ノバスコシア銀行の年次報告

Registrant:

THE BANK OF NOVA SCOTIA

/s/ Rajagopal Viswanathan

Name: Rajagopal Viswanathan

Title: Group Head and Chief Financial Officer

falseFY0000009631NYZ4Amounts that are subject to master netting arrangements or similar agreements but were not offset in the Consolidated Statement of Financial Position because they did not meet the net settlement/simultaneous settlement criteria; or because the rights of set off are conditional upon the default of the counterparty only.Cash and financial instrument collateral amounts received or pledged in relation to the total amounts of financial assets and financial liabilities, including those that were not offset in the Consolidated Statement of Financial Position. These amounts are disclosed at fair value and the rights of set off are conditional upon the default of the counterparty.Derivative financial instruments assets include cash collateral of $4,774 million (2024 – $4,505 million) and non-cash collateral of $1,009 million (2024 – $1,054 million). Derivative financial instruments liabilities include cash collateral of $11,750 million (2024 – $10,847 million) and non-cash collateral of $2,226 million (2024 – $718 million).Not intended to represent the Bank’s actual exposure to credit risk, as a variety of credit mitigation strategies are employed in addition to offsetting and collateral arrangements.Balances are net of allowances, which are $1 (2024 – $1).Notional amounts relating to derivatives that are hedging multiple risks in both assets and liabilities are included in more than one category.Includes undistributed retained earnings of $76 (2024 – $74) related to a foreign associated corporation, which is subject to local regulatory restriction.Represents amounts on account of share-based payments (refer to Note 25).Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts.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 $23,722 (October 31, 2024 – $29,412).Net of allowances of $4 (2024 – $3).Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5).The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $37,853 (2024 – $35,510) for CRA, and $102,031 (2024 – $87,284) for CEA.Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties.Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $56,404 for the year ended October 31, 2025 (October 31, 2024 – $59,871).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.These amounts represent the unrealized 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 interest rate derivative contracts are largely offset by mark-to-market changes on embedded derivatives on certain deposit liabilities in the Consolidated Statement of Income.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.Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.The valuation of private equity securities utilizes net asset values as reported by fund managers. Net asset values are not considered observable as the Bank cannot redeem these instruments at such values. The range for net asset values per unit or price per share has not been disclosed for these instruments since the valuations are not model-based.The range of estimates represents the actual lowest and highest level inputs used to fair value financial instruments within each financial statement category.The average fair value of trading derivatives’ market valuation for the year ended October 31, 2024 was: favourable $29,999 and unfavourable $32,133. Average fair value amounts are based on the latest 13 month-end balances.Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.Deposits payable after notice include deposits for which the Bank may require notice of withdrawal, generally savings accounts.Comprises changes due to enhanced IFRS 9 models, including changes to reflect previously established expert credit judgment overlays that are now incorporated in the model.Interest income on impaired loans for residential mortgages, personal loans, credit cards, and business and government loans totaled $439 (2024 – $443).Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.Divestitures are included in the foreign exchange and other movements.Fund management contracts are attributable to the previously acquired Dynamic Funds business (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited.Loan balances are presented net of allowance for credit losses.Excludes up to a maximum amount of $1.6 billion (2024 – $1.4 billion) relating to backstop liquidity facilities provided by the Bank to these multi-seller conduits based on future asset purchases by these conduits.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).These debentures contain non-viability contingent capital (NVCC) provisions. Under such NVCC provisions, outstanding debentures are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. If such a conversion were to occur, the debentures would be converted into common shares pursuant to an automatic conversion formula defined as 150% of the par value plus accrued and unpaid interest divided by the conversion price and, where applicable, subject to translation at foreign exchange rates in effect at the time of conversion. The conversion price is based on the greater of: (i) a floor price of $5.00 (subject to adjustments in certain events as set out in the respective prospectus supplements), and (ii) the current market price of the Bank’s common shares at the time of the trigger event (10-day weighted average).In accordance with the provisions of the Capital Adequacy Guideline of the Superintendent, all redemptions are subject to regulatory approval and subject to the terms in the relevant prospectus.The carrying value of subordinated debentures may differ from par value due to the impact of fair value hedges used for managing interest rate risk and subordinated debentures held for market-making purposes.Applies to non-retail portfolio.After credit risk mitigation.The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted.The recognized asset is limited by the present value of economic benefits available from a reduction in future contributions to a plan and from the ability to pay plan expenses from the fund.Other benefit plans past service costs relate to certain post-retirement plan amendments.Includes outstanding balances of guarantees, standby letters of credit and commercial letters of credit which may expire undrawn.Includes the undrawn component of committed credit and liquidity facilities.Excludes mortgages related to covered bonds held by the Bank or used for securities lending transactions.Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions.Non-retail drawn includes loans, acceptances, deposits with financial institutions and FVOCI debt securities. Retail drawn includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail.Exposure at default is presented after credit risk mitigation. Exposures exclude equity securities and other assets. Portfolios under the Standardized Approach are reported net of specific allowances for credit losses and net of collateral amounts treated under the Comprehensive Approach.Geographic segmentation is based upon the location of the ultimate risk of the credit exposure.Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks.Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances.Represents amounts expensed during the year.Represents equity-based awards granted during the year.In Q1 2025, the Bank entered into an agreement to sell its banking operations in Colombia, Costa Rica and Panama to Davivienda. The transaction was completed on December 1, 2025. Refer to Note 35 for details.The Bank made a capital contribution to Scotiabank Colpatria S.A. in May 2025 which increased its ownership interest to 56.00% following the subsequent issuance of additional shares.Business line revenues and provision for income taxes are reported on a taxable equivalent basis, with the offset in the Other segment. Effective January 1, 2024, the Bank no longer claims the dividend received deduction on Canadian shares that are mark-to-market property, which has resulted in a lower TEB gross-up for fiscal 2024.Includes all other smaller operating segments and corporate adjustments.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 and non-interest income and provision for income taxes for the year ended October 31, 2024 amounting to $55 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments.The weighted-average rates of increase in future compensation shown for other benefit plans do not include Canadian flexible post-retirement benefits plans established in fiscal 2005, as they are not impacted by future compensation increases.Includes impairment charge on software and other intangible assets in the Other segment.Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.Card revenues and Banking services fees are mainly earned in Canadian 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 net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $19; International Banking – $152; Global Banking and Markets – $1; and Other – $436.Interest on LRCN is non-deferrable, however, non-payment of interest that is not cured within five business days results in a Recourse Event. A Recourse Event of the respective Series occurs if (a) there is non-payment in cash by the Bank of the principal amount, together with any accrued and unpaid interest, on the maturity date, (b) there is non-payment in cash of interest which is not cured within 5 business days, (c) there is non-payment in cash of the redemption price in connection with the redemption of the LRCNs, (d) an event of default occurs (i.e. bankruptcy, insolvency, or liquidation of the Bank), or (e) there is an NVCC Trigger Event. Upon the occurrence of a Recourse Event, the noteholder’s sole recourse will be limited to their proportionate share of the Series’ respective assets held in Scotiabank LRCN Trust, a consolidated entity, which consist initially of the respective AT1 Notes or, following an NVCC Trigger Event, common shares. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.On January 31, 2025, the Bank issued USD$1,000 million of 7.350% Fixed Rate Resetting Limited Recourse Capital Notes Series 6 (NVCC) (“LRCN Series 6”). In connection with the issuance of LRCN Series 6, the Bank issued U.S.$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 6 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.The securities rank pari passu to each other and are the Bank’s direct unsecured obligations, ranking subordinate to Bank’s other subordinated indebtedness.On June 4, 2025, the Bank redeemed US $1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital 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 million recorded in Retained Earnings.While interest is payable on the securities when it becomes due, the Bank may, at its sole discretion and with notice, cancel interest payments. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.On June 15, 2021, the Bank issued $1,250 million 3.70% Fixed Rate Resetting Limited Recourse Capital Notes Series 1 (NVCC) (“LRCN Series 1”). In connection with the issuance of LRCN Series 1, the Bank issued $1,250 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 1 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.On October 7, 2021, the Bank issued U.S.$600 million 3.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 2 (NVCC) (“LRCN Series 2”). In connection with the issuance of LRCN Series 2, the Bank issued U.S.$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.On October 25, 2022, the Bank issued U.S.$750 million 8.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 4 (NVCC) (“LRCN Series 4”). In connection with the issuance of LRCN Series 4, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 4 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.On January 12, 2024, the Bank issued U.S.$750 million 8.000% Fixed Rate Resetting Limited Recourse Capital Notes Series 5 (NVCC) (“LRCN Series 5”). In connection with the issuance of LRCN Series 5, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 5 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.Interest income recognized on impaired loans during the year ended October 31, 2025 was $95 (2024 – $84).The notional amounts represent the amount to which a rate or price is applied to determine the amount of cash flows to be exchanged.Represents fixed rate instruments.Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. Represents the weighted-average yield of fixed income securities.Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.98.8% of acceptances reside outside Canada (October 31, 2024 – 96.5%).Loans and acceptances denominated in U.S. dollars were $119,788 (2024 – $137,804), in Chilean pesos $10,885 (2024 – $39,425), Mexican pesos $12,754 (2024 – $31,522), and in other foreign currencies $24,665 (2024 – $54,549).These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset.Loans are primarily denominated in U.S. dollars.Includes trading loans that serve as a hedge to loan-based credit total return swaps.Includes trading loans that serve as hedges to total return swaps, hedges for precious metal certificate liabilities and loans subject to sale through syndication.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.In the normal course of business, the Bank’s regulated Dealer subsidiary purchases and sells the Bank’s common shares to facilitate trading/institutional client activity. During fiscal 2025, the number of such shares bought was 30,855,084 and sold was 30,855,333 (2024 – 26,564,849 bought and 26,566,901 sold).Stage 3 includes purchased or originated credit-impaired loans.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.In the current year, the Bank recorded a goodwill write-down of $589 million pre-tax within the Latin America and Caribbean & Central America CGUs in relation to its agreement to sell banking operations in Colombia, Costa Rica and Panama. Refer to Note 35 for details.In fiscal 2024, the Bank recorded a goodwill write-down of $92 million pre-tax within the Latin America CGU in relation to its agreement to sell CrediScotia Financiera, a subsidiary in Peru. Refer to Note 35 for details.Does not include over-collateralization of assets pledged.The fair value of transferred assets is $252,558 (2024 – $232,811) and the fair value of the associated liabilities is $189,144 (2024 – $190,449), for a net position of $63,414 (2024 – $42,362).Liabilities for securities lending arrangements only include amounts related to cash collateral received. For securities received as collateral, refer to Note 34(a)(iv).Computer software comprises purchased software of $262 (2024 – $194), internally generated software of $1,633 (2024 – $1,939), and in process software not subject to amortization of $896 (2024 – $900).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 October 31, 2025, these reserves amounted to $76 (2024 – $74).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 35 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 $4,018 as at Oct 31, 2025. During the year, dividends received from KeyCorp of $140 were recognized as a reduction in the carrying value of the investment in associate.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 $617 (October 31, 2024 – $570). The Bank has significant influence over the Bank of Xi’an Co. Ltd. through a combination of its ownership interest and board representation.Represents the date of the most recent financial statements.Based on the most recent available financial statements.For Consolidated Statement of Financial Position presentation, deferred tax assets and liabilities are assessed by legal entity. As a result, the net deferred tax assets of $1,839 (2024 – $1,545) are represented by deferred tax assets of $3,253 (2024 – $2,942), and deferred tax liabilities of $1,414 (2024 – $1,397) on the Consolidated Statement of Financial Position.Excludes non-routine benefit expense items such as past service costs, curtailment charges and settlement charges.Includes $39 (2024 – $36) of investment property.Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due.For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular aging of the loans resumes, after the end of the deferral period.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.Other exposures include off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations, derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements, securities lending and securities borrowing), net of related collateral.Non-controlling interest holders for Scotiabank Colpatria S.A. have a right to sell their holding to the Bank after the end of the 7th anniversary (January 17, 2019) and at subsequent pre-agreed intervals, into the future, at fair market value that can be settled at the Bank’s discretion, by issuance of common shares or cash.Range of non-controlling interest % for other subsidiaries.These exposures are classified as sovereign exposures and are included in the non-retail category.Includes off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations, derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements and securities lending and borrowing), net of related collateral.PD Ranges as at October 31, 2025. The Range does not include the upper boundary for the row.Includes $56.3 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.Includes $52.8 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.The interest income/expense on financial assets/liabilities are calculated using the effective interest method.Includes interest on lease liabilities of $125 (2024 – $119) and insurance finance expense of $33 (2024 – $30).In the current year, the Bank recognized an impairment loss of $165 million pre-tax in relation to its agreement to sell banking operations in Colombia, Costa Rica and Panama. Refer to Note 35 for details.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.Based on preliminary estimates, the Bank expects to make contributions of $158 million to the SPP (excluding the defined contribution provision), $79 million to all other defined benefit pension plans, $66 million to other benefit plans and $217 million to all defined contribution plans for the year ending October 31, 2026.Refer to Note 23 (b) for further details on the redemption of the equity instrument. Includes a net impairment loss recorded in Q1 2025 related to the agreement to sell the banking operations in Colombia, Costa Rica and Panama. Refer to Note 35 for details. The balance excludes reverse repurchase activities of $0 million (2024 – nil) reported in Loans on the Consolidated Statement of Financial Position.Deposits denominated in U.S. dollars amount to $297,065 (2024 – $295,316), deposits denominated in Chilean pesos amount to $20,053 (2024 – $19,271), deposits denominated in Mexican pesos amount to $35,941 (2024 – $34,416) and deposits denominated in other foreign currencies amount to $117,530 (2024 – $109,683).All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.The majority of foreign term deposits are in excess of $100,000.Represents principal amount owed net of write-offs.The fair value of the transferred assets is $15,298 (2024 – $18,092) and the fair value of the associated liabilities is $15,593 (2024 – $17,692), for a net position of $(295) (2024 – $400).These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs.Excludes amounts associated with other assets of $(12). The provision for credit losses, net of these amounts, is $4,714.Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.Excludes amounts associated with other assets and reversal of impairment losses of $(11). The provision for credit losses, net of these amounts, is $4,051.Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos which amounted to $191.Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos which amounted to $200.Lower average tax rate applicable to subsidiaries and foreign branches includes the impact of the GMT which increased the effective tax rate by 0.8%. Deposits payable on demand include deposits for which the Bank may not have the right to notice of withdrawal, generally chequing accounts.Represents discounted value of lease liabilities.CME 3-month Term SOFR.Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $(9); International Banking – $130; and Other – $77.Includes net income from investments in associated corporations for Canada – $(68), Mexico – $11, Peru – $4, Chile – $6, Caribbean and Central America – $109, and Other International – $136.Revenues are attributed to countries based on where services are performed or assets are recorded.Includes net income from investments in associated corporations for Canada – $(12), United States – $362, Mexico – $9, Peru – $4, Chile – $7, Caribbean and Central America – $132, and Other International – $106.Includes dividend income on equity securities.Earnings per share calculations are based on full dollar and share amounts.Certain options were not included in the calculation of diluted earnings per share as they were anti-dilutive. The maximum potential amount of future payments represents those guarantees that can be quantified and excludes other guarantees that cannot be quantified. As many of these guarantees will not be drawn upon and the maximum potential amount of future payments listed above does not consider the possibility of recovery under recourse or collateral provisions, the above amounts are not indicative of future cash requirements, credit risk, or the Bank’s expected losses from these arrangements.Includes liquidity facilities, and excludes commitments which are unconditionally cancellable at the Bank’s discretion at any time.Includes assets pledged in order to participate in clearing and payment systems and depositories, or pledged to have access to the facilities of central banks in foreign jurisdictions.On September 29, 2025, the Bank issued USD$1,000 million of 6.875% Fixed Rate Resetting Limited Recourse Capital Notes Series 7 (NVCC) (“LRCN Series 7”). In connection with the issuance of LRCN Series 7, the Bank issued U.S.$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 7 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.Distributions paid from November 1 to October 31 in the relevant fiscal year per face amount of $1,000 or U.S.$1,000, as applicable.The then-prevailing five-year Government of Canada yield.The then-prevailing five-year U.S. Treasury Rate.Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.Each security is redeemable at the sole discretion of the Bank on the first reset date and every quarter or five years, as applicable, thereafter. Limited Recourse Capital Notes (LRCN) Series 1 and Series 3 are also redeemable in the one month period preceding each reset date. The securities are also redeemable following a regulatory or tax event, as described in the offering documents. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 40-F

[Check one]

☐	REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

☒	ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2025

Commission File Number

002-09048

THE BANK OF NOVA SCOTIA

(Exact name of Registrant as specified in its charter)

CANADA

(Province or other jurisdiction of incorporation or organization)

6029

(Primary Standard Industrial Classification Code Number)

Not Applicable

(I.R.S. Employer Identification Number (if applicable))

40 Temperance Street, Toronto, Ontario,

Canada M5H 0B4

(416) 866-3672

(Address and telephone number of Registrant’s principal executive offices)

The Bank of Nova Scotia, 250 Vesey Street,

New York,

N.Y

., U.S.A. 10281

Attention: Hector Becil

(212) 225-5000

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (“Exchange Act”).


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	BNS	New York Stock Exchange Toronto Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act.

Not applicable

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act.

Not applicable

(Title of Class)

For annual reports, indicate by check mark the information filed with this Form:


☒ Annual information form		☒ Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report


Common Shares			1,236,305,738

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule

12b-2

of the Exchange Act.

Emerging growth company

☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to

§240.10D-1(b). ☐


Auditor name: KPMG LLP		Auditor location: Toronto, ON, Canada		Auditor Firm ID: 85

†	The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

DISCLOSURE CONTROLS AND PROCEDURES

Management’s Responsibility for Financial Information is described on page 140 of the Bank’s Annual Report (“Annual Report”) set forth in Exhibit 99.3, 2025 Consolidated Financial Statements. In addition, The Bank of Nova Scotia’s (the “Bank”) Audit and Conduct Review Committee of the Board of Directors has reviewed, and the Board of Directors has reviewed and approved, the 2025 Consolidated Financial Statements and Management’s Discussion and Analysis prior to release. The Bank is committed to providing timely, accurate and balanced disclosure of all material information and to providing fair and equal access to such information. The Bank’s disclosure policies and practices are published on its website.

Disclosure Controls and Procedures

The Bank’s disclosure controls and procedures are designed to provide reasonable assurance that information is accumulated and communicated to the Bank’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

As of October 31, 2025, the Bank’s management, with the participation of the CEO and CFO, evaluated the effectiveness of its disclosure controls and procedures, as defined under the rules adopted by the United States Securities and Exchange Commission (“SEC”) and the Canadian securities regulatory authorities, and have concluded that the Bank’s disclosure controls and procedures are effective.

Internal control over financial reporting

Management of the Bank is responsible for establishing and maintaining adequate internal control over financial reporting. These controls include policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of the Bank are being made only in accordance with authorizations of management and directors of the Bank; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Bank’s assets that could have a material effect on the financial statements.

All control systems contain inherent limitations, no matter how well designed. As a result, the Bank’s management acknowledges that its internal control over financial reporting will not prevent or detect all misstatements due to error or fraud. In addition, management’s evaluation of controls can provide only reasonable, not absolute, assurance that all control issues that may result in material misstatements, if any, have been detected.

Management assessed the effectiveness of internal control over financial reporting, using the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 framework, and based on that assessment concluded that internal control over financial reporting was effective as of October 31, 2025.

Changes in internal control over financial reporting

There have been no changes in the Bank’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Bank’s internal control over financial reporting during the year ended October 31, 2025.

MANAGEMENT’S INTERNAL CONTROL OVER FINANCIAL REPORTING

Management’s assessment of the effectiveness of internal control over financial reporting and the Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting are provided on pages 116 and 146 of the Annual Report set forth as Exhibit 99.2 and Exhibit 99.3, respectively.

AUDIT COMMITTEE FINANCIAL EXPERTS

All of the members of the Bank’s Audit and Conduct Review Committee of the Board of Directors (“audit committee”) are financially literate and independent, and one or more members of the audit committee meets the definition of a financial expert. As of December 2, 2025, the Bank’s Board of Directors has determined that Benita M. Warmbold, W. Dave Dowrich, Aaron W. Regent, and Steven C. Van Wyk are audit committee financial experts and are independent, as that term is defined by the New York Stock Exchange’s (“NYSE”) corporate governance standards applicable to the Bank.

The SEC has indicated that the designation of a person as an audit committee financial expert does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation.

CODE OF ETHICS

The Bank has adopted a code of ethics, entitled “Scotiabank Code of Conduct” (the “Code”). The Code applies to all directors, officers, employees and contingent workers of the Bank. The full text of the Code is set forth in Exhibit 99.7 and is also available on the Bank’s website at www.scotiabank.com, in the Governance section, and is available in print to any person, without charge, upon written request to the Corporate Secretary of the Bank at the Toronto executive office address shown above. The Whistleblower Policy is also posted on the Bank’s website. The Whistleblower Policy supports adherence to the Code. Future amendments to the Code and waivers, if any, for directors and executive officers will be disclosed on the Bank’s website. There were no waivers under the Code granted in fiscal 2025. The information on, or information that can be accessed through, the Bank’s website is not part of and is not incorporated by reference into this annual report. The Bank’s website address is included as an inactive textual reference only.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The disclosure about principal accountant fees and services, found under “Fees paid to the shareholders’ auditors” in Table 80 of the Annual Report set forth as Exhibit 99.2, Management’s Discussion and Analysis, are incorporated by reference herein.

Less than 1% of the above services, related to translation and preparation of statutory financial statements of certain subsidiary companies, were approved pursuant to an exemption under paragraph (c)(7)(i)(C) of Rule

2-01

of Regulation

S-X

from the requirement that the audit committee

pre-approve

the services. The majority of the hours expended on the audits of the 2025 and 2024 consolidated financial statements were attributable to work performed by the full-time permanent employees of the Bank’s independent auditors, KPMG LLP or its affiliates.

OFF-BALANCE

SHEET ARRANGEMENTS

The disclosure provided under

“Off-balance

Sheet Arrangements” included in the Annual Report set forth as Exhibit 99.2, Management’s Discussion and Analysis, is incorporated by reference herein.

CONTRACTUAL OBLIGATIONS

The disclosure provided under “Contractual maturities and obligations” included in the Annual Report set forth as Exhibit 99.2, Management’s Discussion and Analysis, is incorporated by reference herein.

IDENTIFICATION OF THE AUDIT COMMITTEE

As of December 2, 2025, the Bank’s audit committee is composed of the following directors: Benita M. Warmbold (Chair and financial expert), W. Dave Dowrich (financial expert), Michael B. Medline, Aaron W. Regent (financial expert), and Steven C. Van Wyk (financial expert).

SUMMARY OF SIGNIFICANT CORPORATE GOVERNANCE DIFFERENCES

A summary of significant ways corporate governance practices followed by the Bank differ from corporate governance practices required to be followed by U.S. domestic companies under the NYSE’s listing standards (disclosure required by Section 303A.11 of the NYSE Listed Company Manual) is available on the Bank’s website at

https://www.scotiabank.com/ca/en/about/our-company/governance.html.

The information on, or information that can be accessed through, the Bank’s website is not part of and is not incorporated by reference into this annual report. This website address is included as an inactive textual reference only.

DISCLOSURE PURSUANT TO SECTION 13(r) OF THE EXCHANGE ACT

Pursuant to Section 13(r) of the Exchange Act, the Bank is required to disclose whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to the Government of Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure is generally required even where the activities, transactions or dealings were conducted outside the United States in compliance with applicable law.

During the fiscal year ending October 31, 2025, the Bank identified an account held by a customer that may meet the definition of the “Government of Iran” under U.S. sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control. During this period, the Bank maintained accounts and an outstanding mortgage loan for the customer, all denominated in Canadian dollars. Approximately $160,800 Canadian dollars in transactions were processed through the customer’s accounts in the relevant period, and the Bank has continued to receive payments in Canadian dollars on the mortgage loan. The Bank intends to close the customer’s accounts and to maintain the mortgage loan to the extent doing so remains permissible under applicable law. The Bank’s gross revenue and net profit attributable to this customer during the relevant period was de minimis.

UNDERTAKING

Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form

40-F;

the securities in relation to which the obligation to file an annual report on Form

40-F

arises; or transactions in said securities.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form

40-F

and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: December 2, 2025

EXHIBIT INDEX


Exhibit No.		Description

97.1		Dodd-Frank Clawback Policy

99.1		Annual Information Form dated December 2, 2025

99.2		Management’s Discussion and Analysis (pages 16 through 138 of the 2025 Annual Report)

99.3		2025 Consolidated Financial Statements (pages 139 through 230 of the 2025 Annual Report)

99.4		Consent of Independent Registered Public Accounting Firm

99.5		Certifications required by Rule 13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the U.S. Sarbanes-Oxley Act of 2002

99.6		Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002

99.7		Code of Conduct (incorporated by reference to Exhibit 99.8 to the Bank’s Annual Report on Form 40-F filed with the SEC on December 3, 2024)

101		Interactive Data File

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

EX-97.1 2 d936350dex971.htm EX-97.1 EX-97.1

Exhibit 97.1

THE BANK OF NOVA SCOTIA

Dodd-Frank Clawback Policy

The Board of Directors (the “Board”) of The Bank of Nova Scotia (the “Bank”) has adopted this Dodd-Frank Clawback Policy (this “Policy”) in accordance with the applicable provisions of The New York Stock Exchange Listed Company Manual (the “Clawback Rules”), promulgated pursuant to the final rules adopted by the Securities and Exchange Commission enacting the clawback standards under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Human Capital and Compensation Committee (the “Committee”) is designated to administer this Policy. Capitalized terms not otherwise defined in this Policy have the meanings given to them under the Clawback Rules, which are attached to this Policy as Appendix A.

I.	Recovery of Erroneously Awarded Incentive Compensation

The Bank shall comply with the Clawback Rules and reasonably promptly recover Erroneously Awarded Compensation Received by current or former Executive Officers of the Bank (“Covered Individuals”) in the event the Bank is required to prepare an accounting restatement due to the Bank’s material non-compliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The Committee may determine to not recover Erroneously Awarded Compensation pursuant to this Policy in circumstances where non-enforcement is expressly permitted by the Clawback Rules, including where recovery would violate applicable home country laws in effect before November 28, 2022.

II.	Covered Individuals

The Committee shall determine the Bank’s Covered Individuals in a manner consistent with the Clawback Rules.

III.	Covered Compensation

This Policy applies to the Incentive-based Compensation Received by a Covered Individual: (1) after such Covered Individual began service as an Executive Officer; (2) who served as an Executive Officer at any time during the performance period for that Incentive-based Compensation; (3) while the Bank has a class of securities listed on a US national securities exchange or a US national securities association; and (4) during the three completed fiscal years immediately preceding the date that the Bank is required to prepare an accounting restatement as described above (or during any transition period, that results from a change in the Bank’s fiscal year, within or immediately following those three completed fiscal years, as determined in accordance with the Clawback Rules). Notwithstanding the foregoing, this Policy shall not apply to Incentive-based Compensation Received by a Covered Individual prior to the effective date of this Policy.

The amount of Incentive-based Compensation subject to this Policy is the Erroneously Awarded Compensation, which is be the amount of Incentive-based Compensation Received by a Covered Individual that exceeds the amount of Incentive-based Compensation that otherwise would have been Received by the Covered Individual had it been determined based on the restated amount (or otherwise determined in accordance with the Clawback Rules), and will be computed without regard to any taxes paid by the Covered Individual (or withheld from the Incentive-based Compensation). The Committee shall make all determinations regarding the amount of Erroneously Awarded Compensation.

IV.	Method of Recovery

The Committee shall determine, in its sole discretion, the manner in which any Erroneously Awarded Compensation shall be recovered. Methods of recovery may include, but are not limited to: (1) seeking direct repayment from the Covered Individual; (2) reducing (subject to applicable law and the terms and conditions of the applicable plan, program or arrangement pursuant to which the incentive-based compensation was paid) the amount that would otherwise be payable to the Covered Individual under any compensation, bonus, incentive, equity and other benefit plan, agreement, policy or arrangement maintained by the Bank or any of its affiliates; (3) cancelling any award (whether cash- or equity-based) or portion thereof previously granted to the Covered Individual; or (4) any combination of the foregoing.

V.	No-Fault Basis

This Policy applies on a no-fault basis, and Covered Individuals will be subject to recovery under this Policy without regard to their personal culpability.

VI.	Other Bank Arrangements

This Policy shall be in addition to, and not in lieu of, any other clawback, recovery or recoupment policy maintained by the Bank from time to time, as well as any clawback, recovery or recoupment provision in any of the Bank’s plans, awards or individual agreements (including the clawback, recovery and recoupment provisions in the Bank’s equity award agreements) (collectively, “Other Bank Arrangement”) and any other rights or remedies available to the Bank, including termination of employment; provided, however, that there is no intention to, nor shall there be, any duplicative recoupment of the same compensation under more than one policy, plan, award or agreement. In addition, no Other Bank Arrangement shall serve to restrict the scope or the recoverability of Erroneously Awarded Compensation under this Policy or in any way limit recovery in compliance with the Clawback Rules.

VII.	No Indemnification

Notwithstanding anything to the contrary set forth in any policy, arrangement, bylaws, charter, certificate of incorporation or plan of the Bank or any individual agreement between a Covered Individual and the Bank or any of its affiliates, no Covered Individual shall be entitled to indemnification from the Bank or any of its affiliates for the amount that is or may be recovered by the Bank pursuant to this Policy; provided, however, that to the extent expense advancement or reimbursement is available to a Covered Individual, this Policy shall not serve to prohibit such advancement or reimbursement.

VIII.

Administration; Interpretation

The Committee shall interpret and construe this Policy consistent with the Clawback Rules and applicable laws and regulation and shall make all determinations necessary, appropriate or advisable for the administration of this Policy. Any determinations made by the Committee shall be final, binding and conclusive on all affected individuals. As required by the Clawback Rules, the Bank shall provide public disclosures related to this Policy and any applicable recoveries of Erroneously Awarded Compensation. To the extent this Policy conflicts or is inconsistent with the Clawback Rules, the Clawback Rules shall govern. In no event is this Policy intended to be broader than, or require recoupment in addition to, that required pursuant to the Clawback Rules.

IX.	Amendment or Termination of this Policy

The Board reserves the right to amend this Policy at any time and for any reason, subject to applicable law and the Clawback Rules. To the extent that the Clawback Rules cease to be in force or cease to apply to the Bank, this Policy shall also cease to be in force.

Approved and Adopted: approved by the Board of Directors on May 24, 2023 prior to the December 1, 2023 regulatory compliance date for Canadian issuers and on May 27, 2025.

Appendix A

Clawback

Rules

303A.14 Erroneously Awarded Compensation

(a) This Section 303A.14 prohibits the initial or continued listing of any security of an issuer that is not in compliance with the requirements of any portion hereof.

(b) Implementation.

(i)	The effective date (“Effective Date”) of this Section 303A.14 is October 2, 2023 and Canadian issuers listed on a US stock exchange will have 60 days to comply with the new requirements (i.e., December 1, 2023).

(ii)	Each listed issuer must adopt the recovery policy required by this Section 303A.14 (“Recovery Policy”) no later than 60 days following the Effective Date.

(iii)

Each listed issuer must comply with its Recovery Policy for all incentive-based compensation Received (as such term is defined in Section 303A.14(e) below) by executive officers on or after the Effective Date;

(iv)	Each listed issuer must provide the required disclosures in the applicable SEC filings required on or after the Effective Date.

The requirements of this Section 303A.14 are as follows:

(1) Recovery of Erroneously Awarded Compensation. The issuer must adopt and comply with a written Recovery Policy providing that the issuer will recover reasonably promptly the amount of erroneously awarded incentive-based compensation in the event that the issuer is required to prepare an accounting restatement due to the material noncompliance of the issuer with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

(i)	The Issuer’s Recovery Policy must apply to all incentive-based compensation received by a person:

(A)

After beginning service as an executive officer;

(B)

Who served as an executive officer at any time during the performance period for that incentive-based compensation;

(C)

While the issuer has a class of securities listed on a national securities exchange or a national securities association; and

(D) During the three completed fiscal years immediately preceding the date that the issuer is required to prepare an accounting restatement as described in paragraph (c)(1) of this Section 303A.14. In addition to these last three completed fiscal years, the recovery policy must apply to any transition period (that results from a change in the issuer’s fiscal year) within or immediately following those three completed fiscal years. However, a transition period between the last day of the issuer’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months would be deemed a completed fiscal year. An issuer’s obligation to recover erroneously awarded compensation is not dependent on if or when the restated financial statements are filed.

(ii) For purposes of determining the relevant recovery period, the date that an issuer is required to prepare an accounting restatement as described in paragraph (c)(1) of this Section 303A.14 is the earlier to occur of:

(A) The date the issuer’s board of directors, a committee of the board of directors, or the officer or officers of the issuer authorized to take such action if board action is not required, concludes, or reasonably should have concluded, that the issuer is required to prepare an accounting restatement as described in paragraph (c)(1) of this Section 303A.14; or

(B) The date a court, regulator, or other legally authorized body directs the issuer to prepare an accounting restatement as described in paragraph (c)(1) of this Section 303A.14.

(iii) The amount of incentive-based compensation that must be subject to the issuer’s recovery policy (“erroneously awarded compensation”) is the amount of incentive-based compensation received that exceeds the amount of incentive-based compensation that otherwise would have been received had it been determined based on the restated amounts, and must be computed without regard to any taxes paid. For incentive-based compensation based on stock price or total shareholder return, where the amount of erroneously awarded compensation is not subject to mathematical recalculation directly from the information in an accounting restatement:

(A) The amount must be based on a reasonable estimate of the effect of the accounting restatement on the stock price or total shareholder return upon which the incentive- based compensation was received; and

(B) The issuer must maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange.

(iv) The issuer must recover erroneously awarded compensation in compliance with its recovery policy except to the extent that the conditions of paragraphs (c)(1)(iv)(A), (B), or (C) of this Section 303A.14 are met, and the issuer’s committee of independent directors responsible for executive compensation decisions, or in the absence of such a committee, a majority of the independent directors serving on the board, has made a determination that recovery would be impracticable.

(A) The direct expense paid to a third party to assist in enforcing the policy would exceed the amount to be recovered. Before concluding that it would be impracticable to recover any amount of erroneously awarded compensation based on expense of enforcement, the issuer must make a reasonable attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover, and provide that documentation to the Exchange.

(B) Recovery would violate home country law where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of erroneously awarded compensation based on violation of home country law, the issuer must obtain an opinion of home country counsel, acceptable to the Exchange, that recovery would result in such a violation, and must provide such opinion to the Exchange.

(C) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the registrant, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

(v) The issuer is prohibited from indemnifying any executive officer or former executive officer against the loss of erroneously awarded compensation.

(2) The issuer must file all disclosures with respect to such Recovery Policy in accordance with the requirements of the Federal securities laws, including the disclosure required by the applicable Commission filings

(d) General Exemptions

The requirements of this Section 303A.14 do not apply to the listing of:

(1) A security futures product cleared by a clearing agency that is registered pursuant to section 17A of the Act (15 U.S.C. 78q-1) or that is exempt from the registration requirements of section 17A(b)(7)(A) (15 U.S.C. 78q-1(b)(7)(A));

(2) A standardized option, as defined in 17 CFR 240.9b-1(a)(4), issued by a clearing agency that is registered pursuant to section 17A of the Act (15 U.S.C. 78q-1);

(3) Any security issued by a unit investment trust, as defined in 15 U.S.C. 80a-4(2);

(4) Any security issued by a management company, as defined in 15 U.S.C. 80a-4(3), that is registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8), if such management company has not awarded incentive-based compensation to any executive officer of the company in any of the last three fiscal years, or in the case of a company that has been listed for less than three fiscal years, since the listing of the company.

(e) Definitions. Unless the context otherwise requires, the following definitions apply for purposes of this Section 303A.14:

Executive Officer. An executive officer is the issuer’s president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy- making functions for the issuer. Executive officers of the issuer’s parent(s) or subsidiaries are deemed executive officers of the issuer if they perform such policy making functions for the issuer. In addition, when the issuer is a limited partnership, officers or employees of the general partner(s) who perform policy-making functions for the limited partnership are deemed officers of the limited partnership. When the issuer is a trust, officers, or employees of the trustee(s) who perform policy-making functions for the trust are deemed officers of the trust. Policy-making function is not intended to include policy- making functions that are not significant. Identification of an executive officer for purposes of this Section 303A.14 would include at a minimum executive officers identified pursuant to 17 CFR 229.401(b).

Financial reporting measures. Financial reporting measures are measures that are determined and presented in accordance with the accounting principles used in preparing the issuer’s financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also financial reporting measures. A financial reporting measure need not be presented within the financial statements or included in a filing with the Commission.

Incentive-based compensation. Incentive-based compensation is any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a financial reporting measure.

Received. Incentive-based compensation is deemed received in the issuer’s fiscal period during which the financial reporting measure specified in the incentive-based compensation award is attained, even if the payment or grant of the incentive-based compensation occurs after the end of that period.

EX-99.1 3 d936350dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

The Bank of Nova Scotia

ANNUAL

INFORMATION

FORM

DECEMBER 2, 2025

LOGO

TABLE OF CONTENTS


	AIF Page No.		MD&A Reference
Distribution Notice		1
Financial Data		1
Forward-looking Statements		1
CORPORATE STRUCTURE		2
Name, Address and Place of Incorporation		2
Intercorporate Relationships		2
GENERAL DEVELOPMENT OF THE BANK’S BUSINESS		3
Three-Year History		3
DESCRIPTION OF THE BANK’S BUSINESS		3
General Summary		3		pp. 45-59
Sustainability Strategies		8
Risk Factors		8		pp. 76-115
DIVIDENDS		8
DESCRIPTION OF THE BANK’S CAPITAL STRUCTURE		8		pp. 60-67
Common Shares		9
Preferred Shares – General		9
Certain Provisions of the Preferred Shares		9
Other Equity Instruments – Subordinated Capital Notes – General		11
Certain Provisions of the Subordinated Capital Notes		12
Constraints on Ownership of the Bank’s Shares		13
Credit Ratings of Securities and Liquidity		13
MARKET FOR SECURITIES OF THE BANK		14
Trading Price and Volume		15
Prior Sales		15
DIRECTORS AND EXECUTIVE OFFICERS OF THE BANK		16
Directors and Board Committees of the Bank		16
Executive Officers of the Bank		17
Cease Trade Orders, Bankruptcies, Penalties or Sanctions		19
Shareholdings of Management		20
LEGAL PROCEEDINGS AND REGULATORY ACTIONS		20
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS		21
TRANSFER AGENT AND REGISTRAR		21
CONFLICTS OF INTEREST		21
EXPERTS		21
THE BANK’S AUDIT AND CONDUCT REVIEW COMMITTEE		21
Auditor		22		Table 80 on p. 129
ADDITIONAL INFORMATION		23
Schedule A – Definition of Credit Ratings		24
Schedule B – Audit and Conduct Review Committee Charter		27

INFORMATION IS AT OCTOBER 31, 2025, UNLESS OTHERWISE NOTED.

Distribution Notice

When this Annual Information Form is provided to security holders or other interested parties, it must be accompanied by copies of all the documents (or excerpts thereof) incorporated herein by reference. Portions of this Annual Information Form of The Bank of Nova Scotia (the “Bank”, “Scotiabank”, “we” or “our”) dated December 2, 2025 (the “AIF”), are disclosed in the Management’s Discussion and Analysis for the year ended October 31, 2025 (the “MD&A”). The MD&A is also available on SEDAR+ at www.sedarplus.ca.

Financial Data

Except as otherwise noted, all information is given at or for the year ended October 31, 2025. Amounts are expressed in Canadian dollars. Financial information is presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, unless otherwise noted.

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 2025 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 policies and other changes related to, or affecting, economic or trade matters, including tariffs, countermeasures, tariff mitigation policies and tax-related risks); 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 open banking and 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 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-related risk, 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 local, national or global economies, 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.

- 1 -

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 2025 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 2025 Annual Report under the headings “Outlook”, as updated by quarterly reports. The “Outlook” and “2026 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 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.

CORPORATE STRUCTURE

Name, Address and Place of Incorporation

The Bank was granted a charter under the laws of the Province of Nova Scotia in 1832 and commenced operations in Halifax, Nova Scotia in that year. Since 1871, the Bank has been a chartered bank under the Bank Act (Canada) (the “Bank Act”). The Bank is a Schedule I bank under the Bank Act and the Bank Act is its charter. The head office of the Bank is located at 1709 Hollis Street, Halifax, Nova Scotia, B3J 1W1 and its executive offices are at 40 Temperance Street, Toronto, Ontario, M5H 0B4. A copy of the Bank’s by-laws is available on www.sedarplus.ca.

Intercorporate Relationships

Each international principal subsidiary of the Bank is incorporated or established and existing under the laws of the jurisdiction in which its principal office is located, with the exception of Scotia Holdings (USA) LLC and Scotia Financing (USA) LLC which are incorporated and existing under the laws of the State of Delaware. Each Canadian principal subsidiary of the Bank is incorporated or established and existing under the laws of Canada, except for 1832 Asset Management L.P., Scotia Capital Inc. and Scotia Securities Inc. which are incorporated or established and existing under the laws of the Province of Ontario.

The intercorporate relationships among the Bank and its principal subsidiaries are described in note 30 of the consolidated financial statements for the year ended October 31, 2025, which are incorporated herein by reference.

- 2 -

GENERAL DEVELOPMENT OF THE BANK’S BUSINESS

Three-Year History

As reported in accordance with IFRS, for the fiscal year ended October 31, 2025, the Bank’s net income attributable to common shareholders was $7,283 million, down from $7,286 million in 2024. The Bank’s net income attributable to common shareholders was $6,919 million in 20231. Earnings per share (on a diluted basis) for the fiscal year ended October 31, 2025 was $5.67, compared to $5.87 in 2024 and $5.72 in 20231.

Return on equity for the fiscal year ended October 31, 2025 was 9.7%, compared to 10.2% in 2024 and 10.3% in 20231. In fiscal 2025, the Bank’s actual dividend payout ratio was approximately 73.7%, compared to 71% in 2024 and 72.3% in 2023.1

For additional information on the Bank’s businesses, see the descriptions provided below and on pages 45 to 59 of the MD&A.

Certain acquisitions and dispositions that have influenced the general development of the Bank’s business over the past three years are summarized below, for additional information on acquisitions and divestitures, see note 35 of the consolidated financial statements for the year ended October 31, 2025.

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. (España), upon receiving regulatory approvals and satisfying closing conditions.

On January 6, 2025, the Bank entered into an agreement with Davivienda to transfer its 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. On November 24, 2025, the Bank announced that all required regulatory approvals had been received for completion of the transfer. On December 1, 2025, the Bank completed the transaction to combine the operations of both institutions to operate under a new holding company, Davivienda Group. Following completion of such transaction, the Bank designated two individuals (one being independent) to serve on the Board of Directors of Davivienda Group.

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 ($4.1 billion). Following completion of the Additional Investment, the Bank designated two individuals to serve on KeyCorp’s Board of Directors.

On October 31, 2023, the Bank completed the sale of its 20% equity interest in Canadian Tire’s Financial Services business (“CTFS”) to Canadian Tire Corporation.

On September 26, 2022, the Bank announced Brian Porter’s decision to retire as President and Chief Executive Officer, effective January 31, 2023. The Bank’s Board of Directors appointed Scott Thomson as CEO of the Bank, effective February 1, 2023. Mr. Thomson initially served as President, effective December 1, 2022, with responsibility for the Bank’s four business lines. To support the transition, Mr. Porter was a Strategic Advisor to Mr. Thomson from February 1, 2023 to April 30, 2023.

DESCRIPTION OF THE BANK’S BUSINESS

General Summary

The Bank’s strategic vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

1	The Bank adopted IFRS 17 effective November 1, 2023. As required under the new accounting standard, prior period amounts have been restated.

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For the year ended October 31, 2025, the Bank’s operating segments are: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets and Other.

Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer experience, to over 11 million customers. Retail, Small Business Banking and Commercial Banking customers receive service through its network of 892 branches and 3,542 automated banking machines (ABMs), as well as online, mobile and telephone banking, and specialized sales teams. Canadian Banking also provides an alternative self-directed banking solution to Tangerine customers.

International Banking is comprised of a strong and universal banking franchise that provides financial advice and solutions to over 8 million Retail, Commercial and GBM clients. Its geographic presence spans more than 12 countries, including Mexico, Chile, Peru, Brazil, Uruguay, and various markets in the Caribbean, with a relevant local presence in all core markets. The Bank’s unique geographical footprint ensures robust connectivity within the North American corridor.

Global Wealth Management is focused on delivering comprehensive wealth management advice and solutions to clients across Scotiabank’s footprint. Global Wealth Management serves over 2 million investment fund and advisory clients across 12 countries – administering over $750 billion in assets.

Global Banking and Markets (GBM) provides corporate clients with lending and transaction services, investment banking advice and access to capital markets. GBM is a full-service wholesale bank in the Americas, serving clients across Canada, the United States, Latin America, Europe and Asia-Pacific.

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.

Collectively, the Bank has 86,431 employees (full-time equivalent) and our customers are served by a network of 2,128 branches and offices, as of the financial year end (October 31, 2025).

A more complete description of services provided by each of the Bank’s major business lines is available in the MD&A, on pages 45 to 59 inclusive, and those pages are herein incorporated by reference.

