shortly before 8:15 am ET). In addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations page at www.scotiabank.com/investorrelations.
Following discussion of the results by Scotiabank executives, there will be a question and answer session. A telephone replay of the conference call will be available from August 26, 2025, to September 26, 2025, by calling
905-694-9451
or
1-800-408-3053
(North America toll-free) and entering the access code 6220080#.
 
 
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 Investor Services Inc.
320 Bay Street, 14th Floor
Toronto, Ontario, Canada M5H 4A6
Telephone:
1-877-982-8767
E-mail: service@computershare.com
 
 Scotiabank Third Quarter Report 2025 
 
 
95
 
Table of Contents
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.
 
  
 
The Bank of Nova Scotia is a chartered bank under the Bank Act
(Canada) and is a public company incorporated in Canada.