Competition

The Canadian banking system consists of numerous banks and other financial institutions. Certain large Canadian banks are required by law to be widely held because their equity exceeds a threshold of $12 billion. These banks compete nationwide through extensive branch networks, ABMs, telephone, internet and mobile banking offerings. In total, the Canadian system includes 35 domestic banks, 15 foreign banks and numerous credit unions and caisses populaires. More broadly, the Canadian financial services industry includes thousands of institutions such as life insurance companies, property and casualty insurers, consumer finance companies, independent investment dealers and independent retail mutual fund management companies.

Competition is reflected in the range of products and services offered, innovation in features, services, technology and delivery, as well as the various pricing schemes adopted. Additionally, a growing number of service providers in the Canadian marketplace are offering alternative channels and competition in the payments space. The increased number of new entrants into the financial services sector in recent years has also underscored an enhanced level of competition.

The Bank is a global financial services provider offering a diverse range of products and services, including personal, commercial, corporate and investment banking. In providing these services and products, the Bank competes with local and international banks and other financial institutions.

Supervision and Regulation in Canada

As a Canadian Schedule I Bank, the Bank’s activities in Canada are governed by the Bank Act, which is one of four main federal statutes governing the financial services industry in Canada. The other three statutes cover trust and loan companies, insurance companies and co-operative credit associations.

In accordance with the Bank Act, an organization may engage in and carry on the business of banking and such business generally as pertains to the business of banking.

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The Bank Act grants Canadian chartered banks broad powers of investment in the securities of other corporations and entities, but imposes limits upon substantial investments. Under the Bank Act, generally a bank has a substantial investment in a body corporate when (a) voting rights attached to the voting shares beneficially owned by the bank and by entities controlled by the bank exceed 10% of the voting rights attached to the outstanding voting shares of the body corporate, or (b) the total number of shares of the body corporate that are beneficially owned by the bank and entities controlled by the bank represent more than 25% of the total shareholders’ equity of the body corporate. In addition, under the Bank Act, a bank has a substantial investment in an unincorporated entity where the ownership interests in such entity beneficially owned by that bank and by entities controlled by that bank exceed 25% of all ownership interests in such entity. A Canadian chartered bank is permitted to have a substantial investment in entities whose activities are consistent with those of certain prescribed permitted substantial investments. In general, a bank will be permitted to invest in an entity that carries on any financial services activity. Further, a bank may generally invest in entities that carry on commercial activities that are related to the promotion, sale, delivery or distribution of a financial product or service. A bank may also invest in entities that provide professional investment management to closed-end funds and mutual funds, engage in the distribution of mutual funds and provide consulting and agency services for real property or service financial institutions and the bank may have downstream holding companies to hold these investments. In certain cases, the approval of the Minister of Finance (the “Minister”) or the Superintendent of Financial Institutions Canada (the “Superintendent”) is required prior to making the investment and/or the bank is required to control the entity. Canadian chartered banks may offer through their branch network credit or charge-card related insurance, creditors’ disability insurance, creditors’ life insurance, creditors’ loss of employment insurance, creditors’ vehicle inventory insurance, export credit insurance, mortgage insurance and travel insurance.

Without Minister approval, no person or group of associated persons may own more than 10% of any class of shares of the Bank. No person may be a major shareholder of a bank if the bank has equity of $12 billion or more (which includes the Bank). A person is a major shareholder of a bank if: (a) the aggregate of shares of any class of voting shares beneficially owned by that person and that are beneficially owned by any entities controlled by that person is more than 20% of that class of voting shares; or (b) the aggregate of shares of any class of non-voting shares beneficially owned by that person and that are beneficially owned by any entities controlled by that person is more than 30% of that class of non-voting shares. Ownership of the Bank’s shares by Canadian or foreign governments is prohibited under the Bank Act. The Bank Act provides for limited circumstances in which the Canadian federal government may be permitted to acquire shares of a bank, including the Bank, if the Minister and Governor in Council were to conclude that to do so would promote stability in the financial system. While the government holds any shares of a bank, including the Bank, the Minister may impose certain terms and conditions, including conditions on the payment by the Bank of dividends on any of its shares.

The Superintendent is responsible to the Minister for the administration of the Bank Act. The Superintendent is required to make an annual examination of each bank to ensure compliance with the Bank Act and to ensure that each bank is in sound financial condition. The Superintendent shall report on its bank examinations to the Minister. The Bank is also required to disclose certain financial information. The Bank is subject to regulation by the Canada Deposit Insurance Corporation and the Financial Consumer Agency of Canada, and the activities of the Bank in Canada are subject to various other federal statutory provisions, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act which applies to all of the Bank’s businesses in Canada. The activities of the Bank’s trust subsidiaries and insurance subsidiaries are regulated in Canada under the Trust and Loan Companies Act and the Insurance Companies Act, respectively, and under provincial laws in respect of their activities in the provinces. Certain activities of the Bank and its subsidiaries acting as securities brokers, dealers (including investment and mutual fund dealers), underwriters and advisors (including investment counsel and portfolio managers) are regulated in Canada under provincial securities legislation and, in some cases, by self-regulatory organizations, such as the Canadian Investment Regulatory Organization (CIRO) for investment dealers and mutual fund dealers.

Bank Recapitalization (Bail-In) Regime

On September 23, 2018, the regulations under the Canada Deposit Insurance Corporation Act (Canada) (the “CDIC Act”) and the Bank Act (collectively, the “Bail-In Regulations”) which provides the details of conversion, issuance and compensation regimes for bail-in instruments issued by domestic systemically important banks, including the Bank, came into force. Pursuant to the CDIC Act, in circumstances where the Superintendent of Financial Institutions has determined that the Bank has ceased, or is about to cease, to 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 CDIC to convert all or a portion of certain shares and liabilities of the Bank into common shares of the Bank.

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For a description of the Canadian bank resolution powers and the consequent risk factors attaching to certain liabilities of the Bank reference is made to the Bank’s website under Regulatory Disclosures for Fixed Income Investors2. The information on our website does not form part of this Annual Information Form.

International Supervision and Regulation

Capital adequacy for Canadian banks is regulated by the Office of the Superintendent of Financial Institutions (“OSFI”) and subject to the revised capital adequacy requirements as published by the Basel Committee on Banking Supervision (BCBS) and commonly referred to as Basel III, as adopted by Canada. Additional information on the regulatory capital of the Bank and developments facing the Bank are described under the headings “Regulatory capital” and “Regulatory capital developments” on pages 61-62 of the MD&A, respectively, and those sections are incorporated herein by reference.

Automatic Exchange of Information

Under the initiative of the Organization for Economic Co-Operation and Development, many countries have committed to automatic exchange of information relating to accounts held by tax residents of signatory countries, using a Common Reporting Standard (“CRS”). Canada’s automatic exchange of financial account information arrangements with jurisdictions, other than the U.S., has been implemented in accordance with the CRS and the implementation of the CRS legislation in Canada was effective July 1, 2017. The Bank meets its obligations imposed under the CRS, in accordance with local laws, in Canada and all applicable jurisdictions in which it operates.

Supervision and Regulation Outside Canada – Key Jurisdictions

United States

The activities of the Bank and its subsidiaries in the U.S. are subject to federal and state supervision, regulation and examination by bank regulatory and other governmental agencies. The Bank is subject to the Bank Holding Company Act of 1956 (“BHCA”) and the International Banking Act of 1978 and associated regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). The Federal Reserve Board and other banking regulators oversee the operation of the Bank’s branches, offices and subsidiaries in the U.S. The SEC, state securities regulators and self- regulatory organizations, such as the Financial Industry Regulatory Authority, regulate its broker-dealer subsidiary and the SEC, effective November 1, 2021, regulates the Bank’s security-based swaps dealer business and the Commodity Futures Trading Commission (“CFTC”) oversees the Bank’s swaps and commodities trading and clearing businesses.

The Bank is a “financial holding company” under the BHCA. This status allows a broad range of financial activities to be undertaken in the U.S. Provisions of the Federal Reserve Act place certain limitations and restrictions on the transactions that the Bank’s U.S. branch and agency can engage in with affiliates of the Bank.

The Bank, as a non-U.S. bank with U.S. operations, is required by U.S. anti-money laundering laws, to take certain steps to prevent, detect and report individuals and entities involved in international money laundering and the financing of terrorism. Failure of a financial institution to comply with these requirements could have serious legal and reputational consequences for the institution.

The Bank is also subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Dodd-Frank Act reforms include heightened consumer protection, revised regulation of over-the-counter derivatives markets, restrictions on proprietary trading and the ownership and sponsorship of private investment funds by banks and their affiliates (referred to as the Volcker Rule), imposition of heightened prudential standards, and broader application of leverage and risk-based capital requirements.

The Bank is subject to the enhanced prudential standards and early remediation requirements of sections 165 (implemented by Regulation YY) and 166 of the Dodd-Frank Act (the “FBO Rule”) for bank holding companies and foreign banking organizations. With respect to foreign banking organizations, the overall intent of Section 165 and Regulation YY is to strengthen the regulation of the U.S. operations of foreign banking organizations by requiring home country capital certification consistent with the Basel capital framework, home country capital stress tests comparable to U.S. standards,

2	Visit webpage at https://www.scotiabank.com/ca/en/about/investors-shareholders/regulatory-disclosures/canadian-bank-resolution-powers-including-bail-in.html.

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maintenance of a liquidity buffer for U.S. branches and agencies and establishment of a U.S. risk committee with the appointment of a U.S. Chief Risk Officer. The Bank has a Chief Risk Officer for the U.S., a U.S. Risk Committee and complies with the FBO Rule. The Bank is not currently required to form a U.S. intermediate holding company under the FBO Rule. In October 2019, the Federal Reserve finalized its rules to further tailor the regulatory framework for enhanced prudential standards and the U.S. Basel III capital and liquidity requirements applicable to domestic banking organizations and foreign banking organizations (FBOs), with which the Bank is complying.

Mexico

Grupo Financiero Scotiabank Inverlat, S.A. de C.V. is an “affiliate holding company” pursuant to the Law to Regulate Financial Groups and the Regulations for the Establishment of Foreign Affiliates Financial Institutions in Mexico. The governing authority is the Ministry of Finance of Public Credit, as well as those supervising and regulatory authorities which are the Central Bank of Mexico, the National Banking and Securities Commission and the National Commission for the Protection of the Users of Financial Services.

Peru

Scotiabank Peru S.A.A. is a “banking company” pursuant to the Law of the Banking System, Insurance and Private Pension Funds Administrators and applicable rules for financial groups enacted by the Superintendency of Banking System, Insurance and Private Pension Funds Administrators (“SBS”) and the Superintendency of Securities Market (“SMV”). Beside SBS and SMV, the other governing authorities are the Central Bank of Peru, and the National Institution for the Defense of Competition and Intellectual Property, in charge, among other functions, of the protection of consumers of financial services.

Pursuant to SBS and SMV regulations on ownership and control of supervised companies, Scotiabank Peru S.A.A. also reports on its holding company shareholder Scotia Peru Holdings S.A.

Chile

Scotiabank Chile (“Scotiabank Chile”) is a special stock corporation governed by the provisions of the General Banking Act and by the provisions applicable to listed corporations contained in the Corporations Act. It is supervised by the Financial Markets Commission (CMF), which is an autonomous institution related to the Chilean Government through the Ministry of Finance. Scotiabank Chile is also governed by the Central Bank of Chile and the National Consumer Service (Sernac), the latter being responsible for, among other functions, consumer protection with regards to financial services, in accordance with the provisions of the Financial Consumer Protection Act. Scotiabank Chile’s subsidiaries are supervised by the CMF, according to their respective business lines.

Colombia

Prior to December 1, 2025, Scotiabank Colpatria S.A., a subsidiary of the Bank, was a bank incorporated in compliance with the regulations of the Financial Superintendence of Colombia (Superintendencia Financiera de Colombia or “SFC”). The SFC is the supervisor of the national banking, insurance, pension funds, and securities markets under Colombian laws, with the purpose of assuring their stability, efficiency and transparency, as well as maintaining and fostering a sound and balanced development of the financial system as a whole, while protecting the interests of the public in Colombia. The SFC was responsible for inspecting, supervising and controlling Scotiabank Colpatria S.A. Additionally, the SFC promotes, organizes and develops regulations in order to ensure the protection of investors, depositors, shareholders and stakeholders. The SFC is also responsible for financial customer protection.

United Kingdom

In respect of its London Branch, the Bank is authorized in the United Kingdom by the Prudential Regulation Authority (PRA) and subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the PRA. The Bank’s subsidiary in the United Kingdom, Scotiabank Europe Limited (formerly Scotiabank Europe plc), has been placed into voluntary liquidation.

Republic of Ireland

In respect of the Bank’s Irish subsidiary, Scotiabank (Ireland) Designated Activity Company, the Bank is authorized and regulated in Ireland by the Central Bank of Ireland.

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Singapore

In respect of its Singapore Branch, the Bank is authorised and regulated in Singapore by the Monetary Authority of Singapore.

Other Jurisdictions

Outside of the U.S., Mexico, Peru, Chile, Colombia, the United Kingdom, Ireland and Singapore, each of the Bank’s branches, agencies and subsidiaries, many of which are banks in their own right, is also subject to the regulatory requirements of the jurisdiction in which it conducts its business.

Certain other regulatory developments facing the Bank are described on pages 120 to 121 inclusive of the MD&A and those pages are incorporated herein by reference.

Sustainability Strategies

Each year, the Bank publishes information about its corporate sustainability activities in an annual Sustainability Report. The Sustainability Report provides details about the Bank’s priorities and performance related to environmental (including climate), social and governance policies and strategies. Sustainability-related reporting can be found on the Bank’s website within the Responsibility and Impact section, ESG Publications and Policies page at https://www.scotiabank.com/ca/en/about/responsibility-impact/esg-publications-policies.html.

Risk Factors

The risks faced by the Bank are described on pages 76 to 115 inclusive of the MD&A and those pages are incorporated herein by reference.

DIVIDENDS

Restrictions on payment of dividends and retirement of shares

The restrictions on payment of dividends and retirement of shares faced by the Bank are described in note 23(c) of the consolidated financial statements for the year ended October 31, 2025, which are incorporated herein by reference.

Dividend Payments

In fiscal 2025, the Bank’s actual common share dividend payout ratio was approximately 73.7%, compared to 71% in 2024. The Bank has declared and paid the following dividends on its common shares and preferred shares over the past three completed financial years:


	2025		2024(1)		2023
Common Shares	$	4.32	$	4.24	$	4.18
Series 40			$	0.303125	$	1.212500

(1)	On January 29, 2024, the Bank redeemed all of its issued and outstanding Preferred Shares, Series 40.

DESCRIPTION OF THE BANK’S CAPITAL STRUCTURE

The following summary of the Bank’s share capital is qualified in its entirety by the Bank’s by-laws and the actual terms and conditions of such securities. For more details on the Bank’s capital structure, see pages 60 to 67 of the MD&A and notes 20 and 23 of the consolidated financial statements for the year ended October 31, 2025. The Bank incorporates those pages and notes by reference.

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Common Shares

The authorized common share capital of the Bank consists of an unlimited number of common shares, without nominal or par value, of which 1,236,305,738 common shares were issued and outstanding as at October 31, 2025.

Holders of the Bank’s common shares are entitled to vote at all meetings of the shareholders of the Bank except meetings at which only holders of a specified class, other than common shares, or series of shares of the Bank are entitled to vote. Common shareholders are entitled to receive dividends, as and when declared by the Board of Directors of the Bank on the common shares.

After the payment to the holders of the preferred shares of the amount or amounts to which they may be entitled, the holders of the Bank’s common shares shall be entitled to receive the remaining property of the Bank upon liquidation, dissolution or winding-up thereof.

For information on the Bank’s normal course issuer bid, see note 23 of the consolidated financial statements for the year ended October 31, 2025, which is incorporated herein by reference.

Preferred Shares – General

The authorized preferred share capital of the Bank consists of an unlimited number of preferred shares without nominal or par value issuable in series. The term “Preferred Shares” shall refer to all authorized preferred shares of the Bank.

As at October 31, 2025, no Non-cumulative Preferred Shares were outstanding.

The Preferred Shares, if outstanding, are entitled to preference over the common shares and over any other shares of the Bank ranking junior to the Preferred Shares with respect to the payment of dividends and upon any distribution of assets in the event of liquidation, dissolution or winding-up of the Bank.

The Bank may not create, without the approval of the holders of outstanding Preferred Shares, any other class of shares ranking prior to or on a parity with the Preferred Shares, increase the authorized number of Preferred Shares or amend the provisions attaching to the Preferred Shares.

Any approval to be given by the holders of the outstanding Preferred Shares may be given by a resolution carried by the affirmative vote of not less than 66 2/3% of the votes cast at a meeting of holders of Preferred Shares at which a majority of the outstanding Preferred Shares is represented or, if no quorum is present at such meeting, at any adjourned meeting at which no quorum requirements would apply.

In accordance with capital adequacy requirements adopted by OSFI, non-common capital instruments issued after January 1, 2013, including Preferred Shares, must include terms providing for the full and permanent conversion of such securities into common shares upon the occurrence of certain trigger events relating to financial viability (the Non-Viability Contingent Capital or “NVCC requirements”) in order to qualify as regulatory capital.

Certain Provisions of the Preferred Shares

Dividends

The holders of the Preferred Shares, if outstanding, will be entitled to receive either a fixed or floating rate quarterly non- cumulative preferential cash dividend, as and when declared by the Board of Directors of the Bank, subject to the provisions of the Bank Act, on the third last business day of each of January, April, July and October in each year at the rate specified in the terms of each series. If the Board of Directors of the Bank does not declare the dividends, or any part thereof, on an outstanding series of Preferred Shares on or before the dividend payment date for a particular quarter, then the entitlement of the holders of such series of Preferred Shares to receive such dividends, or to any part thereof, for such quarter shall be forever extinguished.

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Redemption

Preferred Shares outstanding from time to time will not be redeemable prior to the date specified in the terms for each series. Subject to the provisions of the Bank Act, the prior consent of the Superintendent and to certain conditions being met, the Bank may redeem at the time specified in the terms of each series all or any part of an outstanding series of Preferred Shares at the Bank’s option without the consent of the holder, by the payment of an amount in cash for each such share so redeemed as specified in the terms of each series.

Notice of any redemption of any series of Preferred Shares will be given by the Bank at least 30 days and not more than 60 days prior to the date fixed for redemption. If less than all the outstanding Preferred Shares in any series are at any time to be redeemed, the shares to be redeemed will be redeemed pro rata, disregarding fractions.

Rights Upon Dissolution or Winding-Up

In the event of the liquidation, dissolution or winding-up of the Bank, the holders of any series of the Preferred Shares outstanding shall be entitled to receive the share value or face value per Preferred Share (as set out in the rights, privileges, restrictions and conditions attaching to such Preferred Shares), together with all dividends declared and unpaid to the date of payment before any amount shall be paid or any assets of the Bank distributed to the holders of any shares ranking junior to the Preferred Shares. The holders of any series of the Preferred Shares outstanding shall not be entitled to share in any further distribution of the assets of the Bank.

Restrictions on Dividends and Retirement of Shares

So long as any shares of a series of Preferred Shares are outstanding, the Bank will not, without the approval of the holders of the relevant series of Preferred Shares:

(a)

declare, pay or set apart for payment any dividends on the common shares of the Bank or any other shares ranking junior to the series of Preferred Shares (other than stock dividends payable in shares ranking junior to the series of Preferred Shares);

(b)

redeem, purchase or otherwise retire any common shares or any other shares ranking junior to the series of Preferred Shares (except out of the net cash proceeds of a substantially concurrent issue of shares ranking junior to the series of Preferred Shares);

(c)

redeem, purchase or otherwise retire less than all of the series of Preferred Shares; or

(d)

except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of Preferred Shares of the Bank, redeem, purchase or otherwise retire any other shares ranking on a parity with the series of Preferred Shares;

unless, in each case, all dividends up to and including those payable on the dividend payment date for the last completed period for which dividends shall be payable shall have been declared and paid or set apart for payment in respect of each series of cumulative preferred shares of the Bank then issued and outstanding and on all other cumulative shares ranking on a parity with the preferred shares of the Bank and there shall have been paid or set apart for payment all declared dividends in respect of each series of non-cumulative preferred shares of the Bank (including the series of Preferred Shares) then issued and outstanding and on all other non-cumulative shares ranking on a parity with the Preferred Shares of the Bank.

Purchase for Cancellation

Subject to the provisions of the Bank Act, the prior consent of the Superintendent and certain conditions being met, the Bank may at any time purchase for cancellation any series of Preferred Shares outstanding, in the open market at the lowest price or prices, as determined to be advisable, at which in the opinion of the Board of Directors of the Bank such shares are obtainable.

Issuance of Other Series of Preferred Shares

The Bank may issue other series of preferred shares ranking on parity with the Preferred Shares without the authorization of the holders of any outstanding Preferred Shares.

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Voting Rights

Subject to the provisions of the Bank Act, the holders of a series of Preferred Shares as such will not be entitled to receive notice of, attend, or vote at, any meeting of the shareholders of the Bank unless and until the first time at which the Board of Directors of the Bank has not declared the whole dividend on such series of Preferred Shares in respect of any quarter. In that event, the holders of such Preferred Shares will be entitled to receive notice of, and to attend, meetings of shareholders at which directors of the Bank are to be elected and will be entitled to one vote for each Preferred Share held. The voting rights of the holders of such series of Preferred Shares shall forthwith cease upon payment by the Bank of the first dividend on the series of Preferred Shares to which the holders are entitled subsequent to the time such voting rights first arose until such time as the Bank may again fail to declare the whole dividend on such series of Preferred Shares in any quarter, in which event such voting rights shall become effective again and so on from time to time.

Other Equity Instruments – Subordinated Capital Notes - General

The Bank currently has outstanding (a) US$1.25 billion 4.650% Fixed to Floating Rate Non-Cumulative Subordinated AT1 Capital Notes (NVCC) (“2017 AT1 Capital Notes”), (b) $1.25 billion 3.70% Fixed Rate Resetting Limited Recourse Capital Notes, Series 1 (NVCC) (“3.70% LRCNs”), (c) $1.25 billion 3.70% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“3.70% AT1 Capital Notes”), (d) US$600 million 3.625% Fixed Rate Resetting Limited Recourse Capital Notes, Series 2 (NVCC) (“3.625% LRCNs”), (e) US$600 million 3.625% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“3.625% AT1 Capital Notes”), (f) $1.5 billion 7.023% Fixed Rate Resetting Limited Recourse Capital Notes, Series 3 (NVCC) (“7.023% LRCNs”), (g) $1.5 billion 7.023% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“7.023% AT1 Capital Notes”), (h) US$750 million 8.625% Fixed Rate Resetting Limited Recourse Capital Notes, Series 4 (NVCC) (“8.625% LRCNs”), (i) US$750 million 8.625% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“8.625% AT1 Capital Notes”), (j) US$750 million 8.000% Fixed Rate Resetting Limited Recourse Capital Notes, Series 5 (NVCC) (“8.000% LRCNs”), (k) US$750 million 8.000% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“8.000% AT1 Capital Notes”, (l) US$1.0 billion 7.350% Fixed Rate Resetting Limited Recourse Capital Notes, Series 6 (NVCC) (“7.350% LRCNs”), (m) US$1.0 billion 7.350% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“7.350% AT1 Capital Notes”), (n) US$1.0 billion 6.875% Fixed Rate Resetting Limited Recourse Capital Notes, Series 7 (NVCC) (“6.875% LRCNs”), and (o) US$1.0 billion 6.875% Fixed Rate Resetting Perpetual Subordinated AT1 Capital Notes (NVCC) (“6.875% AT1 Capital Notes”, and together with the 2017 AT1 Capital Notes, the 3.70% LRCNs, the 3.70% AT1 Capital Notes, the 3.625% LRCNs, the 3.625% AT1 Capital Notes, the 7.023% LRCNs, the 7.023% AT1 Capital Notes, the 8.625% LRCNs, the 8.625% AT1 Capital Notes the 8.000% LRCNs, the 8.000% AT1 Capital Notes, the 7.350% LRCNs, the 7.350% AT1 Capital Notes, and the 6.875% LRCNs the “Subordinated Capital Notes”). The Subordinated Capital Notes have been determined to be compound instruments that have both equity and liability features. For more details, see note 23 of the consolidated financial statements for the year ended October 31, 2025.

The Subordinated Capital Notes are direct unsecured obligations of the Bank and rank pari passu with each other and subordinate to all of the Bank’s indebtedness and in right of payment equally with and not prior to indebtedness that ranks equally in right of payment with, or is subordinated to, the Subordinated Capital Notes (other than indebtedness which by its terms ranks subordinate to the Subordinated Capital Notes). The Subordinated Capital Notes constitute subordinated indebtedness for the purposes of the Bank Act. In the event of the Bank’s insolvency or winding-up (i) a Recourse Event (as defined below) will have occurred and pursuant to the limited recourse feature described below, an investment in the 3.70% LRCNs, the 3.625% LRCNs, the 7.023% LRCNs, the 8.625% LRCNs, the 8.000% LRCNs, the 7.350% LRCNs, and the 6.875% LRCNs (collectively, the “LRCNs”), will become an investment in the corresponding 3.70% AT1 Capital Notes, 3.625% AT1 Capital Notes, 7.023% AT1 Capital Notes, 8.625% AT1 Capital Notes, 8.000% AT1 Capital Notes, 7.350% AT1 Capital Notes, and 6.875% AT1 Capital Notes, respectively, and will be subject to the subordination provisions of such notes, and (ii) the 2017 AT1 Capital Notes, the 3.70% AT1 Capital Notes, the 3.625% AT1 Capital Notes, the 7.023% AT1 Capital Notes, the 8.625% AT1 Capital Notes, the 8.000% AT1 Capital Notes, the 7.350% AT1 Capital Notes, and the 6.875% AT1 Capital Notes (collectively, the “AT1 Capital Notes”) will rank ahead of the Bank’s common shares and Preferred Shares.

The AT1 Capital Notes include terms providing for the full and permanent conversion of such securities into common shares of the Bank upon the occurrence of certain trigger events relating to NVCC requirements in order to qualify as regulatory capital. If a non-viability contingent capital trigger event will have occurred, the terms and conditions of the LRCNs and the AT1 Capital Notes, including with respect to priority and subordination, will no longer be relevant as the holders of such instruments will have received common shares of the Bank, which will rank on parity with all other outstanding common shares of the Bank.

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Certain Provisions of the Subordinated Capital Notes

Distributions and Restrictions on Dividend and Retirement of Shares

Interest on the 2017 AT1 Capital Notes accrues at a floating rate, resets quarterly and is payable quarterly. Interest on each of the 3.70% LRCNs, the 3.70% AT1 Capital Notes, the 3.625% LRCNs, the 3.625% AT1 Capital Notes, the 7.023% LRCNs, the 7.023% AT1 Capital Notes, the 8.625% LRCNs, the 8.625% AT1 Capital Notes, the 8.000% LRCNs, the 8.000% AT1 Capital Notes, the 7.350% LRCNs, and the 7.350% AT1 Capital Notes is payable quarterly in arrears at a fixed rate for the initial five years and thereafter, interest will reset every five years and accrue at a fixed rate. Interest on each of the 6.875% LRCNs and the 6.875% AT1 Capital Notes is payable quarterly in arrears at a fixed rate for the initial ten years and thereafter, interest will reset every five years and accrue at a fixed rate. While interest on the AT1 Capital Notes is payable on a quarterly basis, the Bank may, at its discretion, with prior notice, cancel the interest payments on the AT1 Capital Notes. If the Bank does not pay the interest in full to the note holders, the Bank will not declare dividends on its common shares or Preferred Shares or redeem or otherwise retire such shares until the month commencing after the Bank resumes full interest payments on the AT1 Capital Notes, unless such interest has been waived by the note holders.

Interest will be due and payable on the AT1 Capital Notes on an interest payment date only if it is not cancelled by the Bank. Any cancelled interest payments will not be cumulative. The Bank has the sole and absolute discretion (i) at any time in respect of the 2017 AT1 Capital Notes and (ii) at any time while the 3.70% AT1 Capital Notes, the 3.625% AT1 Capital Notes, the 7.023% AT1 Capital Notes, the 8.625% AT1 Capital Notes, the 8.000% AT1 Capital Notes, the 7.350% AT1 Capital Notes and the 6.875% AT1 Capital Notes are no longer held by the LRT Trustee (defined below), and for any reason to cancel (in whole or in part), with notice to the holders of the AT1 Capital Notes, any interest payment that would otherwise be payable on any interest payment date. As a result, the holder of AT1 Capital Notes may not receive any interest on any interest payment date or at any other times, and the holder will have no claims whatsoever in respect of that cancelled interest.

Interest payments on the LRCNs are non-deferrable, however, non-payment in cash of interest that is not cured within 5 business days results in a Recourse Event. Upon a Recourse Event, the holders of such LRCNs will receive the respective AT1 Capital Notes.

Maturity and Redemption

The LRCNs have a stated maturity. The AT1 Capital Notes have no scheduled maturity or redemption date. Accordingly, the Bank is not required to make any repayment of the principal amount of the AT1 Capital Notes except in the event of bankruptcy or insolvency and provided that the NVCC requirements have not been triggered. The Subordinated Capital Notes are redeemable at the sole discretion of the Bank five years (or ten years, in the case of the 6.875% LRCNs and the 6.875% AT1 Capital Notes) after their issuance and every quarter or five years, as applicable, thereafter. The Subordinated Capital Notes are also redeemable following certain regulatory or tax events, in accordance with their terms. All redemptions are subject to regulatory consent. For more details, see note 23 of the consolidated financial statements for the year ended October 31, 2025.

Limited Recourse

The 3.70% AT1 Capital Notes, the 3.625% AT1 Capital Notes, the 7.023% AT1 Capital Notes, the 8.625% AT1 Capital Notes, the 8.000% AT1 Capital Notes, the 7.350% AT1 Capital Notes and the 6.875% AT1 Capital Notes (collectively, the “LRCN AT1 Capital Notes”) were issued by the Bank in connection with the Bank’s concurrent issuance of the respective LRCNs. The LRCN AT1 Capital Notes are held by Computershare Trust Company of Canada as trustee (the “LRT Trustee”) for Scotiabank LRCN Trust (the “Limited Recourse Trust”) for the benefit of the holders of corresponding LRCNs.

In the event of the occurrence of certain recourse events (each, a “Recourse Event”), which include (a) the non-payment in cash by the Bank of the principal amount of the LRCNs, together with any accrued and unpaid interest, on the maturity date, (b) the non-payment in cash by the Bank of the redemption price for the LRCNs when due in connection with a redemption of the LRCNs, (c) the non-payment in cash of interest for the LRCNs when due which is not cured within 5 business days, (d) an event of default (i.e. bankruptcy, insolvency, or liquidation of the Bank), or (e) a non-viability contingent capital trigger event, the trustee of the Limited Recourse Trust will deliver to holders of LRCNs their proportionate share of the assets then held by the Limited Recourse Trust, which will, except in limited circumstances, consist of the LRCN AT1 Capital Notes (other than in the case of a non-viability contingent capital trigger event, in which case such assets will be the common shares issued upon conversion of the related LRCN AT1 Capital Notes), in each case in full satisfaction of the Bank’s obligations under the LRCNs.

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Purchase for Cancellation

Subject to regulatory consent, the Bank may at any time and from time to time, repurchase for cancellation any Subordinated Capital Notes in the open market, by tender or by private agreement, in any manner and at any price or at differing prices.

If at any time the Bank repurchases for cancellation the LRCNs, then the Bank shall, subject to regulatory consent, redeem such aggregate principal amount of the related LRCN AT1 Capital Notes that is equal to the aggregate principal amount of LRCNs purchased for cancellation by the Bank.

Events of Default

An event of default in respect of the Subordinated Capital Notes will occur only if the Bank becomes bankrupt or insolvent or becomes subject to the provisions of the Winding-up and Restructuring Act (Canada), consents to the institution of bankruptcy or insolvency proceedings against it, resolves to wind-up, liquidate or dissolve, is ordered wound-up or otherwise acknowledges its insolvency. None of a default in the performance of any covenant contained in a trust indenture relating to the Subordinated Capital Notes, a failure to make a payment on the Subordinated Capital Notes when due (including any interest payment, whether as a result of cancellation or otherwise) or an NVCC automatic conversion upon the occurrence of a trigger event will constitute an event of default (although the non-payment by the Bank of the principal amount, together with any accrued and unpaid interest, on their maturity date, the non-payment in cash by the Bank of the redemption price when due in connection with a redemption of the LRCNs, and a non-viability contingent capital trigger event will constitute a recourse event for the LRCNs).

Issuance of other Senior or Pari Passu Securities

The terms governing the Subordinated Capital Notes do not limit the Bank’s ability to incur additional indebtedness or to issue or repurchase securities, other than the restriction on retirement of shares noted above. The Bank may incur additional indebtedness without the authorization of the holders of the Subordinated Capital Notes.

Voting Rights

Holders of Subordinated Capital Notes are not entitled to any rights of holders of common shares, including any rights of shareholders to receive notice, to attend or to vote at any meeting of the shareholders of the Bank. If the Subordinated Capital Notes are converted into common shares of the Bank under NVCC requirements, holders of the Subordinated Capital Notes will become holders of the Bank’s common shares and will only have rights as holders of common shares.

Constraints on Ownership of the Bank’s Shares

The Bank Act contains restrictions on the issue, transfer, acquisition, beneficial ownership and voting of all shares of a chartered bank. Please refer to the section above entitled “Description of the Bank’s Business – General Summary – Supervision and Regulation in Canada” for a summary of these restrictions.

Credit Ratings of Securities and Liquidity

Credit ratings affect the Bank’s access to capital markets and borrowing costs, as well as the terms on which the Bank can conduct derivative and hedging transactions. The credit ratings and outlook that the rating agencies assign to the Bank are based on their own views and methodologies. The following ratings have been assigned to the Bank’s securities by the rating agencies noted below, which are independent third parties. Credit ratings, including stability or provisional ratings, are not recommendations to purchase, sell or hold a security as they do not comment on market price or suitability for a particular investor. Ratings may not reflect the potential impact of all risks on the value of securities. In addition, real or anticipated changes in the rating assigned to a security will generally affect the market value of that security. Ratings are subject to revision or withdrawal at any time by the rating agency. Each rating listed in the chart below should be evaluated independently of any other rating applicable to the Bank’s debt, Subordinated Capital Notes and Tier 1 Capital.

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Fitch Ratings

(Fitch)

Moody’s Investor

Service

(Moody’s)

Morningstar

DBRS Limited

Standard & Poor’s

Ratings Services

(S&P)

Rating

Rank(1)

Rating

Rank(1)

Rating

Rank(1)

Rating

Rank(1)

Legacy Senior Debt(2)

2 of 10

Aa2

2 of 9

2 of 10

A+

3 of 10

Senior Debt(3)

AA-

2 of 10

3 of 9

AA (low)

2 of 10

A-

3 of 10

Short-term deposits/commercial paper

F1+

1 of 6

P-1

1 of 4

R-1(high)

1 of 10

A-1

1 of 6

Subordinated debt

3 of 10

Baa1

4 of 9

A (high)

3 of 10

A-

3 of 10

Subordinated debt (NVCC)(4)

3 of 10

Baa1 (hyb)

4 of 9

A(low)

3 of 10

BBB+

4 of 10

Subordinated additional tier 1 capital notes (NVCC)(4)

BBB+

4 of 10

Baa3 (hyb)

4 of 9

BBB (high)

4 of 10

BBB-

3 of 9

Limited Recourse Capital Notes
(NVCC)(4)

BBB+

4 of 10

Baa3 (hyb)

4 of 9

BBB (high)

4 of 10

BBB-

3 of 9

Outlook

Stable

N/A

Stable

N/A

Stable

N/A

Stable

N/A

(1)

Rank, according to each rating agency’s public website, refers to the assigned ratings ranking of all major assignable ratings for each debt of share class, 1 being the highest. Each assignable major rating may be modified further (+/-, high/low, 1/2/3) to show relative standing within the major rating categories.

(2)	Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the Bank recapitalization “bail-in” regime.

(3)	Subject to conversion under the bank recapitalization “bail-in” regime.

(4)	Non-Viability Contingent Capital (NVCC)

On June 9, 2025, Fitch affirmed the Bank’s ratings and maintained the Outlook at Stable.

On December 5, 2024, Moody’s affirmed the Bank’s ratings and maintained the Outlook at Stable.

On April 17, 2025, Morningstar DBRS affirmed the Bank’s ratings and maintained the Outlook at Stable.

On October 24, 2025, S&P affirmed the Bank’s ratings and maintained the Outlook at Stable.

The Bank makes payments in the ordinary course to the credit rating agencies for the rating services associated with the assignment of the credit ratings noted above. In addition, the Bank made customary payments in respect of certain other services provided to the Bank by the aforementioned credit rating agencies.

A definition of the categories of each rating as at December 2, 2025, has been obtained from the respective rating agency’s website and is outlined in Schedule A, and a more detailed explanation may be obtained from the applicable rating agency.

MARKET FOR SECURITIES OF THE BANK

The Bank’s common shares are listed under the stock symbol “BNS” on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). From time to time, the Bank also has deposit notes and other securities listed on the U.K. Listing Authority, Singapore Exchange, Swiss Stock Exchange and Taiwan Exchange.

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Trading Price and Volume

The following table sets out the price range and trading volume of the Bank’s securities on the TSX (as reported by Bloomberg) for the periods indicated:


	Common Shares
November 2024
-High Price ($)	$	79.93
-Low Price ($)	$	71.58
-Volume (‘000)		113,461

December 2024
-High Price ($)	$	80.14
-Low Price ($)	$	75.91
-Volume (‘000)		123,050

January 2025
-High Price ($)	$	78.06
-Low Price ($)	$	72.50
-Volume (‘000)		153,187

February 2025
-High Price ($)	$	73.13
-Low Price ($)	$	68.00
-Volume (‘000)		121,062

March 2025
-High Price ($)	$	72.56
-Low Price ($)	$	66.92
-Volume (‘000)		181,081

April 2025
-High Price ($)	$	69.02
-Low Price ($)	$	62.57
-Volume (‘000)		208,137

May 2025
-High Price ($)	$	74.03
-Low Price ($)	$	68.66
-Volume (‘000)		116,562

June 2025
-High Price ($)	$	75.65
-Low Price ($)	$	72.86
-Volume (‘000)		156,685

July 2025
-High Price ($)	$	77.95
-Low Price ($)	$	74.06
-Volume (‘000)		151,367

August 2025
-High Price ($)	$	86.41
-Low Price ($)	$	76.08
-Volume (‘000)		128,006

September 2025
-High Price ($)	$	90.35
-Low Price ($)	$	85.00
-Volume (‘000)		142,717

October 2025
-High Price ($)	$	92.16
-Low Price ($)	$	88.21
-Volume (‘000)		158,557

Prior Sales

From time to time, the Bank issues principal at risk notes, which are securities issued by the Bank for which the amount payable at maturity is determined by reference to the price, value or level of an underlying interest, including one or more indices, exchange traded funds or a notional basket of equities or other securities or combination of any of the foregoing. For information about the Bank’s issuance of subordinated indebtedness and other equity instruments since October 31, 2024, see notes 20 and 23 of the consolidated financial statements for the year ended October 31, 2025, which are incorporated herein by reference.

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DIRECTORS AND EXECUTIVE OFFICERS OF THE BANK

Directors and Board Committees of the Bank

The following table sets out the Bank’s directors as of December 2, 2025. The term of office of each director expires at the close of the Bank’s next annual meeting of shareholders. Information concerning the nominees proposed by management for election as directors at the annual meeting of shareholders will be contained in the Bank’s 2026 Management Proxy Circular.


Name and Place of Residence	Board Committee Memberships	Principal Occupation

Nora A. Aufreiter Toronto, Ontario, Canada (Director since August 25, 2014)	HCOB – Chair RC	Corporate Director

Guillermo E. Babatz Mexico City, Mexico (Director since January 28, 2014)	HCOB RC	Managing Partner of Atik Capital, S.C., an advisory firm that specializes in structuring financial solutions for its clients

Daniel (Don) H. Callahan North Palm Beach, Florida, U.S.A. (Director since June 15, 2021)	RC TC	Corporate Director

W. Dave Dowrich Brooklyn, New York, U.S.A. (Director since June 1, 2022)	ACRC CGC	Senior Executive Vice President and Chief Financial Officer of Teachers Insurance and Annuity Association of America (TIAA)

Michael B. Medline Toronto, Ontario, Canada (Director since September 1, 2023)	ACRC CGC – Chair	Corporate Director

Lynn K. Patterson Toronto, Ontario, Canada (Director since September 1, 2020)	HCOB RC – Chair	Corporate Director

Una M. Power Vancouver, British Columbia, Canada (Director since April 12, 2016)	HCOB RC	Corporate Director

Aaron W. Regent Toronto, Ontario, Canada (Director since April 9, 2013)	ACRC CGC HCOB RC TC	Chair of the Board of the Bank and Founder, Chairman, and Chief Executive Officer of Magris Performance Materials Inc., a leading North American performance minerals company

Sandra J. Stuart Vancouver, British Columbia, Canada (Director since September 1, 2023)	RC TC	Corporate Director

L. Scott Thomson Toronto, Ontario, Canada (Director since April 12, 2016)	None	President and Chief Executive Officer of the Bank

Steven C. Van Wyk Chicago, Illinois, U.S.A. (Director since November 15, 2024)	ACRC TC – Chair	Corporate Director

Benita M. Warmbold Toronto, Ontario, Canada (Director since October 29, 2018)	ACRC – Chair CGC	Corporate Director

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Notes:

ACRC – Audit and Conduct Review Committee

CGC – Corporate Governance Committee

HCOB – Human Capital and Compensation Committee

RC – Risk Committee

TC – Technology Committee

All directors have held the positions, or other executive positions with the same, predecessor or associated firms, set out in this AIF for the past five years with the exception of: W. Dave Dowrich, who prior to joining TIAA in 2021 was Senior Executive Vice President and Chief Financial Officer of Prudential Financial’s International Businesses, and prior to Prudential Financial, held several executive positions with AIG from 2013 to 2020 in Japan and the U.S., including the role of Chief Financial Officer of AIG Japan and Asia Pacific; Michael B. Medline, who prior to November 2025 was President and Chief Executive Officer of Empire Company Limited and Sobeys Inc.; L. Scott Thomson, who prior to November 2022 was President and Chief Executive Officer of Finning International Inc.; and Steven C. Van Wyk, who from January 2021 until April 2024 was Chief Information Officer of HSBC Bank PLC and prior to December 2020 was Chief Information Officer of PNC Financial Services Group, Inc.

L. Scott Thomson is not independent, due to his position as President and Chief Executive Officer of the Bank.

Executive Officers of the Bank

The following are the Bank’s executive officers, their titles and places of residence in Canada (except as otherwise noted) as of December 2, 2025:


Name and Principal Occupation		Place of Residence

L. Scott Thomson President and Chief Executive Officer		Toronto, Ontario

Rajagopal Viswanathan Group Head and Chief Financial Officer		Oakville, Ontario

Jacqueline Allard Group Head, Global Wealth Management		Toronto, Ontario

Francisco Aristeguieta Silva Group Head, International and Global Transaction Banking		Florida, U.S.A.

Aris Bogdaneris Group Head, Canadian Banking		Toronto, Ontario

Travis Machen Chief Executive Officer and Group Head, Global Banking and Markets		Texas, U.S.A.

Jenny Poulos Chief Human Resources Officer		Toronto, Ontario

Shannon McGinnis Chief Risk Officer		Toronto, Ontario

Philip Thomas Group Head and Chief Strategy and Operating Officer		Cobourg, Ontario

Tim Clark Group Head and Chief Information Officer		Oakville, Ontario

Ian Arellano Executive Vice President and General Counsel		Toronto, Ontario

Anique Asher Executive Vice President, Real Estate Secured Lending		Etobicoke, Ontario

Sebastian Arcuri Executive Vice President & Country Head, Peru		Lima, Peru

Todd Barnes Executive Vice President, Canadian Wealth Management Investment Advisory		Oakville, Ontario

Paul Baroni Executive Vice President, Finance and Chief Financial Officer, Canadian Banking		Toronto, Ontario

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Name and Principal Occupation		Place of Residence

Scott Gamble Executive Vice President, Retail Sales		Burlington, Ontario

Erin Griffiths Executive Vice President, Global Wealth Solutions		Toronto, Ontario

Pablo Elek Hansberg Executive Vice President and Country Head, Mexico		Mexico City, Mexico

Nicole Frew Executive Vice President and Co-Head, Global Banking and Markets, U.S.		New York, U.S.A.

Tracy Gomes Executive Vice President & Chief Risk Officer, Canadian Banking, Global Wealth Management and Credit Risk		Etobicoke, Ontario

Neal Kerr Executive Vice President, Global Asset Management		Toronto, Ontario

Brandon Konigsberg Executive Vice President and Group Treasurer		New York, U.S.A.

Christopher Manning Executive Vice President, Canadian Commercial Banking		Mississauga, Ontario

Loretta Marcoccia Executive Vice President and Chief Global Operations Officer		Etobicoke, Ontario

Joseph Martinez Executive Vice President & Chief Security Officer		Toronto, Ontario

Diego Masola Executive Vice President and Country Head, Chile		Santiago, Chile

Greg Palaschuk Executive Vice President and Chief Operating Officer, Canadian Banking		North Vancouver, British Columbia

Simona Salter Executive Vice President, Cards, Loyalty, Payments & Client Experience		Thornhill, Ontario

Anya M. Schnoor Executive Vice President, Global Insurance		Toronto, Ontario

Paul Scurfield Executive Vice President & Global Head, Capital Markets		Toronto, Ontario

Ryan Smalley Executive Vice President, Enterprise & Non-Financial Risk		Pennsylvania, U.S.A.

Meigan Terry Executive Vice President & Chief Global Corporate and Public Affairs Officer		Toronto, Ontario

Maria A. Theofilaktidis Executive Vice-President and Chief Auditor		Toronto, Ontario

Chad Wallace Executive Vice President, Global Transaction Banking		New York, U.S.A.

Julie Walsh Executive Vice President & Chief Compliance Officer		Toronto, Ontario

Terri-Lee Weeks Executive Vice President, Tangerine		Toronto, Ontario

All of the executive officers of the Bank have been actively engaged for more than five years in the affairs of the Bank in executive or senior management capacities, except: L. Scott Thomson, who prior to November 2022 was President and Chief Executive Officer of Finning International Inc.; Jacqueline Allard, who prior to September 2023, was an Executive Vice President responsible for consumer lending and international banking businesses from January 2019 to July 2023 at Royal Bank of Canada; Francisco Aristeguieta Silva, who prior to May 2023, was CEO Institutional Services from July 2020 to January 2023 at State Street Corp; Aris Bogdaneris, who prior to September 2023, was a member of the Management Board from June 2015 to July 2023 at ING Bank; Travis Machen, who prior to May 2024, was Managing Director from July 2021 to May 2024 at Morgan Stanley & Co.

- 18 -

and Managing Director from May 2013 to July 2021 at JP Morgan Securities; Eugenia (Jenny) Poulos, who prior to October 2023, was Senior Vice President, Talent Services & Operations from July 2020 to September 2023 and Senior Vice President Workforce Strategy and Employee Experience from July 2017 to June 2020 each at Royal Bank of Canada; Tim Clark, who prior to November 2024, was Executive Vice President and Chief Information Officer, Canadian Banking, Capital Markets and Corporate from January 2022 to November 2024 and Senior Vice President and Chief Information Officer, Business Segment and Digital Technology from September 2019 to December 2021 each at Toronto-Dominion Bank; Sebastian Arcuri who prior to September 2024, was Founder of GlobalArch Consulting Fintech Group from January 2023 to June 2024 and Global Head Efficiency and Productivity, Consumer Private and Business Banking from January 2021 to December 2021 and Managing Director of Consumer, Private and Business Banking for South East Asia and South Asia from July 2014 to December 2020 each at Standard Chartered Bank; Pablo Elek Hansberg, who prior to May 2025, was Head International Wealth and Premier Banking from March 2021 to April 2025 at HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC and Managing Director Retail Bank from September 2017 to March 2021 and Executive Vice President Retail Banking from April 2016 to March 2021 each at Santander Bank Mexico; Brandon Konigsberg, who prior to November 2024, was Founder of Kobra Group Consulting, from January 2021 to November 2024 and Managing Director Finance and Treasury from 1996 to December 2020 at JPMorgan Chase; Joseph Martinez, who prior to October 2025, was Senior Vice President, Chief Security Officer from January 2022 to October 2025 and Chief Information Security Officer from October 2015 to December 2021 each at Aon plc; Shannon McGinnis who prior to April 2024, was Executive Vice President, Non-Financial Risk Management from December 2021 to April 2024 and Senior Vice President, Enterprise and Operational Risk Management from February 2020 to December 2021 each at Toronto-Dominion Bank Group; Greg Palaschuk, who prior to August 2025, was Executive Vice President and Chief Financial Officer from March 2020 to July 2025 at Finning International Inc.; Simona Salter, who prior to June 2025, was Senior Vice President, Client Experience Office at Sun Life Canada from September 2022 to May 2025 and Vice President CX Loyalty and Client Engagement Transformation from May 2022 to September 2022, Vice President Personal and Commercial Banking Strategy and Client Experience Management from August 2021 to May 2022, Vice President Client Experience and Loyalty from December 2020 to August 2021 and Vice President Payments Strategy and Digital Commerce from July 2017 to December 2020 each at Royal Bank of Canada; Ryan Smalley, who prior to January 2025, was Executive Vice President and Chief Operational Risk Officer from November 2022 to January 2025 and Executive Vice President and Chief Information Security Officer from November 2019 to November 2022 and each at The PNC Financial Services Group, Inc.; Chad Wallace, who prior to March 2025, was Executive Vice President – Global Head of Corporate Solutions from March 2022 to February 2025 at Mastercard Incorporated and Managing Director – Global Head of Digital Transaction Banking from April 2019 to March 2022 at The Goldman Sachs Group, Inc. and Terri-Lee Weeks, who prior to September 2021, was Senior Vice President, Personal Savings & Investments at Royal Bank of Canada.

Cease Trade Orders, Bankruptcies, Penalties or Sanctions

To the best of the Bank’s knowledge, the Bank confirms that no director or executive officer of the Bank:

(a)

is, as at the date of this AIF or has been within the last 10 years, a director, chief executive officer or chief financial officer of any company that was the subject of a cease trade order or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days that was issued:

(i)

while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

(ii)

after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer;

(b)

is, as at the date of this AIF, or has been within the last 10 years, a director or executive officer of any company that, while that person was acting in that capacity or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

(c)

has, or within 10 years before the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director or executive officer.

To the best of the Bank’s knowledge, none of the directors or executive officers of the Bank have been subject to (a) any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority or have entered into a settlement agreement with a Canadian securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or a regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

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Shareholdings of Management

To the knowledge of the Bank, as at October 31, 2025, the directors and executive officers of the Bank as a group beneficially owned, directly or indirectly, or exercised control or direction over less than one per cent of the outstanding common shares of the Bank. As at October 31, 2025, the Bank’s directors or executive officers own, or exercise control or direction over, less than one percent of the outstanding shares of any of the Bank’s subsidiaries.

LEGAL PROCEEDINGS AND REGULATORY ACTIONS

In the ordinary course of business, the Bank and its subsidiaries are and have been subject to a variety of legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits, and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulator enforcement or criminal penalties. The Bank reviews the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as the Bank believes to be in its best interest. In view of the inherent difficulty of predicting the outcome of such matters, the Bank cannot state what the eventual outcome of such matters will be. However, based on current knowledge, management does not believe that liabilities, if any, arising from pending litigation or regulatory proceedings will have a material adverse effect on the consolidated financial statements for the year ended October 31, 2025 or results of operations of the Bank.

Legal provisions are established when it becomes probable that the Bank will incur an expense related to a legal action or regulatory proceeding and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Bank’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Bank’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. As such, there is a possibility that the ultimate resolution of those legal actions may be material to the Bank’s consolidated results of operations for any particular reporting period.

From time to time, in the ordinary course of business, the Bank and its subsidiaries have been and may be subject to penalties or sanctions imposed by securities regulatory authorities, which may include late filing fees, or have entered or may enter into settlement agreements with securities regulatory authorities. As the Bank and its subsidiaries are subject to numerous regulatory authorities around the world, fees, administrative penalties, settlement agreements and sanctions may be categorized differently by each regulator. Any such penalties imposed under these categories against the Bank and its subsidiaries, however, are not material, nor would they likely be considered important to a reasonable investor in making an investment decision. During the 2025 fiscal year, the Bank and its subsidiaries have not entered into any material settlement agreements with a court relating to securities legislation or with a securities regulatory authority.3

For more details, see note 22 of the consolidated financial statements for the year ended October 31, 2025.

On May 11, 2023, it was announced that the Bank entered into resolutions, including monetary penalties of US $22.5 million, with the U.S. SEC (US $7.5 million), and the CFTC (US $15 million), relating to electronic communications on unauthorized mobile devices and communications channels by certain personnel of the Bank’s U.S. broker-dealer, U.S. swap dealer and U.S. futures commission merchant. This amount was previously fully provisioned. In addition, the Bank agreed to retain a compliance consultant to review, among other things, the Bank’s policies and procedures, training, surveillance, technological solutions, and disciplinary framework related to communication channels and the preservation of electronic communications. Such consultant’s term has concluded. The resolutions also required the Bank to report – for a period of two years – to the SEC and CFTC any discipline imposed on personnel of the Bank’s U.S. broker-dealer, U.S. swap dealer and U.S. futures commission merchant for violations of the Bank’s policies and procedures concerning the preservation of electronic communications, including those found on personal devices. Such reporting period has expired.

3	National Instrument 14-101 limits the meaning of “securities legislation” to Canadian provincial and territorial legislation and “securities regulatory authority” to Canadian provincial and territorial securities regulatory authorities.

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The Bank, through its Peruvian subsidiary, is engaged in a legal action related to certain value-added tax assessed amounts and associated interest totaling $176 million, which arose from certain client transactions that occurred prior to the Bank’s acquisition of the subsidiary. The legal action in Peru relating to the original assessed amount was concluded in favour of the Government of Peru in May 2024. Accordingly, the Bank paid $34 million representing the principal and associated reasonable interest, which was recorded in non-interest expenses – other. In November 2021, the Peruvian Constitutional Court dismissed the matter relating to the accrued default interest for procedural reasons. With respect to this default interest component, and in relation to the Constitutional Court of Peru’s treatment of Scotiabank Peru, in October 2022, the Bank filed a request for arbitration against the Republic of Peru before the International Centre for the Settlement of Investment Disputes (the “ICSID”), pursuant to the provisions of the Canada-Peru Free Trade Agreement. This case is currently proceeding through the arbitration process. In Q3 2024, the Bank recorded a legal provision of $142 million in other liabilities – provisions, representing the amount at issue in the arbitration. The Bank intends to continue to vigorously advance its position.

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS

To the best of the Bank’s knowledge, the Bank confirms that there are no directors or executive officers or any associate or affiliate of a director or executive officer with a material interest in any transaction within the three most recently completed financial years or during the current financial year that has materially affected or will materially affect the Bank.

TRANSFER AGENT AND REGISTRAR

Computershare Trust Company of Canada is the Bank’s transfer agent and registrar at the following addresses:

Computershare Trust Company of Canada, 320 Bay Street, 14th Floor, Toronto, Ontario, M5H 4A6 and Computershare Trust Company, N.A., C/O Shareholder Services, 150 Royall Street, Canton, MA, USA 02021.

CONFLICTS OF INTEREST

To the knowledge of the Bank, no director or executive officer of the Bank has an existing or potential material conflict of interest with the Bank or any of its subsidiaries.

EXPERTS

The Bank’s Auditors are KPMG LLP, Bay Adelaide Centre, 333 Bay Street, Suite 4600, Toronto, Ontario, M5H 2S5. KPMG LLP is independent of the Bank within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation.

THE BANK’S AUDIT AND CONDUCT REVIEW COMMITTEE

A copy of the Bank’s Audit and Conduct Review Committee charter is attached to this AIF as Schedule B and can also be found on the Bank’s website at www.scotiabank.com in the Board of Directors section.

The following directors are members of the Audit and Conduct Review Committee as of December 2, 2025: Benita M. Warmbold (Chair and financial expert), W. Dave Dowrich (financial expert), Michael B. Medline, Aaron W. Regent (financial expert), and Steven C. Van Wyk (financial expert). All of the members of the Committee are financially literate and independent as defined by Canadian and United States securities law. The Bank’s Board of Directors has designated each of Benita M. Warmbold, W. Dave Dowrich, Aaron W. Regent, and Steven C. Van Wyk as an ‘audit committee financial expert’, as that term is defined by United States securities laws.

The education and related experience (as applicable) of each Audit and Conduct Review Committee member is described below.

Benita M. Warmbold (Chair) – Ms. Warmbold is a corporate director and the former Senior Managing Director and Chief Financial Officer of the Canada Pension Plan (“CPP”) Investment Board, having retired from the latter in July 2017. Over her nine years at CPP Investment Board, Ms. Warmbold was responsible for finance, risk, performance, tax, internal audit, legal, technology, data, and investment operations. Prior to joining the CPP Investment Board in 2008, Ms. Warmbold held senior leadership positions with Northwater Capital, Canada Development Investment Corporation, and KPMG. She is former Chair of the Canadian Public Accountability Board and a former member of the Intact Centre on Climate Adaptation Advisory Board. Ms. Warmbold holds a B.Comm. (Honours) from Queen’s University and is a Chartered Professional Accountant and a Fellow of CPA Ontario.

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Ms. Warmbold is a Fellow of the Institute of Corporate Directors and is a WXN Hall of Fame inductee.

W. Dave Dowrich – Mr. Dowrich is Senior Executive Vice President and Chief Financial Officer of Teachers Insurance and Annuity Association of America (“TIAA”). In addition to the core finance responsibilities, his remit also includes TIAA’s Enterprise Transformation, the investment strategy of the enterprise’s General Account, as well as TIAA Ventures, the strategic venture capital function of TIAA. Prior to joining TIAA in 2021, Mr. Dowrich served as CFO, International Businesses at Prudential Financial Inc., based in Tokyo, Japan. Prior to Prudential Financial, Mr. Dowrich held several executive positions with American International Group (“AIG”) from 2013 to 2020 in Japan and the U.S., including the role of Chief Financial Officer of AIG Japan and Asia Pacific. Previously, Mr. Dowrich held senior roles in investment banking at Goldman Sachs and Credit Suisse. He began his career as a pension consulting actuary in Toronto, Ontario. Mr. Dowrich has a B.Sc. in actuarial science and applied statistics from the University of Toronto and an M.B.A. in finance from the Wharton School of the University of Pennsylvania. He is a Fellow of the Society of Actuaries, an Associate of the Canadian Institute of Actuaries, and a Member of the American Academy of Actuaries.

Michael B. Medline - Mr. Medline is a corporate director and the former President & Chief Executive Officer of Empire Company Limited (Empire) and Sobeys Inc. having served from January 2017 to November 2025. In this role, he oversaw the implementation of Empire’s climate action plan and associated initiatives. Mr. Medline is a proven leader with a strong track record of success in Canadian retail. He has held senior retail leadership positions at Canadian Tire Corporation, including President & Chief Executive Officer. He began his career working with the Ontario Securities Commission, followed by two years practicing law with McCarthy Tétrault. He was Corporate Counsel for PepsiCo Canada before moving to Abitibi Consolidated Inc. where he held a variety of roles including Senior Vice President, Strategy and Corporate Development. Mr. Medline serves on the Board of Trustees for SickKids (and is the Chair of its Human Resources Committee), the Board of Governors for Huron University College at Western University, and as a trustee on the William & Mary Business School Foundation Board. He is past Chair of the Retail Council of Canada as well as the Grocery Foundation and was formerly on the Board of Governors for Canada’s Sports Hall of Fame, Board of Directors for SickKids Foundation, and The BlackNorth Initiative. Mr. Medline holds an M.B.A. from Raymond A. Mason School of Business, William & Mary; an LL.B. from the University of Toronto; and a B.A. from Huron University College at Western University.

Aaron W. Regent – Mr. Regent is Chair of the Board of Scotiabank. He is the Founder, Chairman, and Chief Executive Officer of Magris Performance Materials Inc., a leading North American performance materials company. He was President and Chief Executive Officer of Barrick Gold Corporation from January 2009 to June 2012. Previously, Mr. Regent was Senior Managing Partner of Brookfield Asset Management, Co-Chief Executive Officer of the Brookfield Infrastructure Group, an asset management company, and President and Chief Executive Officer of Falconbridge Limited. Mr. Regent holds a B.A. from the University of Western Ontario. He is a Chartered Professional Accountant and a Fellow of CPA Ontario.

Steven C. Van Wyk – Mr. Van Wyk is a corporate director and the former Group Chief Information Officer (CIO) of HSBC Bank PLC. Throughout his 40-year career, he held senior-level domestic and international information technology roles, including CIO of PNC Financial Services Group, Inc., Global CIO of ING Groep N.V., and multiple roles with Morgan Stanley, including several years as CIO/Chief Operating Officer of its Individual Investor Group. Mr. Van Wyk holds a B.A. in business management and accounting with a minor in computer science from the University of Central Iowa and was awarded an honorary Doctorate of Public Service from Central College in 2019. He is a Certified Public Accountant, Certified Internal Auditor, and Series 27 Financial/Operations Principal. Mr. Van Wyk chairs the Board of the Banking Industry Architecture Network, a non-profit seeking to establish a common architecture framework for enabling banking interoperability.

Auditor

Please refer to Table 80 on page 129 of the MD&A, which is incorporated herein by reference, for disclosure relating to the fees paid by the Bank to the Bank’s Auditor, KPMG LLP, in each of the last two fiscal years. The nature of these services is described below:

•

Audit services generally relate to the statutory audits and review of financial statements, regulatory required attestation reports, as well as services associated with registration statements, prospectuses, periodic reports and other documents filed with securities regulatory bodies or other documents issued in connection with securities offerings.

•

Audit-related services include special attest services not directly linked to the financial statements, review of controls and procedures related to regulatory reporting, audits of employee benefit plans and consultation and training on

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accounting and financial reporting.

•

Tax services outside of the audit scope relate primarily to specified review procedures required by local tax authorities, attestation on tax returns of certain subsidiaries as required by local tax authorities, and review to determine compliance with an agreement with the tax authorities.

•

Other non-audit services are primarily for the review and translation of English language financial statements into other languages and other services.

The Audit and Conduct Review Committee has adopted policies and procedures (the “Policies”) for the pre-approval of services performed by the Bank’s Auditor. The objective of the Policies is to specify the scope of services permitted to be performed by the Bank’s Auditor and to ensure the independence of the Bank’s Auditor is not compromised through engaging them for other services. The Policies state that the Audit and Conduct Review Committee shall pre-approve the following: audit services (all such engagements provided by the Bank’s Auditor as well as all such engagements provided by any other registered public accounting firm); and other permitted services to be provided by the Bank’s Auditor (primarily audit and audit-related services). The Bank’s Auditor shall not be engaged in the provision of tax or other non- audit services, without the pre-approval of the Audit and Conduct Review Committee. The Policies also enumerate pre- approved services including specific audit, audit-related and other limited non-audit services that are consistent with the independence requirements of the U.S. Sarbanes-Oxley Act of 2002 (SOX) and related SEC rules, Canadian independence standards for auditor and applicable legal requirements. The Policies are applicable to the Bank, its subsidiaries and entities that are required to be consolidated by the Bank. The Audit and Conduct Review Committee shall review and approve the Policies on a regular basis. The Policies do not delegate any of the Audit and Conduct Review Committee’s responsibilities to management of the Bank.

ADDITIONAL INFORMATION

Additional information relating to the Bank may be found on the SEDAR+ website at www.sedarplus.ca and on the SEC’s website at www.sec.gov. For a description of Canadian bank resolution powers and the consequent risk factors attaching to certain liabilities of the Bank reference is made to www.scotiabank.com/ca/en/about/investors-shareholders/regulatory- disclosures/canadian-bank-resolution-powers-including-bail-in.html. Such information may also be found at www.sedarplus.ca and at www.sec.gov/submit-filings. Information contained in or otherwise accessible through the websites mentioned in this Annual Information Form does not form a part of this Annual Information Form. All references in this Annual Information Form to websites are inactive textual references and are for your information only. Additional information, including directors’ and officers’ compensation, indebtedness and options to purchase securities, principal holders of the Bank’s securities and interests of insiders in material transactions, where applicable, is contained in the Management Proxy Circular. Additional financial information is provided in the Bank’s consolidated financial statements and MD&A for the year ended October 31, 2025. A copy of such documents may be obtained upon request from the Corporate Secretary’s Department, at 40 Temperance Street, Toronto, Ontario, M5H 0B4 Tel: (416) 866-3672. E-mail: corporate.secretary@scotiabank.com.

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Schedule A

Definition of Credit Ratings

Fitch Ratings

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as “short term” based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. A rating of “F1+” denotes the highest short-term credit quality, indicating the strongest intrinsic capacity for the timely payment of financial commitments. The added “+” denotes an exceptionally strong credit feature.

Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer Default Ratings (IDRs) are assigned to corporations, sovereign entities, and financial institutions, such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue-level ratings are also assigned and often include an expectation of recovery, which may be notched above or below the issuer-level rating. A rating of “AA” denotes expectation of very low default risk and indicates very strong capacity for payment of financial commitments; this capacity is not significantly vulnerable to foreseeable events. A rating of “A” denotes expectations of low default risk and the capacity for payment of financial commitments is considered strong; this capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. A rating of “BBB” indicates that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

Within some of the rating levels, Fitch further differentiates the rankings by adding the modifiers “+” or “-” to denote relative status within major rating categories.

Positive or Negative Outlooks do not imply that a rating change is inevitable, and similarly, ratings with Stable Outlooks can be raised or lowered without a prior revision to the Outlook. A Negative or Positive Outlook could also be assigned to an issuer/transaction whose credit profile has weakened or improved but where Fitch expects the credit profile to return within the next two years to a level consistent with the current rating, albeit with some execution risk or uncertainty.

Stable Outlooks can be raised or lowered without a prior revision to the Outlook.

Moody’s

Moody’s short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Ratings of Prime-1 (or P-1) reflect a superior ability to repay short-term obligations.

Moody’s long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Obligations rated “Aa” are judged to be of high quality and are subject to very low credit risk. Obligations rated “A” are judged to be upper-medium grade and are subject to low credit risk. Obligations rated “Baa” are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

The Moody’s rating outlook is an opinion regarding the likely rating direction over the medium term. The “Stable” outlook indicates a low likelihood of a rating change over the medium term.

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Morningstar DBRS Limited

The Morningstar DBRS’ short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short- term financial obligations in a timely manner. The R-1 and R-2 rating categories are further denoted by the subcategories “high”, “middle” and “low”. An obligation rated R-1(high) is of the highest credit quality and indicates the capacity for the payment of short- term financial obligations as they fall due is exceptionally high; unlikely to be adversely affected by future events.

The Morningstar DBRS long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which a long-term obligation has been issued. Credit ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims. All rating categories from AA to CCC contain the subcategories “(high)” and “(low)”. The absence of either a “(high)” or “(low)” designation indicates the rating is in the middle of the category. Long-term financial obligations rated “AA” are of superior credit quality and capacity for the payment of financial obligations is considered high; credit quality differs from AAA only to a small degree; unlikely to be significantly vulnerable to future events. Long-term financial obligations rated “A” are of good credit quality and capacity for payment of financial obligations is substantial, but of lesser credit quality than AA; and may be vulnerable to future events, but qualifying negative factors are considered manageable.

The Morningstar DBRS preferred share rating scale is used in the Canadian securities market reflects an opinion of the risk that a borrower will not fulfill its related obligations in a timely manner, with respect to both dividend and principal commitments. Every Morningstar DBRS rating using the preferred share rating scale is based on quantitative and qualitative considerations relevant to the issuing entity. This scale may also apply to certain hybrid securities. Each rating category may be denoted by the subcategories “high” and “low”. The absence of either a “high” or “low” designation indicates the rating is in the middle of the category. Preferred shares rated Pfd-2 are generally of good credit quality. Protection of dividends and principal is still substantial, but earnings, the balance sheet and coverage ratios are not as strong as Pfd-1 rated companies. Generally, Pfd-2 ratings correspond with issuers with an A category or higher reference point.

Rating trends provide guidance in respect of an opinion of Morningstar DBRS regarding the outlook for the credit rating in question. Rating trends have three categories - “Positive”, “Stable” or “Negative”. The rating trend indicates the direction in which Morningstar DBRS considers the credit rating may move if present circumstances continue. The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS’s trends and ratings are under regular surveillance.

S&P

S&P short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. A short-term obligation rated “A-1” is rated in the highest category and indicates S&P’s view that an obligor’s capacity to meet its financial commitments on the obligation is strong.

S&P long-term issue credit ratings are based, in varying degrees, on S&P Global Ratings’ analysis of the following considerations: likelihood of payment – the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; the nature and provisions of the financial obligation, and the promise they impute; and the protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. A rating in the “A” category means the obligation is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitments on the obligation is still strong. An obligation rated in the “BBB” category indicates that the obligation exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments on the obligation. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories.

An S&P Global Ratings preferred share rating on the Canadian scale is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific preferred share obligation issued in the Canadian market relative to preferred shares issued by other issuers in the Canadian market. There is a direct correspondence between the specific ratings assigned on the Canadian preferred share scale and the various rating levels on the global debt rating scale of S&P Global Ratings. The Canadian scale rating is fully determined by the applicable global scale rating, and there are no additional analytical criteria associated with the determination of ratings on the Canadian scale.

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It is the practice of S&P Global Ratings to present ratings on an issuer’s preferred shares on both the global rating scale and on the Canadian national scale when listing the ratings for a particular issuer. A reference to “high” or “low” reflects the relative strength within the rating category, and the absence of either a “high” or “low” designation indicates the rating is in the middle of the category.

An S&P Global Ratings outlook assesses the potential direction of a long-term credit rating over the intermediate term, which is generally up to two years for investment grade and generally up to one year for speculative grade. In determining a rating outlook, consideration is given to any changes in economic and/or fundamental business conditions. Stable reflects a rating is not likely to change.

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Schedule B

THE BANK OF NOVA SCOTIA

CHARTER

AUDIT AND CONDUCT REVIEW COMMITTEE OF THE BOARD OF DIRECTORS

The Audit and Conduct Review Committee of the Board of Directors (the “Committee”) has the responsibilities and duties as outlined below and serves as the Bank’s audit committee, conduct review committee and consumer protection committee.

AUDIT

Mandate

1.	To perform such duties as may be required by:

the Bank Act (the “Bank Act”), the regulations thereunder and guidelines of the Office of the Superintendent of Financial Institutions Canada (“OSFI”); and

other applicable legislation and regulations, including those of the Ontario Securities Commission and the Canadian Securities Administrators, the Toronto Stock Exchange, the New York Stock Exchange, the Securities and Exchange Commission and the Sarbanes-Oxley Act, 2002,

as more fully described under the heading “Duties” below.

2.	To assist the Board of Directors (the “Board”) in fulfilling its oversight responsibilities for:

the integrity of the Bank’s consolidated financial statements and related quarterly results releases;

the system of internal control, including internal control over financial reporting and disclosure controls and procedures (“internal controls”);

the external auditor’s qualifications, independence and performance; and

the Bank’s finance, compliance (including anti-money laundering, anti-terrorist financing and sanctions) and internal audit functions.

3.	To perform such other duties as may from time to time be assigned to the Committee by the Board.

4.	To act as the audit committee for any federally chartered Canadian financial institution beneficially owned by the Bank as determined by the Board.

Authority

The Committee has authority to:

1.	conduct or authorize investigations into any matters within its scope of responsibility;

2.	retain, as appropriate and at the Bank’s expense, independent counsel, accountants or others to advise the Committee or assist in the conduct of an investigation;

3.	meet with Bank officers, the external auditor or outside counsel, as necessary;

4.	determine appropriate funding for independent advisors;

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5.	communicate directly with the internal and external auditors;

6.	receive all material correspondence between the external auditor and management related to audit and interim review findings; and

7.	call a meeting of the Board to consider any matter of concern to the Committee.

Duties

The Committee shall:

Financial Information

1.	review the quarterly and annual consolidated financial statements of the Bank prior to approval by the Board and disclosure to the public, and satisfy itself that the financial statements present fairly the financial position, results of operations and cash flows of the Bank;

review should include discussion with management and the external auditor of significant issues, including significant accounting policies, regarding the financial results, accounting principles, practices and management estimates and judgments;

2.	satisfy itself that the Bank’s accounting practices are prudent and appropriate;

3.	review the quarterly and annual Management’s Discussion & Analysis of Financial Condition and Results of Operations (“MD&A”) prior to review and approval by the Board;

4.	review any material proposed changes in accounting standards and securities policies or regulation relevant to the Bank’s consolidated financial statements and approve any material changes in accounting policies related to the Bank’s consolidated financial statements;

5.	review sustainability (including climate-related) disclosures to be included in financial reporting as required by regulators or that may be required by law;

6.	review any tax matters material to the financial statements;

be satisfied that adequate procedures are in place for the review of the Bank’s public disclosure of all consolidated financial statements, related quarterly results press releases and financial information extracted or derived from the Bank’s consolidated financial statements and periodically assess the adequacy of these procedures;

8.	review material financial press releases prior to public disclosure;

9.	review earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies prior to public disclosure;

10.	review investments and transactions that could adversely affect the well-being of the Bank brought to its attention by the external auditor or by any officer of the Bank;

11.	discuss significant financial risk exposures and the steps management of the Bank has taken to monitor, control and report such exposures;

12.	review and recommend to the Board for approval the Annual Information Form and Form 40-F; and

13.	review the process relating to and the certifications of the Chief Executive Officer and the Chief Financial Officer on the integrity of the Bank’s quarterly and annual consolidated financial statements.

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Internal Controls

14.	require Bank management to implement and maintain appropriate internal control policies and procedures including anti-fraud controls, as part of the Bank’s overall internal control framework;

15.

receive and review reports from management and internal audit on the design and operating effectiveness of the internal control framework and any significant control breakdowns, including any reports concerning significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the Bank’s ability to record, process, summarize and report financial information, and any fraud involving management or other employees who have a significant role in the Bank’s internal controls;

as part of this review, the Committee should discuss with management whether any deficiencies identified may be systemic or pervasive; and

16.	receive and review the external auditor’s audit report on the Bank’s internal controls over financial reporting as of the Bank’s year end.

Finance

17.	oversee the Finance Department, having regard to its independence, by:

reviewing and approving the appointment and/or removal of the Chief Financial Officer of the Bank;

annually reviewing and approving the mandate of the Chief Financial Officer and the charter of the Finance Department;

annually reviewing and approving the organizational structure of the Finance Department;

annually reviewing and approving the Finance Department’s risk appetite statement, resources and budget;

annually assessing the effectiveness of the Chief Financial Officer and the effectiveness of the Finance Department, and annually approving the performance review of the Chief Financial Officer, taking into consideration any regulatory findings with respect to the finance function;

conveying its views to the Human Capital and Compensation Committee on the following matters:

the assessment of the effectiveness and performance review of the Chief Financial Officer;

ii.

considerations to be factored into the total compensation to be paid to the Chief Financial Officer; and

iii.

succession planning for the role of Chief Financial Officer;

overseeing that the Finance Department has unfettered access and a functional reporting line to the Committee;

periodically requesting independent reviews of the Finance Department, reviewing the results of such reviews and reporting such results to the Board; and

overseeing that deficiencies identified related to the Finance Department are remedied within an appropriate time frame and reporting to the Board on the progress of necessary corrective actions.

Compliance

18.	approve the Compliance Risk Summary Framework;

19.	receive reports from management on the Bank’s compliance with legal and regulatory requirements and the adequacy and effectiveness of the Bank’s compliance controls, including:

review the annual and other periodic reports of the Global Compliance Function; and

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follow up with management on plans to remediate any deficiencies identified in reports and on any regulatory recommendations or findings, and discuss if weaknesses may exist elsewhere;

20.	meet, on its own or with the Board, with representatives of OSFI to discuss OSFI’s supervisory results;

21.	meet with Bank management to review and discuss the Bank’s response to OSFI’s recommendations and suggestions pursuant to their supervisory activities;

22.	review any issues raised by Internal Audit that address the appropriateness and effectiveness of the Bank’s Compliance Risk Summary Framework and management of significant compliance risks;

23.	oversee the Global Compliance Function, having regard to its independence, by:

reviewing and approving the appointment and/or removal of the Chief Compliance Officer;

annually reviewing and approving the mandate for the Chief Compliance Officer and the charter of the Global Compliance Function;

annually reviewing and approving the organizational structure of the Global Compliance Function;

annually reviewing and approving the Global Compliance Function’s risk appetite statement, resources and budget;

annually assessing the effectiveness of the Chief Compliance Officer and the effectiveness of the Global Compliance Function, and annually approving the performance review of the Chief Compliance Officer, taking into consideration any regulatory findings with respect to the Global Compliance Function;

conveying its view to the Human Capital and Compensation Committee on the following matters:

the assessment of the effectiveness and performance review of the Chief Compliance Officer;

ii.

considerations to be factored into the total compensation to be paid to the Chief Compliance Officer; and

iii.

succession planning for the role of Chief Compliance Officer;

with respect to the Swap Dealer Chief Compliance Officer (“SD CCO”) and the Security-Based Swap Dealer Chief Compliance Officer (“SBSD CCO”):

reviewing and approving the appointment and/or removal of the SD CCO and the SBSD CCO;

ii.

reviewing annual reports from the SD CCO and the SBSD CCO; and

iii.

reviewing and approving the total compensation to be paid to the SD CCO and the SBSD CCO;

overseeing that the Global Compliance Function has unfettered access and a functional reporting line to the Committee;

periodically requesting independent reviews of the Global Compliance Function, reviewing the results of such reviews and reporting such results to the Board; and

overseeing that deficiencies identified related to the Global Compliance Function are remedied within an appropriate time frame and reporting to the Board on the progress of necessary corrective actions.

Anti-Money Laundering (AML)

24.	oversee the Bank’s Enterprise Anti-Money Laundering and Anti-Terrorist Financing and Sanctions program (collectively, the “AML Program”);

25.	review and approve the Bank’s Enterprise Anti-Money Laundering and Anti-Terrorist Financing and Sanctions Policy and any

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significant changes thereto;

26.	receive reports on the Bank’s compliance with legal and regulatory anti-money laundering requirements;

27.	review any issues raised that address the appropriateness and effectiveness of the Bank’s AML Program and management of significant risks with this program;

28.	regularly meet with the Group Chief Anti-Money Laundering Officer to discuss the effectiveness of the Bank’s AML Program; and

29.	oversee the Enterprise Anti-Money Laundering and Anti-Terrorist Financing and Sanctions function (collectively, the “AML Function”), having regard to its independence, by:

reviewing and approving the appointment and/or removal of the Group Chief Anti-Money Laundering Officer;

annually reviewing and approving the job description and mandate of the Group Chief Anti-Money Laundering Officer and the charter of the AML Function;

annually reviewing and approving the organizational structure of the AML Function and its oversight of first line controls and operations;

annually reviewing and approving the AML Function resources, budget, annual plan and material plan changes;

annually assessing the effectiveness of the Group Chief Anti-Money Laundering Officer and the effectiveness of the AML Function, and annually approving the performance review of the Group Chief Anti-Money Laundering Officer, taking into consideration any regulatory findings with respect to the AML Function;

conveying its view to the Chief Compliance Officer and the Human Capital and Compensation Committee on the following matters:

the assessment of the effectiveness and performance review of the Group Chief Anti-Money Laundering Officer;

ii.

considerations to be factored into the total compensation to be paid to the Group Chief Anti-Money Laundering Officer; and

iii.

succession planning for the role of Group Chief Anti-Money Laundering Officer;

overseeing that the AML Function has unfettered access to the Committee;

periodically requesting independent reviews of the AML Function, reviewing the results of such reviews and reporting such results to the Board; and

overseeing that deficiencies identified related to the AML Function are remedied within an appropriate time frame and reporting to the Board on the progress of necessary corrective actions.

Internal Audit

30.	review the quarterly and other reports of the Chief Auditor;

31.	review any matters of significance that arose from non-audit engagements performed by the Audit Department;

32.	review with the Chief Auditor matters of significance impacting audit scope, the Audit Department charter, information access, resource limitations, or other difficulties encountered by the Audit Department;

33.	regularly meet with the Chief Auditor with and/or without management, to discuss the effectiveness of the Bank’s internal control, risk management (including anti-money laundering) and governance processes;

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34.	oversee the Audit Department, having regard to its independence, by:

reviewing the qualifications and competencies, and approving the appointment and/or removal of the Chief Auditor;

annually reviewing and approving the mandate of the Chief Auditor and the charter of the Audit Department;

annually reviewing and approving the organizational structure of the Audit Department;

reviewing and approving the annual audit plan, (and material changes thereto), overall risk assessment methodology, budgets and resources of the Audit Department;

annually assessing the effectiveness of the Chief Auditor and the Audit Department, taking into consideration the objectivity and independence of the Bank’s internal audit function, and annually approving the performance review of the Chief Auditor, taking into consideration any regulatory findings with respect to the Audit Department;

conveying its view to the Human Capital and Compensation Committee on the following matters:

the assessment of the effectiveness and performance review of the Chief Auditor;

ii.

considerations to be factored into the total compensation to be paid to the Chief Auditor; and

iii.

succession planning for the role of Chief Auditor;

periodically reviewing results of the internal Quality Assurance and Improvement Program;

periodically requesting independent reviews of the Audit Department, reviewing the results of such reviews and reporting such results to the Board;

overseeing that deficiencies identified related to the Audit Department are remedied within an appropriate time frame and reporting to the Board on the progress of necessary corrective actions; and

advising the Board of any recommendations for the continuous improvement of the Audit Department;

35.	ensure the Audit Department has unfettered access and a direct and independent reporting line to the Committee;

36.	provide for an open avenue of communication between the Audit Department and the Board;

37.	ensure that the Audit Department’s recommendations are adequately considered and acted on, by providing the Audit Department with the authority to follow-up on observations and recommendations; and

38.	review and approve the Internal Audit Third Party Risk Management Policy.

External Auditor

39.	have responsibility for the oversight of the external auditor who reports directly to the Committee;

40.	recommend to the Board the retention or termination of the Bank’s external auditor, subject to shareholder ratification;

41.	review and approve the annual audit plan and letter(s) of engagement, and as part of such review, satisfy itself that the Bank’s audit plan is risk based and covers all relevant activities over a measurable cycle;

42.	annually review the external auditor’s opinion on the annual financial statements, including the key audit matters and critical audit matters contained therein;

43.

review and evaluate the external auditor’s qualifications, performance, professional skepticism and independence, including a review and evaluation of the lead audit partner, taking into consideration the opinions of management and the Bank’s Audit Department in such evaluation and any concerns raised by OSFI or other stakeholders about the external auditor’s

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independence;

44.	consistent with the Committee’s annual assessment and periodic comprehensive review of the external auditors, the Committee shall establish a policy that stipulates the criteria for the Bank tendering the contract for the role of the Bank’s external auditor;

as part of this policy and any review undertaken by the Committee, the Committee should periodically consider whether to put the external auditor contract out for tender, taking into consideration the length of the current external auditor’s tenure and the risks that tenure may pose to the external auditor’s objectivity and independence;

45.	receive the Canadian Public Accountability Board’s (“CPAB”) annual public report, along with any notices required to be communicated by the external auditor to the Committee, including those required by CPAB, OSFI and the Public Company Accounting Oversight Board (“PCAOB”);

46.	review and recommend to the Board the annual fee for the audit of the Bank’s consolidated financial statements and internal control over financial reporting;

as part of this review, the Committee should satisfy itself that the level of audit fees is commensurate with the scope of work undertaken in consideration of financial reporting risks;

47.	review and pre-approve in accordance with established pre-approval policy, all services to be provided by the external auditor, including audit and audit related services and permitted tax and non-audit services;

48.	delegate the authority to pre-approve non-audit services to a member of the Committee;

49.	review external auditor services pre-approved by the delegate of the Committee;

50.	review annually the total fees paid to the external auditor by required categories;

51.	at least annually, obtain and review reporting from the external auditor describing:

the firm’s internal quality-control procedures;

the firm’s internal procedures to ensure independence;

any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, regarding one or more independent audits of the Bank carried out by the firm, and any steps taken to deal with any such issues;

the skill and resources (amount and type) of the firm; and

an assessment of all relationships between the external auditor and the Bank that pertain to independence;

52.	review and recommend to the Board the rotation plan for partners on the engagement;

53.	meet with the external auditor and with management to discuss the quarterly and the annual consolidated financial statements and the Bank’s disclosure under any MD&A;

54.	review with management and the external auditor all matters required to be communicated to the Committee under generally accepted auditing standards;

55.	review with the external auditor any audit problems or difficulties and management’s response;

56.	discuss with the external auditor, as considered necessary by the Committee, any OSFI returns, investments or transactions reviewed by the Committee;

57.	resolve any disputes between the external auditor and management; and

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58.	review and approve policies for the Bank’s employment of current and former employees or partners of the current or former external auditor.

Other Duties

59.	review the periodic reports on litigation matters;

60.	review such returns as specified by OSFI;

61.	review such other periodic disclosure documents as required by regulators or that may be required by law;

62.	provide for an open avenue of communication between internal audit, the external auditor and the Board;

63.	annually, review the charter for the Committee and evaluate the Committee’s effectiveness in fulfilling its mandate;

64.	prepare a committee report for inclusion in the Bank’s management proxy circular; and

65.	institute and oversee special investigations as needed.

CONDUCT REVIEW

Mandate

1.	To perform the duties with respect to the Bank’s policies and procedures for ensuring its transactions with its related parties comply with Part XI of the Bank Act and any regulations thereunder as more fully described under the heading “Duties” below.

2.	In the event a widely held bank holding company or insurance holding company has a significant interest in any class of shares of the Bank:

to establish policies for entering into transactions referred to in subsection 495.1(1) of the Bank Act, including transactions with a holding company or any other related party of the Bank that is an entity in which the holding company has a substantial investment; and

to review certain of the Bank’s transactions that are referred to in subsection 495.3(1) of the Bank Act including any transaction with a widely held insurance or bank holding company or any other related party in which they hold a substantial investment.

To perform such duties as are required by the Bank Act to be dealt with by a committee of the Board concerning the monitoring of adherence to procedures for identifying potential conflicts of interest and for resolving such conflicts of interest, for restricting the use of confidential information, and as more fully described under the heading “Duties” below.

4.	To assist the Board in fulfilling its oversight responsibilities for:

setting standards of conduct and ethical behaviour; and

conduct reviews and culture as it relates to conduct risk.

5.	To perform such other duties as are required under the Bank Act or by OSFI, or as may from time to time be assigned by the Board.

6.	To act as the conduct review committee for any federally chartered Canadian financial institution beneficially owned by the Bank as determined by the Board.

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Duties

1.	Establish criteria for determining whether the value of transactions with related parties of the Bank is nominal or immaterial to the Bank;

2.	Approve the terms and conditions of:

loans, other than margin loans, to senior officers of the Bank on terms and conditions more favourable to the senior officers than those offered to the public; and

loans to spouses or common-law partners of senior officers of the Bank on the security of mortgages of the principal residences of such spouses or common-law partners on terms and conditions more favourable than those offered to the public;

Approve the practice of the Bank making financial services, other than loans or guarantees, available to senior officers of the Bank or to spouses or common-law partners, or children who are less than 18 years of age of senior officers of the Bank, on terms and conditions more favourable than those offered to the public, provided the financial services are offered by the Bank to its employees on those favourable terms and conditions;

Require Bank management to establish policies and procedures to enable the Bank to verify that its transactions with related parties of the Bank comply with Part XI of the Bank Act and to review those policies and procedures and their effectiveness. These policies and procedures should, among other things, enable management to verify that:

all related party transactions are on terms and conditions at least as favourable to the Bank as market terms and conditions, other than transactions referred to in clauses 2 and 3 above;

loans to full-time senior officers, other than margin loans and mortgages on their principal residences, do not exceed the greater of twice their annual salaries and $100,000;

aggregate loans or guarantees to, and investments in the securities of any related party (subject to certain exceptions) do not exceed 2% of the Bank’s regulatory capital unless the approval of 2/3 of the Board has been obtained; and

aggregate loans or guarantees to, and investments in the securities of all related parties (subject to certain exceptions) do not exceed 50% of the Bank’s regulatory capital;

5.	Review the practices of the Bank to identify any transactions with related parties of the Bank that may have a material effect on the stability or solvency of the Bank;

6.	Monitor the procedures established by the Board to resolve conflicts of interest, including techniques for the identification of potential conflict situations and for restricting the use of confidential information;

Review and, if appropriate, recommend for Board approval any material changes to the Scotiabank Code of Conduct which includes the standards of conduct and ethical behaviour for employees, officers and directors of the Bank and its subsidiaries and recommend for approval by the Board any exceptions from the Scotiabank Code of Conduct, as appropriate;

8.	Review reports from the Global Compliance Function on compliance with the Scotiabank Code of Conduct and any instances of material deviation therefrom with corrective actions taken;

9.	Review the annual letter of certification from the Executive Vice President and Chief Compliance Officer on completion of the Scotiabank Code of Conduct acknowledgment by directors, officers, and employees;

10.	Monitor the Bank’s exposure to material risks relating to conduct, and anti-bribery and anti-corruption matters by reviewing the Bank’s risk management practices including its identification, measurement, monitoring and assessment of these types of risks;

11.	Require management to establish processes and review and approve the policy established for the receipt, retention, treatment and resolution of complaints received by the Bank regarding accounting, internal accounting controls or auditing matters,

- 35 -

including confidential, anonymous submissions from employees, as part of the Bank’s Whistleblower Policy (Enterprise-wide), and carry out the Committee’s responsibilities under the Bank’s Whistleblower Policy (Enterprise-wide), as required;

12.	Review matters reported to the Committee regarding the Bank’s Whistleblower program;

13.	Review matters reported to the Committee included in the Chief Compliance Officer Report as it relates to the Enterprise Conduct and Ethics programs, and anti-bribery and anti-corruption matters;

14.	Review with management the results of their assessment of the Bank’s conduct, and anti-bribery and anti-corruption risks, and their plans to remediate any material deficiencies identified; and

15.	Monitor the processes established by the Bank to mitigate conduct risk.

CONSUMER PROTECTION

Mandate

To perform such duties as are required by the Bank Act to be dealt with by a committee of the Board with respect to the Bank’s procedures for complying with the consumer provisions, including Part XII.2 of the Bank Act and its associated regulations and any Financial Consumer Agency of Canada (“FCAC”) guidance, as more fully described under the heading “Duties” below.

2.	To perform such other duties as are required under the Bank Act or by OSFI or the FCAC, or as may from time to time be assigned by the Board.

3.	To act as the consumer protection committee for any federally chartered Canadian financial institution beneficially owned by the Bank as determined by the Board.

Duties

1.	Require Bank management to establish procedures for complying with the consumer provisions, including Part XII.2 of the Bank Act and its associated regulations and any FCAC guidance;

2.	Review such procedures referred to in clause 1 above to determine whether they are appropriate to ensure that the Bank is complying with the consumer provisions; and

3.	Require Bank management to report at least annually to the Committee on the implementation of the procedures and on any other activities that the Bank carries out in relation to the protection of its customers.

COMMITTEE OPERATIONS

Reporting

After each meeting of the Committee, the Committee is required to report to the Board on matters reviewed by the Committee and on the Committee’s recommendations at the next regularly scheduled Board meeting. The Committee shall also report as required to the Risk Committee on relevant issues.

The Chair of the Committee shall review, for completeness, the Board’s report to OSFI with respect to conduct review matters on the Committee’s activities during the year. This report must be filed within 90 days after the Bank’s financial year-end.

The Chair of the Committee shall review, for completeness, the Board’s report to FCAC with respect to consumer protection matters on the Committee’s activities during the year. This report must be filed within 90 days after the Bank’s financial year-end.

The Committee shall review and assess the adequacy of this Charter on an annual basis and report the results of this review to the Corporate Governance Committee of the Board.

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I.	Composition

Structure

The Committee shall consist of a minimum of three Directors. No member of the Committee may serve on more than three audit committees of public company boards without the consent of the Corporate Governance Committee and the Board.

Each member must be financially literate or become financially literate within a reasonable period of time subsequent to his/her appointment to the Committee. At least one member must be a financial expert. There should also be a reasonable representation of other key competencies on the Committee, as determined by the Corporate Governance Committee.

2.	Independence

The Committee is composed entirely of independent directors as defined in applicable laws, rules and regulations and as determined pursuant to the Director Independence Standards approved by the Board for Committee members.

No member of the Committee may be an officer or employee of the Bank or of any of its subsidiaries or affiliates. No member may be a person who is affiliated with the Bank.

Directors’ fees are the only compensation a member of the Committee may be paid by the Bank.

3.	Appointment of Committee Members

Members of the Committee are appointed or reappointed annually by the Board, upon the recommendation of the Corporate Governance Committee, such appointments to take effect immediately following the annual meeting of the shareholders of the Bank. Members of the Committee shall hold office until their successors are appointed, or until they cease to be Directors of the Bank.

Vacancies

Vacancies may be filled for the remainder of the current term of appointment of members of the Committee by the Board, subject to the requirements under the headings “Structure” and “Independence” above.

5.	Appointment and Qualifications of Committee Chair

The Board shall appoint from the Committee membership, a Chair for the Committee to preside at meetings. In the absence of the Chair, one of the other members of the Committee present shall be chosen by the Committee to preside at that meeting.

The Chair for the Committee must have all of the qualifications for Committee membership and have accounting or related financial management expertise.

Meetings

1.	Calling of Meetings

Meetings of the Committee may be called by the Chair, by any two members of the Committee or the external auditor. Members may participate in meetings in person or by telephone, electronic or other communications facilities.

Written resolutions in lieu of a meeting are permitted, solely in accordance with the Bank Act.

The Committee shall hold an in camera session immediately prior to and/or following the conclusion of the regular agenda matters. The Committee shall also hold in camera sessions, separately at each Committee meeting, with each of the Chief Financial Officer, Chief Compliance Officer, Chief Auditor and the external auditor. The Committee shall also hold in camera sessions with the Group Chief Anti-Money Laundering Officer, as appropriate. The Committee shall also meet separately, at least quarterly, with management. The Committee may also meet with the Chief Risk Officer, as requested by the Committee or management from time to time.

To facilitate communication between the Committee and the Risk Committee, the Chair of the Risk Committee shall receive notice of all Committee meetings and may attend Committee meetings by invitation as a non-voting observer.

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The Committee may invite any director, officer or employee or any other person to attend meetings to assist the Committee with its deliberations.

2.	Notice of Meetings

Notice of meeting of the Committee shall be sent by prepaid mail, by personal delivery or other means of transmitted or recorded communication or by telephone at least 12 hours before the meeting to each member of the Committee at the member’s address or communication number last recorded with the Corporate Secretary. A Committee member may in any manner waive notice of a meeting of the Committee and attendance at a meeting is a waiver of notice of the meeting, except where a member attends for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called.

3.	Notice to the Internal Auditor and External Auditor

The Chief Auditor and the external auditor are entitled to receive notice of every meeting of the Committee and, at the expense of the Bank, to attend and be heard at each meeting and to have the opportunity to discuss matters with the independent directors, without the presence of management.

Frequency

The Committee shall meet at least quarterly.

Quorum

The quorum for a meeting of the Committee shall be a majority of its members, subject to a minimum of two members.

6.	Delegation

The Committee may designate a sub-committee to review any matter within the Committee’s mandate.

7.	Secretary and Minutes

The Corporate Secretary or, in the absence of the Corporate Secretary, an Assistant Corporate Secretary of the Bank shall act as Secretary of the Committee.

Minutes of meetings of the Committee shall be recorded and maintained by the Corporate Secretary and subsequently presented to the Committee and to the Board, if required by the Board.

This Charter was last reviewed and approved by the Board on October 28, 2025 and is effective November 1, 2025.

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ENHANCED DISCLOSURE TASK FORCE (EDTF) RECOMMENDATIONS

The Enhanced Disclosure Task Force (EDTF) was established by the Financial Stability Board in May 2012 with the goal of developing fundamental disclosure principles. On October 29, 2012, the EDTF published its report, “Enhancing the Risk Disclosures of Banks,” which sets forth recommendations around improving risk disclosures and identifies existing leading practice risk disclosures.

Below is the index of all these recommendations to facilitate easy reference in the Bank’s annual report and other public disclosure documents available on www.scotiabank.com/investorrelations.


Reference Table for EDTF
			Pages
Type of risk	Number	Disclosure	MD&A		Financial Statements		Supplementary Regulatory Capital Disclosures
General	1	The index of risks to which the business is exposed.		16
	2	The Bank’s risk terminology, measures and key parameters.		76-83
	3	Top and emerging risks, and the changes during the reporting period.		85-87, 91-96
	4	Discussion on the regulatory development and plans to meet new regulatory ratios.		60-63, 120-121
Risk governance, risk management and business model	5	The Bank’s Risk Governance structure.		78-80
	6	Description of risk culture and procedures applied to support the culture.		80-83
	7	Description of key risks from the Bank’s business model.		84
	8	Stress testing use within the Bank’s risk governance and capital management.		80-82
Capital Adequacy and risk-weighted assets	9	Pillar 1 capital requirements, and the impact for global systemically important banks.		60-63		208		4, 5
	10	a) Regulatory capital components.		64				22-24
		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.		65-66				100
	12	Discussion of targeted level of capital, and the plans on how to establish this.		60-63
	13	Analysis of risk-weighted assets by risk type, business, and market risk RWAs.		68-73, 84, 127		178		6, 37-40, 44-49, 50-55, 56-61, 73-75, 76-78, 82, 97, 103
	14	Analysis of the capital requirements for each Basel asset class.		68-73		178, 224-228		16-17, 37-62, 71-78, 82, 87-90
	15	Tabulate credit risk in the Banking Book.		68-73		225		16-17, 37-62, 82, 87-90
	16	Flow statements reconciling the movements in risk-weighted assets for each risk-weighted asset type.		68-73				63, 81, 102
	17	Discussion of Basel III Back-testing requirement including credit risk model performance and validation.		69-71				64-67, 107
Liquidity Funding	18	Analysis of the Bank’s liquid assets.		103-108
	19	Encumbered and unencumbered assets analyzed by balance sheet category.		105
	20	Consolidated total assets, liabilities and off-balance sheet commitments analyzed by remaining contractual maturity at the balance sheet date.		109-111
	21	Analysis of the Bank’s sources of funding and a description of the Bank’s funding strategy.		108-109
Market Risk	22	Linkage of market risk measures for trading and non-trading portfolios and the balance sheet.		102
	23	Discussion of significant trading and non-trading market risk factors.		97-103
	24	Discussion of changes in period on period VaR results as well as VaR assumptions, limitations, backtesting and validation.		97-103
	25	Other risk management techniques e.g. stress tests, tail risk and market liquidity horizon.		97-103
Credit Risk	26	Analysis of the aggregate credit risk exposures, including details of both personal and wholesale lending.		91-96, 123-127		188-189, 225-228		6, 37-40, 44-61, 73-78
	27	Discussion of the policies for identifying impaired loans, defining impairments and renegotiated loans, and explaining loan forbearance policies.				158-160
	28	Reconciliations of the opening and closing balances of impaired loans and impairment allowances during the year.		93, 122-125		189		34-35
	29	Analysis of counterparty credit risk that arises from derivative transactions.		88-90		176-179		108
	30	Discussion of credit risk mitigation, including collateral held for all sources of credit risk.		89-91, 94
Other risks	31	Quantified measures of the management of operational risk.		72, 112-113
Other risks	32	Discussion of publicly known risk items.		85-87		205-206

2025 Scotiabank Annual Report

Table of Contents

Management’s

Discussion & Analysis

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 year ended October 31, 2025. The MD&A should be read in conjunction with the Bank’s 2025 Consolidated Financial Statements, including the Notes. This MD&A is dated December 2, 2025.

Additional information relating to the Bank, including the Bank’s 2025 Annual Report, are available on the Bank’s website at www.scotiabank.com. As well, the Bank’s 2025 Annual Report and Annual Information Form are available on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC’s website at www.sec.gov.

Table of Contents



18		Forward-looking statements

19		Financial highlights

20		Non-GAAP measures

Overview of Performance

28		Financial results: 2025 vs 2024

28		Medium-term financial objectives

28		Shareholder returns

29		Significant developments

29		Strategy, economic summary and outlook

30		Impact of foreign currency translation

31		Impact of closed divestitures

Group Financial Performance

32		Net income

32		Net interest income

34		Non-interest income

35		Provision for credit losses

37		Non-interest expenses

37		Provision for income taxes

38		Fourth quarter review

40		Trending analysis

Business Line Overview

42		Overview

45		Canadian Banking

48		International Banking

52		Global Wealth Management

56		Global Banking and Markets

59		Other


Group Financial Condition

60		Statement of financial position

60		Capital management

73		Off-balance sheet arrangements

75		Financial instruments

Risk Management

76		Risk management framework

88		Credit risk

97		Market risk

103		Liquidity risk

112		Other risks

Controls and Accounting Policies

116		Controls and procedures

116		Critical accounting policies and estimates

120		Future accounting developments

120		Regulatory developments

121		Related party transactions

Supplementary Data and Glossary

122		Geographic information

123		Credit risk

128		Revenues and expenses

130		Selected quarterly information

131		Selected annual information

131		Ten-year statistical review

136		Glossary

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

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 2025 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.

tax-related

risks); 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 open banking and 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 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-related risk, 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 local, national or global economies, 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 2025 Annual Report, as may be updated by quarterly reports.

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.

December 2, 2025

2025 Scotiabank Annual Report

Table of Contents

FINANCIAL HIGHLIGHTS

Financial highlights



As at and for the years ended October 31	2025			2024
Operating results ($ millions)
Net interest income		21,522			19,252
Non-interest income		16,219			14,418
Total revenue		37,741			33,670
Provision for credit losses		4,714			4,051
Non-interest expenses		22,518			19,695
Income tax expense		2,751			2,032
Net income		7,758			7,892
Net income attributable to common shareholders		7,283			7,286
Operating performance
Basic earnings per share ($)		5.84			5.94
Diluted earnings per share ($)		5.67			5.87
Return on equity (%) (1)		9.7			10.2
Return on tangible common equity (%) (2)		11.9			12.6
Productivity ratio (%) (1)		59.7			58.5
Operating leverage (%) (1)		(2.2	)		1.5
Net interest margin (%) (2)		2.33			2.16
Financial position information ($ millions)
Cash and deposits with financial institutions		65,967			63,860
Trading assets		152,223			129,727
Loans		771,045			760,829
Total assets		1,460,042			1,412,027
Deposits		966,279			943,849
Common equity		76,927			73,590
Preferred shares and other equity instruments		9,939			8,779
Assets under administration (1)		868,347			771,454
Assets under management (1)		432,375			373,030
Capital and liquidity measures
Common Equity Tier 1 (CET1) capital ratio (%) (3)		13.2			13.1
Tier 1 capital ratio (%) (3)		15.3			15.0
Total capital ratio (%) (3)		17.1			16.7
Total loss absorbing capacity (TLAC) ratio (%) (4)		29.1			29.7
Leverage ratio (%) (5)		4.5			4.4
TLAC Leverage ratio (%) (4)		8.5			8.8
Risk-weighted assets ($ millions) (3)		474,453			463,992
Liquidity coverage ratio (LCR) (%) (6)		128			131
Net stable funding ratio (NSFR) (%) (6)		116			119
Credit quality
Net impaired loans ($ millions)		4,903			4,685
Allowance for credit losses ($ millions) (7)		7,654			6,736
Gross impaired loans as a % of loans and acceptances (1)		0.93			0.88
Net impaired loans as a % of loans and acceptances (1)		0.63			0.61
Provision for credit losses as a % of average net loans and acceptances (1)(8)		0.62			0.53
Provision for credit losses on impaired loans as a % of average net loans and acceptances (1)(8)		0.54			0.52
Net write-offs as a % of average net loans and acceptances (1)		0.50			0.46
Adjusted results (2)
Adjusted total revenue ($ millions)		37,731			33,813
Adjusted non-interest expenses ($ millions)		20,581			18,961
Adjusted net income ($ millions)		9,510			8,627
Adjusted diluted earnings per share ($)		7.09			6.47
Adjusted return on equity (%)		11.8			11.3
Adjusted return on tangible common equity (%)		14.3			13.7
Adjusted productivity ratio (%)		54.5			56.1
Adjusted operating leverage (%)		3.0			2.3
Common share information
Closing share price ($) (TSX)		91.99			71.69
Shares outstanding (millions)
Average – Basic		1,244			1,226
Average – Diluted		1,248			1,232
End of period		1,236			1,244
Dividends paid per share ($)		4.32			4.24
Dividend yield (%) (1)		5.6			6.5
Market capitalization ($ millions) (TSX)		113,728			89,214
Book value per common share ($) (1)		62.22			59.14
Market value to book value multiple (1)		1.5			1.2
Price to earnings multiple (trailing 4 quarters) (1)		15.8			12.0
Other information
Employees (full-time equivalent)		86,431			88,488
Branches and offices		2,128			2,236

(1)	Refer to Glossary on page 136 for the description of the measure.

(2)	Refer to Non-GAAP Measures section starting on page 20.

(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.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and 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.

Reconciliation of reported and adjusted results



As at October 31 ($ millions)	2025			2024
Reported Results
Net interest income	$	21,522		$	19,252
Non-interest income		16,219			14,418
Total revenue		37,741			33,670
Provision for credit losses		4,714			4,051
Non-interest expenses		22,518			19,695
Income before taxes		10,509			9,924
Income tax expense		2,751			2,032
Net income	$	7,758		$	7,892
Net income (loss) attributable to non-controlling interests in subsidiaries (NCI)		(31	)		134
Net income attributable to equity holders		7,789			7,758
Net income attributable to preferred shareholders and other equity instrument holders		506			472
Net income attributable to common shareholders	$	7,283		$	7,286
Adjustments
Adjusting items impacting non-interest income and total revenue (Pre-tax)
(a) Divestitures and wind-down of operations	$	(36	)	$	143
(d) Amortization of acquisition-related intangible assets		26			–
Total non-interest income and total revenue adjusting items (Pre-tax)		(10	)		143
Adjusting items impacting non-interest expenses (Pre-tax)
(a) Divestitures and wind-down of operations		1,422			(7	)
(b) Restructuring charge and severance provisions		373			53
(c) Legal provision		74			176
(d) Amortization of acquisition-related intangible assets		68			72
(e) Impairment of non-financial assets		–			440
Total non-interest expense adjusting items (Pre-tax)		1,937			734
Total impact of adjusting items on net income before taxes		1,927			877
Impact of adjusting items on income tax expense
(a) Divestitures and wind-down of operations		(32	)		(46	)
(b) Restructuring charge and severance provisions		(103	)		(15	)
(c) Legal provision		(20	)		–
(d) Amortization of acquisition-related intangible assets		(20	)		(20	)
(e) Impairment of non-financial assets		–			(61	)
Total impact of adjusting items on income tax expense		(175	)		(142	)
Total impact of adjusting items on net income		1,752			735
Impact of adjusting items on NCI		(191	)		(2	)
Total impact of adjusting items on net income attributable to equity holders	$	1,561		$	733
Adjusted Results
Adjusted net interest income	$	21,522		$	19,252
Adjusted non-interest income		16,209			14,561
Adjusted total revenue		37,731			33,813
Adjusted provision for credit losses		4,714			4,051
Adjusted non-interest expenses		20,581			18,961
Adjusted income before taxes		12,436			10,801
Adjusted income tax expense		2,926			2,174
Adjusted net income	$	9,510		$	8,627
Adjusted net income attributable to NCI		160			136
Adjusted net income attributable to equity holders		9,350			8,491
Adjusted net income attributable to preferred shareholders and other equity instrument holders		506			472
Adjusted net income attributable to common shareholders	$	8,844		$	8,019

2025 Scotiabank Annual Report

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T2A

Reconciliation of reported and adjusted diluted earnings per common share



As at and for the year ended October 31 ($ millions)	2025			2024
Reported Results
Net income attributable to common shareholders	$	7,283		$	7,286
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes		(22	)		–
Net income attributable to common shareholders used to calculate basic earnings per common share		7,261			7,286
Dilutive impact of share-based payment options and others		(181	)		(49	)
Net income attributable to common shareholders (diluted)		7,080			7,237
Weighted average number of diluted common shares outstanding (millions)		1,248			1,232
Diluted earnings per common share (in dollars)	$	5.67		$	5.87
Adjusted Results
Net income attributable to common shareholders used to calculate basic earnings per common share	$	7,261		$	7,286
Impact of adjusting items on net income attributable to common shareholders (1)		1,561			733
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes		22			–
Adjusted net income attributable to common shareholders used to calculate adjusted basic earnings per common share		8,844			8,019
Dilutive impact of share-based payment options and others		7			(49	)
Adjusted net income attributable to common shareholders (diluted)		8,851			7,970
Weighted average number of diluted common shares outstanding (millions)		1,248			1,232
Adjusted diluted earnings per common share (in dollars)	$	7.09		$	6.47
Impact of adjustments on diluted earnings per share (in dollars)	$	1.42		$	0.60

(1)	Refer to Table T2 for details of adjusting items.

Impact of adjustments on (income)/expenses



	For the year ended										For the three months ended
	2025					2024					October 31, 2025					October 31, 2024

($ millions)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax
(a) Divestitures and wind-down of operations	$	1,386	$	1,354		$	136	$	90		$	12	$	8		$	–	$	–
(b) Restructuring charge and severance provisions		373		270			53		38			373		270			53		38
(c) Legal provision		74		54			176		176			74		54			–		–
(d) Amortization of acquisition-related intangible assets		94		74			72		52			25		20			19		13
Impairment of non-financial assets:
(e) Investment in associates		–		–			343		309			–		–			343		309
(e) Intangible assets including software		–		–			97		70			–		–			97		70
Total	$	1,927	$	1,752		$	877	$	735		$	484	$	352		$	512	$	430
Diluted EPS Impact			$	1.42				$	0.60				$	0.28				$	0.35
CET1 Impact (1)				(20 bps	)				(9 bps	)				(7 bps	)				(5 bps	)

(1)	Including related impacts on regulatory capital and risk-weighted assets.

The Bank’s fiscal 2025 and 2024 results were adjusted for the following items. These amounts were recorded in the Other operating segment, unless otherwise noted.

Divestitures and wind-down of operations

In Q1 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. As of October 31, 2025, the Bank has recognized a total impairment loss of $1,422 million in non-interest expense and a credit of $45 million in

non-interest

income (collectively $1,342 million after-tax). These subsequent changes represent changes in the carrying value of net assets being sold and fair value of shares to be received less costs to sell, as well as changes in foreign currency.

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 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 relates to goodwill.

For further details, please refer to Note 35 of the consolidated financial statements.

Restructuring charge and severance provisions

In Q4 2025, the Bank recorded a restructuring charge and severance provision as well as other related charges of $373 million ($270 million after-tax) primarily related to workforce reductions. These amounts reflect actions taken by the Bank to simplify its organizational structure in Canadian Banking, restructure and right-size Asia operations in Global Banking and Markets and regionalize activities across its international footprint, in line with the Bank’s enterprise strategy. For further details, please refer to Note 22 of the consolidated financial statements.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

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.

Legal provision

In Q4 2025, the Bank recognized a legal provision of $74 million ($54 million after-tax) related to several civil and other litigation matters.

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 22 of the consolidated financial statements.

Amortization of acquisition-related intangible assets

These costs relate to the amortization of intangible assets recognized upon the acquisition of businesses, excluding software. The 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.

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. In Q4 2024, the Bank recorded an impairment of software intangible assets of $97 million ($70 million after-tax).

In addition to the above, the following adjustment also impacted earnings per share calculation.

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). Please also refer to Note 23 (b) and Note 32 of the consolidated financial statements.

Reconciliation of reported and adjusted results by business line



	For the year ended October 31, 2025 (1)

($ millions)	Canadian Banking			International Banking			Global Wealth Management			Global Banking and Markets			Other			Total
Reported net income (loss)	$	3,425		$	2,789		$	1,680		$	1,921		$	(2,057	)	$	7,758
Net income attributable to non-controlling interests in subsidiaries (NCI)		–			158			10			(1	)		(198	)		(31	)
Reported net income attributable to equity holders		3,425			2,631			1,670			1,922			(1,859	)		7,789
Reported net income attributable to preferred shareholders and other equity instrument holders		–			–			–			–			506			506
Reported net income attributable to common shareholders	$	3,425		$	2,631		$	1,670		$	1,922		$	(2,365	)	$	7,283
Adjustments
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations	$	–		$	–		$	–		$	–		$	(36	)	$	(36	)
Amortization of acquisition-related intangible assets		–			–			–			–			26			26
Total non-interest income adjustments (Pre-tax)		–			–			–			–			(10	)		(10	)
Adjusting items impacting non-interest expenses (Pre-tax)
Divestitures and wind-down of operations		–			–			–			–			1,422			1,422
Restructuring charge and severance provisions		–			–			–			–			373			373
Legal provision		–			–			–			–			74			74
Amortization of acquisition-related intangible assets		4			28			36			–			–			68
Total non-interest expenses adjustments (Pre-tax)		4			28			36			–			1,869			1,937
Total impact of adjusting items on net income before taxes		4			28			36			–			1,859			1,927
Total impact of adjusting items on income tax expense		(1	)		(8	)		(10	)		–			(156	)		(175	)
Total impact of adjusting items on net income		3			20			26			–			1,703			1,752
Impact of adjusting items on NCI		–			–			–			–			(191	)		(191	)
Total impact of adjusting items on net income attributable to equity holders		3			20			26			–			1,512			1,561
Adjusted net income (loss)	$	3,428		$	2,809		$	1,706		$	1,921		$	(354	)	$	9,510
Adjusted net income attributable to equity holders	$	3,428		$	2,651		$	1,696		$	1,922		$	(347	)	$	9,350
Adjusted net income attributable to common shareholders	$	3,428		$	2,651		$	1,696		$	1,922		$	(853	)	$	8,844

(1)	Refer to Business Line Overview on page 42.

2025 Scotiabank Annual Report

Table of Contents



	For the year ended October 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)	$	3,777		$	2,706		$	1,428		$	1,478	$	(1,497	)	$	7,892
Net income attributable to non-controlling interests in subsidiaries (NCI)		–			125			10			–		(1	)		134
Reported net income attributable to equity holders		3,777			2,581			1,418			1,478		(1,496	)		7,758
Reported net income attributable to preferred shareholders and other equity instrument holders		1			1			1			1		468			472
Reported net income attributable to common shareholders	$	3,776		$	2,580		$	1,417		$	1,477	$	(1,964	)	$	7,286
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	)
Restructuring charge and severance provisions		–			–			–			–		53			53
Legal provision		–			–			–			–		176			176
Amortization of acquisition-related intangible assets		4			32			36			–		–			72
Impairment of non-financial assets		–			–			–			–		440			440
Total non-interest expenses adjustments (Pre-tax)		4			32			36			–		662			734
Total impact of adjusting items on net income before taxes		4			32			36			–		805			877
Total impact of adjusting items on income tax expense		(1	)		(9	)		(10	)		–		(122	)		(142	)
Total impact of adjusting items on net income		3			23			26			–		683			735
Impact of adjusting items on NCI		–			–			–			–		(2	)		(2	)
Total impact of adjusting items on net income attributable to equity holders		3			23			26			–		681			733
Adjusted net income (loss)	$	3,780		$	2,729		$	1,454		$	1,478	$	(814	)	$	8,627
Adjusted net income attributable to equity holders	$	3,780		$	2,604		$	1,444		$	1,478	$	(815	)	$	8,491
Adjusted net income attributable to common shareholders	$	3,779		$	2,603		$	1,443		$	1,477	$	(1,283	)	$	8,019

(1)	Refer to Business Line Overview on page 42.

(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 42 for further details.

Constant Dollar

International Banking business segment results are analyzed on a constant dollar basis which is a

non-GAAP

measure. Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reconciliation between reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment. The tables below are computed on a basis that is different than the table “Impact of foreign currency translation” in Overview of Performance on page 30.

Reconciliation of International Banking’s reported and adjusted results and constant dollar results


For the year ended October 31 ($ millions)	2024 (1)
(Taxable equivalent basis)	Reported results		Foreign exchange			Constant dollar
Net interest income	$	8,867	$	11		$	8,856
Non-interest income		2,999		19			2,980
Total revenue		11,866		30			11,836
Provision for credit losses		2,285		(8	)		2,293
Non-interest expenses		6,170		49			6,121
Income tax expense		705		1			704
Net Income	$	2,706	$	(12	)	$	2,718
Net income attributable to non-controlling interest in subsidiaries	$	125	$	(3	)	$	128
Net income attributable to equity holders of the Bank	$	2,581	$	(9	)	$	2,590
Other measures
Average assets ($ billions)	$	231	$	(1	)	$	232
Average liabilities ($ billions)	$	179	$	1		$	178

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis


For the year ended October 31 ($ millions)	2024 (1)
(Taxable equivalent basis)	Adjusted results		Foreign exchange			Constant dollar adjusted
Net interest income	$	8,867	$	11		$	8,856
Non-interest income		2,999		19			2,980
Total revenue		11,866		30			11,836
Provision for credit losses		2,285		(8	)		2,293
Non-interest expenses		6,138		49			6,089
Income tax expense		714		1			713
Net Income	$	2,729	$	(12	)	$	2,741
Net income attributable to non-controlling interest in subsidiaries	$	125	$	(3	)	$	128
Net income attributable to equity holders of the Bank	$	2,604	$	(9	)	$	2,613

(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 42 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.

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.

Calculation of net interest margin

Consolidated Bank



For the year ended October 31 (Unaudited) ($ millions)	2025			2024
Average total assets - Reported (1)	$	1,465,278		$	1,419,284
Less: Non-earning assets		115,718			108,110
Average total earning assets (1)	$	1,349,560		$	1,311,174
Less:
Trading assets		153,283			146,307
Securities purchased under resale agreements
and securities borrowed		209,261			193,090
Other deductions		35,149			53,819
Average core earning assets (1) (A)	$	951,867		$	917,958
Net Interest Income - Reported	$	21,522		$	19,252
Less: Non-core net interest income		(645	)		(620	)
Core net interest income (B)	$	22,167		$	19,872
Net interest margin (B/A)		2.33	%		2.16	%

(1)	Average balances represent the average of daily balances for the period.

2025 Scotiabank Annual Report

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Canadian Banking



For the year ended October 31 (Unaudited) ($ millions)	2025			2024 (1)
Average total assets - Reported (2)	$	462,670		$	449,469
Less: Non-earning assets		4,697			4,393
Average total earning assets (2)	$	457,973		$	445,076
Less:
Other deductions		182			16,380
Average core earning assets (2)	$	457,791		$	428,696
Net Interest Income - Reported	$	10,484		$	10,185
Less: Non-core net interest income		–			2
Core net interest income	$	10,484		$	10,183
Net interest margin		2.29	%		2.38	%

(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 42 for further details.

(2)	Average balances represent the average of daily balances for the period.

International Banking



For the year ended October 31 (Unaudited) ($ millions)	2025			2024 (1)
Average total assets - Reported (2)	$	226,820		$	231,456
Less: Non-earning assets		13,843			15,949
Average total earning assets (2)	$	212,977		$	215,507
Less:
Trading assets		6,283			6,407
Securities purchased under resale agreements
and securities borrowed		3,763			4,063
Other deductions		7,184			6,660
Average core earning assets (2)	$	195,747		$	198,377
Net Interest Income - Reported	$	8,866		$	8,867
Less: Non-core net interest income		66			123
Core net interest income	$	8,800		$	8,744
Net interest margin		4.50	%		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 42 for further details.

(2)	Average balances represent the average of daily balances for the period.

Global Banking and Markets



For the year ended October 31 (Unaudited) ($ millions)	2025			2024 (1)
Average total assets - Reported (2)	$	509,263		$	494,595
Less: Non-earning assets		46,594			39,787
Average total earning assets (2)	$	462,669		$	454,808
Less:
Trading assets		139,466			132,210
Securities purchased under resale agreements
and securities borrowed		205,499			189,027
Other deductions		23,080			32,078
Average core earning assets (2)	$	94,624		$	101,493
Net Interest Income - Reported	$	1,400		$	1,102
Less: Non-core net interest income		(273	)		(475	)
Core net interest income	$	1,673		$	1,577
Net interest margin		1.77	%		1.55	%

(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 42 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 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 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.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

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.

Return on equity by operating segment



For the year ended October 31, 2025 ($ millions)	Canadian Banking			International Banking			Global Wealth Management			Global Banking and Markets			Other			Total
Reported
Net income (loss) attributable to common shareholders	$	3,425		$	2,631		$	1,670		$	1,922		$	(2,365	) (1)	$	7,283
Total average common equity (2)		21,030			18,061			10,417			14,968			10,529			75,005
Return on equity		16.3	%		14.6	%		16.0	%		12.8	%		nm	(3)		9.7	%
Adjusted (4)
Net income (loss) attributable to common shareholders		3,428			2,651			1,696			1,922			(853	) (1)		8,844
Return on equity		16.3	%		14.7	%		16.3	%		12.8	%		nm	(3)		11.8	%

(1)	Includes dividends paid on preferred shares and other equity instruments of $506.

(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 20.



For the year ended October 31, 2024 ($ millions)	Canadian Banking (1)			International Banking (1)			Global Wealth Management (1)			Global Banking and Markets (1)			Other (1)			Total
Reported
Net income (loss) attributable to common shareholders	$	3,776		$	2,580		$	1,417		$	1,477		$	(1,964	) (2)	$	7,286
Total average common equity (3)		20,585			19,148			10,210			15,342			5,842			71,127
Return on equity		18.3	%		13.5	%		13.9	%		9.6	%		nm	(4)		10.2	%
Adjusted (5)
Net income (loss) attributable to common shareholders		3,779			2,603			1,443			1,477			(1,283	) (2)		8,019
Return on equity		18.4	%		13.6	%		14.1	%		9.6	%		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 42 for further details.

(2)	Includes dividends paid on preferred shares and other equity instruments of $468.

(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 20.

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, 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.

Return on tangible common equity



For the years ended October 31 ($ millions)	2025			2024
Reported
Average common equity – reported (1)	$	75,005		$	71,127
Average goodwill (1)(2)		(9,744	)		(9,056	)
Average acquisition-related intangibles (net of deferred tax) (1)		(3,577	)		(3,629	)
Average tangible common equity (1)	$	61,684		$	58,442
Net income attributable to common shareholders – reported	$	7,283		$	7,286
Amortization of acquisition-related intangible assets (after-tax) (3)		74			52
Net income attributable to common shareholders adjusted for amortization of acquisition-related intangible assets (after-tax)	$	7,357		$	7,338
Return on tangible common equity – reported		11.9	%		12.6	%
Adjusted (3)
Adjusted net income attributable to common shareholders	$	8,844		$	8,019
Return on tangible common equity – adjusted		14.3	%		13.7	%

(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 20.

2025 Scotiabank Annual Report

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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.

Adjusted dividend payout ratio

Adjusted dividend payout ratio is defined as common dividends as a percentage of adjusted net income attributable to common shareholders. The reported net income attributable to common shareholders is adjusted to remove the impact of adjusting items, net of income taxes. This is a non-GAAP measure.

Pre-tax, pre-provision earnings

Pre-tax, pre-provision earnings is a non-GAAP measure and is calculated as the difference between revenues and expenses. The Bank believes this measure to be useful for readers as it measures the Bank’s operating profit before subtracting credit losses and taxes.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

OVERVIEW OF PERFORMANCE

Financial Results: 2025 vs 2024

Net income was $7,758 million compared to $7,892 million, a decrease of 2%. The decrease was driven primarily by higher non-interest expenses, income taxes and provision for credit losses, partly offset by higher net interest income and non-interest income. Diluted earnings per share (EPS) were $5.67 in fiscal 2025 compared to $5.87 last year. Return on equity was 9.7% this year compared to 10.2% in fiscal 2024.

Adjusting items impacting net income in the current year were a net charge of $1,752 million

after-tax

($1,927 million

pre-tax).

The net impact of the adjusting items on diluted earnings per share was $1.42 and on Basel III Common Equity Tier 1 (CET1) ratio was negative 20 basis points. In the prior year, adjusting items were a net charge of $735 million

after-tax

($877 million

pre-tax),

with an impact on diluted earnings per share of $0.60 and on Basel III Common Equity Tier 1 (CET1) ratio of negative nine basis points. Refer to

Non-GAAP

Measures starting on page 20 for further details.

Adjusted net income was $9,510 million compared to $8,627 million, an increase of 10%. The increase was driven primarily by higher net interest income and non-interest income, partly offset by higher non-interest expenses, income taxes and provision for credit losses. Adjusted diluted EPS was $7.09 compared to $6.47, and adjusted return on equity was 11.8% compared to 11.3%.

Net interest income was $21,522 million compared to $19,252 million, an increase of $2,270 million or 12% 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”). Higher net interest income was driven by the Other segment due mainly to lower funding costs, as well as increases in Canadian Banking from asset and deposit growth, Global Banking and Markets driven by higher corporate lending margins and deposit growth, and Global Wealth Management from growth in loans and deposits. The net interest margin was 2.33%, an increase of 17 basis points primarily from significantly lower funding costs driven by central bank rate cuts and higher margins in Global Banking and Markets. This was partly offset by lower deposit margins in Canadian Banking, and increased levels of high quality, lower yielding treasury assets.

Non-interest

income was $16,219 million, an increase of $1,801 million or 12%. Adjusted

non-interest

income was $16,209 million, an increase of $1,648 million or 11%. The increase was driven mainly by higher wealth management revenue, trading related revenues, underwriting and advisory fees, and net income from associated corporations, partially offset by lower banking revenues.

The provision for credit losses was $4,714 million compared to $4,051 million last year, an increase of $663 million due mainly to higher provisions on performing loans. The provision for credit losses ratio increased nine basis points to 62 basis points. The provision for credit losses on performing loans increased by $460 million driven by the impact of credit migration, an unfavourable macroeconomic outlook primarily driven by the U.S. tariffs, and business growth, mainly in the International retail portfolio. The increase in provision for credit losses on impaired loans this year was due primarily to higher formations in Canadian Banking.

Non-interest

expenses were $22,518 million compared to $19,695 million, an increase of $2,823 million or 14%. Adjusted

non-interest

expenses were $20,581 million compared to $18,961 million, an increase of $1,620 million or 9%. The increase was mainly driven by higher personnel costs, including performance and share-based compensation, inflationary adjustments and annual increases, higher technology and advertising and business development costs to support strategic and regulatory initiatives, as well as the negative impact of foreign currency translation, partly offset by lower depreciation and amortization. Operating leverage was negative 2.2% on a reported basis and positive 3.0% on an adjusted basis.

The effective tax rate was 26.2% compared to 20.5% 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 Global Minimum Tax (GMT), partially offset by higher non-deductible expenses and the impairment charge on Bank of Xi’an Co in the prior year. On an adjusted basis, the effective tax rate was 23.5% compared to 20.1% primarily due to lower income in lower tax jurisdictions and the implementation of the GMT.

The Basel III Common Equity Tier 1 (CET1) ratio was 13.2% as at October 31, 2025, compared to 13.1% last year.

Medium-term financial objectives

The following table provides a summary of our 2025 performance against our medium-term financial objectives:



	2025 Results

		Reported			Adjusted (1)
Diluted earnings per share growth of 7%+			(3.4)	%		9.6%
Return on equity of 14%+			9.7	%		11.8%
Achieve positive operating leverage			Negative 2.2	%		Positive 3.0%
Maintain strong capital ratios			CET1 capital ratio of 13.2	%		N/A

(1)	Refer to Non-GAAP Measures on page 20.


Shareholder Returns In fiscal 2025, the total shareholder return on the Bank’s shares was 36%, compared to the total return of the S&P/TSX Composite Index of 29%. The total compound annual shareholder return on the Bank’s shares over the past five years was 17.1%, and 9.6% over the past 10 years. This is below the total annual return of the S&P/TSX Composite Index over the past five years and ten years of 17.7% and 11.7%, respectively. Dividends per share totaled $4.32 for the year, an increase of 1.9% from 2024. The Bank’s target payout range is 40-50%. The dividend payout ratio for the year was 73.7% on a reported basis and 60.7% on an adjusted basis. The Board of Directors approved a quarterly dividend of $1.10 per common share, at its meeting on December 1, 2025. This quarterly dividend applies to shareholders of record at the close of business on January 6, 2026, and is payable January 28, 2026.				C1 Closing common share price as at October 31

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Management’s Discussion and Analysis

| Overview of Performance

Shareholder returns



For the years ended October 31	2025		2024
Closing market price per common share ($)		91.99		71.69
Dividends paid ($ per share)		4.32		4.24
Dividend yield (%) (1)		5.6		6.5
Increase (decrease) in share price (%)		28.3		27.7
Total annual shareholder return (%) (1)		35.7		35.9

(1)	Refer to Glossary on page 136 for the description of the measure.

Significant Developments

Investment in KeyCorp

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 ($4.1 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 twelve months ended October 31, 2025, $117 million ($111 million

after-tax)

and $362 million ($338 million

after-tax),

respectively, was recorded in net income from investments in associated corporations, representing the Bank’s share of KeyCorp’s financial results.

Sale of banking operations in Colombia, Costa Rica and Panama

On January 6, 2025, the Bank entered into an agreement with Davivienda 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. The Bank’s ownership will consist of 14.99% voting common shares and the remainder in

non-voting

preferred shares.

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.

As of October 31, 2025, the Bank has recognized a total impairment loss of $1,422 million in non-interest expense and a credit of $45 million in non-interest income (collectively $1,342 million after-tax). The loss was recorded in the Other operating segment. The held for sale operations included total assets of $24 billion and total liabilities of $22 billion, consisting primarily of loans and deposits, and the total cumulative foreign currency translation losses, net of hedges was $249 million.

The total impact of the transaction to the Bank’s CET1 capital ratio was a decrease of approximately 13 basis points as of October 31, 2025.

On December 1, 2025, the Bank completed the sale of its banking operations in Colombia, Costa Rica and Panama to Davivienda Group upon receiving all regulatory approvals and satisfying all customary closing conditions. Following the closing date, the Bank’s investment will be accounted for as an investment in associate since the Bank has significant influence over Davivienda’s combined operations as defined under IFRS, given its board representation and ownership interest. Additionally, total assets and liabilities will be derecognized and the Bank is expected to record a loss in Q1 2026 of approximately $300 million after-tax in the Other segment, primarily relating to the release of cumulative foreign currency translation losses, net of hedges.

The CET1 ratio for Q1 2026 is expected to benefit by approximately 10 basis points, primarily from the reduction in risk-weighted assets, net of the Davivienda Investment.

Strategy, Economic Summary and Outlook

Strategy

The Bank’s strategic vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Our vision is driven by four strategic pillars:

(i)

Grow and scale in priority businesses, leveraging connectivity across North America and optimizing capital in lower return businesses.

(ii)

Earn more primary clients to build deeper, more meaningful relationships with a focus on value over volume.

(iii)

Focus on making it easier for our clients to do business with us and improving experiences, while streamlining and digitizing processes.

(iv)

Win as one team by bringing the whole bank to our clients, while building and strengthening our culture where all employees can thrive.

Our strategy is underpinned by strong risk management practices to keep our bank and our clients safe, and a robust balance sheet that provides flexibility and growth opportunities across changing market conditions.

Economic Summary

The global economic landscape continues to be shaped by developments in U.S. trade policy. While there is now a better sense of the tariff landscape, there remains much uncertainty about how these changes in trade policy will impact economies and financial markets. There is accumulating evidence that these policies and the associated uncertainty are weighing more heavily on the U.S. than on many other countries. In many countries fiscal packages will dampen but not eliminate the macroeconomic consequences of the tariffs on the U.S. and its trading partners.

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Management’s Discussion and Analysis

The U.S. Federal Reserve is expected to lower its policy rate through the first half of 2026. Though inflation remains elevated, there are clear signs of a slowdown in the non-technological sectors of the U.S. economy. The labour market is softening and there are rising indications of economic damage in the goods sector of the U.S. economy even though this weakness is masked by rapid investments in the technology sector. This sluggishness suggests the Federal Reserve will lower interest rates by another 100 basis points in coming months. The U.S. will nevertheless maintain a significantly tighter stance relative to other central banks as the U.S. economy adapts to a higher tariff and inflation environment. 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 1.9% in 2025 and 1.6% in 2026.

U.S. trade policy is also significantly impacting Canada. The direct impact of the tariffs on Canadian goods, the uncertainty caused by U.S. policies and the indirect impacts on Canada of a weaker U.S. economy will weigh on growth this year and next. Policy measures announced by the Federal government are likely to provide some offset to the headwinds coming from the U.S. economy, notably as they relate to private investment. This should lead to growth of 1.4% next year, stronger than the 1.2% expected in 2025. There are upside risks to this forecast if, as expected, additional measures are announced as part of the Federal government’s plan to transform the economy. Given that inflation remains above the Bank of Canada’s target, we anticipate the Bank of Canada will remain on hold through the first half of 2026 and subsequently raise its policy rate by 50 basis points by the end of next year.

Latin American economies are moving at different speeds, faced with divergent performances at home and varying impacts from developments in the global economy. 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 only a marginal expansion in 2025 and weak growth in 2026. The country’s central bank has also used up most of its easing space, leaving Mexican households and businesses with little additional policy support. Peru’s economy continues to exceed expectations with strong growth and low inflation, as the country mostly benefits from strong copper and gold prices boosting export revenues. Growth should remain firm next year despite some uncertainty and headwinds associated with April elections. Chile has also not faced a significant direct impact from U.S. tariffs, with domestic conditions remaining firm thanks to positive investment trends. The result of December’s second round presidential election vote remains uncertain – with important implications for 2026’s economic performance. In the Caribbean, Jamaican and Dominican Republic economic activity will be affected by the impacts of Hurricane Melissa which caused significant damage in both countries. Jamaica was more heavily impacted by the hurricane and rebuilding efforts will be substantial. This should eventually lead to a strong rebound in activity, but the near-term consequences of the hurricane will weigh on the outlook.

Outlook

The Bank expects to generate strong earnings growth in 2026. Strong revenue growth, excluding the impact of divestitures, is underpinned by growth in both net interest income and non-interest revenue. Higher net interest income is expected to be driven by both loan and deposit growth and net interest margin expansion. Non-interest revenue is expected to grow across all business segments. Earnings are expected to also benefit from lower provision for credit losses, partially offset by the impact of a higher tax rate. The Bank expects modest expense growth, excluding the impact of divestitures, as technology spend to strengthen and strategically grow the Bank will be partly offset by the benefit from productivity initiatives. The Bank is expected to generate positive operating leverage. The capital and liquidity metrics are expected to remain strong in 2026.

Impact of Foreign Currency Translation

The impact of foreign currency translation on net income is shown in the table below.

T10

Impact of foreign currency translation



	2025					2024
For the fiscal years	Average exchange rate		% Change			Average exchange rate		% Change
U.S. Dollar/Canadian Dollar		0.714		(2.9	)%		0.735		(0.9	)%
Mexican Peso/Canadian Dollar		13.950		6.6	%		13.091		(2.5	)%
Peruvian Sol/Canadian Dollar		2.593		(5.9	)%		2.757		(1.1	)%
Colombian Peso/Canadian Dollar		2,964.017		0.7	%		2,943.081		(11.1	)%
Chilean Peso/Canadian Dollar		685.697		0.5	%		682.082		9.2	%



Impact on net income (1) ($ millions except EPS)	2025 vs. 2024			2024 vs. 2023
Net interest income	$	(11	)	$	(31	)
Non-interest income (2)		(70	)		243
Non-interest expenses		(45	)		(70	)
Other items (net of tax) (2)		41			(56	)
Net income	$	(85	)	$	86
Earnings per share (diluted)	$	(0.07	)	$	0.07
Impact by business line ($ millions) (3)
Canadian Banking	$	4		$	2
International Banking (2)		1			90
Global Wealth Management		(2	)		–
Global Banking and Markets		24			5
Other (2)		(112	)		(11	)
	$	(85	)	$	86

(1)	Includes 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 42 for further details.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Overview of Performance

Impact of Closed Divestitures

On January 6, 2025, the Bank announced the sale of its banking operations in Colombia, Costa Rica and Panama to Davivienda Group. The sale was completed on December 1, 2025 upon receiving all regulatory approvals and satisfying all customary closing conditions. In addition, on February 28, 2025, the Bank completed the sale of CrediScotia Financiera S.A. (Peru), which was announced in fiscal 2024. The table below reflects the earnings impact of these operations in the current and prior fiscal year. For further details on divestitures, refer to Note 35 in the accompanying consolidated financial statements.

T11

Impact of divested operations



($ millions)	2025		2024
Net interest income	$	1,055	$	1,169
Non-interest income		568		596
Total revenue		1,623		1,765
Provision for credit losses		473		742
Non-interest expenses		1,009		1,113
Income before taxes		141		(90	)
Income tax expense (recovery)		56		(29	)
Net income (loss)	$	85	$	(61	)
Net income (loss) attributable to non-controlling interests (NCI)		11		(49	)
Net income (loss) attributable to equity holders - relating to divested operations	$	74	$	(12	)
Average Loans ($ billions)		18		18
Average Deposits ($ billions)	$	18	$	17

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

GROUP FINANCIAL PERFORMANCE

T12

Group financial performance



As at October 31 ($ millions)	2025			2024
Reported Results
Net interest income	$	21,522		$	19,252
Non-interest income		16,219			14,418
Total revenue		37,741			33,670
Provision for credit losses		4,714			4,051
Non-interest expenses		22,518			19,695
Income before taxes		10,509			9,924
Income tax expense		2,751			2,032
Net income	$	7,758		$	7,892
Net income attributable to non-controlling interests in subsidiaries (NCI)	$	(31	)	$	134
Net income attributable to equity holders of the Bank	$	7,789		$	7,758

Other Financial Data and Measures
Return on Equity (1)		9.7	%		10.2	%
Net interest margin (2)		2.33	%		2.16	%
Effective tax rate (1)		26.2	%		20.5	%
Provision for credit losses – performing (Stage 1 and 2)	$	581		$	121
Provision for credit losses – impaired (Stage 3)	$	4,133		$	3,930
Provision for credit losses as a percentage of average net loans and acceptances (annualized) (1)		0.62	%		0.53	%
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (annualized) (1)		0.54	%		0.52	%
Net write-offs as percentage of average net loans and acceptances (annualized) (1)		0.50	%		0.46	%

(1)	Refer to Glossary on page 136 for the description of the measure.

(2)	Refer to Non-GAAP Measures starting on page 20.

T12A

Adjusted Group financial performance

(1)



As at October 31 ($ millions)	2025		2024
Adjusted Results
Net interest income	$	21,522	$	19,252
Non-interest income		16,209		14,561
Total revenue		37,731		33,813
Provision for credit losses		4,714		4,051
Non-interest expenses		20,581		18,961
Income before taxes		12,436		10,801
Income tax expense		2,926		2,174
Net income	$	9,510	$	8,627
Net income attributable to non-controlling interests in subsidiaries (NCI)	$	160	$	136
Net income attributable to equity holders of the Bank	$	9,350	$	8,491

(1)	Refer to Non-GAAP Measures starting on page 20.

Net Income

Net Interest Income

Net interest income was $21,522 million compared to $19,252 million, an increase of $2,270 million or 12% 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”). Higher net interest income was driven by the Other segment due mainly to lower funding costs, as well as increases in Canadian Banking from asset and deposit growth, Global Banking and Markets driven by higher contribution from capital market activities, higher corporate lending margins and deposit growth and Global Wealth Management from strong loan growth, and higher margins and growth in deposits.

The net interest margin was 2.33%, an increase of 17 basis points primarily from significantly lower funding costs driven by central bank rate cuts and higher margins in Global Banking and Markets. This was partly offset by lower deposit margins in Canadian Banking, and increased levels of high quality, lower yielding treasury assets.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Group Financial Performance

T13

Average balance sheet

(1)

and net interest income



	2025								2024

For the fiscal years ($ billions)	Average balance			Interest		Average rate			Average balance			Interest		Average rate
Assets
Deposits with financial institutions	$	67.9		$	2.6		3.77	%	$	64.5		$	3.1		4.79	%
Trading assets		153.3			1.1		0.73	%		146.3			1.7		1.13	%
Securities purchased under resale agreements and securities borrowed		209.3			2.8		1.34	%		193.1			1.6		0.83	%
Investment securities		157.2			6.8		4.34	%		147.6			7.5		5.09	%
Loans:
Residential mortgages		359.0			15.8		4.40	%		343.6			16.0		4.67	%
Personal loans		107.4			8.2		7.64	%		105.5			8.8		8.32	%
Credit cards		17.5			3.2		18.18	%		17.3			3.2		18.53	%
Business and government		285.0			17.1		6.00	%		289.9			19.8		6.82	%
Allowance for credit losses		(7.1	)							(6.6	)
Total loans	$	761.8		$	44.3		5.81	%	$	749.7		$	47.8		6.38	%
Customers’ liability under acceptances		0.1								10.0
Total average earning assets (2)	$	1,349.6		$	57.6		4.27	%	$	1,311.2		$	61.7		4.70	%
Other assets		115.7								108.1
Total average assets	$	1,465.3		$	57.6		3.93	%	$	1,419.3		$	61.7		4.34	%
Liabilities and equity
Deposits:
Personal	$	299.9		$	7.9		2.65	%	$	292.4		$	9.5		3.25	%
Business and government		619.0			24.1		3.89	%		610.2			28.2		4.63	%
Financial institutions		43.0			1.4		3.28	%		49.1			1.8		3.58	%
Total deposits	$	961.9		$	33.4		3.47	%	$	951.7		$	39.5		4.15	%
Obligations related to securities sold under repurchase agreements and securities lent		208.9			0.6		0.28	%		176.2			0.7		0.40	%
Subordinated debentures		7.8			0.4		4.93	%		8.5			0.5		5.74	%
Other interest-bearing liabilities		70.6			1.7		2.38	%		73.0			1.7		2.37	%
Total interest-bearing liabilities	$	1,249.2		$	36.1		2.89	%	$	1,209.4		$	42.4		3.51	%
Financial instruments designated at fair value through profit or loss		40.8								33.5
Other liabilities including acceptances		89.5								94.9
Equity (3)		85.8								81.5
Total liabilities and equity	$	1,465.3		$	36.1		2.46	%	$	1,419.3		$	42.4		2.99	%
Net interest income				$	21.5							$	19.3

(1)	Average of daily balances.

(2)	Refer to Non-GAAP Measures on Page 20.

(3)	Includes non-controlling interest of $1.7 (2024 – $1.7).

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Non-Interest

Income

T14

Non-interest

income



For the fiscal years ($ millions)	2025			2024		2025 versus 2024
Banking
Card revenues	$	892		$	869		3	%
Banking services fees		1,997			1,955		2
Credit fees		1,249			1,585		(21	)
Total banking revenues	$	4,138		$	4,409		(6	)%
Wealth management
Mutual funds	$	2,564		$	2,282		12	%
Brokerage fees		1,436			1,251		15
Investment management and trust
Investment management and custody		902			840		7
Personal and corporate trust		260			256		2
		1,162			1,096		6
Total wealth management revenues	$	5,162		$	4,629		12	%
Underwriting and advisory fees		964			702		37
Non-trading foreign exchange		948			930		2
Trading revenues		1,984			1,634		21
Net gain on sale of investment securities		71			48		48
Net income from investments in associated corporations		608			198		207
Insurance service results		485			470		3
Other fees and commissions		1,653			1,247		33
Other		206			151		36
Total non-interest income	$	16,219		$	14,418		12	%
Non-GAAP Adjusting items (1)
Divestitures and wind-down of operations (2)		(36	)		143
Amortization of acquisition-related intangible assets (3)		26			–
Adjusted non-interest income (1)	$	16,209		$	14,561		11	%

(1)	Refer to Non-GAAP Measures on page 20.

(2)	Recorded in Other Non-interest Income.

(3)	Recorded in net income from investments in associated corporations.

C2	Sources of non-interest income in 2025

Non-interest

income was $16,219 million, an increase of $1,801 million or 12%. Adjusted

non-interest

Wealth management revenues increased $533 million or 12% from higher mutual fund revenues, brokerage fees, and investment management and trust revenues.

Net income from investments in associated corporations increased $436 million or 220%, primarily related to the KeyCorp investment.

Other fee and commissions revenue increased $406 million or 33%, due mainly to higher volume of securities borrowing and lending activities.

Underwriting and advisory fees increased $262 million or 37%, due mainly to higher new issuance activities in equity and debt capital markets.

Trading revenues increased $350 million or 21%, due mainly to higher client-driven trading activity in Global Banking and Markets related to fixed income and currency trading, net of lower equities trading, as well as higher trading revenues in International Banking.

Banking revenues decreased $271 million or 6%, due mainly to lower credit fees from banker’s acceptances, partly offset by higher deposit and payment services fees and higher card revenues.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Performance

T15

Trading-related revenues

(1)



For the fiscal years ($ millions)	2025			2024 (2)
Trading-related revenue (TEB) ( 3)
Net interest income	$	(3	)	$	(252	)
Non-interest income
Trading revenues		1,984			1,686
Other fees and commissions		1,006			613
Total trading-related revenue (TEB)	$	2,987		$	2,047
Taxable equivalent adjustment		–			(52	)
Trading-related revenue (Non-TEB)	$	2,987		$	1,995

(1)	Refer to Non-GAAP Measures on page 20.

(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 42 for further details.

(3)

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 trading securities, fees and commissions from 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.

Provision for Credit Losses

The provision for credit losses was $4,714 million compared to $4,051 million, an increase of $663 million. The provision for credit losses ratio was 62 basis points compared to 53 basis points. This was due mainly to higher provisions on performing loans, primarily in the Canadian Banking and International Banking portfolios, as well as impaired loans mainly in Canadian Banking.

The provision for credit losses on performing loans was $581 million compared to $121 million. The provision increased by $460 million driven by the impact of credit migration, an unfavourable macroeconomic outlook primarily driven by the U.S. tariffs, as well as business growth, mainly in the International retail portfolio.

The provision for credit losses on impaired loans was $4,133 million compared to $3,930 million. The provision for credit losses ratio on impaired loans was 54 basis points compared to 52 basis points. The increase in provision this year was due primarily to higher formations in Canadian Banking.

T16

Provision for credit losses by business line



	2025						2024

For the fiscal years ($ millions)	Performing (Stage 1 and 2)		Impaired (Stage 3)		Total		Performing (Stage 1 and 2)			Impaired (Stage 3)		Total
Canadian Banking
Retail	$	291	$	1,419	$	1,710	$	109		$	1,257	$	1,366
Commercial		108		475		583		18			307		325
Total		399		1,894		2,293		127			1,564		1,691
International Banking
Retail		66		1,872		1,938		(138	)		2,040		1,902
Commercial		62		308		370		89			297		386
Total		128		2,180		2,308		(49	)		2,337		2,288
Global Wealth Management		9		5		14		3			24		27
Global Banking and Markets		43		54		97		43			5		48
Other		1		–		1		–			–		–
Provision for credit losses on loans, acceptances and off-balance sheet exposures	$	580	$	4,133	$	4,713	$	124		$	3,930	$	4,054
International Banking	$	1	$	–	$	1	$	(3	)	$	–	$	(3	)
Global Wealth Management		–		–		–		–			–		–
Global Banking and Markets		–		–		–		(1	)		–		(1	)
Other		–		–		–		1			–		1
Provision for credit losses on debt securities and deposits with banks	$	1	$	–	$	1	$	(3	)	$	–	$	(3	)
Total provision for credit losses	$	581	$	4,133	$	4,714	$	121		$	3,930	$	4,051

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

T16A

Provision for credit losses against impaired financial instruments by business line



For the fiscal years ($ millions)	2025			2024
Canadian Banking
Retail	$	1,419		$	1,257
Commercial		475			307
	$	1,894		$	1,564
International Banking
Caribbean and Central America	$	212		$	194
Latin America
Mexico		489			404
Peru		392			554
Chile		639			587
Colombia		392			532
Other Latin America		56			66
Total Latin America		1,968			2,143
	$	2,180		$	2,337
Global Wealth Management	$	5		$	24
Global Banking and Markets
Canada	$	12		$	(12	)
U.S.		44			24
Asia and Europe		(2	)		(7	)
	$	54		$	5
Total	$	4,133		$	3,930

T17

Provision for credit losses as a percentage of average net loans and acceptances

(1)(2)



For the fiscal years (%)	2025			2024
Canadian Banking
Retail		0.47	%		0.39	%
Commercial		0.62			0.35
		0.50			0.38
International Banking
Retail		2.40			2.42
Commercial		0.45			0.44
		1.41			1.37
Global Wealth Management		0.05			0.11
Global Banking and Markets		0.08			0.04
Provisions against impaired loans		0.54			0.52
Provisions against performing loans		0.08			0.01
Provision for credit losses as a percentage of average net loans and acceptances		0.62	%		0.53	%

(1)	Includes provision for credit losses on certain financial assets - loans, acceptances, and off-balance sheet exposures.

(2)	Refer to Glossary on page 136 for the description of the measure.

T18

Net write-offs

(1)

as a percentage of average net loans and acceptances

(2)



For the fiscal years (%)	2025			2024
Canadian Banking
Retail		0.38	%		0.34	%
Commercial		0.41			0.26
		0.38			0.32
International Banking
Retail		2.21			2.43
Commercial		0.22			0.20
		1.21			1.25
Global Wealth Management		0.03			0.05
Global Banking and Markets		0.06			–
Total		0.50	%		0.46	%

(1)	Write-offs net of recoveries.

(2)	Refer to Glossary on page 136 for the description of the measure.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Performance

Non-Interest

Expenses

T19

Non-interest

expenses and productivity



For the fiscal years ($ millions)	2025			2024			2025 versus 2024
Salaries and employee benefits
Salaries	$	6,040		$	5,663			7	%
Performance-based compensation		2,591			2,170			19
Share-based payments		407			371			10
Other employee benefits		1,786			1,651			8
	$	10,824		$	9,855			10	%
Premises and technology
Premises		558			571			(2	)
Technology		2,739			2,325			18
	$	3,297		$	2,896			14	%
Depreciation and amortization
Depreciation		683			730			(6	)
Amortization of intangible assets		921			1,030			(11	)
	$	1,604		$	1,760			(9	)%

Communications	$	384		$	381			1	%

Advertising and business development	$	672		$	614			9	%

Professional	$	880		$	793			11	%

Business and capital taxes
Business taxes		626			617			1
Capital taxes		82			65			26
	$	708		$	682			4	%
Other	$	4,149		$	2,714			53	%

Total non-interest expenses	$	22,518		$	19,695			14	%
Non-GAAP adjusting items (1) :
Divestitures and wind-down of operations		(1,422	)		7
Restructuring charge and severance provisions		(373	)		(53	)
Legal provision		(74	)		(176	)
Amortization of acquisition-related intangible assets		(68	)		(72	)
Impairment of non-financial assets		–			(440	)
		(1,937	)		(734	)
Recorded in:
Salaries and employee benefits		(54	)		(46	)
Depreciation and amortization		(78	)		(169	)
Professional		(34	)		–
Other		(1,771	)		(519	)
		(1,937	)		(734	)
Adjusted non-interest expenses (1)	$	20,581		$	18,961			9	%
Productivity ratio (2)		59.7	%		58.5	%
Adjusted productivity ratio (1)		54.5	%		56.1	%

(1)	Refer to Non-GAAP Measures starting on page 20.

(2)	Refer to Glossary on page 136 for the description of the measure.

C3	Non-interest expenses $ millions

C4	Direct and indirect taxes $ millions

Non-interest

expenses were $22,518 million compared to $19,695 million, an increase of $2,823 million or 14%. Included in non-interest expenses is an impairment loss of $1,422 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama, restructuring charge and severance provisions of $373 million and legal provisions of $74 million.

Adjusted

non-interest

The technology costs reflect the Bank’s medium-term commitment to modernize and scale data and analytics capabilities, cloud migration, and

end-to-end

digitization, as well as continued investment in core foundational enterprise security and architecture.

The productivity ratio was 59.7% compared to 58.5%. The adjusted productivity ratio was 54.5% compared to 56.1%. Operating leverage was negative 2.2% on a reported basis and positive 3.0% on an adjusted basis.

Provision for Income Taxes

non-deductible

expenses and the impairment charge on Bank of Xi’an Co in the prior year. On an adjusted basis, the effective tax rate was 23.5% compared to 20.1% primarily due to lower income in lower tax jurisdictions and the implementation of the GMT.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Fourth Quarter Review

T20

Fourth quarter financial results



	For the three months ended

($ millions)	October 31 2025			July 31 2025			October 31 2024
Reported Results
Net interest income	$	5,586		$	5,493		$	4,923
Non-interest income		4,217			3,993			3,603
Total revenue		9,803			9,486			8,526
Provision for credit losses		1,113			1,041			1,030
Non-interest expenses		5,828			5,089			5,296
Income tax expense		656			829			511
Net income	$	2,206		$	2,527		$	1,689
Net income attributable to non-controlling interests in subsidiaries (NCI)		(13	)		80			47
Net income attributable to equity holders of the Bank	$	2,219		$	2,447		$	1,642
Preferred shareholders and other equity instrument holders		115			134			121
Common shareholders		2,104			2,313			1,521
Adjustments (1)
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations	$	(45	)	$	–		$	–
Amortization of acquisition-related intangible assets		9			8			–
Total non-interest income adjusting items (Pre-tax)		(36	)		8			–
Adjusting items impacting non-interest expenses (Pre-tax)
Divestitures and wind-down of operations		57			(23	)		–
Restructuring charge and severance provisions		373			–			53
Legal provision		74			–			–
Amortization of acquisition-related intangible assets		16			17			19
Impairment of non-financial assets		–			–			440
Total non-interest expense adjusting items (Pre-tax)		520			(6	)		512
Total impact of adjusting items on net income before taxes		484			2			512
Impact of adjusting items on income tax expense
Divestitures and wind-down of operations		(4	)		(6	)		–
Restructuring charge and severance provisions		(103	)		–			(15	)
Legal provision		(20	)		–			–
Amortization of acquisition-related intangible assets		(5	)		(5	)		(6	)
Impairment of non-financial assets		–			–			(61	)
Total impact of adjusting items on income tax expense		(132	)		(11	)		(82	)
Total impact of adjusting items on net income		352			(9	)		430
Impact of adjusting items on NCI		(53	)		37			–
Total impact of adjusting items on net income attributable to equity holders	$	299		$	28		$	430
Adjusted Results
Adjusted net interest income	$	5,586		$	5,493		$	4,923
Adjusted non-interest income		4,181			4,001			3,603
Adjusted total revenue		9,767			9,494			8,526
Adjusted provision for credit losses		1,113			1,041			1,030
Adjusted non-interest expenses		5,308			5,095			4,784
Adjusted income tax expense		788			840			593
Adjusted net income	$	2,558		$	2,518		$	2,119
Adjusted net income attributable to non-controlling interests in subsidiaries (NCI)		40			43			47
Adjusted net income attributable to equity holders of the Bank	$	2,518		$	2,475		$	2,072
Preferred shareholders and other equity instrument holders		115			134			121
Common shareholders		2,403			2,341			1,951

(1)	Refer to Non-GAAP Measures starting on page 20.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Performance

Net income

Q4 2025 vs Q4 2024

Net income was $2,206 million compared to $1,689 million, an increase of 31%. Adjusted net income also increased 21% from $2,119 million to $2,558 million. The increase was driven primarily by higher net interest income and non-interest income, partly offset by higher non-interest expenses and income taxes.

Q4 2025 vs Q3 2025

Net income was $2,206 million compared to $2,527 million, a decrease of 13%. The decrease was driven primarily by higher non-interest expenses from the restructuring charge, partly offset by lower income taxes and higher net interest income and non-interest income. Adjusted net income was $2,558 million compared to $2,518 million, an increase of 2%. The increase was driven primarily by higher net interest income, non-interest income and lower income taxes, partly offset by higher non-interest expenses and provision for credit losses.

Total revenue

Q4 2025 vs Q4 2024

Revenues were $9,803 million compared to $8,526 million, an increase of 15%.

Net interest income was $5,586 million compared to $4,923 million, an increase of $663 million or 13%. The increase was due primarily to a higher net interest margin, loan growth and the positive impact of foreign currency translation. The net interest margin was 2.40%, an increase of 25 basis points mainly from significantly lower funding costs driven by central bank rate cuts, and higher margins in International Banking and Global Banking and Markets.

Non-interest income was $4,217 million, an increase of $614 million or 17%. Adjusted non-interest income was $4,181 million, an increase of $578 million or 16%. The increase was due mainly to higher income from associated corporations primarily related to the KeyCorp investment, as well as higher wealth management revenues, underwriting and advisory fees, trading-related revenues, and banking fees.

Q4 2025 vs Q3 2025

Revenues were $9,803 million compared to $9,486 million, an increase of 3%.

Net interest income increased $93 million or 2%, due primarily to a higher net interest margin, and the positive impact of foreign currency translation. The net interest margin increased four basis points, mainly driven by higher business line margins.

Non-interest income increased $224 million or 6%. Adjusted non-interest income was up $180 million or 4%. The increase was due mainly to higher wealth management revenues, other fee and commission revenues, and underwriting and advisory fees.

Provision for credit losses

Q4 2025 vs Q4 2024

The provision for credit losses was $1,113 million compared to $1,030 million, an increase of $83 million. The provision for credit losses ratio was 58 basis points compared to 54 basis points.

Provision for credit losses on performing loans was $71 million compared to a reversal of $13 million. The provision this period was primarily related to business growth, mainly in the International retail portfolio, as well as credit migration impacting Canadian Banking and Corporate loan book, partly offset by the impact of the improving macroeconomic outlook.

Provision for credit losses on impaired loans was $1,042 million compared to $1,043 million. The provision for credit losses ratio on impaired loans was 54 basis points compared to 55 basis points. The decrease was due primarily to lower provisions in the retail portfolio, partly offset by higher provisions in the Canadian commercial portfolio.

Q4 2025 vs Q3 2025

The provision for credit losses was $1,113 million compared to $1,041 million, an increase of $72 million. The provision for credit losses ratio was 58 basis points compared to 55 basis points.

Provision for credit losses on performing loans was $71 million compared to $66 million. The provision this period was primarily related to business growth, mainly in the International retail portfolio, as well as credit migration impacting Canadian Banking and Corporate loan book, partly offset by the impact of the improving macroeconomic outlook.

Provision for credit losses on impaired loans was $1,042 million compared to $975 million, an increase of $67 million or 7% mainly in retail. The provision for credit losses ratio on impaired loans was 54 basis points compared to 51 basis points.

Non-interest

expenses

Q4 2025 vs Q4 2024

Non-interest expenses were $5,828 million compared to $5,296 million, an increase of $532 million or 10%. Adjusted non-interest expenses were $5,308 million compared to $4,784 million, an increase of $524 million or 11%, driven mainly by higher personnel costs, including performance-based compensation, higher technology and advertising and business development costs to support strategic and regulatory initiatives, as well as the negative impact of foreign currency translation.

The productivity ratio was 59.4% compared to 62.1%. The adjusted productivity ratio was 54.3% compared to 56.1%. Year-to-date operating leverage was negative 2.2% and positive 3.0% on adjusted basis.

Q4 2025 vs Q3 2025

Non-interest expenses were up $739 million or 14%. Adjusted non-interest expenses were $5,308 million, an increase of $213 million or 4%, driven by higher personnel costs, including performance-based compensation, higher technology and advertising and business development costs to support strategic and regulatory initiatives, and the negative impact of foreign currency translation. This was partly offset by lower professional fees and depreciation and amortization.

The productivity ratio was 59.4% compared to 53.7%. The adjusted productivity ratio was 54.3% compared to 53.7%.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Provision for income taxes

Q4 2025 vs Q4 2024

The effective tax rate was 22.9% compared to 23.2%. On an adjusted basis the effective tax rate was 23.6% compared to 21.8% due primarily to lower income in lower tax jurisdictions and the implementation of the GMT.

Q4 2025 vs Q3 2025

The effective tax rate was 22.9% compared to 24.7% and on an adjusted basis the effective tax rate was 23.6% compared to 25.0% due primarily to higher income in lower tax jurisdictions and withholding taxes paid in the prior quarter.

Trending Analysis

T21

Quarterly financial highlights



	For the three months ended

($ millions)	October 31 2025			July 31 2025			April 30 2025			January 31 2025			October 31 2024			July 31 2024			April 30 2024			January 31 2024
Reported results
Net interest income	$	5,586		$	5,493		$	5,270		$	5,173		$	4,923		$	4,862		$	4,694		$	4,773
Non-interest income		4,217			3,993			3,810			4,199			3,603			3,502			3,653			3,660
Total revenue	$	9,803		$	9,486		$	9,080		$	9,372		$	8,526		$	8,364		$	8,347		$	8,433
Provision for credit losses		1,113			1,041			1,398			1,162			1,030			1,052			1,007			962
Non-interest expenses		5,828			5,089			5,110			6,491			5,296			4,949			4,711			4,739
Income tax expense		656			829			540			726			511			451			537			533
Net income	$	2,206		$	2,527		$	2,032		$	993		$	1,689		$	1,912		$	2,092		$	2,199
Basic earnings per share ($)		1.70			1.84			1.48			0.82			1.23			1.43			1.59			1.70
Diluted earnings per share ($)		1.65			1.84			1.48			0.66			1.22			1.41			1.57			1.68
Net interest margin (%) (1)		2.40			2.36			2.31			2.23			2.15			2.14			2.17			2.19
Effective tax rate (%) (2)		22.9			24.7			21.0			42.2			23.2			19.1			20.4			19.5
Adjusted results (1)
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations	$	(45	)	$	–		$	9		$	–		$	–		$	143		$	–		$	–
Amortization of acquisition-related intangible assets		9			8			9			–			–			–			–			–
Total non-interest income and total revenue adjusting items (Pre-tax)		(36	)		8			18			–			–			143			–			–
Adjusting items impacting non-interest expenses (Pre-tax)
Divestitures and wind-down of operations		57			(23	)		26			1,362			–			(7	)		–			–
Restructuring charge and severance provisions		373			–			–			–			53			–			–			–
Legal provision		74			–			–			–			–			176			–			–
Amortization of acquisition-related intangible assets		16			17			17			18			19			17			18			18
Impairment of non-financial assets		–			–			–			–			440			–			–			–
Total non-interest expenses adjusting items (Pre-tax)		520			(6	)		43			1,380			512			186			18			18
Total impact of adjusting items on net income before taxes		484			2			61			1,380			512			329			18			18
Impact of adjusting items on income tax expense		(132	)		(11	)		(21	)		(11	)		(82	)		(50	)		(5	)		(5	)
Total impact of adjusting items on net income		352			(9	)		40			1,369			430			279			13			13
Adjusted net income	$	2,558		$	2,518		$	2,072		$	2,362		$	2,119		$	2,191		$	2,105		$	2,212
Adjusted diluted earnings per share	$	1.93		$	1.88		$	1.52		$	1.76		$	1.57		$	1.63		$	1.58		$	1.69

(1)	Refer to Non-GAAP Measures starting on page 20.

(2)	Refer to Glossary on page 136 for the description of the measure.

Earnings over the two-year period were driven by higher net interest income and generally higher non-interest income. Provisions for credit losses, non-interest expenses and provisions for income taxes were generally higher. Earnings during this period were impacted by adjusting items.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Performance

Total revenue

Canadian Banking net interest income over the period has increased, driven by asset and deposit growth and the benefit of the BA conversion. 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 from AUM and AUA market appreciation and higher net sales. Global Banking and Markets revenues are affected by market conditions that impact client activity and have trended upwards due to positive market conditions in the capital markets and business banking businesses, supported by higher underwriting and advisory fees. Revenues in the Other segment were impacted by higher term funding costs, and income from associated corporations, both of which have improved in 2025.

Provision for credit losses

Provision for credit losses have trended upward during the period driven by higher performing loans, due primarily to credit quality migration and significant deterioration in the macroeconomic outlook in Canadian Banking, which reflects the continued uncertainty related to U.S. tariffs. The increase in provision for credit losses on impaired loans this year was due primarily to higher formations in the Canadian Banking portfolio.

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 during the period were impacted by adjusting items.

Provision for income taxes

The effective tax rate was 22.9% this quarter. The average effective tax rate was 24.1% over the period and was impacted by 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.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

BUSINESS LINE OVERVIEW

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. Effective January 1, 2024, in line with the provisions of Bill C-59, the Bank no longer claims the dividend received deduction on Canadian shares that are mark-to-market property, which resulted in a lower TEB gross-up.

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 enables 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:

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.

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.

To be consistent with the reporting of its 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 are now reported in the Other segment.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Business Line Overview


		KEY PERFORMANCE INDICATORS FOR ALL BUSINESS LINES


Management uses a number of key metrics to monitor business line performance:

• Net income	• Return on equity	• Productivity ratio	• Provision for credit losses ratio

Below are the results of the Bank’s operating segments for 2025:

T22

Financial performance – Reported



For the year ended October 31, 2025 ($ millions)	Canadian Banking			International Banking			Global Wealth Management			Global Banking and Markets			Other			Total
Net interest income (1)	$	10,484		$	8,866		$	1,025		$	1,400		$	(253	)	$	21,522
Non-interest income (1)		2,941			3,177			5,403			4,766			(68	)		16,219
Total revenue (1)		13,425			12,043			6,428			6,166			(321	)		37,741
Provision for credit losses		2,293			2,309			14			97			1			4,714
Non-interest expenses		6,405			6,164			4,144			3,563			2,242			22,518
Provision for income taxes (1)		1,302			781			590			585			(507	)		2,751
Net income	$	3,425		$	2,789		$	1,680		$	1,921		$	(2,057	)	$	7,758
Net income attributable to non-controlling interests in subsidiaries		–			158			10			(1	)		(198	)		(31	)
Net income attributable to equity holders of the Bank	$	3,425		$	2,631		$	1,670		$	1,922		$	(1,859	)	$	7,789
Return on equity(%) (2)		16.3	%		14.6	%		16.0	%		12.8	%		nm			9.7	%
Total average assets ($ billions)	$	463		$	227		$	38		$	509		$	228		$	1,465
Total average liabilities ($ billions)	$	382		$	175		$	48		$	520		$	254		$	1,379

(1)	Taxable equivalent basis. Refer to Glossary on page 136.

(2)	Refer to Non-GAAP Measures on page 20 for the description of the measure.



For the year ended October 31, 2024 ($ millions)	Canadian Banking (1)			International Banking (1)			Global Wealth Management (1)			Global Banking and Markets (1)			Other (1)			Total
Net interest income (2)	$	10,185		$	8,867		$	786		$	1,102		$	(1,688	)	$	19,252
Non-interest income (2)		2,848			2,999			4,803			3,959			(191	)		14,418
Total revenue (2)		13,033			11,866			5,589			5,061			(1,879	)		33,670
Provision for credit losses		1,691			2,285			27			47			1			4,051
Non-interest expenses		6,125			6,170			3,655			3,122			623			19,695
Provision for income taxes (2)		1,440			705			479			414			(1,006	)		2,032
Net income	$	3,777		$	2,706		$	1,428		$	1,478		$	(1,497	)	$	7,892
Net income attributable to non-controlling interests in subsidiaries		–			125			10			–			(1	)		134
Net income attributable to equity holders of the Bank	$	3,777		$	2,581		$	1,418		$	1,478		$	(1,496	)	$	7,758
Return on equity(%) (3)		18.3	%		13.5	%		13.9	%		9.6	%		nm			10.2	%
Total average assets ($ billions)	$	449		$	231		$	35		$	495		$	209		$	1,419
Total average liabilities ($ billions)	$	389		$	179		$	41		$	475		$	254		$	1,338

(1)	Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology. Refer to page 42 for further details.

(2)	Taxable equivalent basis. Refer to Glossary on page 136.

(3)	Refer to Non-GAAP Measures on page 20 for the description of the measure.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

T22A

Financial performance – Adjusted



For the year ended October 31, 2025 ($ millions) (1)	Canadian Banking		International Banking		Global Wealth Management		Global Banking and Markets			Other			Total
Net interest income (2)	$	10,484	$	8,866	$	1,025	$	1,400		$	(253	)	$	21,522
Non-interest income (2)		2,941		3,177		5,403		4,766			(78	)		16,209
Total revenue (2)		13,425		12,043		6,428		6,166			(331	)		37,731
Provision for credit losses		2,293		2,309		14		97			1			4,714
Non-interest expenses		6,401		6,136		4,108		3,563			373			20,581
Provision for income taxes (2)		1,303		789		600		585			(351	)		2,926
Net income	$	3,428	$	2,809	$	1,706	$	1,921		$	(354	)	$	9,510
Net income attributable to non-controlling interests in subsidiaries		–		158		10		(1	)		(7	)		160
Net income attributable to equity holders of the Bank	$	3,428	$	2,651	$	1,696	$	1,922		$	(347	)	$	9,350

(1)	Refer to Non-GAAP Measures on page 20 for the description of the adjustments.

(2)	Taxable equivalent basis. Refer to Glossary on page 136.



For the year ended October 31, 2024 ($ millions) (1)	Canadian Banking (2)		International Banking (2)		Global Wealth Management (2)		Global Banking and Markets (2)		Other (2)			Total
Net interest income (3)	$	10,185	$	8,867	$	786	$	1,102	$	(1,688	)	$	19,252
Non-interest income (3)		2,848		2,999		4,803		3,959		(48	)		14,561
Total revenue (3)		13,033		11,866		5,589		5,061		(1,736	)		33,813
Provision for credit losses		1,691		2,285		27		47		1			4,051
Non-interest expenses		6,121		6,138		3,619		3,122		(39	)		18,961
Provision for income taxes (3)		1,441		714		489		414		(884	)		2,174
Net income	$	3,780	$	2,729	$	1,454	$	1,478	$	(814	)	$	8,627
Net income attributable to non-controlling interests in subsidiaries		–		125		10		–		1			136
Net income attributable to equity holders of the Bank	$	3,780	$	2,604	$	1,444	$	1,478	$	(815	)	$	8,491

(1)	Refer to Non-GAAP Measures on page 20 for the description of the adjustments.

(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 42 for further details.

(3)	Taxable equivalent basis. Refer to Glossary on page 136.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Canadian Banking

Canadian Banking


		2025 Achievements
		Earn primary client relationships • Accelerated the Mortgage+ program – a customizable bundle with a preferred mortgage rate, everyday banking account and other retail products, with 90% penetration on new originations and significant increase in mortgage renewal rates. • Leveraged Scene+ program to drive debit and credit card growth, increasing the penetration of Scotia payment products among members to 26%. • Improved client attrition by 150 bps to its lowest level in recent years, through higher quality acquisition, focus on cross-sell and streamlining everyday service tasks to capture and maintain deeper client relationships. Grow and scale in priority businesses • Launched major salesforce effectiveness programs nationally, improving sales practices across Retail, Small Business and Commercial Banking. • Maintained solid growth in Retail deposits and investments. Retail mutual fund assets under management grew ~12% from last year, driven by strong sales performance. • Launched the new Scotiabank Passport ® Visa Infinite Privilege Card, an elite travel credit card tailored to Canadians seeking a superior travel experience. • Launched the new Smart Savings tools on our Money Master account, helping clients automate their savings and earn a boosted interest rate, achieving a significant increase in deepening client relationships since the launch. Make it easy to do business with us • Expanded our virtual advice teams in Retail and Business Banking, improving overall advisor coverage and making it easier for clients to access advice. • Accelerated the shift to digital, with digital adoption up 70 bps and share of sales revenue from digital and virtual channels reaching 15%. • First bank in Canada to fully integrate Nova Credit into a digital onboarding experience, giving newcomers a seamless experience when opening chequing, savings and credit card accounts online, reducing the need for branch visits. Win as one team • Built our momentum to increase collaboration across teams and business lines and bring the whole bank to our clients, achieving 18% growth in closed referrals between Retail, Wealth, Small Business and Commercial. • Named as one of the Best Workplaces ™ in Canada by Great Place to Work for the 6 th year in a row. • Named one of Canada’s Top Employers for Young People 2025 by Mediacorp Canada for the 5 th consecutive year. Select awards • Named Canada’s Best Bank at the 2025 Euromoney Awards for Excellence for the 2 nd consecutive year. • Named Bank of the Year in Canada for the 6 th consecutive year by The Banker, which recognizes financial institutions for their performance, and strategic and technological advancements. • J.D. Power ranked Tangerine Bank highest in Personal Banking Client Satisfaction among Midsize Banks for the 14 th consecutive year, with top rankings across six of the study’s seven key dimensions – including ‘Level of trust’.

Business Profile

•

Retail Banking provides financial advice and solutions along with

day-to-day

banking products, including debit cards, chequing accounts, credit cards, investments, mortgages, personal loans, and related creditor insurance products to retail customers, including automotive dealers and their customers, providing retail automotive financing solutions. Tangerine Bank provides

day-to-day

banking products, including chequing and saving accounts, credit cards, mortgages, loans, and investments to self-directed customers.

•

Business Banking delivers advice and a full suite of lending, deposit, cash management and trade finance solutions to small, medium, and large businesses, including the Roynat franchise, which provides clients with innovative financing alternatives through both public and private markets.

Strategy

We aim to be Canada’s most trusted and data-driven bank with market-leading client advice, and sustainable growth in earnings and return on equity. Canadian Banking will continue to execute its long-term strategy to deliver stable and consistent earnings, including businesses and products that deliver higher returns on equity and lower risk-weighted assets. Ongoing efforts focus on deepening relationships with clients to increase engagement, loyalty and primacy, investing in digital and analytical capabilities to understand and anticipate customer needs, and developing a high-quality and diverse team of Scotiabank employees.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

2026 Priorities

•

Client primacy:

Increase client primacy across Retail, Tangerine, Small Business and Commercial Banking, with segment driven value propositions, personalization, and

best-in-class

client experience.

•

Everyday Banking:

Strengthen the

day-to-day

ecosystem and harness the full potential of Scene+ to drive higher deposit and card balances and capture share of wallet.

•

Sales and channel effectiveness:

Fully embed sales effectiveness enhancements across Retail, Small Business and Commercial Banking to drive consistency, and ramp up our digital and virtual capabilities to enable more specialization in human assisted channels.

•

Operational Excellence:

Deliver productivity-enabled investments, including

end-to-end

process optimization, automation and digitization, to unlock savings, fund future growth, and improve organizational agility.

•

Realize Tangerine’s full potential as a digital challenger:

Strengthen foundational capabilities and capitalize on opportunities as one of Canada’s leading digital challenger banks.

•

Accelerate data

& analytics, technology, and digital capabilities:

Strengthen capabilities across data, technology and digital to support client experience and insight-driven decision-making, and bolster technological resiliency.

T23

Canadian Banking financial performance



Taxable equivalent basis ($ millions)	2025			2024 (1)
Reported results
Net interest income	$	10,484		$	10,185
Non-interest income (2)		2,941			2,848
Total revenue		13,425			13,033
Provision for credit losses		2,293			1,691
Non-interest expenses		6,405			6,125
Income tax expense		1,302			1,440
Net income	$	3,425		$	3,777
Net income attributable to non-controlling interests in subsidiaries		–			–
Net income attributable to equity holders of the Bank	$	3,425		$	3,777

Key ratios and other financial data
Return on equity (3)		16.3	%		18.3	%
Productivity (4)		47.7	%		47.0	%
Net interest margin (3)		2.29	%		2.38	%
Effective tax rate (4)		27.5	%		27.6	%
Provision for credit losses – performing (Stages 1 and 2)	$	399		$	127
Provision for credit losses – impaired (Stage 3)	$	1,894		$	1,564
Provision for credit losses as a percentage of average net loans and acceptances (4)		0.50	%		0.38	%
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (4)		0.41	%		0.35	%
Net write-offs as a percentage of average net loans and acceptances (4)		0.38	%		0.32	%

Selected Consolidated Statement of Financial Position data (average balances)
Earning assets (3)	$	457,973		$	445,076
Total assets		462,670			449,469
Deposits		377,778			367,441
Total liabilities		382,398			388,957

(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 42 for further details.

(2)	Includes net (loss) income from investments in associated corporations of $19 (2024 – $(9)).

(3)	Refer to Non-GAAP Measures on page 20 for the description of the measure.

(4)	Refer to Glossary on page 136 for the description of the measure.

T23A

Adjusted Canadian Banking financial performance

(1)



($ millions)	2025		2024 (2)
Adjusted results
Net interest income	$	10,484	$	10,185
Non-interest income		2,941		2,848
Total revenue		13,425		13,033
Provision for credit losses		2,293		1,691
Non-interest expenses (3)		6,401		6,121
Income before taxes		4,731		5,221
Income tax expense		1,303		1,441
Net income	$	3,428	$	3,780
Net income attributable to non-controlling interests in subsidiaries (NCI)		–		–
Net income attributable to equity holders	$	3,428	$	3,780

(1)	Refer to Non-GAAP Measures on page 20 for the description of the adjustments.

(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 42 for further details.

(3)	Includes adjustment for amortization of acquisition-related intangible assets of $4 (2024 – $4).

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Canadian Banking

Financial Performance

Net income

Net income attributable to equity holders was $3,425 million compared to $3,777 million, a decrease of 9%. Adjusted net income attributable to equity holders was $3,428 million compared to $3,780 million, a decrease of 9%. The decrease was driven primarily by higher provision for credit losses and

non-interest

expenses, partly offset by higher net interest income and

non-interest

income.

Average assets and liabilities

Average assets were $463 billion compared to $449 billion. The increase was due primarily to growth of $13 billion or 5% in residential mortgages.

Average liabilities were $382 billion compared to $389 billion. The decrease was due primarily to a reduction of $16 billion in bankers’ acceptances liabilities due to the BA conversion, partly offset by growth of $5 billion or 4% in

non-personal

deposits, primarily in demand accounts, and $5 billion or 2% in personal deposits, mainly in chequing and savings products.

Revenues

Revenues were $13,425 million compared to $13,033 million, an increase of 3%.

Net interest income was $10,484 million compared to $10,185 million, an increase of 3%. The increase was 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 nine 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 was $2,941 million compared to $2,848 million, an increase of 3%. The increase was 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.

Retail Banking

Retail Banking revenues were $9,880 million compared to $9,820 million, an increase of 1%.

Net interest income was $7,701 million compared to $7,758 million, a decrease of 1%, due primarily to lower deposit margins reflecting the impact of Bank of Canada’s rate cuts, partly offset by solid asset and deposit growth, and higher asset margins.

Non-interest

income was $2,179 million compared to $2,062 million, an increase of 6%, due primarily to higher insurance revenue, mutual fund distribution fees, and banking revenue.

Business Banking

Total Business Banking revenues were $3,545 million compared to $3,213 million, an increase of 10%.

Net interest income was $2,783 million compared to $2,427 million, an increase of 15%, due primarily to solid deposit growth, the benefit of the BA conversion, and improved margins.

Non-interest

income was $762 million compared to $786 million, a decrease of 3%, due primarily to lower banking fees, including the impact of the BA conversion, partly offset by elevated private equity gains.

Provision for credit losses

The provision for credit losses was $2,293 million compared to $1,691 million, an increase of $602 million. The provision for credit losses ratio was 50 basis points compared to 38 basis points.

The provision for credit losses on performing loans was $399 million compared to $127 million. The provision increased by $272 million driven by credit quality migration and significant deterioration in the macroeconomic outlook impacting both the retail and commercial portfolios.

The provision for credit losses on impaired loans was $1,894 million compared to $1,564 million. The provision for credit losses ratio on impaired loans was 41 basis points compared to 35 basis points. This was due primarily to higher formations in retail mortgages and unsecured portfolios, as well as commercial formations.

Non-interest

expenses

Non-interest

expenses were $6,405 million compared to $6,125 million, an increase of 5%. The increase was 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. The productivity ratio was 47.7% compared to 47.0%.

Provision for income taxes

The effective tax rate was 27.5%, compared to 27.6%.

Outlook

Canadian Banking expects to generate strong earnings growth from good revenue growth and moderating loan losses from elevated levels in 2025. Revenue in Canadian Banking is expected to be driven by growth in loans and deposits, and a stable interest rate environment. Retail and Small Business Banking revenue growth is expected to accelerate through continued deposit mix improvements and loan growth. Commercial earnings growth will be driven by growth in loans and deposits, while maintaining the focus on profitability. Earnings growth in Tangerine is expected to remain modest, as we execute upfront strategic investments to drive more significant medium-term revenue lift. The segment will continue to maintain strong expense discipline while balancing investments in strategic initiatives to drive future growth, with a focus on generating positive operating leverage. Provision for credit losses is anticipated to recover from the elevated levels experienced in 2025. Earnings growth will be supported by the continued focus on client primacy across all segments.

C5	Total revenue by sub-segment $ millions

C6	Average loans and acceptances $ billions

C7	Average deposits $ billions

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

International Banking



		2025 Achievements
		Earn primary client relationships • Strengthened IB Retail by implementing a segmented operating model that improved client quality, deepened relationships, and enhanced client journeys through tailored digital capabilities, driving a 7% increase in primary clients compared to the prior year. • Enhanced Commercial client relationships by introducing a new segmentation and coverage model, resulting in a 3% increase in Cash Management clients compared to the prior year. • Deepened engagement in Global Banking and Markets by focusing on client payroll growth and enhancing CRM systems to better serve client needs, achieving a 5% increase in Cash Management clients compared to the prior year. Grow and scale in priority markets • Maintained our position across most markets, sustaining franchise value in deposits and loans. • In Latin America League Tables, GBM is ranked 5 th in Mergers and Acquisitions (M&A), 2 nd in Equity Capital Market (ECM) and 6 th in Debt Capital Market (DCM). • Executed the sale of CrediScotia Financiera, a wholly owned consumer finance subsidiary in Peru, as part of our strategy to focus on core operations. • Announced the Davivienda transaction, transferring our Colombia, Costa Rica, and Panama operations, and reinforcing our commitment with priority markets. Agreement includes referral arrangements in Wealth Management and GBM, leveraging our strong capabilities to enhance returns on capital deployed. Make it easy to do business with us • Executed on the structural transformation outlined at Investor Day 2023. Begun operating under a simplified, regionally aligned business model and structure focused on client segments. • Increased client acquisition through virtual and digital channels to 23%, up 469 bps compared to the prior year, strengthening operational efficiency across the footprint. • Continuous progress in building scalable solutions to better serve our clients’ needs. Select highlights include: • Launched scalable digital-first client onboarding and deposit account opening in Retail, starting with Mexico. • Rolled-out Global Treasury Portal within ScotiaConnect 2.0 for business clients in Mexico through regionally scalable solution. • Released Wallets ecosystem, enabling Apple Pay, Google Pay, etc. for personal clients across International Banking. • Expanded behavioral biometrics authentication technology to protect the Bank and our clients. Win as one team • Renewed our talent pool by promoting internal talent and attracting top-industry leaders for targeted roles. • Strengthened culture and management processes, resulting in strong employee engagement as per internal employee satisfaction surveys while executing on our business transformation. • Recognized as a Great Place to Work ® in Peru. • Ranked as a Top Employer in Chile with Certified Excellence in Employee Conditions by Top Employer. Select awards • Recognized by Global Finance as Latin America’s Best Bank for Sustainable Transparency, Sustainable Infrastructure & Project Finance, and Payments & Collections, and as Best Bank in Chile for Sustainable Finance (second year). • Recognized by Euromoney as Latin America’s Best Investment Bank for Financing and Sustainable Finance, and Best Bank for Trade Finance Products in Mexico and Latin America. • Recognized for Private Banking Excellence by Euromoney as Best International Private Bank (Bahamas, Jamaica, Cayman Islands) and Best Private Bank for Digital Solutions in Peru. • Named Best Private Bank of the Year in Mexico and Bank of the Year in Bahamas, Barbados, Jamaica, Trinidad & Tobago, and Turks & Caicos by The Banker.

Business Profile

Strategy

International Banking aims to achieve sustainable earnings growth by strategically targeting priority segments and geographies. The focus is on deepening client relationships to enhance engagement and primacy, managing credit risk prudently, accelerating deposit growth, and prioritizing expansion in markets with scale opportunities. International Banking will continue to maintain a strong emphasis on expense management while executing our long-term vision of building a robust client franchise across priority segments and geographies, supported by a diverse and talented team. International Banking business has successfully undergone a structural transformation and is now well positioned to deliver sustainable earnings and profitability growth, while effectively navigating market challenges.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| International Banking

2026 Priorities

•

Deepen client relationships

: Strengthen relationships by launching tailored value propositions in IB Retail to drive acquisition, deepen engagement, and enhance retention. Roll out segmented and consistent IB Commercial offerings focused on cash management and cross-border solutions to deliver improved client experience.

•

Grow and scale in priority markets

: Focus on strategic segments and geographies while preserving franchise value across other businesses. Expand Global Transaction Banking by leveraging existing assets and capabilities to reinforce our balance sheet. Capture efficiencies through regionalization of support functions, elimination of stranded costs, and deployment of scalable technologies.

•

Make it easy to do business with us

: Leverage segmentation, digitization, and personalization to deliver regional solutions and boost productivity, competitiveness and improve client experience.

•

Win as one team

: Continue to strengthen culture and management processes, align incentives to drive accountability and execution, and deliver on sustainability commitments.

T24

International Banking financial performance – Reported



Taxable equivalent basis ($ millions)	2025			2024 (1)
Reported results
Net interest income	$	8,866		$	8,867
Non-interest income (2)		3,177			2,999
Total revenue		12,043			11,866
Provision for credit losses		2,309			2,285
Non-interest expenses		6,164			6,170
Income tax expense		781			705
Net income	$	2,789		$	2,706
Net income attributable to non-controlling interests in subsidiaries		158			125
Net income attributable to equity holders of the Bank	$	2,631		$	2,581

Key ratios and other financial data
Return on equity (3)		14.6	%		13.5	%
Productivity (4)		51.2	%		52.0	%
Net interest margin (3)		4.50	%		4.41	%
Effective tax rate (4)		21.9	%		20.6	%
Provision for credit losses – performing (Stages 1 and 2)	$	129		$	(52	)
Provision for credit losses – impaired (Stage 3)	$	2,180		$	2,337
Provision for credit losses as a percentage of average net loans and acceptances (4)		1.41	%		1.37	%
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (4)		1.34	%		1.40	%
Net write-offs as a percentage of average net loans and acceptances (4)		1.21	%		1.25	%

Selected Consolidated Statement of Financial Position data (average balances)
Earning assets (3)	$	212,977		$	215,507
Total assets		226,820			231,456
Deposits		130,252			130,227
Total liabilities		175,426			178,579

(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 42 for further details.

(2)	Includes income (on a taxable equivalent basis) from associated corporations of $152 (2024 – $130). This income from associated corporations includes a tax normalization adjustment of $34 (2024 – $27).

(3)	Refer to Non-GAAP Measures on page 20 for the description of the measure.

(4)	Refer to Glossary on page 136 for the description of the measure.

T24A

Adjusted International Banking financial performance

(1)



($ millions)	2025		2024 (2)
Adjusted results
Net interest income	$	8,866	$	8,867
Non-interest income		3,177		2,999
Total revenue		12,043		11,866
Provision for credit losses		2,309		2,285
Non-interest expenses (3)		6,136		6,138
Income before taxes		3,598		3,443
Income tax expense		789		714
Net income	$	2,809	$	2,729
Net income attributable to non-controlling interests (NCI)		158		125
Net income attributable to equity holders	$	2,651	$	2,604

(1)	Refer to Non-GAAP Measures on page 20 for the description of the adjustments.

(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 42 for further details.

(3)	Includes adjustment for amortization of acquisition-related intangible assets of $28 (2024 – $32).

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Financial Performance

Net income

Net income attributable to equity holders was $2,631 million compared to $2,581 million, an increase of 2%. The increase was driven primarily by higher

non-interest

income, lower

non-interest

expenses and the positive impact of foreign currency translation. This was partly offset by higher income taxes, higher provision for credit losses. Adjusted net income attributable to equity holders was $2,651 million compared to $2,604 million, an increase of 2%.

Financial Performance on an Adjusted and Constant Dollar Basis

The discussion below on the results of operations is on an adjusted and 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 on page 20). 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.

T25

International Banking financial performance on reported and constant dollar basis



Taxable equivalent basis ($ millions)	2025		2024 (1)
Net interest income	$	8,866	$	8,856
Non-interest income (2)		3,177		2,980
Total revenue		12,043		11,836
Provision for credit losses		2,309		2,293
Non-interest expenses		6,164		6,121
Income tax expense		781		704
Net income on constant dollar basis	$	2,789	$	2,718
Net income attributable to non-controlling interests in subsidiaries on a constant dollar basis		158		128
Net income attributable to equity holders of the Bank on a constant dollar basis	$	2,631	$	2,590

Selected Consolidated Statement of Financial Position data (average balances)
Total assets	$	226,820	$	231,900
Total liabilities		175,426		177,824

(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 42 for further details.

(2)	Includes net income from investments in associated corporations of $152 (2024 – $132).

T25A

International Banking financial performance on adjusted and constant dollar basis



Taxable equivalent basis ($ millions)	2025		2024 (1)
Net interest income	$	8,866	$	8,856
Non-interest income		3,177		2,980
Total revenue		12,043		11,836
Provision for credit losses		2,309		2,293
Non-interest expenses (2)		6,136		6,089
Income tax expense		789		713
Net income on constant dollar basis	$	2,809	$	2,741
Net income attributable to non-controlling interests in subsidiaries on a constant dollar basis		158		128
Net income attributable to equity holders of the Bank on a constant dollar basis	$	2,651	$	2,613

(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 42 for further details.

(2)	Includes adjustment for amortization of acquisition-related intangible assets of $28 (2024 – $32).

C8	Total revenue by region $ millions

C9	Average loans and acceptances $ billions

C10	Average earning assets by region $ billions

C11	Average deposits $ billions

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| International Banking

Net income

Net income attributable to equity holders was $2,631 million compared to $2,590 million, an increase of 2%. Adjusted net income attributable to equity holders was $2,651 million compared to $2,613 million. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher income taxes, provision for credit losses and non-interest expenses.

Assets and liabilities

Average assets were $227 billion, a decrease of $5 billion or 2%. Total loans decreased by 3%, primarily in Mexico, Brazil and Peru. 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, mostly mortgages.

Average liabilities were $175 billion, a decrease of $3 billion or 1%. Total deposits were in line with previous year, and personal deposits increased by 1% mainly in Mexico, while non-personal deposits were in line with previous year. Term deposits decreased by 3%, and non-term deposits increased by 5% mainly in Peru and Chile.

Revenues

Revenues were $12,043 million compared to $11,836 million, an increase of 2%.

Net interest income was $8,866 million compared to $8,856 million, in line with the prior period. Net interest margin increased by nine basis points to 4.50%, driven by lower funding costs due to declines in central bank rates.

Non-interest income was $3,177 million compared to $2,980 million, an increase of 7%. This was driven mainly by higher capital markets revenues in Chile and Mexico, corporate loan fees in Colombia, and banking fees in Uruguay.

Provision for credit losses

The provision for credit loss was $2,309 million compared to $2,293 million, an increase of $16 million. The provision for credit losses ratio was 141 basis points compared to 137 basis points.

The provision for credit losses on performing loans was $129 million compared to a reversal of $52 million. The provision this period was driven by retail portfolio growth, credit quality migration in the commercial portfolio along with the continued unfavourable macroeconomic outlook.

The provision for credit losses on impaired loans was $2,180 million compared to $2,345 million. The provision for credit losses ratio on impaired loans was 134 basis points compared to 140 basis points. 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.

Non-interest

expenses

Non-interest expenses were $6,164 million compared to $6,121 million, an increase of 1%, driven mainly by higher technology costs and salaries and employee benefits. This was offset by lower depreciation and amortization in Colombia. The business continues to realize the benefits from its efficiency initiatives, despite an inflationary environment.

Provision for income taxes

The effective tax rate was 21.9% compared to 20.6%. On an adjusted basis, the effective tax rate was 21.9% compared to 20.7%. The increase was due primarily to the impact of the GMT in the current year and lower inflationary adjustments in Mexico partially offset by higher tax exempt income.

Outlook

International Banking earnings, excluding divestitures, are expected to increase modestly. Good growth in pre-tax pre-provision earnings is expected to be offset by slightly elevated loan loss provisions and a higher tax rate. Revenues, excluding the impact of divestures, are expected to grow, supported by strong performance across retail, commercial, and GBM segments, with good loan and deposit growth. Expenses, excluding the impact of divestures, are projected to modestly increase below inflation rates, reflecting the benefits from productivity initiatives. The segment will continue to invest selectively to grow profitably across the markets while generating positive operating leverage.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Global Wealth Management


		2025 Achievements
		Earn primary client relationships • Through our commitment to provide clients with Total Wealth advice, Scotia’s Wealth Management businesses reached an all-time high in client satisfaction, as measured by Net Promotor Score. • Continued to build strong momentum in broadening investment advice to retail clients, growing our retail mutual fund client base by 450 bps since last year. • Launched multiple new investment solutions for clients in Canada and internationally, including additional ETF funds, and private asset mandates as part of our strategic relationship with Sun Life Capital Management. • Scaled Total Wealth capabilities across our international footprint, including expanded capabilities in Mexico, Chile and the Caribbean. • Entered a strategic referral arrangement with ICICI Bank Canada to provide their high-net-worth clients with access to Scotia Wealth Management advice and solutions in Canada. Grow and scale in priority businesses • Ranked as the 3 rd largest wealth management business in Canada, based on total net income for publicly traded banks as of July 31, 2025. • Continued strong momentum across our Wealth and Asset Management businesses, with AUA and AUM growing by 13% and 16%, respectively. • Global Asset Management ranked #2 in Canadian retail mutual funds (excluding money market funds) by market share among bank-owned peers. • International Wealth Management delivered double-digit earnings growth, supported by strong growth in Mexico, as we deliver Total Wealth advice and best-in-class investment solutions to our international clients. • Successfully launched our Signature Banking offering in Canada tailored to a wider segment of high-net-worth clients with a service-focused banking solution. Make it easy to do business with us • Completed full deployment of a new financial planning tool across all advisory business lines in Canada to enhance Total Wealth advice and planning to our clients. • Deployed our enhanced mobile app across Scotia Wealth Management businesses, providing clients access to new digital capabilities and opportunities to engage with advisors in a seamless manner. • Launched the new elite credit card for Private Banking clients that provides a variety of travel rewards and lifestyle benefits. • The Scotia Smart Investor platform continued to play an integral role in helping our Retail clients invest and plan for their future, with a 37% year-over-year lift in AUM and a 33% increase in the number of accounts activated through Smart Investor. • Continued to enhance the client experience across our international footprint by implementing a new client portal in Chile to provide clients with leading digital capabilities. Win as one team • Continued focus on delivering the entire bank to clients and driving partnerships across businesses. Referrals across our Wealth, Retail and Commercial Banking businesses reached a new all-time high in fiscal 2025. • Continued building out a modern data-driven organization that leverages Digital & AI capabilities across our operations and advisor teams to enhance workflows, decision-making, and productivity. • Improvement in employee engagement scores year-over-year supported by various initiatives. Select awards • Recognized with seven Euromoney Private Banking Awards for 2025: Latin America’s Best for Fund Selection, Jamaica’s Best International Private Bank, Mexico’s Best for Family Office Services, Peru’s Best for Digital Solutions, The Bahamas’ Best International Private Bank, The Cayman Islands’ Best International Private Bank, and Canada’s Best for Succession Planning. • Scotia Wealth Management earned two Global Finance Best Private Bank Awards for 2026 (awarded in fiscal year 2025) - Best Private Bank in the Bahamas, Caribbean & Central America. • Scotia Wealth Management was recognized with two PWM/The Banker 2024 Global Private Banking Awards (awarded in fiscal year 2025): Best Private Bank in North America for Wealthy Women, and Best Private Bank in North America for Education and Training of Private Bankers. • Scotia Global Asset Management’s investment teams were recognized with 21 awards at the 2024 FundGrade A+ Awards and with 10 individual 2024 LSEG Lipper awards across 7 categories (both awarded in fiscal year 2025). • Scotia Investments Jamaica received the World Finance Pension Fund Award 2025. • Scotia iTRADE ranked 2 nd among the Big 5 banks in the 2025 MoneySense Best Online Brokers in Canada.

Business Profile

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Global Wealth Management

Global Wealth Management has built a robust client-centric business with comprehensive advice, products, and platforms to meet a broad range of client needs.

Global Wealth Management is comprised of the following businesses:

•

Wealth Management:

Online brokerage (Scotia iTRADE), Scotia Financial Planning (Scotiabank), Full-service brokerage (ScotiaMcLeod and MD Financial Management), Scotiatrust, Private Banking, Private Investment Counsel (Scotia Jarislowsky Fraser, and MD Financial Management).

•

Asset Management:

Retail mutual funds, Exchange Traded Funds, Liquid Alternatives, Institutional Funds/Strategies.

Scotiatrust, ScotiaMcLeod, Scotia iTRADE, Private Banking, Private Investment Counsel, 1832 Asset Management and Dynamic Funds are top performers in key industry metrics.

Strategy

Global Wealth Management continues to execute on its mission to provide clients with strong risk-adjusted investment results and financial planning to deliver wealth solutions that meet their complex needs. The focus continues to be delivering comprehensive advice and planning to best serve clients in the current economic environment and through all market conditions. To maintain our strong momentum towards that focus, Global Wealth Management is continuing to enhance our Total Wealth advice capabilities in Canadian and international markets as well as broaden our proprietary and third-party distribution capabilities.

In addition, Global Wealth Management is focused on building a unified data, analytics, and operations foundation to personalize client experiences and accelerate growth.

2026 Priorities

•

Earn primary client relationships:

Evolve Total Wealth model to do even more financial planning across our Canadian and international footprint, and broaden investment advice to Retail clients to win new clients and deepen relationships.

•

Grow and scale in priority businesses:

Maximize momentum in Canada across Wealth and Asset Management through our distribution channels and salesforce, while continuing to scale capabilities in international markets to accelerate growth.

•

Make it easier to do business with us:

Deliver innovative, streamlined digital client solutions and modernize our advisor tools and platforms to deliver a leading

end-to-end

client experience, while investing in our people to grow our integrated team.

•

Win as one team:

Deepen partnerships with Retail, Small Business and Commercial Banking to deliver the whole Bank to clients, and foster an inclusive culture that reflects our communities and our Scotia Bond.

T26

Global Wealth Management financial performance



Taxable equivalent basis ($ millions)	2025			2024 (1)
Reported results
Net interest income	$	1,025		$	786
Non-interest income		5,403			4,803
Total revenue		6,428			5,589
Provision for credit losses		14			27
Non-interest expenses		4,144			3,655
Income tax expense		590			479
Net income	$	1,680		$	1,428
Net income attributable to non-controlling interests in subsidiaries		10			10
Net income attributable to equity holders of the Bank	$	1,670		$	1,418

Key ratios and other financial data
Return on equity (2)		16.0	%		13.9	%
Productivity (3)		64.5	%		65.4	%
Effective tax rate (3)		26.0	%		25.1	%

Selected Consolidated Statement of Financial Position data (average balances)
Earning assets (2)	$	28,706		$	25,843
Total assets		38,273			35,468
Deposits		45,731			36,673
Total liabilities		48,041			40,967

Other ($ billions)
Assets under administration (3)	$	797		$	704
Assets under management (3)	$	432		$	373

(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 42 for further details.

(2)	Refer to Non-GAAP Measures on page 20 for the description of the measure.

(3)	Refer to Glossary on page 136 for the description of the measure.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

T26A

Adjusted Global Wealth Management financial performance

(1)



($ millions)	2025		2024 (2)
Adjusted results
Net interest income	$	1,025	$	786
Non-interest income		5,403		4,803
Total revenue		6,428		5,589
Provision for credit losses		14		27
Non-interest expenses (3)		4,108		3,619
Income before taxes		2,306		1,943
Income tax expense		600		489
Net income	$	1,706	$	1,454
Net income attributable to non-controlling interests in subsidiaries (NCI)		10		10
Net income attributable to equity holders	$	1,696	$	1,444

(1)	Refer to Non-GAAP Measures on page 20 for the description of the adjustments.

(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 42 for further details.

(3)	Includes adjustment for Amortization of acquisition-related intangible assets of $36 (2024 – $36).

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Global Wealth Management

Financial Performance

Net income

Net income attributable to equity holders was $1,670 million compared to $1,418 million, an increase of 18%. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher non-interest expenses. Adjusted net income attributable to equity holders was $1,696 million compared to $1,444 million, an increase of 17%.

Assets under management (AUM) and assets under administration (AUA)

Assets under management were $432 billion compared to $373 billion, an increase of 16%, and assets under administration were $797 billion compared to $704 billion, an increase of 13%, driven by market appreciation and higher net sales.

Revenues

Revenues were $6,428 million compared to $5,589 million, an increase of 15%.

Net interest income was $1,025 million compared to $786 million, an increase of 31%, driven by strong loan and deposit growth, and improved margins.

Non-interest income was $5,403 million compared to $4,803 million, an increase of 12%. The increase was due primarily to higher mutual fund, brokerage and investment management fees, driven by assets under management and assets under administration growth.

Canada

Revenues were $5,572 million compared to $4,829 million, an increase of 15%. The increase was due primarily to higher mutual fund, brokerage, and investment management fees, driven by assets under management and assets under administration growth, and higher net interest income driven by loan and deposit growth, and improved margins.

International

Revenues of $856 million compared to $760 million, an increase of 13%. The growth was due primarily to higher mutual fund fees, investment management fees and brokerage revenues, driven by assets under management and assets under administration growth in Mexico, Peru, and Chile, and net interest income, driven by loan and deposit growth, and improved margins.

Provision for credit losses

The provision for credit losses was $14 million compared to $27 million, a decrease of $13 million. The provision for credit losses ratio was five basis points compared to 11 basis points.

Provision for credit losses on performing loans was $9 million, compared to $3 million.

Provision for credit losses on impaired loans was $5 million, compared to $24 million. The provision for credit losses ratio on impaired loans was two basis points compared to nine basis points. The higher provisions last year were driven by higher formations, mainly related to two impaired loan accounts in Canada.

Non-interest

expenses

Non-interest expenses were $4,144 million compared to $3,655 million, an increase of 13%, due primarily to higher volume-related expenses, technology costs, and sales force expansion to support business growth.

Provision for income taxes

The effective tax rate was 26.0%, compared to 25.1%, due to the implementation of the GMT in certain jurisdictions.

Outlook

Global Wealth Management expects to generate strong earnings growth in 2026. Revenue growth is expected to be driven by strong business volumes, retail mutual fund volume growth through active management and multi-brand distribution in Canada; market appreciation; solid growth across our advisory business and Private Banking; and continued expansion across our key international markets. The segment will continue to invest in the business through ongoing enhancements to digital client and advisor capabilities.

C12	Total revenue by sub-segment $ millions

C13	Wealth management assets under administration (AUA) $ billions, as at October 31

C14	Wealth management assets under management (AUM) $ billions, as at October 31

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Global Banking and Markets



		2025 Achievements
		Earn primary client relationships • Launched first Mortgage Capital Markets funding transactions on a newly created platform in the U.S. • Sustained a strong M&A pipeline despite slowdown in announced deals due to market uncertainty and delivered record M&A revenue in the year. • Brought in strong senior leaders to bolster our talent and drive profitable growth in alignment with our strategy. Grow and scale in priority markets • In 2025, GBM has improved its League table ranking positions across Canada and the U.S. • In Canadian League Tables, GBM ranked 4 th in M&A and 3 rd in Debt Capital Market (DCM). • In the U.S., GBM is ranked 18 th in DCM. Make it easy to do business with us • Enhanced client onboarding process via introduction of a workflow tool providing process transparency to Front office, reducing overall onboarding time and minimizing onboarding forms. • Migrated most of the GBM data platform to cloud and executed conversion of 4,500 legacy trades in preparation for Mexico’s interest rate benchmark reform. Win as one team • Executed a significant Synthetic Risk Transfer transaction to support the Bank’s capital strategy. • Facilitated Cedar Leaf Capital entry into First Nations Finance Authority’s dealer syndicate. Select awards and deal highlights Awards • Recognized by Environmental Finance 2025 Sustainable Debt Awards: Sustainability Bond of the Year – Financial Institutions. • Recognized by Global Finance Gordon Platt Foreign Exchange Award for 2025: Best Foreign Exchange (FX) Bank in Canada for the second year in a row. • Recognized by the SCI Risk Sharing Awards 2025 as the North American Arranger of the Year for leadership in structured credit and risk-sharing transactions. Deal highlights • Joint Bookrunner on several notable mandates this year, including: • Served as Active Bookrunner for Thermo Fisher Scientific’s USD $2.5 billion senior note offering, Scotiabank’s first mandate in the U.S. Healthcare sector. • Acted as Joint Bookrunner in Severn Trent Utilities Finance Plc’s EUR € 850 million sustainable bond issuance, Severn Trent’s largest-ever EUR benchmark deal. • Acted as Ratings Advisor and Joint Bookrunner on Northwest Healthcare Properties REIT’s inaugural CAD $500 million bond offering, securing 80% of the final order book. • Supported CAD $15 billion business combination between Whitecap Resources and Veren, acting as Joint Bookrunner on a CAD $1 billion credit facility. • Strengthened market position with key ABS transactions, including Centersquare’s $885 million inaugural ABS, GM Financial’s $1.25 billion deal, and Porsche Financial Services’ $966 million issuance. • Financial Advisor on several marquee transactions this year, including: • Played a key role in one of the largest power sector transactions in recent years, acting as financial advisor to NRG Energy on its US $12 billion acquisition of LS Power’s ~13 GW power generation portfolio and virtual power plant platform. • Acted as exclusive financial advisor to Carcetti Capital Corp. on its acquisition of the Hemlo Gold Mine from Barrick Mining Corp. for up to US$1.09 billion, while also providing financing as sole underwriter of a US$225 million credit facility and sole bookrunner for a CAD $575 million bought deal private placement of subscription receipts—one of the Bank’s largest-ever sole bookrunner roles. • Acted as financial advisor on the CAD $15 billion business combination between Whitecap Resources and Veren, supporting strategic execution and financing. • Played a key role in Gold Fields Limited’s CAD $1.93 billion acquisition of Osisko Mining Inc., acting as Agent and Mandated Lead Arranger on a US$750 million bridge financing, Joint Bookrunner on the subsequent USD bond issuance, and Sole FX Provider.

Business Profile

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Global Banking and Markets

Strategy

Global Banking and Markets’ ambition is to deliver sustainable and profitable growth for shareholders, driven by disciplined capital allocation across our footprint. To achieve this vision, GBM is focused on increasing relevance with clients with leading financial advice and solutions and on expanding the Bank’s full-service corporate offering and prioritizing client relationships where we can provide incremental value beyond lending. We are leveraging regional and institutional capabilities to deliver for our clients with focused growth in businesses and markets supported by our strategic framework.

2026 Priorities

•

Earn primary client relationships:

Advance primary client relationships by expanding and deepening repeatable

fee-based

offerings together with refining our approach to capital and liquidity pricing to deliver enhanced value for clients and shareholders.

•

Grow and scale in priority markets:

Accelerate growth in priority markets by deepening our North American footprint – in the U.S., execute significant upgrades in cash management and invest in infrastructure to enable scalable expansion and regulatory alignment.

•

Make it easy to do business with us:

Streamline delivery with a client-first global coverage model to lead our clients’ advisory needs and win event-based mandates (e.g. M&A, Leveraged Finance), driving alpha with high margins.

•

Win as one team:

Advance a unified

go-to-market

strategy by aligning client coverage across GBM and the broader enterprise and strengthening our senior banker bench in Canada and the U.S. to improve client connectivity, expand partnership opportunities and deliver the whole bank to our clients.

T27

Global Banking and Markets financial performance



Taxable equivalent basis ($ millions)	2025			2024 (1)
Reported results
Net interest income	$	1,400		$	1,102
Non-interest income (2)		4,766			3,959
Total revenue		6,166			5,061
Provision for credit losses		97			47
Non-interest expenses		3,563			3,122
Income tax expense (2)		585			414
Net income	$	1,921		$	1,478
Net income attributable to non-controlling interests in subsidiaries		(1	)		–
Net income attributable to equity holders of the Bank	$	1,922		$	1,478

Key ratios and other financial data
Return on equity (3)		12.8	%		9.6	%
Productivity (4)		57.8	%		61.7	%
Net Interest Margin (3)		1.77	%		1.55	%
Effective tax rate (4)		23.3	%		21.9	%
Provision for credit losses – performing (Stages 1 and 2)	$	43		$	42
Provision for credit losses – impaired (Stage 3)	$	54		$	5
Provision for credit losses as a percentage of average net loans and acceptances (4)		0.08	%		0.04	%
Provision for credit losses on impaired loans as a percentage of average net loans and acceptances (4)		0.05	%		–	%
Net write-offs as a percentage of average net loans and acceptances (4)		0.06	%		–	%

Selected Consolidated Statement of Financial Position data (average balances)
Trading assets	$	139,466		$	132,210
Loans and acceptances		96,669			111,670
Earning assets (3)		462,669			454,808
Total assets		509,263			494,595
Deposits		176,365			172,023
Total liabilities		520,167			475,212

(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 42 for further details.

(2)	Includes the gross-up of tax-exempt income earned on certain securities reported in non-interest income for the year ended October 31, 2025 – nil (October 31, 2024 – $52).

(3)	Refer to Non-GAAP Measures on page 20 for the description of the measure.

(4)	Refer to Glossary on page 136 for the description of the measure.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

Financial Performance

Net income

Global Banking and Markets reported net income attributable to equity holders of $1,922 million, compared to $1,478 million, an increase of 30%. The increase was driven primarily by higher non-interest income, higher net interest income, and the positive impact of foreign currency translation. This was partly offset by higher non-interest expenses, higher provision for credit losses, and higher income taxes.

Average assets and liabilities

Average assets were $509 billion compared to $495 billion, an increase of 3%. The increase was due mainly to higher securities purchased under resale agreements, higher trading securities and the impact of foreign currency translation, partly offset by lower corporate loans and acceptances of $15 billion or 13%.

Average liabilities were $520 billion compared to $475 billion, an increase of 9%. The increase was due mainly to higher securities sold under repurchase agreements, higher deposit volumes of $4 billion or 3%, and the impact of foreign currency translation.

Revenues

Revenues were $6,166 million compared to $5,061 million, an increase of 22%. The increase was due primarily to higher non-interest income, higher net interest income and the positive impact of foreign currency translation.

Net interest income was $1,400 million compared to $1,102 million, an increase of 27%. The increase was due primarily to higher net interest income from corporate lending margins, higher deposit volumes, and capital market activities.

Non-interest income was $4,766 million compared to $3,959 million, an increase of 20%. The increase was due primarily to higher fixed income and equities trading-related revenues, higher fee and commission revenues and higher underwriting and advisory fees.

Provision for credit losses

The provision for credit losses was $97 million compared to $47 million, an increase of $50 million. The provision for credit losses ratio was eight basis points compared to four basis points.

The provision for credit losses on performing loans was $43 million compared to $42 million. The provision this period was driven primarily by credit quality migration in the U.S. and Canada.

The provision for credit losses on impaired loans was $54 million compared to $5 million, due primarily to one account. The provision for credit losses ratio on impaired loans was five basis points.

Non-interest

expenses

Non-interest expenses were $3,563 million compared to $3,122 million, an increase of 14%. The increase was due primarily to higher personnel costs, including performance-based compensation, higher technology costs to support business growth and the negative impact of foreign currency translation.

Provision for income taxes

The effective tax rate was 23.3% compared to 21.9% the prior year, due mainly to the change in earnings mix across jurisdictions.

Outlook

Global Banking and Markets earnings are expected to grow modestly in 2026, after a very strong performance in 2025, focused on North American markets and sustainable client engagement. The revenue momentum is expected to continue, benefiting from the investments in talent and technology and constructive markets. The business is committed to advancing its position in priority markets and deepening client relationships to capture greater share of wallet and fee income. Fixed Income, Currencies, and Commodities (FICC) is expected to lead capital markets revenue growth and business banking is expected to expand at a measured pace maintaining our focus on client profitability. Expense growth is expected to outpace revenue growth driven by necessary investments in talent and technology in priority segments and markets, to position the business for continued future growth.

C15	Total Revenue (2025)

C16	Business banking revenue $ millions

C17	Capital markets revenue by business line $ millions

C18	Composition of average assets $ billions

C19	US Net Income

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Management’s Discussion and Analysis

| Other

Other

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.

Financial Performance

T28

Other financial performance



($ millions)	2025			2024 (1)
Reported results
Net interest income (2)	$	(253	)	$	(1,688	)
Non-interest income (2)(3)(4)		(68	)		(191	)
Total revenue (2)		(321	)		(1,879	)
Provision for credit losses		1			1
Non-interest expenses (4)		2,242			623
Income tax expense (2)		(507	)		(1,006	)
Net income (loss)	$	(2,057	)	$	(1,497	)
Net income (loss) attributable to non-controlling interests in subsidiaries		(198	)		(1	)
Net income (loss) attributable to equity holders	$	(1,859	)	$	(1,496	)

(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 42 for further details.

(2)	Includes net residual funds transfer pricing, and the elimination of the tax-exempt income gross-up reported in net interest income, non-interest income, and provision for income taxes in the business segments, which are reported on a taxable equivalent basis.

(3)	Includes net income from investments in associated corporations of $436 (2024 – $77).

(4)

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.

T28A

Adjusted Other financial performance

(1)



($ millions)	2025			2024 (2)
Adjusted results
Net interest income	$	(253	)	$	(1,688	)
Non-interest income (3)		(78	)		(48	)
Total revenue		(331	)		(1,736	)
Provision for credit losses		1			1
Non-interest expenses (4)		373			(39	)
Income before taxes		(705	)		(1,698	)
Income tax expense		(351	)		(884	)
Net income (loss)	$	(354	)	$	(814	)
Net income (loss) attributable to non-controlling interests (NCI)		(7	)		1
Net income (loss) attributable to equity holders	$	(347	)	$	(815	)

(1)	Refer to Non-GAAP Measures on page 20 for the description of the adjustments.

(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 42 for further details.

(3)	Includes adjustment for divestitures and wind-down of operations of $(36) (2024 – $143) and amortization of intangible assets of $26 (2024 – nil).

(4)

Includes adjustment for legal provision of $74 (2024 – $176), restructuring charge and severance provisions of $373 (2024 – $53) and divestitures and wind-down of operations of $1,422 (2024 – $(7)). Includes adjustment for impairment of

non-financial

assets of $440 for the year ended October 31, 2024.

Net income

The Other segment reported a net loss attributable to equity holders of $1,859 million compared to a net loss of $1,496 million, including adjusting items of $1,512 million in the current period, compared to adjusting items of $681 million in the prior year (refer to Non-GAAP measures on page 20). Adjusted net income attributable to equity holders was a loss of $347 million compared to a net loss of $815 million in the prior year. The lower loss of $468 million was due to higher revenues resulting primarily from lower funding costs, partly offset by higher non-interest expenses.

Revenues

Revenues were negative $321 million compared to negative $1,879 million in the prior year. Adjusted revenues were negative $331 million compared to negative $1,736 million in the prior year. The improvement of $1,405 million is due primarily to lower funding costs as a result of central bank rate decreases in the current and prior year, and higher income from associated corporations primarily related to the KeyCorp investment.

Non-interest

expenses

Non-interest expenses were $2,242 million, compared to $623 million. Included in non-interest expenses is an impairment loss of $1,422 million related to the announced sale of the banking operations in Colombia, Costa Rica and Panama, restructuring charge and severance provisions of $373 million and legal provisions of $74 million. Adjusted non-interest expenses were $373 million compared to a recovery of $39 million in the prior year. The increase of $412 million is due mainly to higher project costs and higher pension-related expenses.

Outlook

The loss in the Other segment is expected to improve in fiscal 2026. The improved results are expected to be driven primarily by lower funding costs as a result of liabilities repricing at lower interest rates, as well as the repricing of fixed rate assets at higher interest rates.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

GROUP FINANCIAL CONDITION

T29

Condensed statement of financial position



As at October 31 ($ billions)	2025		2024		Change			Volume Change			FX Change
Assets
Cash, deposits with financial institutions and precious metals	$	71.1	$	66.4		7.1	%		5.4	%		1.7	%
Trading assets		152.2		129.7		17.4			15.8			1.6
Securities purchased under resale agreements and securities borrowed		203.0		200.6		1.2			–			1.2
Derivative financial instruments		46.5		44.4		4.9			(1.0	)		5.9
Investment securities		150.0		152.8		(1.9	)		(3.1	)		1.2
Loans		771.0		760.8		1.3			0.2			1.1
Other		66.2		57.3		15.4			14.0			1.4
Total assets	$	1,460.0	$	1,412.0		3.4	%		2.0	%		1.4	%

Liabilities
Deposits	$	966.3	$	943.8		2.4	%		1.1	%		1.3	%
Derivative financial instruments		56.0		51.3		9.3			8.8			0.5
Obligations related to securities sold under repurchase agreements and securities lent		189.1		190.5		(0.7	)		(2.1	)		1.4
Other		152.3		134.5		13.2			10.5			2.7
Subordinated debentures		7.7		7.8		(1.8	)		(2.1	)		0.3
Total liabilities	$	1,371.4	$	1,327.9		3.3	%		1.9	%		1.4	%

Equity
Common equity (1)	$	76.9	$	73.6		4.6	%		3.6	%		1.0	%
Preferred shares and other equity instruments		10.0		8.8		13.2			13.2			–
Non-controlling interests in subsidiaries		1.7		1.7		0.8			0.2			0.6
Total equity	$	88.6	$	84.1		5.4	%		4.5	%		0.9	%
Total liabilities and equity	$	1,460.0	$	1,412.0		3.4	%		2.0	%		1.4	%

(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.

C20	Loan portfolio loans & acceptances, $ billions, as at October 31

C21	Deposits $ billions, as at October 31

Statement of Financial Position

Assets

The Bank’s total assets were $1,460 billion as at October 31, 2025, an increase of $48 billion from October 31, 2024. Cash, deposits with financial institutions and precious metals increased $5 billion due mainly to higher amounts at central banks and increases in gold position and price. Trading assets increased $22 billion due mainly to higher trading securities held as a hedge on derivatives. Securities purchased under resale agreements and securities borrowed increased $2 billion due mainly to higher client activity. Derivative instrument assets increased $2 billion due mainly to changes in valuations. Investment securities decreased $3 billion due mainly to lower holdings of common equities in the treasury portfolio. Loans increased $10 billion. Residential mortgages were up $19 billion due mainly to growth in Canada and personal loans increased $4 billion mainly in Latin America, which were partly offset by lower business and government loans, mainly in Asia and Canada. Other assets increased $9 billion due mainly to the Bank’s investment in KeyCorp and higher collateral requirements relating to capital markets businesses.

Liabilities

Total liabilities were $1,371 billion as at October 31, 2025, an increase of $44 billion from October 31, 2024. Total deposits increased $22 billion. Personal deposits of $302 billion increased $3 billion mainly in Latin America and business and government deposits were higher by $28 billion, mainly in U.S., Europe, Canada and Latin America, which were partly offset by lower deposits by financial institutions, mainly in Asia. Derivative instrument liabilities increased by $5 billion due mainly to changes in valuations. Other liabilities increased $18 billion due mainly to new issuances of financial instruments designated at fair value through profit or loss and higher obligations related to securities sold short.

Equity

Total equity was $89 billion, an increase of $5 billion from October 31, 2024. Equity was higher due to current year earnings of $7,758 million less dividends paid of $5,875 million, other comprehensive income of $2,397 million, and net preferred shares and other equity instruments issuances of $1,160 million less share buybacks of $913 million. Other comprehensive income mainly consisted of gains on derivative instruments designated as cash flow hedges of $1,057 million, foreign currency translation of $708 million, and net change in fair value of debt securities measured through other comprehensive income of $533 million.

Capital Management

Overview

Scotiabank is committed to maintaining a strong capital base to support the risks associated with its diversified businesses. Strong capital levels contribute to financial safety for the Bank’s customers, foster investor confidence and support strong credit ratings. It also allows the Bank to take advantage of growth opportunities as they arise and enhance shareholder returns through increased dividends.

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Management’s Discussion and Analysis

| Group Financial Condition

The Bank’s capital management framework includes a comprehensive internal capital adequacy assessment process (ICAAP), aimed at ensuring that the Bank’s capital is adequate to meet current and future risks and achieve its strategic objectives. Key components of the Bank’s ICAAP include sound corporate governance; creating a comprehensive risk appetite for the Bank; managing and monitoring capital, both currently and prospectively; and utilizing appropriate financial metrics which relate risk to capital, including internal capital and regulatory capital measures.

Governance and oversight

The Bank has a sound capital management framework to measure, deploy and monitor its available capital and assess its adequacy. Capital is managed in accordance with the Board-approved Capital Management Policy. In addition, the Board reviews and approves the Bank’s annual capital and strategic plans. The Asset-Liability Committee and senior executive management provide governance over the capital management process. The Bank’s Finance, Group Treasury and Global Risk Management groups take a coordinated approach to implementing the Bank’s capital plan.

Risk appetite

The risk appetite framework that establishes enterprise-wide risk tolerances in addition to capital limits is detailed in the Risk Management section “Risk Appetite”. The framework encompasses medium-term targets with respect to regulatory capital thresholds, earnings and other risk-based parameters. These limits drive behaviour to ensure the Bank achieves the following overall objectives: exceed regulatory and internal capital targets, manage capital levels commensurate with the risk profile of the Bank, maintain strong credit ratings and provide the Bank’s shareholders with acceptable returns.

Regulatory capital

Canadian banks are subject to the revised capital adequacy requirements as published by the Basel Committee on Banking Supervision (BCBS) and commonly referred to as Basel III. Under Basel III, there are three primary risk-based regulatory capital ratios used to assess capital adequacy: Common Equity Tier 1 (CET1), Tier 1 and Total capital, which are determined by dividing those capital components by risk-weighted assets (RWA). Basel III also provides guidance on

non-viability

contingent capital (NVCC). The guidance stipulates that in order to qualify as regulatory capital,

non-common

share capital instruments must be convertible into common equity upon a trigger event as defined within the guidance.

C22

Minimum Regulatory Capital Requirements (as at October 31, 2025)

The Office of the Superintendent of Financial Institutions, Canada (OSFI) has issued guidelines, reporting requirements and disclosure guidance which are consistent with the international implementation of Basel III. OSFI requires Canadian deposit-taking institutions to meet minimum requirements related to risk-weighted assets of 7%, 8.5% and 10.5% for CET1, Tier 1 and Total capital ratios, respectively, which includes the capital conservation buffer of 2.5%. OSFI has also designated the Bank a domestic systemically important bank

(D-SIB),

increasing its minimum capital ratio requirements by 1% across all tiers of capital, in line with the requirements for Global Systemically Important Banks. OSFI’s minimum Pillar 1 capital ratio requirements are 8.0%, 9.5% and 11.5% for Common Equity Tier 1, Tier 1 and Total capital ratios, respectively.

In June 2018, OSFI implemented the Domestic Stability Buffer, to be held by Domestic Systemically Important Banks

(D-SIBs)

as an additional Pillar 2 buffer. Breaches of this buffer will not result in banks being subject to automatic constraints on capital distributions. Instead, OSFI will require a remediation plan to address any shortfall to their minimum. Supervisory interventions pursuant to OSFI’s Guide to Intervention would occur in cases where a remediation plan is not produced or executed in a timely manner satisfactory to OSFI. OSFI undertakes a review of the buffer on a semi-annual basis, in June and December, and any changes to the buffer are made public, along with supporting rationale. In exceptional circumstances, OSFI may make and announce adjustments to the buffer

in-between

scheduled review dates. In addition, OSFI may subsequently vary the minimum requirements for individual

D-SIBs

or groups of

D-SIBs,

as a supervisory measure.

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 most recent 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 BCBS countercyclical buffer requirement of approximately eight basis points.

Leverage ratio

In addition to risk-based capital ratio requirements, Basel III introduced a simpler, non risk-based Leverage ratio requirement to act as a supplementary measure to its risk-based capital requirements. The Leverage ratio is defined as a 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 requirements. OSFI’s Basel III Leverage Ratio Requirements Guideline and Public Disclosure Requirements outline the application and disclosure of the Basel III Leverage ratio in Canada.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

Institutions are expected to maintain an operating buffer above the 3.5% minimum, which includes the D-SIB surcharge of 0.5%.

Total Loss Absorbing Capacity (TLAC)

OSFI has issued its guideline on Total Loss Absorbing Capacity (TLAC), which applies to Canada’s

D-SIBs

as part of the Federal Government’s

bail-in

regime. The standard is intended to address the sufficiency of a systemically important bank’s loss absorbing capacity to support its recapitalization in the event of its failure.

D-SIBs

are required to maintain a minimum risk-based TLAC ratio and a minimum TLAC leverage ratio. TLAC is defined as 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 Canada Deposit Insurance Corporation (CDIC) Act and meet all of the eligibility criteria under the guidelines. The Bank’s minimum TLAC ratio requirements consist of 25.0% of RWA (including OSFI’s 3.5% DSB) and 7.25% of leverage ratio exposures. As noted above, OSFI may subsequently vary the minimum TLAC requirements for

D-SIBs.

Where a

D-SIB

falls below the minimum TLAC requirements, OSFI may take any measures deemed appropriate, including measures set out in the Bank Act (Canada). As at October 31, 2025, the Bank exceeds the OSFI minimum TLAC and TLAC leverage ratios.

OSFI’s Parental Stand-Alone Total Loss Absorbing Capacity (Solo TLAC) framework

In September 2023, OSFI finalized changes to its Solo TLAC Framework, effective the first quarter of 2024. Under this framework, OSFI established a risk-based Solo TLAC ratio, which builds on the risk-based TLAC ratio set out in OSFI’s TLAC Guideline and the risk-based capital ratios described within OSFI’s Capital Adequacy Requirements Guideline. The risk-based Solo TLAC ratio is the primary basis used by OSFI to assess the sufficiency of TLAC that is readily available to the domestic Parent Bank and to assess the Parent’s ability to act as a source of strength for its subsidiaries and/or other affiliates.

D-SIBs

are required to maintain a minimum Solo TLAC ratio of 21.5% on a continuous basis. Public disclosure of a

D-SIBs’

Solo TLAC ratio is not presently a requirement. OSFI plans to consult on its data assurance and its future public disclosure expectations in due course. The Bank remains compliant with OSFI’s Solo TLAC requirements.

Revised Basel III reforms

Effective the second quarter of fiscal 2023, the Bank adopted the Revised Basel III reforms in accordance with OSFI’s revised Capital Adequacy Requirements Guideline, Leverage Ratio Requirements Guideline, and Pillar 3 Disclosures Guideline for domestic systematically important banks

(D-SIBs).

OSFI’s requirements are substantially aligned with the BCBS’ Revised Basel III reforms with some differences, primarily in residential real estate and qualifying revolving retail exposures.

The final Basel III reforms implemented in the second quarter of 2023 primarily impact the calculation of RWA and include:

•

a revised standardized approach for credit risk, with increased granularity of prescribed risk weights for credit cards, mortgages and business loans;

•

revisions to the internal ratings-based approach for credit risk with new requirements for internally developed model parameters under the Advanced Internal Ratings-Based Approach (AIRB), including scope restrictions which limit certain asset classes to only the Foundation Internal Ratings-Based (FIRB) approach;

•

a revised standardized approach for operational risk, which builds on the existing standardized approach including the recognition of an institution’s operational risk loss experience;

•

revisions to the measurement of the Leverage ratio and a Leverage ratio buffer, which will take the form of a Tier 1 capital buffer set at 50% of a

D-SIB’s

1.0% risk-weighted surcharge capital buffer; and

•

an aggregate output floor, which will ensure that banks’ RWAs generated by internal models are not lower than 72.5% of RWAs as calculated by the Basel III framework’s standardized approaches. There is an international

phase-in

period for the 72.5% aggregate capital output floor from 2023 until 2028, beginning at 65% for Canadian banks in the second quarter of 2023.

Additionally, the revised market risk framework and credit valuation adjustment (CVA) framework were implemented in the first quarter of 2024. The main changes include:

•

revised standardized and modelled approaches for market risk capital requirements; and

•

a new standardized approach for CVA

(SA-CVA)

similar to the standardized approach for market risk.

Internationally, adoption of the revised Basel III reforms is varied across jurisdictions. While a number of BCBS members have finalized their revised Basel III reforms guidelines, delays continue to persist in several key jurisdictions.

The Bank continues to monitor and prepare for developments impacting regulatory capital requirements.

Regulatory capital developments

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.

As noted above, 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 crypto-asset exposures, as updated in November 2024, and it replaces OSFI’s interim advisory on the regulatory treatment of crypto-asset exposures.

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. 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.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Group Financial Condition

Planning, managing and monitoring capital

Capital is managed and monitored based on planned changes in the Bank’s strategy, identified changes in its operating environment or changes in its risk profile. As part of the Bank’s comprehensive ICAAP, sources and uses of capital are measured and monitored on an ongoing basis through financial metrics, including regulatory thresholds, and internal capital. These results are used in capital planning and strategic decision-making.

The Bank’s assessment of capital adequacy is in the context of its current position and its expected future risk profile and position relative to its internal targets while considering the potential impact of various stress scenarios. Specific scenarios are selected based on the current economic conditions and business events facing the Bank. In addition, the Bank’s forward looking capital adequacy assessment includes a consideration of the results of more severe multi-risk scenarios within its enterprise-wide stress testing. This testing is used to determine the extent to which severe, but plausible events, impact the Bank’s capital.

The Bank sets internal regulatory capital targets to ensure the Bank’s available capital is sufficient within the context of its risk appetite.

The Bank’s internal target includes an adequate buffer over the regulatory minimum ensuring sufficient flexibility for future capital deployment and in consideration of the Bank’s risk appetite, the volatility of planning assumptions, the results from stress testing and contingency planning.

The Bank has a comprehensive risk management framework to ensure that the risks taken while conducting its business activities are consistent with its risk appetite, its impact on capital relative to internal targets, and that there is an appropriate balance between risk and return. Refer to the Risk Management section for further discussion on the Bank’s risk management framework. In managing the Bank’s capital base, close attention is paid to the cost and availability of the various types of capital, desired leverage, changes in the assets and risk-weighted assets, and the opportunities to profitably deploy capital. The amount of capital required for the business risks being assumed, and to meet regulatory requirements, is balanced against the goal of generating an appropriate return for the Bank’s shareholders.

Capital generation

Capital is generated internally through net earnings after dividend payments. As well, capital is generated by the issuance of common shares, preferred shares and other equity instruments, and subordinated debentures, net of redemptions.

Capital deployment

The Bank deploys capital to support sustainable, long-term revenue and net income growth. The growth can be through existing businesses by attracting new customers, increasing cross-selling activities to existing customers, adding new products and enhancing sales productivity, or through acquisitions. All major initiatives to deploy capital are subject to rigorous analysis, validation of business case assumptions and evaluation of expected benefits. Key financial criteria include impact on earnings per share, capital ratios, return on invested capital, expected payback period and internal rate of return based on discounted cash flows.

Regulatory capital and total loss absorbing capacity ratios

The Bank continues to maintain strong, high quality capital levels which position it well for future business growth and opportunities. The CET1 ratio as at October 31, 2025 was 13.2%, an increase of approximately 10 basis points from the prior year. The ratio benefited from strong internal capital generation, revaluation gains on FVOCI securities, partly offset by the completion of the Bank’s investment in KeyCorp, the impairment loss related to the announced sale of banking operations in Colombia, Costa Rica and Panama to Davivienda, the impact of Q4 adjustment items, and share repurchases under the Bank’s Normal Course Issuer Bid.

The Bank’s Tier 1 capital ratio was 15.3% as at October 31, 2025, an increase of approximately 30 basis points from the prior year, due primarily to the above noted impacts to the CET1 ratio and issuances of U.S. $1 billion of Limited Recourse Capital Notes in each of the first and fourth quarters of 2025 partly offset by a redemption of U.S. $1.25 billion of subordinated Additional Tier 1 Capital Notes in the third quarter.

The Bank’s Total capital ratio was 17.1% as at October 31, 2025, an increase of approximately 40 basis points from 2024, due primarily to the above noted redemptions, issuances and impacts to the Tier 1 capital ratio.

The TLAC ratio was 29.1% as at October 31, 2025, a decrease of approximately 60 basis points from the prior year, primarily from higher RWA.

The Leverage ratio was 4.5% as at October 31, 2025, an increase of approximately 10 basis points from the prior year, with growth in Tier 1 capital due to the above noted Additional Tier 1 Capital issuances, partly offset by increases in leverage exposure amounts.

The TLAC Leverage ratio was 8.5%, a decrease of approximately 30 basis points from 2024, primarily due to increased leverage exposures partly offset by higher available TLAC.

The Bank’s capital, leverage and TLAC ratios continue to be in excess of OSFI’s minimum capital ratio requirements for 2025. In 2026, the Bank will continue to maintain strong capital ratios, continuing to optimize capital deployment in line with its strategic plans.

C23

Continuity of Common Equity Tier 1 ratio

(1)

(1)	This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

T30

Regulatory capital

(1)

and total loss absorbing capacity (TLAC)

(2)

ratios



As at October 31 ($ millions)	2025			2024
Common Equity Tier 1 capital
Total Common Equity (3)	$	76,927		$	73,590
Qualifying non-controlling interest in common equity of subsidiaries		718			683
Goodwill and intangibles, net of deferred tax liabilities (4)		(15,825	)		(15,044	)
Threshold related deductions		–			–
Net deferred tax assets (excluding those arising from temporary differences)		(356	)		(451	)
Other Common Equity Tier 1 capital deductions (5)		1,288			1,853
Common Equity Tier 1		62,752			60,631
Additional Tier 1 capital
Preferred shares		–			–
Subordinated additional Tier 1 capital notes (NVCC)		1,560			3,249
Limited recourse capital notes (NVCC)		8,379			5,530
Capital instrument liabilities – trust securities (6)		–			–
Other Tier 1 capital adjustments (7)		99			89
Net Tier 1 capital		72,790			69,499
Tier 2 capital
Subordinated debentures, net of amortization		5,938			6,190
Allowance for credit losses eligible for inclusion in Tier 2 and excess allowance (re: IRB approach)		2,041			1,942
Qualifying non-controlling interest in Tier 2 capital of subsidiaries		139			77
Tier 2 capital		8,118			8,209
Total regulatory capital		80,908			77,708
Non-regulatory capital elements of TLAC
External TLAC instruments		57,312			59,092
TLAC deductions and other adjustments		(171	)		952
TLAC available after deductions		138,049			137,752
Risk-weighted assets ($ billions) (1)
Credit risk		406.3			398.2
Market risk		12.8			14.7
Operational risk		55.4			51.1
Risk-weighted assets	$	474.5		$	464.0
Regulatory Capital (1) and TLAC (2) ratios
Common Equity Tier 1		13.2	%		13.1	%
Tier 1		15.3	%		15.0	%
Total		17.1	%		16.7	%
Total loss absorbing capacity		29.1	%		29.7	%
Leverage (8)
Leverage exposures	$	1,622,415		$	1,563,140
Leverage ratio		4.5	%		4.4	%
Total loss absorbing capacity leverage ratio (2)		8.5	%		8.8	%

(1)	The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).

(2)	This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).

(3)	Includes Other Reserves adjusted for regulatory capital purposes.

(4)	Reported amounts are based on OSFI’s requirements that goodwill relating to investments in associates be classified as goodwill for regulatory reporting purposes.

(5)	Other CET1 capital deductions under Basel III include gains/losses due to changes in own credit risk on fair valued liabilities, pension plan assets and other items.

(6)	Non-qualifying capital instruments.

(7)	Other Tier 1 capital adjustments under Basel III rules include eligible non-controlling interests in subsidiaries.

(8)	The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Group Financial Condition

T31

Changes in regulatory capital



For the fiscal years ($ millions)	2025			2024
Total capital, beginning of year	$	77,708		$	75,651
Changes in Common Equity Tier 1
Net income attributable to common equity holders of the Bank		7,283			7,286
Dividends paid to equity holders of the Bank		(5,369	)		(5,198	)
Shares issued		210			1,945
Shares repurchased/redeemed		(913	)		–
Gains/losses due to changes in own credit risk on fair valued liabilities		525			723
Movements in accumulated other comprehensive income, excluding cash flow hedges		1,264			(1,577	)
Change in non-controlling interest in common equity of subsidiaries		35			(80	)
Change in goodwill and other intangible assets (net of related tax liability) (1)		(780	)		694
Other changes including regulatory adjustments below:		(134	)		(202	)
– Deferred tax assets that rely on future profitability (excluding those arising from temporary differences)		95			(220	)
– IFRS 17 impact		–			(86	)
– Other capital deductions		(34	)		85
– Other		(195	)		19
Changes in Common Equity Tier 1	$	2,121		$	3,591
Changes in Additional Tier 1 Capital
Issued		2,848			1,004
Redeemed		(1,688	)		(300	)
Other changes including regulatory adjustments		10			(20	)
Changes in Additional Tier 1 Capital	$	1,170		$	684
Changes in Tier 2 Capital
Issued		–			1,000
Redeemed		–			(3,250	)
Allowance for credit losses eligible for inclusion in Tier 2 and Excess Allowance under IRB (2)		99			11
Other changes including regulatory adjustments		(190	)		21
Changes in Tier 2 Capital	$	(91	)	$	(2,218	)
Total capital generated (used)	$	3,200		$	2,057
Total capital, end of year	$	80,908		$	77,708

(1)	Reported amounts are based on OSFI’s requirements that goodwill relating to investments in associates be classified as goodwill for regulatory reporting purposes.

(2)	Eligible allowances for 2025 and 2024.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Regulatory capital components

The Bank’s regulatory capital is divided into three components – CET1, Additional Tier 1 capital and Tier 2 capital, depending on their degree of permanency and loss absorbency. All components of capital provide support for banking operations and protect depositors.

CET1 consists primarily of common shareholders’ equity, regulatory derived

non-controlling

interest capital, and prescribed regulatory adjustments or deductions. These regulatory deductions include goodwill, intangible assets (net of deferred tax liabilities), deferred tax assets that rely on future profitability, defined-benefit pension assets and the shortfall (if any) of the allowance for credit losses to regulatory parameter-based expected losses.

Additional Tier 1 capital consists primarily of qualifying

non-cumulative

preferred shares, and qualifying other equity instruments (as described in Note 23 of the consolidated financial statements). Tier 2 capital consists mainly of qualifying subordinated debentures and eligible allowances for credit losses.

The Bank’s CET1 capital was $62.8 billion as at October 31, 2025, an increase of approximately $2.1 billion from the prior year due primarily to:

•

$1.9 billion growth from internal capital generation, net of dividends paid;

•

$0.2 billion from share issuances, mainly related to stock options;

•

$1.3 billion from movements in Accumulated Other Comprehensive Income, excluding cash flow hedges, primarily from the impact of foreign currency translation and changes in the fair values of investment securities; and

•

$0.5 billion from changes in the regulatory deductions from own credit risk on fair value liabilities.

Partly offset by:

•

$0.9 billion from common share buybacks under the Bank’s Normal Course Issuer Bid; and

•

$0.9 billion from higher regulatory deductions and other regulatory adjustments.

The Bank’s Tier 1 capital increased by $3.3 billion to $72.8 billion, primarily due to the above noted impacts to CET1 capital and U.S. $2.0 billion (C$2.8 billion) issuances of Limited Recourse Capital Notes partly offset by a redemption of U.S. $1.25 billion (C$1.7 billion) of AT1 Notes.

Total capital increased by $3.2 billion during the year to $80.9 billion, mainly due to the above noted impacts to CET1 and Tier 1 capital.

C24	CET1 capital %, as at October 31

C25	Dividend growth dollars per share

C26	Internally generated capital $ billions, for years ended October 31

Dividends

The annual dividend in 2025 was $4.32, an increase of $0.08 from 2024. The Board of Directors approved a quarterly dividend of $1.10 per common share, at its meeting on December 1, 2025. This quarterly dividend applies to shareholders of record at the close of business on January 6, 2026, and is payable January 28, 2026.

T32

Selected capital management activity



For the fiscal years ($ millions)	2025		2024
Dividends
Common	$	5,369	$	5,198
Preferred and other equity instruments		506		472
Common shares issued (1)		210		1,945
Common shares repurchased for cancellation under the Normal Course
Issuer Bid (2)		913		–
Preferred shares and other equity instruments issued		2,848		1,004
Preferred shares and other equity instruments redeemed		1,688		300
Maturity, redemption and repurchase of subordinated debentures		250		3,250

(1)	Represents primarily cash received for stock options exercised during the year and common shares issued pursuant to the Shareholder Dividend and Share Purchase Plan.

(2)	Represents reduction to common shares and Retained Earnings, including tax.

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 October 31, 2025, the Bank repurchased and cancelled approximately 10.8 million common shares at an average price of $82.57 per share for a total amount of $913 million, including tax.

The Bank did not have an active normal course issuer bid and did not repurchase any common shares pursuant to a normal course issuer bid during the year ended October 31, 2024.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Condition

Share data and other capital instruments

The Bank’s common and preferred share data, as well as certain other capital instruments, are shown in T33. Further details, including exchangeability features, are discussed in Note 20 and Note 23 of the consolidated financial statements.

T33

Shares and other instruments



As at October 31, 2025	Amount ($ millions)		Dividends declared per share (1)		Number outstanding (000s)		Conversion features
Common shares (2)	$	22,067	$	4.32		1,236,306		n/a

NVCC Additional Tier 1 Securities (3)(5)	Amount ($ millions)		Distribution (4)		Yield (%)		Number outstanding (000s)
Subordinated Additional Tier 1 Capital Notes (6)	U.S.$	1,250	U.S.$	17.4317		6.821		1,250
Subordinated Additional Tier 1 Capital Notes (7)	U.S.$	–	U.S.$	–		4.900		–
Limited Recourse Capital Notes Series 1 (8)	$	1,250	$	9.2500		3.700		1,250
Limited Recourse Capital Notes Series 2 (9)	U.S.$	600	U.S.$	9.0625		3.625		600
Limited Recourse Capital Notes Series 3 (10)	$	1,500	$	17.5575		7.023		1,500
Limited Recourse Capital Notes Series 4 (11)	U.S.$	750	U.S.$	21.5625		8.625		750
Limited Recourse Capital Notes Series 5 (12)	U.S.$	750	U.S.$	20.0000		8.000		750
Limited Recourse Capital Notes Series 6 (13)	U.S.$	1,000	U.S.$	18.3750		7.350		1,000
Limited Recourse Capital Notes Series 7 (14)	U.S.$	1,000	U.S.$	20.8160		6.875		1,000

NVCC Subordinated Debentures (3)					Amount ($ millions)		Interest Rate (%)
Subordinated debentures due June 2025 (15)					$	–		8.900
Subordinated debentures due December 2025					U.S.$	1,250		4.500
Subordinated debentures due May 2032					$	1,750		3.934
Subordinated debentures due December 2032					JPY	33,000		1.800
Subordinated debentures due August 2033					$	1,000		5.679
Subordinated debentures due December 2033					JPY	12,000		1.830
Subordinated debentures due August 2034					$	1,000		4.959
Subordinated debentures due May 2037					U.S.$	1,250		4.588

Other	Amount ($ millions)		Distribution (4)		Yield (%)		Number outstanding (000s)
Scotiabank Trust Securities – Series 2006-1 issued by Scotiabank Capital Trust (16a,b)	$	750		28.25		5.650		750

Options							Number outstanding (000s)
Outstanding options granted under the Stock Option Plans to purchase common shares (2)								10,087


(1)		Dividends declared from November 1, 2024 to October 31, 2025.
(2)		Dividends on common shares are paid quarterly, if and when declared. As at November 21, 2025, the number of outstanding common shares and options was 1,236,011 thousand and 9,901 thousand, respectively.
(3)		These securities contain Non-Viability Contingent Capital (NVCC) provisions necessary to qualify as regulatory capital under Basel III. Refer to Notes 20 and 23 of the consolidated financial statements in the Bank’s 2025 Annual Report for further details.
(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)		In respect of these securities, on June 28, 2023, the Bank announced the interest rate transition from three-month USD LIBOR to three-month Term SOFR, plus a spread adjustment of 26.161 bps, for interest periods commencing on or after July 12, 2023.
(7)		On June 4, 2025, the Bank redeemed US $1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital 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 million recorded in Retained Earnings.
(8)		Subsequent to the initial five-year fixed rate period ending on July 27, 2026, and resetting every five years thereafter, the distributions will be determined by the sum of the five-year Government of Canada Yield plus 2.761%.
(9)		Subsequent to the initial five-year fixed rate period ending on October 27, 2026, and resetting every five years thereafter, the distributions will be determined by the sum of the five-year U.S. Treasury rate plus 2.613%.
(10)		Subsequent to the initial five-year fixed rate period ending on July 27, 2027, and resetting every five years thereafter, the distributions, if and when paid, will be determined by the sum of the five-year Government of Canada Yield plus 3.95%.
(11)		Subsequent to the initial five-year fixed rate period ending on October 27, 2027, and resetting every five years thereafter, the distributions will be determined by the sum of the five-year U.S. Treasury rate plus 4.389%.
(12)		Subsequent to the initial five-year fixed rate period ending on January 27, 2029, and resetting every five years thereafter, the distributions, if and when paid, will be determined by the sum of the five-year U.S. Treasury rate plus 4.017%.
(13)		On January 31, 2025, the Bank issued US$1,000 million 7.350% Fixed Rate Resetting Limited Recourse Capital Notes Series 6 (NVCC) (“LRCN Series 6”). In connection with the issuance of LRCN Series 6, the Bank issued US$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier1 Capital Notes (NVCC) (“the Series 6 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. Subsequent to the initial five-year fixed rate period ending on April 27, 2030, and resetting every five years thereafter, the distributions will be determined by the sum of the five-year US Treasury rate plus 2.903%. For more details, refer to Note 23 of the consolidated financial statements.
(14)		On September 29, 2025, the Bank issued US$1,000 million 6.875% Fixed Rate Resetting Limited Recourse Capital Notes Series 7 (NVCC) (“LRCN Series 7”). In connection with the issuance of LRCN Series 7, the Bank issued US$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier1 Capital Notes (NVCC) (“the Series 7 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. Subsequent to the initial ten-year fixed rate period ending on October 27, 2035, and resetting every five years thereafter, the distributions will be determined by the sum of the five-year US Treasury rate plus 2.734%. For more details, refer to Note 23 of the consolidated financial statements.
(15)		On June 20, 2025, all $250 million of outstanding 8.9% subordinated debentures matured. The principal plus accrued interest were paid to noteholders on the maturity date.
(16)(a)		On September 28, 2006, Scotiabank Capital Trust issued 750,000 Scotiabank Trust Securities – Series 2006-1 (Scotia BaTS II Series 2006-1). The holders of Scotia BaTS II Series 2006-1 are entitled to receive non-cumulative fixed cash distributions payable semi-annually in an amount of $28.25 per security. With regulatory approval, these securities may be redeemed in whole upon the occurrence of certain tax or regulatory capital changes, or in whole or in part on December 30, 2011 and on any distribution date thereafter at the option of Scotiabank Capital Trust. The holder has the right at any time to exchange their security into Non-cumulative Preferred Shares Series S of the Bank. The Series S shares will be entitled to cash dividends payable semi-annually in an amount of $0.4875 per $25.00 share. Refer to Note 23(c) – Restrictions on payment of dividends and retirement of shares. The Scotia BaTS II Series 2006-1 may be automatically exchanged, without the consent of the holder, into Non-cumulative Preferred Shares Series T of the Bank in the following circumstances: (i) proceedings are commenced for the winding-up of the Bank; (ii) the Superintendent takes control of the Bank or its assets; (iii) the Bank has a Tier 1 Capital ratio of less than 5% or a Total Capital ratio of less than 8%; or (iv) the Superintendent has directed the Bank to increase its capital or provide additional liquidity and the Bank elects such automatic exchange or the Bank fails to comply with such direction. The Series T shares will be entitled to non-cumulative cash dividends payable semi-annually in an amount of $0.625 per $25.00 share. If there is an automatic exchange of the Scotia BaTS II Series 2006-1 into Preferred Shares Series T of the Bank, then the Bank would become the sole beneficiary of the Trust.
(16)(b)		No cash distributions will be payable on the Scotia BaTS II Series 2006-1 in the event that the regular dividend is not declared on the Bank’s preferred shares and, if no preferred shares are outstanding, the Bank’s common shares. In such a circumstance the net distributable funds of the Trust will be payable to the Bank as the holder of the residual interest in the Trust. Should the Trust fail to pay the semi-annual distributions on the Scotia BaTS II Series 2006-1 in full, the Bank will not declare dividends, of any kind on any of its preferred or common shares for a specified period of time. Refer to Note 23(c) - Restrictions on payment of dividends and retirement of shares of the consolidated financial statements.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Risk-weighted assets

Regulatory capital requirements are based on OSFI’s target minimum percentage of risk-weighted assets (RWA). RWA represent the Bank’s exposure to credit, market and operational risks and are computed by applying a combination of the OSFI approved Bank’s internal risk models and OSFI prescribed risk weights to on and

off-balance

sheet exposures. In addition, OSFI has adopted the revised Basel III aggregate output floor, which ensures that the Bank’s total RWA are not lower than 72.5% of RWA as calculated by the revised Basel III framework’s standardized approaches. The output floor has been set at 72.5% with an international

phase-in

period from 2023 to 2028. For Canadian banks, the floor is presently at 67.5%. As noted above, OSFI has deferred any further increases to the floor and has committed to notifying affected banks at least two years prior to resuming an increase to the Basel III standardized capital output floor.

As at year end, the Bank’s RWA of $474.5 billion, represents an increase of approximately $10.5 billion, or 2.3%, from 2024, due primarily to higher RWA from credit risk due to book quality, operational risk, FX translation from a weaker Canadian dollar, partly offset by lower asset growth and decrease in market risk RWA.

Credit risk-weighted assets

Credit risk measures the risk that a borrower or counterparty will fail to honour its financial or contractual obligations to the Bank.

The credit risk component consists of on and

off-balance

sheet claims. The Basel III rules are not applied to traditional balance sheet categories but to categories of on and

off-balance

sheet exposures which represent general classes of assets or exposure types (e.g. Large Corporate,

Mid-size

Corporate, Small and Medium Enterprise, Sovereign, Bank, Retail Mortgages, Other Retail, Equity, etc.) based on their different underlying risk characteristics. Generally, while calculating capital requirements, exposure types are analyzed by the following credit risk exposure

sub-types:

drawn, undrawn, repo-style transactions,

over-the-counter

(OTC) derivatives, exchange-traded derivatives and other

off-balance

sheet claims.

Credit risk-weighted assets increased by $8.1 billion to $406.3 billion. The key drivers or components of the change are reflected in Table T34 below.

T34

Flow statement for Basel III credit risk-weighted assets ($ millions)



	2025					2024

Credit risk-weighted assets movement by key driver ($ millions)	Credit risk			Of which counterparty credit risk		Credit risk			Of which counterparty credit risk
Credit risk-weighted assets as at beginning of year	$	398,153		$	18,760	$	378,670		$	16,276
Book size (1)		(6,550	)		5,033		(5,165	)		246
Book quality (2)		7,792			247		17,516			662
Model updates (3)		(1,900	)		–		6,640			635
Methodology and policy (4)		–			–		776			776
Acquisitions and disposals		1,923			–		2,749			–
Foreign exchange movements		6,838			210		(3,033	)		165
Other		–			–		–			–
Credit risk-weighted assets as at end of year	$	406,256		$	24,250	$	398,153		$	18,760

(1)	Book size is defined as organic changes in book size and composition (including new business and maturing loans).

(2)	Book quality is defined as quality of book changes caused by experience such as underlying customer behaviour or demographics, including changes through model calibrations/realignments.

(3)	Model updates are defined as model implementation, change in model scope or any change to address model enhancement.

(4)	Methodology and policy is defined as methodology changes to the calculations driven by regulatory policy changes, such as new regulation (e.g. Basel III revision).

T35

Internal rating scale

(1)

and mapping to external rating agencies


Equivalent Rating
External Rating – S&P and Fitch	External Rating – Moody’s	External Rating – Morningstar DBRS	Grade	IG Code	PD Range (2)
AAA to AA+	Aaa to Aa1	AAA to AA (high)	Investment grade	99-98	0.0000% – 0.0565%
AA to A+	Aa2 to A1	AA to A (high)		95	0.0565% – 0.0693%
A to A-	A2 to A3	A to A (low)		90	0.0693% – 0.0833%
BBB+	Baa1	BBB (high)		87	0.0833% – 0.1243%
BBB	Baa2	BBB		85	0.1243% – 0.1976%
BBB-	Baa3	BBB (low)		83	0.1976% – 0.2743%
BB+	Ba1	BB (high)	Non-Investment grade	80	0.2743% – 0.3806%
BB	Ba2	BB		77	0.3806% – 0.7061%
BB-	Ba3	BB (low)		75	0.7061% – 1.4290%
B+	B1	B (high)		73	1.4290% – 2.4715%
B to B-	B2 to B3	B to B (low)		70	2.4715% – 6.2065%
CCC+	Caa1	–	Watch list	65	6.2065% – 15.9382%
CCC	Caa2	–		60	15.9382% – 28.5499%
CCC- to CC	Caa3 to Ca	–		40	28.5499% – 48.3748%
–	–	–		30	48.3748% – 100.0000%
Default			Default	21	100%

(1)	Applies to non-retail portfolio.

(2)	PD Ranges as at October 31, 2025. The Range does not include the upper boundary for the row.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Condition

T36

Non-retail

IRB portfolio exposure by internal rating grade

(1)



As at October 31 ($ millions)			2025										2024

Grade	IG Code		Exposure at default ($) (3)		RWA ($) (4)		PD (%) (5)(8)		LGD (%) (6)(8)		RW (%) (7)(8)		Exposure at default ($) (3)		RWA ($) (4)		PD (%) (5)(8)		LGD (%) (6)(8)		RW (%) (7)(8)
Investment grade (2)		99-98		150,554		653		–		14		–		157,031		1,030		–		14		1
		95		73,203		12,175		0.06		33		17		67,710		11,758		0.06		34		17
		90		54,864		10,652		0.08		41		19		48,113		10,146		0.07		43		21
		87		56,701		10,492		0.09		35		19		63,699		11,320		0.09		34		18
		85		44,862		13,629		0.17		38		30		49,920		15,343		0.16		39		31
		83		60,463		20,083		0.23		36		33		69,342		22,379		0.22		36		32
Non-Investment grade		80		55,548		22,600		0.32		37		41		54,770		21,985		0.30		37		40
		77		37,003		18,439		0.45		39		50		40,729		19,244		0.42		39		47
		75		29,103		20,447		1.11		38		70		27,324		18,610		1.05		38		68
		73		10,133		7,972		1.84		36		79		10,140		7,975		1.74		36		79
		70		6,060		5,849		3.33		35		97		3,791		3,282		3.11		34		87
Watch list		65		1,010		1,711		11.58		43		169		1,592		2,473		10.79		40		155
		60		1,156		2,366		21.93		39		205		986		1,972		20.59		40		200
		40		1,119		2,179		37.16		39		195		889		1,665		36.17		37		187
		30		287		419		62.97		43		146		232		361		60.41		43		156
Default (9)		21		1,594		2,933		100.00		43		184		1,313		3,529		100.00		42		269
Total				583,660		152,599		0.68		31		26		597,581		153,072		0.57		31		26
Government guaranteed residential mortgages				50,845		–		–		17		–		53,319		–		–		18		–
Total				634,505		152,599		0.63		30		24		650,900		153,072		0.52		30		24

(1)	Excludes securitization exposures.

(2)	Excludes government guaranteed residential mortgages of $50.8 billion ($53.3 billion in 2024).

(3)	After credit risk mitigation.

(4)	RWA – Risk-Weighted Assets.

(5)	PD – Probability of Default.

(6)	LGD – Loss Given Default.

(7)	RW – Risk Weight.

(8)	Exposure at default used as basis for estimated weightings.

(9)	Gross defaulted exposures, before any related allowances.

Credit risk-weighted assets –

non-retail

The Bank uses the Internal Ratings Based (IRB) approach under Basel III to determine minimum regulatory capital requirements for credit risk in its Canadian, U.S. and European credit portfolios, and for a significant portion of its international corporate and commercial portfolios. The remaining credit portfolios are subject to the Standardized approach, which relies on the external credit ratings (Fitch, Morningstar DBRS, S&P) of exposures and/or borrowers, if available, or prescribed risk weights by counterparty type or exposure type to compute regulatory capital for credit risk. For the Bank’s Corporate, Bank and Sovereign IRB portfolios, the key risk measures used in the quantification of regulatory capital for credit risk include probability of default (PD), loss given default (LGD) and exposure at default (EAD).

•

Probability of default (PD) measures the likelihood that a borrower, with an assigned Internal Grade (IG) rating, will default within a

one-year

time horizon. IG ratings are a component of the Bank’s risk rating system. Each of the Bank’s internal borrower IG depending on the borrower type is mapped to a PD.

•

Loss given default (LGD) measures the severity of loss on a facility in the event of a borrower’s default. LGD segments are determined based on facility characteristics such as seniority, collateral type, collateral coverage and other structural elements. Each LGD segment is assigned a LGD estimate. LGD is based on the concept of economic loss and is calculated using the present value of repayments, recoveries and related direct and indirect expenses.

•

Exposure at default (EAD) measures the expected exposure on a facility at the time of default.

Under the Advanced Internal Ratings Based (AIRB) approach, all three risk measures are estimated using the Bank’s historical data, as well as available external benchmarks, and are updated on a regular basis. The historical data used for estimating these risk measures exceeds the minimum five-year AIRB requirement for PD estimates and the minimum seven-year AIRB requirement for LGD and EAD estimates.

Under Basel III there are IRB requirements for internally developed model parameters under AIRB including scope restrictions which limit certain asset classes to only the Foundation Internal Ratings Based (FIRB) approach. For those asset classes (e.g. Large Corporates, Banks, etc.) the FIRB utilizes the Bank’s internally modeled PD parameters combined with internationally prescribed LGD and EAD parameters.

Further adjustments, as required under the Basel III Framework and OSFI’s requirements set out in its Domestic Implementation Notes, including any input floor requirements, are applied to average estimates obtained from historical data. These adjustments incorporate the regulatory requirements pertaining to:

•

Long-run

estimation of PD, which requires that PD estimates capture average default experience over a reasonable mix of high-default and

low-default

years of the economic cycle;

•

Downturn estimation for internally modeled AIRB LGD, which requires that LGD estimates appropriately reflect conditions observed during periods where credit losses are substantially higher than average;

•

Downturn estimation for internally modeled AIRB EAD, which requires that EAD estimates appropriately reflect conditions observed during periods of economic downturn; and

•

The addition of a margin of conservatism, which is related to the likely range of errors based on the identification and quantification of the various sources of uncertainty inherent in historical estimates.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

These risk measures are used in the calculation of regulatory capital requirements based on the Basel framework. The credit quality distribution of the Bank’s IRB

non-retail

portfolio is shown in Table T36. Portfolio average PD increased year-over-year mainly due to model updates and book quality while average LGD and RW stayed flat over the prior year.

The risk measures are subject to a rigorous back-testing framework which uses the Bank’s historical data to ensure that they are appropriately calibrated. Based on results obtained from the back-testing process, risk measures are reviewed,

re-calibrated

and independently validated on at least an annual basis in order to reflect the implications of new data, technical advances and other relevant information.

•

As PD estimates represent

long-run

parameters, back-testing is performed using historical data spanning at least one full economic cycle. Realized PDs are back-tested using

pre-defined

criteria, and the results are then aggregated to provide an overall assessment of the appropriateness of each PD estimate;

•

The back-testing for AIRB LGD and EAD estimates is conducted from both

long-run

and downturn perspectives, in order to ensure that these estimates are adequately conservative to reflect both

long-run

and downturn conditions.

Portfolio-level back-testing results, based on a comparison of estimated and realized parameters for the four-quarter period ended at July 31, 2025, are shown in Table T37. During this period the actual experiences of PD, LGD and CCF were all lower than the estimates as reflected within the risk parameters.

T37

Portfolio-level comparison of estimated and actual

non-retail

percentages



	Estimated (1)		Actual
Average PD		0.78		0.44
Average LGD		41.73		17.03
Average CCF (2)		50.22		49.05

(1)	Estimated parameters are based on portfolio count-weighted averages at Q3/24, whereas actual parameters are based on count-weighted averages of realized parameters during the subsequent four quarters.

(2)	Exposure-at-default (EAD) back-testing of the Bank’s credit conversion factor (CCF) parameters is performed through Limit Factor (LF) back-testing. EAD is computed using the total limit multiplied by the estimated LF.

Credit risk-weighted assets – Canadian retail

The AIRB approach is used to determine minimum regulatory capital requirements for the retail credit portfolio in Canada. The retail portfolio is comprised of the following Basel-based pools:

•

Residential real estate secured exposures mainly consist of conventional and high ratio residential mortgages and all other products opened under the Scotia Total Equity Plan (STEP), such as mortgage loans, credit cards and secured lines of credit;

•

Qualifying revolving retail exposures (QRRE) consist of unsecured credit cards and lines of credit, including transactors and revolvers;

•

Other retail consists of term loans (secured and unsecured), as well as credit cards and lines of credit which are secured by assets other than real estate or do not meet the QRRE definition.

For the AIRB portfolios, the following models and parameters are estimated, subject to parameter input floors as required by OSFI:

•

Probability of Default (PD) is the likelihood that the facility will default within the next 12 months.

•

Loss Given Default (LGD) measures the estimated economic loss as a proportion of the defaulted balance.

•

Exposure at Default (EAD) is the portion of expected exposures at time of default.

The data observation period used for PD/EAD/LGD estimates meets the five year minimum. Various statistical techniques including predictive modeling and decision trees were used to develop models. The models assign accounts into homogenous segments using internal and external borrower/facility-level credit experience. Every month, exposures are automatically

re-rated

based on risk and loss characteristics. PD, LGD and EAD estimates are then assigned to each of these segments incorporating the following regulatory requirements:

•

PD incorporates the average long run default experience over an economic cycle. This long run average includes a mix of high and low default years.

•

LGD and EAD include historical data covering stressed years.

•

LGD and EAD are adjusted to reflect downturn conditions and when PDs are highly correlated with each of the parameters.

•

Sources of uncertainty are reviewed regularly to ensure uncertainties are identified, quantified and included in calculations so that all parameter estimates reflect appropriate levels of conservatism.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Condition

The table below summarizes the credit quality distribution of the Bank’s AIRB retail portfolio as at October 31, 2025.

Year-over-year the Bank’s AIRB retail portfolio parameters and average risk weights at the total portfolio level remained stable.

T38

Retail AIRB portfolio exposure by PD range

(1)



As at October 31 ($ millions)		2025										2024
Category	PD Range	Exposure at default ($) (1)		RWA ($) (2)		PD (%) (3)(6)		LGD (%) (4)(6)		RW (%) (5)(6)		Exposure at default ($) (1)		RWA ($) (2)		PD (%) (3)(6)		LGD (%) (4)(6)		RW (%) (5)(6)
Exceptionally low	0.0000% – 0.0500%		163,826		3,898		0.05		22		2		145,243		3,873		0.05		22		3
Very low	0.0501% – 0.1999%		157,873		11,560		0.16		38		7		148,919		12,705		0.16		37		9
Low	0.2000% – 0.9999%		75,439		19,071		0.64		42		25		79,011		22,791		0.63		43		29
Medium low	1.0000% – 2.9999%		31,463		17,352		1.95		52		55		25,478		15,667		2.07		57		61
Medium	3.0000% – 9.9999%		5,409		6,108		5.34		82		113		7,524		8,812		5.81		77		117
High	10.0000% – 19.9999%		6,419		8,418		16.02		44		131		3,232		4,002		14.29		39		124
Extremely high	20.0000% – 99.9999%		1,298		2,638		46.03		81		203		2,263		3,528		43.74		50		156
Default (7)	100%		1,213		2,636		100.00		38		217		975		3,030		100.00		52		311
Total			442,940		71,681		1.03		35		16		412,645		74,408		1.02		35		18

(1)	After credit risk mitigation.

(2)	RWA – Risk-Weighted Assets.

(3)	PD – Probability of Default.

(4)	LGD – Loss Given Default.

(5)	RW – Risk Weight.

(6)	Exposure at default used as basis for estimated weightings.

(7)	Gross defaulted exposures, before any related allowances.

All AIRB models and parameters are monitored on a quarterly basis and independently validated annually by the Global Risk Management group. These models are tested to ensure rank ordering and back testing of parameters is appropriate. Comparison of estimated and actual loss parameters for the period ended October 31, 2025 is shown in Table T39. During this period the actual experience was generally more favourable to the estimates as reflected by the risk parameters; however, for Secured Lines of Credit PDs and Qualifying Revolving Retail Exposures’ LGDs, actual values are slightly elevated as they reflect the most recent year of defaults and economic losses while estimates reflect the long run overall portfolio averages.

T39

Estimated and actual loss parameters

(1)(2)



($ millions)	Average estimated PD (%) (3)		Actual default rate (%) (3)(6)		Average estimated LGD (%) (4)		Actual LGD (%) (4) (7)		Estimated EAD ($) (5)		Actual EAD ($) (5)(6)
Residential real estate secured
Residential mortgages
Insured mortgages (8)		0.57		0.50		–		–		–		–
Uninsured mortgages		0.48		0.44		15.65		8.83		–		–
Secured lines of credit		0.29		0.30		22.63		15.63		191		173
Qualifying revolving retail exposures		1.64		1.45		93.72		96.86		853		829
Other retail		2.03		1.52		67.74		54.32		15		14

(1)	Estimated values are based on the models in place four quarters prior to the reporting date.

(2)	Actual values are aligned with model updates implemented during the period.

(3)	Account weighted aggregation.

(4)	Default weighted aggregation.

(5)	EAD is estimated for revolving products only.

(6)	Actual based on accounts not at default as at four quarters prior to reporting date.

(7)	Actual LGD calculated based on 24 month recovery period after default and therefore excludes any recoveries received after the 24 month period.

(8)	Actual and estimated LGD for insured mortgages are not shown; actual LGD includes the insurance benefit, whereas estimated LGD may not.

Credit risk-weighted assets – International retail

International retail credit portfolios follow the Standardized approach and consist of the following components:

•

Residential real estate secured lending; and

•

Other regulatory retail, mainly consisting of term loans and credit card and lines of credit transactors and revolvers.

Under the standardized approach, each of the above components is risk-weighted based on prescribed risk weights, which consider borrower or facility attributes, such as,

loan-to-value,

transactors vs. revolvers, and drawn vs. undrawn.

Market risk

Market risk is the risk of loss from changes in market prices including interest rates, credit spreads, equity prices, foreign exchange rates, and commodity prices, the correlations between them, and their levels of volatility.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Market Risk – Market Risk-Weighted Assets

In the first quarter of 2024, OSFI implemented the revised market risk framework following the Fundamental Review of the Trading Book (FRTB) as part of the Basel III reforms, including revised standardized and modelled approaches for market risk capital requirements. The Bank applies the standardized approach (FRTB-SA) for calculating market risk capital. Below are the market risk requirements as at October 31, 2025 and 2024:

T40

Total market risk capital

(1)



($ millions)	2025		2024
General interest rate risk	$	89	$	80
Equity risk		188		145
Commodity risk		86		90
Foreign exchange risk		31		42
Credit spread risk		188		371
Default risk		375		400
Residual risk add-on		66		49
Total market risk capital (2)	$	1,023	$	1,177

(1)	The Bank uses the standardized approach for calculating market risk capital.

(2)	Equates to $12,786 of market risk-weighted assets (2024 – $14,710).

T41

Risk-weighted assets movement by key drivers



	Market risk

	2025			2024
RWA as at beginning of the year	$	14,710		$	12,040
Movement in risk levels (1)		(1,924	)		(1,184	)
Model updates (2)		–			–
Methodology and policy (3)		–			3,854
Acquisitions and divestitures		–			–
RWA as at end of the year	$	12,786		$	14,710

(1)	Movement in risk levels are defined as changes in risk due to position changes and market movements. Foreign exchange movements are embedded within Movement in risk levels.

(2)	Model updates are defined as updates to the model to reflect recent experience, change in model scope.

(3)

Methodology and policy is defined as methodology changes to the calculations driven by regulatory policy changes, such as new regulations (e.g. Revised Basel III), including regulatory interpretation. The impact in 2024 represents the impact from transitioning from the prior modelled approaches to the new standardized approach under FRTB.

Market risk-weighted assets decreased by $1.9 billion to $12.8 billion, as shown in the table above. This was primarily due to movements in risk levels including position changes and market movements.

Market Risk – CVA Risk-Weighted Assets

Credit Valuation Adjustment (CVA) is the adjustment to the risk free

mark-to-market

value of transactions to account for the potential default of a counterparty. CVA risk is the risk of loss arising from changing CVA values in response to changes in counterparty credit spreads and market risk factors.

Following the implementation of the revised OSFI Capital Adequacy Requirements (CAR) in Q1 2024, the Bank applies primarily the standardized approach

(SA-CVA)

for calculating CVA capital as approved by OSFI, and for netting sets carved out from

SA-CVA,

the basic approach

(BA-CVA).

CVA capital covers derivatives; securities financing transaction (SFT) positions which are not fair valued for accounting purposes are excluded from CVA Capital.

Operational risk

Operational risk is the risk of loss, whether direct or indirect, to which the Bank is exposed due to external events, human error, or the inadequacy or failure of processes, procedures, systems or controls.

Consistent with OSFI’s adoption of the revised Basel III reforms, the Bank applies the Standardized Approach (SA) for calculating operational risk capital requirements. Under the SA, operational risk capital is determined based on the existing gross income approach further supplemented by a scalar or internal loss multiplier (ILM) that recognizes the Bank’s operational risk loss experience.

Operational risk-weighted assets increased by $4.3 billion during the year to $55.4 billion, due primarily to growth in the Bank’s gross income and an increase to the Bank’s ILM.

Internal capital

The Bank utilizes economic capital methodologies and measures to calculate internal capital. Internal capital is a measure of the unexpected losses inherent in the Bank’s business activities. The calculation of internal capital relies on models that are subject to independent vetting and validation as required by the Bank’s Model Risk Management Policy.

Management assesses its risk profile to determine those risks for which the Bank should attribute internal capital. The major risk categories included in internal capital are:

•

Credit risk covers derivatives, repo-style transactions, securitizations, corporate and commercial loans and retail products. The measurement of internal capital mainly leverages the Bank’s internal credit risk ratings and a Monte-Carlo simulation model calibrated based on the Bank’s actual experience in probabilities of default, exposures at default, expected severity of loss in the event of default, concentration and diversification.

•

Market risk for internal capital incorporates the higher of: a Market Risk VaR calibrated to a higher 99.95% confidence interval, and regulatory capital components under the new standardized approaches. For the banking book, structural interest rate and foreign exchange risks leverage a modelled approach based on Economic Value of Equity (EVE) sensitivities.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

| Group Financial Condition

•

Operational risk for internal capital is calculated based on an approach consistent with the Bank’s regulatory capital requirements including a conservative forward-looking view of gross income.

•

Other risks include additional risks for which internal capital is attributed, such as business risk, significant investments, insurance risk and real estate risk.

In addition, the Bank’s measure of internal capital includes a diversification benefit which recognizes that all of the above risks will not occur simultaneously. The Bank also includes the full amount of goodwill and intangible assets in the internal capital amount.

For further discussion on risk management and details on credit, market and operational risks, refer to the Risk Management section.

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, guarantees and other commitments.

Structured entities

Structured entities are designed to accomplish certain well-defined objectives and for which voting or similar rights are not the dominant factor in deciding who controls the entity. The Bank may become involved with structured entities either at the formation stage or at a later date. The Bank controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Bank’s arrangements with structured entities include:

•

Structured entities that are used to provide a wide range of services to customers, such as structured entities established to allow clients to securitize their financial assets while facilitating cost-efficient financing, and to provide certain investment opportunities.

•

Structured entities that the Bank sponsors and actively manages.

The Bank consolidates all structured entities that it controls which includes a U.S. based multi-seller conduit and certain funding and other vehicles. For many of the structured entities that are used to provide services to customers, the Bank does not guarantee the performance of the structured entities’ underlying assets and does not absorb any related losses. For other structured entities, such as securitization and investment vehicles, the Bank may be exposed to credit, market, liquidity, or operational risks. Noteholders of securitizations may also be exposed to these risks. The Bank may earn fees based on the nature of its association with a structured entity.

Unconsolidated structured entities

There are two primary types of association the Bank has with unconsolidated structured entities:

•

Canadian multi-seller conduits administered by the Bank; and

•

Structured finance entities.

The Bank earned total fees of $118 million in 2025 (October 31, 2024 – $73 million) from certain structured entities in which it had a significant interest at the end of the year but did not consolidate. More information with respect to the Bank’s involvement with these unconsolidated structured entities, including details of liquidity facilities and maximum loss exposure by category is provided below and in Note 14(b) to the consolidated financial statements.

Canadian multi-seller conduits administered by the Bank

In 2025, the Bank established Temperance Street Funding Trust, a Canadian multi-seller conduit. The Bank sponsors a total of three Canadian-based multi-seller conduits that are not consolidated. The Bank earned commercial paper issuance fees, program management fees, liquidity fees and other fees from these multi-seller conduits, which totaled $55 million in 2025, compared to $54 million in 2024. These multi-seller conduits purchase high-quality financial assets and finance these assets through the issuance of highly-rated commercial paper.

As further described below, the Bank’s exposure to these

off-balance

sheet conduits primarily consists of liquidity support and temporary holdings of 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. The Bank has a process to monitor these exposures and significant events impacting the conduits to ensure there is no change in control, which could require the Bank to consolidate the assets and liabilities of the conduits at fair value.

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 October 31, 2025 (October 31, 2024 – $7.7 billion). The year-over-year increase was primarily driven by the establishment of Temperance Street Funding Trust. As at October 31, 2025, total commercial paper outstanding for the Canadian-based conduits was $7 billion (October 31, 2024 – $6.4 billion) and the Bank held 0.37% (October 31, 2024 – 0.1%) of the total commercial paper issued by these conduits. Table T42 presents a summary of assets purchased and held by the Bank’s three Canadian multi-seller conduits as at October 31, 2025 and 2024, by underlying exposure.

All of the funded assets have at least an equivalent rating of AA or higher based on the Bank’s internal rating program; and assets held in these conduits were investment grade as at October 31, 2025 and 2024.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

T42

Assets held by Bank-sponsored Canadian-based multi-seller conduits



	2025						2024

As at October 31 ($ millions)	Funded assets		Unfunded commitments		Total exposure (1)		Funded assets		Unfunded commitments		Total exposure (1)
Auto loans/leases	$	3,430	$	699	$	4,129	$	2,957	$	578	$	3,535
Trade receivables		–		459		459		–		459		459
Canadian residential mortgages		2,775		387		3,162		2,643		264		2,907
Equipment leases and rental contracts		670		73		743		607		39		646
Other		96		21		117		92		26		118
Total (2)	$	6,971	$	1,639	$	8,610	$	6,299	$	1,366	$	7,665

(1)	Exposure to the Bank is through global-style liquidity facilities.

(2)	These assets are substantially sourced from Canada.

Structured finance entities

The Bank has interests in structured finance entities used to assist corporate clients in accessing cost-efficient financing through their securitization structures. The Bank’s maximum authorized amount from structured finance entities was $22,670 million as at October 31, 2025 (October 31, 2024 – $11,469 million). The year-over-year increase was due to normal business operations and new transactions.

The Bank provides senior credit facilities to unaffiliated structured entities that are established by third parties to acquire and/or originate loans for the purposes of issuing collateralized loan obligations (CLOs). These credit facilities benefit from subordinated capital provided by either the collateral manager or third-party investors via subordinated financing, capital injection or asset contribution. Subordinated capital represents the first loss tranche which absorbs losses prior to the Bank’s senior exposure. The Bank’s broker-dealer affiliate acts as the arranger and placement agent for the CLOs. Proceeds from the sale of the CLOs are used to repay the senior credit facilities. The Bank does not consolidate these entities as it does not have decision making power over their relevant activities, which include the acquisition and/or origination of loans and overall management of the underlying portfolio. The Bank’s maximum authorized amount was $20,735 million as at October 31, 2025 (October 31, 2024 – $9,743 million), relating to credit facilities extended to these entities, of which $8,114 million was funded (October 31, 2024 – $4,243 million). The increase in the Bank’s maximum authorized amount during the year was driven by the addition of new financing facilities.

Other

off-balance

sheet arrangements

The Bank uses a funding vehicle to transfer credit exposure on certain loan assets and purchases credit protection against eligible credit events from this vehicle. The vehicle collateralizes its obligation using cash proceeds received through the issuance of guarantee-linked notes. Loan assets are not sold or assigned to the vehicle and remain on the Bank’s Consolidated Statement of Financial Position. The total principal balance of guarantee-linked notes issued by this vehicle and outstanding was $1,697 million as at October 31, 2025 (October 31, 2024 – $1,002 million). These are included in Deposits – Business and government on the Bank’s Consolidated Statement of Financial Position.

Other unconsolidated structured entities

The Bank sponsors unconsolidated structured entities including mutual funds, in which it has insignificant or no interest at the reporting date. The Bank is a sponsor when it is significantly involved in the design and formation at inception of the structured entity, and the Bank’s name is used by the structured entity to create an awareness of the instruments being backed by the Bank’s reputation and obligation. The Bank also considers other factors, such as its continuing involvement and obligations to determine if, in substance, the Bank is a sponsor. For the year ended October 31, 2025, the Bank earned $2,851 million (October 31, 2024 – $2,547 million) income from its involvement with the unconsolidated

Bank-sponsored

structured entities, all of which is from Bank-sponsored mutual funds.

Securitizations

The Bank securitizes fully insured residential mortgage loans, originated by the Bank and third parties, through the creation of mortgage-backed securities that are sold to Canada Housing Trust (CHT), Canada Mortgage and Housing Corporation (CMHC) or third-party investors, as an efficient source of financing. The sale of such mortgages does not meet the derecognition requirements where the Bank retains substantially all of the risks and rewards of ownership of the securitized mortgages. The transferred mortgages continue to be recognized on the Consolidated Statement of Financial Position, along with the proceeds from sale treated as secured borrowings. More details have been provided in Note 13 of the consolidated financial statements.

Third-party originated mortgages purchased by the Bank and social housing mortgage pools originated by the Bank that are securitized and sold, qualify for derecognition where the Bank transfers substantially all of the risks and rewards of ownership to third parties. As at October 31, 2025, the outstanding amount of

off-balance

sheet securitized third-party originated mortgages was $23,870 million (October 31, 2024 – $24,837 million) and

off-balance

sheet securitized social housing pools was $1,330 million (October 31, 2024 – $1,148 million).

The Bank securitizes a portion of its Canadian personal and small business credit card receivables (receivables) through Trillium Credit Card Trust II (Trillium), a consolidated Bank-sponsored structured entity. Trillium issues senior and subordinated notes to investors. The proceeds of such issuances are used to purchase

co-ownership

interests in the receivables originated by the Bank. The sale of such

co-ownership

interests does not qualify for derecognition and therefore the receivables continue to be recognized on the Bank’s Consolidated Statement of Financial Position. Recourse of the noteholders is limited to the purchased

co-ownership

interests. During the year, $682 million receivables were securitized through Trillium (2024 – $585 million).

The Bank securitizes a portion of its Canadian auto loans through its Securities Term Auto Receivables Trust program. During the year, $2,990 million of its Canadian auto loan receivables were securitized through Securitized Term Auto Receivables Trust

2025-A

(START

2025-A)

and $2,937 million through Securitized Term Auto Receivables Trust (SSTRT), both Bank-sponsored consolidated structured entities. These entities issue offered notes to third-party investors which are included as Deposits – Business and government on the Consolidated Statement of Financial Position. Recourse of the noteholders is limited to the receivables and a cash reserve account. The sale of the underlying auto loan receivables does not qualify for derecognition, and the receivables continue to be recognized on the Bank’s Consolidated Statement of Financial Position.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Group Financial Condition

Guarantees and other commitments

Guarantees and other commitments are

fee-based

products that the Bank provides to its customers. These products can be categorized as follows:

•

Standby letters of credit and letters of guarantee. As at October 31, 2025, these amounted to $86 billion, compared to $63 billion last year. These instruments are issued at the request of a Bank customer to secure the customer’s payment or performance obligations to a third party.

•

Liquidity facilities. These generally provide an alternate source of funding to asset-backed commercial paper conduits in the event a general market disruption prevents the conduits from issuing commercial paper or, in some cases, when certain specified conditions or performance measures are not met;

•

Indemnification contracts. In the ordinary course of business, the Bank enters into many contracts where it may indemnify contract counterparties for certain aspects of its operations that are dependent on other parties’ performance, or if certain events occur. The Bank cannot estimate, in all cases, the maximum potential future amount that may be payable, nor the amount of collateral or assets available under recourse provisions that would mitigate any such payments. Historically, the Bank has not made any significant payments under these indemnities;

•

Loan commitments. The Bank has commitments to extend credit, subject to specific conditions, which represent undertakings to make credit available in the form of loans or other financings for specific amounts and maturities. As at October 31, 2025, these commitments amounted to $276 billion, compared to $273 billion last year. The higher year-over-year amount is primarily due to an impact from foreign currency translation.

These guarantees and loan commitments may expose the Bank to credit or liquidity risks, and are subject to the Bank’s standard review and approval processes. For the guaranteed products, the dollar amounts represent the maximum risk of loss in the event of a total default by the guaranteed parties, and are stated before any reduction for recoveries under recourse provisions, insurance policies or collateral held or pledged.

Detailed information on guarantees and loan commitments is disclosed in Note 33 in the consolidated financial statements.

Financial Instruments

Given the nature of the Bank’s main business activities, financial instruments make up a substantial portion of the Bank’s financial position and are integral to the Bank’s business. Assets that are financial instruments include cash resources, securities, securities purchased under resale agreements, loans and customers’ liability under acceptances. Financial instrument liabilities include deposits, acceptances, obligations related to securities sold under repurchase agreements, obligations related to securities sold short, subordinated debentures and capital instrument liabilities. In addition, the Bank uses derivative financial instruments for both trading and hedging purposes.

Financial instruments are generally carried at fair value, except for

non-trading

loans and receivables, certain securities and most financial liabilities, which are carried at amortized cost unless designated as fair value through profit and loss at inception.

Unrealized gains and losses on the following items are recorded in other comprehensive income (OCI):

•

debt instruments measured at fair value through OCI,

•

equity instruments measured at fair value through OCI,

•

derivatives designated as cash flow hedges, and

•

financial instruments designated as net investment hedges.

Gains and losses on derecognition of debt instruments at FVOCI are reclassified from OCI to the Consolidated Statement of Income under

non-interest

income. Gains and losses on derecognition of equity instruments designated at FVOCI are not reclassified from OCI to the Consolidated Statement of Income. Gains and losses on cash flow hedges and net investment hedges are recorded in the Consolidated Statement of Income when the hedged item affects income.

The Bank’s accounting policies for derivatives and hedging activities are further described in Note 3 to the consolidated financial statements.

Interest income and expense on

non-trading

interest-bearing financial instruments are recorded in the Consolidated Statement of Income as part of net interest income. Credit losses related to loans are recorded in the provision for credit losses in the Consolidated Statement of Income. Interest income and expense, as well as gains and losses, on trading securities and trading loans are recorded in

non-interest

income – trading revenues. Dividends received on equity instruments measured at FVOCI are recorded in interest income in the Consolidated Statement of Income as part of net interest income.

Several risks arise from transacting financial instruments, including credit risk, liquidity risk, operational risk and market risk. The Bank manages these risks using extensive risk management policies and practices, including various Board-approved risk management limits.

A discussion of the Bank’s risk management policies and practices can be found in the Risk Management section on pages 76 to 115. In addition, Note 34 to the consolidated financial statements presents the Bank’s exposure to credit risk, liquidity risk and market risks arising from financial instruments as well as the Bank’s corresponding risk management policies and procedures.

There are various measures that reflect the level of risk associated with the Bank’s portfolio of financial instruments. For example, the interest rate risk arising from the Bank’s financial instruments can be estimated by calculating the impact of a 100 basis point increase or decrease in interest rates on annual income, and the economic value of shareholders’ equity, as described on page 98. For trading activities, Table T51 discloses the average

one-day

Value at Risk by risk factor. For derivatives, based on the maturity profile of the notional amount of the Bank’s derivative financial instruments, only 16% (2024 – 19%) had a term to maturity greater than five years.

Note 9 to the consolidated financial statements provides details about derivatives used in trading and hedging activities, including notional amounts, remaining term to maturity, credit risk and fair values.

The fair value of the Bank’s financial instruments is provided in Note 6 to the consolidated financial statements along with a description of how these amounts were determined.

The fair value of the Bank’s financial instruments was unfavourable when compared to their carrying value by $1.3 billion as at October 31, 2025 (October 31, 2024 – unfavourable $1.4 billion). This difference relates mainly to loan assets, debt investment securities measured at amortized cost, deposit liabilities, subordinated debentures and other liabilities. These changes are primarily driven by movements in interest rates and by volume changes. Fair value estimates are based on market conditions as at October 31, 2025, and may not be reflective of future fair values. Further information on how fair values are estimated is contained in the section on critical accounting policies and estimates.

Disclosures specific to certain financial instruments designated at fair value through profit and loss can be found in Note 8 to the consolidated financial statements. These designations were made primarily to significantly reduce accounting mismatches.

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

Risk Management

Effective risk management is fundamental to the success and resilience of the Bank and is recognized as key in the Bank’s overall approach to strategy management. Scotiabank has a strong, disciplined risk culture where managing risk is a responsibility shared by all of the Bank’s employees.

Risk Management Framework

The Enterprise Risk Management Framework (the Framework or ERMF) is a key source of information for the Board of Directors, executive management, and other stakeholders of the Bank that:

•

outlines the Bank’s risk governance and oversight, risk identification and measurement, risk assessment and control management, risk monitoring and testing, risk reporting and escalation and other key elements of the Bank’s risk management framework; and

•

serves as an over-arching framework for all elements of the Bank’s risk management activities, and a source document to which all other risk management frameworks and policies must be aligned.

All local risk management frameworks must be aligned with this Framework, in accordance with the type and scale of their activities and local regulatory requirements and are subject to advice and counsel by Global Risk Management.

Risk Management Principles

Risk-taking and risk management activities across the enterprise are guided by the following principles:

Balancing Risk and Reward –

business and risk decisions are consistent with strategies and risk appetite.

Understand the Risks –

all material risks to which the Bank is exposed, including both financial and

non-financial,

are identified and managed.

Forward Thinking –

emerging risks and potential vulnerabilities are proactively identified and managed.

Shared Accountability –

every employee is responsible for managing risk.

Client Focus –

understanding our clients and their needs is essential to all business and risk decision-making.

Protect our Brand –

all risk-taking activities must be in line with the Bank’s risk appetite, our Scotiabank Code of Conduct (our “Code”), including values and behaviours (ScotiaBond), and framework principles.

Controls –

maintaining a robust and resilient control environment to protect our stakeholders and to manage risk in alignment with the Bank’s Risk Appetite.

Compensation –

performance and compensation structures reinforce ScotiaBond values and behaviours and promote sound risk taking behaviour considering the compensation-related regulatory environment.

Financial Resilience –

maintaining financial resilience to withstand financial stress. Capital and liquidity management are fundamental to financial resilience as they ensure the Bank can absorb shocks and meet its obligations during periods of stress.

Operational Resilience –

maintaining operational resilience to effectively prepare for, respond to, and recover from operational disruptions to the provision of services that have the potential to cause intolerable harm to clients, or threaten the viability of the Bank, or cause instability to the financial system. This could in turn impact the Bank’s financial resilience and its ability to meet obligations during periods of stress. Effective enterprise risk management requires an understanding of how risk types are interconnected, which in turn supports financial and operational resilience.

Three Lines of Defence

The Three Lines of Defence (3LoD) model is a foundational component of the Bank’s Enterprise Risk Management Framework, supporting a robust and resilient risk management lifecycle. It delineates clear roles and responsibilities across the organization to ensure effective risk ownership, oversight, and assurance. Together, these lines form an integrated structure that promotes accountability, transparency, and continuous improvement across the risk lifecycle.

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Management’s Discussion and Analysis

| Risk Management

Enterprise Risk Taxonomy

Standardizing data elements around risk assessments is crucial for consistency and clarity in assessing and managing risks. The Bank’s Enterprise Risk Taxonomy (ERT) serves as the definitive source for risk names and definitions, providing a common reference for categorizing risks. This facilitates better communication and understanding across departments by categorizing and defining risks uniformly.

Principal Risk Types

The Bank’s Principal Risk types are reviewed annually as part of the Assessment of Risks process to determine that they adequately reflect the Bank’s risk profile. Principal Risks are defined as:

Those risks which management considers of primary importance: i) having a significant impact or influence on the Bank’s primary business and revenue generating activities (Financial Risks) or ii) inherent in the Bank’s business and can have significant negative strategic, business, financial and/or reputational consequences

(Non-Financial

Risks).

Principal Risks are assessed on an annual basis considering, amongst other things, the following factors:

•

Potential impact (direct or indirect) on the Bank’s financial results, operations, management and strategy

•

Effect on the Bank’s long-term prospects and ongoing viability

•

Regulatory focus and/or social concern

•

Short to

mid-term

macroeconomic and market environment

•

Financial and human resources required to manage and monitor the risk

•

Establishment of key risk indicators, performance indicators or management limits to monitor and control the risk

•

Peer identification and global best practices

•

Regular monitoring and reporting to the Board on the risk is warranted

Principal Risks are categorized into two main groups (Financial and Non-Financial):

Financial Risks:

Credit, Liquidity, Market

These are risks that are directly associated with the Bank’s primary business and revenue generating activities. The Bank understands these risks well and takes them on to generate sustainable, consistent and predictable earnings. Financial risks are generally quantifiable and are relatively predictable. The Bank has a higher risk appetite for financial risks which are a fundamental part of doing business; but only when they are well understood, within established limits, and meet the desired strategic priorities and risk return profile.

Non-Financial

Risks:

Operational, Model, Data, Compliance, Money Laundering /Terrorist Financing and Sanctions, Environmental, Social & Governance (ESG), Cyber Security & Information Technology (IT), Strategic, Reputational

These are risks that are inherent in the Bank’s business and can have significant negative strategic, business, financial and/or reputational consequences if not managed properly. In comparison to financial risks,

non-financial

risks are less predictable and more difficult to define and measure. The Bank has low risk appetite for

non-financial

risks and mitigates these accordingly.

Transverse Risks:

Transverse risks are risks that do not exist in isolation but instead manifest through other recognized risk channels or types (for example, ESG Risk, Reputational Risk, Culture Risk, and Strategic Risk). Distinct risk events could be the result of a specific risk type or a combination of financial and

non-financial

transverse risks. The Bank manages these risks through risk-specific teams which coordinate cross-functionally to address and respond to the broader risk environment. This is supported by comprehensive risk reporting, established escalation channels, and data standardization which enables effective aggregate analysis and effective decision-making.

Risk Management Lifecycle

Effective risk management is a continuous and integrated process that underpins the Bank’s ability to achieve its strategic objectives while safeguarding its financial and operational resilience. Each component of the risk management lifecycle operates in an ongoing and iterative manner, reflecting the dynamic nature of the risk environment. The Bank’s Risk Management Framework provides a standardized structure that promotes consistency across these components, enabling the Bank to assess, manage, and monitor risk in a disciplined and transparent way. This standardization enhances the Bank’s ability to evaluate the effectiveness of its risk management practices and supports informed decision-making across the enterprise.

The primary goals of risk management are to ensure that the outcomes of risk-taking activities are consistent with the Bank’s ScotiaBond (Values & Behaviours), strategies and risk appetite, and that there is an appropriate balance between risk and reward to maximize shareholder value. This Framework provides the foundation for achieving these goals.

The Framework is applied on an enterprise-wide basis and consists of five key elements:

•

Risk Governance and Oversight

•

Risk Identification and Measurement

•

Risk Assessment and Control Management

•

Risk Monitoring and Testing

•

Risk Reporting and Escalation

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Management’s Discussion and Analysis

Risk Governance and Oversight

Effective risk management begins with effective risk governance and oversight.

Risk governance and oversight serves as the structural backbone that ensures risk-taking activities are aligned with the Bank’s strategic objectives and risk appetite. The Board of Directors, supported by the Corporate Governance Committee, the Risk Committee, the Audit and Conduct Review Committee, the Human Capital and Compensation Committee, and the Technology Committee, plays a central role in overseeing the Bank’s risk profile. These bodies are responsible for approving principal risk policies, frameworks, and/or limits, and for overseeing that management operates within the defined Enterprise Risk Appetite Framework. This governance structure is complemented by executive leadership who are accountable for embedding risk considerations into strategic planning and operational execution.

Governance Structure

The Bank has a well-established risk governance structure, with an active and engaged Board of Directors supported by an experienced executive management team. Decision-making is highly centralized through several executive and senior risk management committees.

The Bank’s Board of Directors and its Committees provide oversight and governance over the Bank’s risk management program which is supported by the President and Chief Executive Officer (CEO) and Chief Risk Officer (CRO).

The Risk Governance Structure of the Bank is set out below.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Risk Management

Board of Directors:

as the top of the Bank’s risk management governance structure, provides oversight, either directly or through its committees, to satisfy itself that decision making is aligned with the Bank’s strategies and risk appetite. The Board receives regular updates on the key risks of the Bank (including a quarterly comprehensive summary of the Bank’s risk profile and performance of the portfolio against defined limits). The Board approves key risk policies, frameworks, and limits, and ensures the implementation of the appropriate processes by management to manage those risks and to adhere to the policies and frameworks.

Corporate Governance Committee of the Board:

acts in an advisory capacity to the Board to enhance the Bank’s corporate governance through a continuing assessment of the Bank’s approach to corporate governance and makes policy recommendations in support of the Bank’s purpose, culture and strategy.

Risk Committee of the Board:

assists the Board in fulfilling its responsibilities for the review of the Bank’s risk appetite and identifying and monitoring key financial and

non-financial

risks and the oversight of the promotion and maintenance of a strong risk culture throughout the Bank. The Committee assists the Board by providing oversight of the risk management function at the Bank. This includes periodically reviewing and approving the Bank’s key risk management policies, frameworks and limits and satisfying itself that management is operating within the Bank’s Enterprise Risk Appetite Framework. The Committee oversees the Bank’s sustainability-related risks, specifically the Bank’s environmental (including climate), social, and governance (ESG) risks. The Committee also oversees the independence of Global Risk Management, including the effectiveness of the head of this function, as well as the function itself.

Audit and Conduct Review Committee of the Board:

assists the Board by providing oversight on the effectiveness of the Bank’s system of internal controls. The Committee oversees the integrity of the Bank’s consolidated financial statements and related quarterly results. This includes oversight of all financial reporting as well as the external auditor’s qualifications, independence and performance. This Committee assists the Board in fulfilling its oversight responsibilities for setting standards of conduct and ethical behaviour, the oversight of conduct reviews, culture as it relates to conduct risk, and the oversight of compliance with the consumer provisions. The Committee also oversees the Bank’s compliance with legal and regulatory requirements, and oversees the Global Finance, Global Compliance (including anti-money laundering, anti-terrorist financing and sanctions) and Audit Department functions at the Bank. The Committee also oversees the independence of each of these control functions, including the effectiveness of the heads of these functions, as well as the functions themselves.

Human Capital and Compensation Committee of the Board:

in conjunction with the Risk Committee of the Board, satisfies itself that adequate procedures are in place to identify, assess and manage the risks (including conduct risk) associated with the Bank’s material compensation programs and that such procedures are consistent with the Bank’s risk management programs. The Committee has further responsibilities relating to talent management, succession planning and total rewards.

Technology Committee of the Board:

assists the Board in fulfilling its oversight responsibilities with respect to technology-based risk management in coordination with the Risk Committee. The Committee oversees the Bank’s technology strategy and technology investment and innovation. The Committee reviews, approves or recommends for Board approval, the Bank’s significant technology frameworks, policies and supporting standards and internal controls, and monitors risks related to the use of technology. The Committee also reviews the independence of the Technology function, including the effectiveness of the head of this function, as well as the function itself.

President and Chief Executive Officer (CEO):

reports directly to the Board and is responsible for defining, communicating and implementing the strategic direction, goals and core values for Scotiabank that maximize long term shareholder value and returns, and meeting the needs of the Bank’s other key stakeholders. The CEO oversees the establishment of the Bank’s risk appetite, in collaboration with the CRO and CFO, which is consistent with the Bank’s short- and long-term strategy, business and capital plans, as well as compensation programs.

Global Risk Management (GRM):

is an independent second line of defence that provides oversight of enterprise-wide risk management and is led by the Group Head & CRO. The CRO reports directly to the Chief Executive Officer and has a functional reporting line to the Risk Committee of the Board of Directors. The CRO also maintains unfettered access to the Board and its committees, ensuring the independence, authority, and transparency of the Risk Function. GRM accountabilities include the management of all principal risks globally. Furthermore, as a senior member of the Bank’s executive team, the CRO provides independent and effective challenge to strategic and capital allocation decisions, ensuring they align with the Bank’s Risk Appetite Statement and support sustainable performance against the Bank’s Balanced Scorecard objectives. GRM is responsible for providing effective challenge and reasonable assurance to executive management, the Board of Directors and shareholders that risks are actively identified, managed and communicated to all key stakeholders. GRM’s accountability is to ensure that the outcomes of risk-taking activities optimize and protect long-term value by using insight and partnership to drive business impact and safeguards trust.

Global Compliance & AML:

is an independent second line of defence that is responsible for oversight of Compliance Risk, ML/TF Risk & Sanctions Risk and is led by the EVP & Chief Compliance Officer and supported by the Group Chief Anti-Money Laundering Officer (Group CAMLO). Within this structure, Global Compliance provides effective challenge and oversight to business lines and corporate functions assessing the adequacy of, adherence to, and effectiveness of the Bank’s

day-to-day

compliance controls, and for opining to the Board on whether, based on the independent monitoring and testing conducted, the controls are sufficiently robust to achieve compliance with the applicable regulatory requirements. It also provides oversight and effective challenge to the Bank’s management of bribery and corruption risk. Global AML under the Group CAMLO is responsible for maintaining the AML/ATF and Sanctions program which is designed to comply in all material respects with the regulations to which it is subject, and to protect the Bank from being used to launder illicit funds, finance terrorism, violate or evade sanctions. This group also develops AML/ATF and Sanctions policies and control standards to effectively manage money laundering, terrorist financing, and sanctions risks and provides risk-based independent oversight, risk assessment and effective challenge to the first line of defence.

Global Finance:

is led by the Group Head & Chief Financial Officer (CFO) and is responsible for setting enterprise-wide financial strategies which support the Bank’s ability to maximize sustainable shareholder value. Global Finance actively manages the reliable and timely reporting of financial information to management, the Board of Directors, shareholders, regulators, as well as other stakeholders. This reporting includes the Bank’s consolidated financial statements and related quarterly and annual results, as well as all financial reporting related regulatory filings. Global Finance executes the Bank’s financial, liquidity and capital management strategies with appropriate governance and control, while ensuring its processes are efficient and effective.

Audit Department:

reports functionally to the Audit and Conduct Review Committee of the Board on the design and operating effectiveness of the Bank’s risk management processes. The mission of the Audit Department is to provide the Board and Management with independent, risk-based, and objective assurance over the Bank’s internal controls, risk management and governance processes which strengthen the Bank’s ability to create, protect and sustain value.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

The Audit Department provides value-added insights and advisory services* in support of the Bank’s strategic objectives in addition to developing talent for the Bank. The Audit Department enhances the Bank’s reputation and credibility with its stakeholders.

Business Lines:

as the first line of defence, own the risks generated by their activities, are accountable for effective management of the risks within their Business Lines and functions through identifying, assessing, mitigating, monitoring and reporting the risks. Business lines and corporate functions actively design and implement effective controls as well as governance activities to manage risk and maintain activities within risk appetite and policies. Further, business lines have processes to be able to effectively identify, assess, monitor and report against allocated risk appetite limits and are in compliance with relevant policies, standards and guidelines. The Business Risk Management functions (“1B”) play an important role in assisting the Risk Owners (“1A”) in identifying, assessing, monitoring, reporting, and mitigating risks; and establishing risk governance, internal controls, and reporting frameworks. While Business Lines may rely on corporate and support functions to execute certain activities (i.e., technology, procurement, etc.), Business Lines ultimately maintain accountability for the risks generated by their activities and timely remediation of gaps.

Corporate & Support Functions:

refer to the departments that execute activities supporting the overall operations of the organization and/or provide assistance and services to the core business operations. These functions typically include human resources, technology, operations, etc. that play a crucial role in ensuring the smooth functioning of the Bank.

* Subject to not impairing the Audit Department’s independence or objectivity.

Risk Oversight Requirements

•

Each principal risk identified by the Bank must be governed by a clearly articulated risk management governance document (Frameworks and Policies) aligned with the Bank’s overarching risk appetite and governance standards.

•

Policies should be developed in consultation with stakeholders across risk management, control functions, business lines, and the Audit Department, and must reflect regulatory expectations, industry best practices, and internal governance principles.

•

Policy and Framework development must align with the Bank’s Policy of Policies to ensure consistency and alignment in risk management practices across the Enterprise.

•

Committee governance structures must be established to manage each principal risk, with designated risk committees or governance bodies accountable for monitoring exposures, reviewing metrics, and ensuring mitigation strategies are in place.

•

Dedicated second line resources must be in place to provide effective challenge and oversight of the risk.

•

Risk appetite statements must be established to define the Bank’s appetite for the risk and how it is measured and monitored.

•

Risk appetite metrics must be supported by management limits, early warning thresholds, risk appetite limits, and key risk indicators, as appropriate for the risk.

•

Adequate and effective monitoring and reporting must be established to the Board and executive and senior management, including from subsidiaries, with clear escalation lines.

•

Board and executive management must have clearly defined roles and responsibilities in relation to risk identification, assessment, measurement, monitoring, and reporting to support effective governance and oversight.

Risk Appetite

Effective risk management requires clear articulation of the Bank’s risk appetite and how the Bank’s risk profile aligns with the Bank’s strategy and managed in relation to that appetite.

The Enterprise Risk Appetite Framework (ERAF) defines the types and levels of risk the Bank is willing to accept to meet its strategic and financial goals. It aligns with the Bank’s vision and strategy, reinforcing a strong risk culture and ensuring decisions stay within set boundaries.

The ERAF is integrated into strategic, capital, and financial planning, as well as compensation programs. It is reviewed annually by senior management and approved by the Board.

Each Principal Risk, Business Line, and Key Subsidiary must have its own Risk Appetite Statement (RAS), aligned with the ERAF and tailored to its operations, including alignment to local requirements where relevant.

The ERAF includes both qualitative and quantitative measures, supported by management-level limits and controls. Key metrics ensure effective management of Principal Risks within regulatory constraints, keep reputational risk top of mind, and support strategic execution within defined operating parameters, helping the Bank maintain its risk posture over time.

2025 Scotiabank Annual Report

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Management’s Discussion and Analysis

| Risk Management

Culture Risk and Risk Culture

Culture Risk is the risk that the Bank’s actual culture diverges from its stated desired culture. This misalignment can weaken risk management, impair decision making, and undermine the Bank’s ability to meet strategic and regulatory expectations.

Risk Culture focuses specifically on how risk is understood, discussed, and managed across the organization. A strong risk culture reinforces accountability, ethical conduct, and alignment with the Bank’s risk appetite.

Effective risk management requires a strong, robust, and pervasive risk culture where every Bank employee understands and recognizes their role as a risk manager and is responsible for identifying and managing risks.

The Bank has identified four key themes of a strong Risk Culture: tone from the top, accountability, risk management and people management. These key themes are predicated on our ScotiaBond values and behaviours, and enables employees to identify risk taking activities that are beyond the established risk appetite.

Elements that influence and support the Bank’s Risk Culture:

•

Governance:

Senior management is responsible for culture risk management. The Board is responsible for the Bank’s culture and promotes a risk culture that stresses integrity and effective risk management.

•

Decision-making on risk issues is highly centralized:

the flow of information and transactions to senior and executive committees keeps management well informed of the risks the Bank faces and ensures that transactions and risks are aligned with the Bank’s risk appetite.

•

Scotiabank Code of Conduct:

describes standards of conduct required of Employees, Contingent Workers, Directors and officers of the Bank. All Scotiabankers are required to receive, read and comply with our Code, and any other applicable Scotiabank policies and affirm their compliance within the required timeline on an annual basis.

•

ScotiaBond:

the Bank’s culture ambition reflects the Bank’s values and behaviours. Our values are: Client-centric – Deliver a differentiated experience that creates value for our clients; Integrity – Make the right decisions for our clients, each other, and our Bank; Inclusion – Value and leverage differences and diverse perspectives; Accountability – Take initiative to sustainably and profitably grow our Bank.

•

Communication:

the Bank actively communicates risk appetite to help embed appropriate risk taking into the Bank’s Risk Culture, to reinforce and champion ScotiaBond values and behaviours, and promote desired culture.

•

Training:

Risk Culture is continually reinforced by providing effective and informative mandatory and

non-mandatory

training modules for all employees on a variety of risk management topics.

•

Compensation:

the Bank’s compensation, rewards and recognition, and incentive programs are designed to support and reinforce appropriate risk behaviours, ensure compliance with compensation-related principles and regulations and discourage behaviours that conflict with ScotiaBond values and behaviours, and our Code – ensuring undesired behaviours are not incentivized or rewarded.

•

Employee goals:

all employees across the Bank have an accountability goal assigned to them annually.

•

Executive mandates:

all Executives across the Bank have risk management responsibilities within their mandates.

Risk Identification and Measurement

Effective risk management requires a comprehensive process to identify risks and assess their materiality.

Risk Identification and Measurement encompasses both known and potential or unknown risks. The Bank’s approach ensures that risks are not only identified through current exposures and trends but also proactively assessed for emerging threats and vulnerabilities that may not yet be fully understood or realized. This comprehensive view supports a resilient and forward-looking risk management framework.

The Bank defines Risk as the potential impact of deviations from expected outcomes on the Bank’s earnings, capital, liquidity, reputation and resilience caused by internal and external vulnerabilities.

Risk Identification and Measurement is performed on an ongoing basis through the following:

•

Transactions – risks, including credit and market exposures, are assessed by the business lines as risk owners with GRM providing review and effective challenge, as applicable

•

Monitoring – risks are identified by constantly monitoring and reporting current trends and analysis, top and emerging risks and internal and external significant adverse events impacting the Bank

•

New Products and Services – new or significant change to products, services and/or supporting technology are assessed for potential risks through the New Initiatives Risk Assessment Program

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Management’s Discussion and Analysis

•

Strategic Investments – investment transactions are thoroughly reviewed for risks and are approved by the Operating Committee with advice and counsel from the Strategic Transactions and Investment Committee who provides direction and guidance on effective allocation and prioritization of resources

Risk Measurement

The Bank’s measurement of risk is a key component of its risk management framework. The measurement methodologies may apply to a group of risks or a single risk type and are supported by an assessment of qualitative risk factors to ensure the level of risks are within the Bank’s risk appetite. The Bank utilizes various risk techniques such as: models, stress testing, scenario and sensitivity analysis, and back testing using data with forward-looking projections based on plausible and worst-case economic and financial market events to support its risk measurement activities.

Internal Capital Adequacy Assessment Process (ICAAP)

On an annual basis, the Bank undergoes a Bank-wide Assessment of Risks that identifies the principal risks faced by the Bank for the Internal Capital Adequacy Assessment Process and the determination of internal capital. This process evaluates the risks and determines the pervasiveness of the risk across multiple business lines, the significance of the risk to a specific business line, the likelihood and potential impact of the risk and whether the risk may cause unexpected losses in income and therefore would be mitigated by internal capital. The process also reviews other evolving and emerging risks and includes qualitative considerations such as strategic, economic and ESG risk factors. The identified risks are ascribed a rating of how probable and impactful they may be and are used as an important input for the ICAAP and the determination of internal capital.

As part of this annual risk assessment process the Bank’s Principal Risks for the year are identified through consultation with various risk owners and/or stakeholders and approved by the Operational Risk Committee and the Risk Management Committee.

Models

The use of quantitative risk methodologies and models is subject to effective oversight and a strong governance framework which includes the application of sound and experienced judgment. The development, design, independent review and testing, and approval of models are subject to the Model Risk Management Policy.

The Bank employs models for a number of important risk measurement and management processes including: regulatory and internal capital, internal risk management, valuation/pricing and financial reporting, meeting initial margin requirements, business decision-making for risk management, and stress testing.

Stress Testing

Stress testing programs at both the enterprise-wide level and individual risk level allow the Bank to estimate the potential impact on the Bank’s performance resulting from significant changes in market conditions, credit environment, liquidity demands, or other risk factors. Enterprise-wide stress testing is also integrated with both the strategic and financial planning processes, as well as financial crisis management planning. The development, approval and

on-going

review of the Bank’s stress testing programs are subject to policy, and the oversight of the Stress & Scenarios Committee (SSC) or other management committees as appropriate. The SSC is also responsible for reviewing and approving stress testing, climate risk, and expected credit loss scenarios for implementation and use. Each stress testing program is developed with input from a broad base of stakeholders, and results are integrated into management decision making processes for capital adequacy and/or allocation, funding requirements and strategy, risk appetite setting, and limit determinations. The stress testing programs are designed to capture a number of stress scenarios with differing severities and time horizons.

Other stress tests are conducted, as required, at the enterprise-wide level and within specific functional areas to test the decision-making processes of the senior management team and key personnel, by simulating a potential stress scenario. Simulated stress scenarios may include several complexities and disruptions through which senior management are engaged to make certain key decisions. Generally, the objectives of the simulations can include testing (1) the executability of activation protocols, (2) operational readiness, (3) the flexibility of the executive decision-making process, and (4) the process by which actions to be taken are prioritized. The exercises may also be designed to test the applicability and relevance of available data and the timeliness of reporting for decision making under stressed/crisis conditions.

Scenario Analysis

Scenario analysis is a forward-looking Operational Risk Management (“ORM”) tool utilized by the Bank to actively manage risk by assessing low likelihood, high impact, hypothetical events. Through this process, hypothetical events are analyzed to allow for the identification of potential operational risks or threats and an assessment of the adequacy of controls. The output of this analysis may lead to a mitigation of risk exposures, and ultimately, a reduction in operational losses. This also allows for assessments related to material catastrophic risk exposures (e.g. technology or fraud scenarios, as well as physical risks related to climate change, earthquake, hurricane, forest fire, pandemics, and significant adverse events).

Risk Assessment and Control Management

Effective risk assessment and control management is foundational to the Bank’s Risk Management Framework, it enables the organization to identify, evaluate, manage and control risks in alignment with its strategic objectives and risk appetite.

Risk Assessments

The Bank has developed key risk assessment processes to comprehensively assess materiality of risks and effectiveness of controls to ensure risks are effectively managed.

Risk Response Strategies

Risk response is the process for designing and implementing actions to address risk issues to ensure risks are managed proactively and effectively to minimize any impact on the Bank. Key strategies include:

•

Risk Mitigation:

Involves taking steps to reduce the likelihood or impact of a risk. This process begins when the Risk Owner’s management acknowledges the risk and determines a corrective action plan.

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| Risk Management

•

Risk Avoidance:

Risks are avoided when management determines that the risk is outside of the risk appetite or that a cost-effective solution is not available and decides not to pursue the activity which creates the risk.

•

Risk Transfer:

Risks are transferred when management acknowledges the risk and determines that the risk is more appropriately covered by insurance.

Controls

The Bank’s risk control activities are integral to maintaining a robust risk management environment and is an important component of corporate governance. The Bank is committed to meet OSFI’s requirements and guidelines when conducting business activities which involve exposure to risk.

The Bank’s Internal Control System is designed to mitigate risks to the Bank and ensure that control activities are defined at every level of the organization, including approval and authorization limits, segregation of duties, physical and logical access controls, and information processing and reconciliation controls. Internal control underpins all activities the Bank undertakes to meet its objectives and its obligations to all its stakeholders.

Risk Monitoring and Testing

The Bank is committed to remaining vigilant and responsive to potential risks to ensure that all business activities operate within the approved risk appetite limits, thresholds, or guidelines. This proactive approach to risk management is essential for safeguarding the Bank’s financial stability, reputation, and regulatory compliance. By maintaining a comprehensive view of risk exposures, the Bank can promptly address any emerging threats and ensure that its risk profile remains within the established risk appetite. A component of risk monitoring is business oversight in which the effectiveness of controls and identification of issues or trends are discussed in committee meetings or similar forums. Risk Monitoring also includes surveillance monitoring in which employee and client activities are reviewed to identify instances of misconduct or

non-compliance.

Metric Monitoring

Risk Appetite Metrics are Key Risk Indicators (KRIs) that are monitored as part of the Enterprise Risk Appetite Framework. Management monitors additional metrics, such as KRIs, Key Performance Indicators (KPIs), and Key Control Indicators (KCIs) that assist in the oversight of risk management activities across the Bank.

Risk Limits

Risk limits are a fundamental mechanism for governing risk-taking activities within the boundaries established by the Board of Directors and executive management. These limits are aligned with the Bank’s approved risk appetite and tolerances and are designed to ensure that risk exposures remain within acceptable levels across financial, operational, compliance, and strategic dimensions.

Limits serve to:

•

Reinforce accountability by clearly assigning responsibility for managing risk within defined thresholds.

•

Prevent excessive risk-taking that could compromise the Bank’s financial stability, reputation, or regulatory compliance.

•

Promote a culture of risk awareness and disciplined decision-making throughout the organisation.

By setting clear and measurable boundaries, limits support the effective implementation of the Bank’s risk management strategy and ensure consistency with its overall risk governance framework.

Testing Procedures

Testing is a critical component of the Bank’s risk monitoring activities. It provides assurance that internal controls are appropriately designed and operating effectively to mitigate risks. The Bank’s testing program supports proactive risk management by identifying control weaknesses, supporting the validation of remediation efforts, and reinforcing accountability across the First and Second Lines of Defence.

Testing activities are risk-based and prioritized according to, among other factors, the materiality and complexity of the control environment, regulatory expectations, and the maturity of existing monitoring. Annual testing plans are subject to review and approval by relevant governance committees. Testing may include walkthroughs, control design assessments, data analysis techniques and operating effectiveness testing using sampling methodologies.

Reporting and Escalation

Reporting Process

Within the ERM framework, regular updates to senior management and the Board, including the Enterprise Risk Management (ERM) Quarterly Risk Report (QRR), provide aggregate measures of risk across the Bank’s global operations. These reports ensure adherence to risk appetite and limits while offering a clear overview of the Bank’s risk profile and performance. Senior leadership uses this information to assess the organization’s risk exposure.

Escalations

The Bank’s escalation processes are crucial for risk monitoring and reporting, ensuring timely identification and communication of potential risks. Risk owners are responsible for continuously tracking risk metrics and identifying any breaches of limits or early warning thresholds. When breaches of early warning thresholds or risk appetite limits occur, or if there are any other deteriorating trends in the risk profile that could impact the organization’s stability and performance, risk owners must promptly escalate these issues to senior management and/or the Board. This ensures that timely and necessary actions can be taken to mitigate the risks and maintain the Bank’s risk posture and compliance with regulatory requirements.

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Management’s Discussion and Analysis

T43

Exposure to risks arising from the activities of the Bank’s businesses

(1)	Average assets for the Other segment include certain non-earning assets related to the business lines.

(2)	Attributed Capital is a combination of regulatory: (i) Risk-based capital and (ii) Leverage capital.

(3)	Includes Attributed Capital for significant investments, goodwill, intangibles and leverage capital.

(4)	Risk-weighted assets (RWA) are as at October 31, 2025 as measured for regulatory purposes in accordance with Basel III.

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Top and emerging risks

The Bank is exposed to a variety of top and emerging risks. These risks can potentially 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 and drivers of those risks to undertake appropriate risk mitigation strategies.

Risk drivers are identified using a risk identification system whereby information is gathered and consolidated from a variety of internal and external sources including industry research and peer analysis, Senior Management expertise, and risk reporting from our international operations. The results of this research, in conjunction with internal risk assessments across the Bank’s principal risks and Business Lines, help identify the impact of top and emerging risk drivers, which, along with mitigation activities, are summarized and reported to Executives and the Board of Directors on a quarterly basis.

The external risk environment continues to be characterized by an unprecedented rate of change and interconnectivity on a global scale. Drivers of risk are becoming less predictable and require a more agile approach to respond quickly to mitigate their impacts. While emerging risk drivers continue to be concentrated in

non-financial

areas, they have the potential to interact and amplify other top risks, including financial ones, in ways that can be difficult to predict. This year, the impacts of U.S. imposed tariffs and continued trade and government policy uncertainty have been key interconnected risk drivers.

The Bank’s top and emerging risk drivers are as follows:

Evolving Cyber Threats

As technology advances, cyber threats continue to evolve in sophistication and scope, which could impact the Bank directly and/or its third-party service providers. These threats manifest as attacks on critical functions or infrastructure, including but not limited to, client facing systems and may result in financial loss, data theft, regulatory consequences, reputational damage or operational disruption to the Bank. The inherent risk of cyber threats continues to increase as attack surfaces grow with the adoption of new technologies and cloud services. Geopolitical conflicts have increased the severity and frequency of cyber threats and state-sanctioned cyber attacks on critical infrastructure, public facing services and emerging technologies. Advancements in Generative AI and Large Language Models (LLM) create additional attack vectors that enable new forms of cyber attacks to commit fraud or exfiltrate sensitive data and personally identifiable information.

The Bank’s overall cyber security and IT program continues to adapt to the evolving and complex cyber threat landscape, and investments in cyber defences, including proactive and adaptive security measures, and IT infrastructure to strengthen its operational resilience. As threat actors look to exploit the weakest link in a system, frequent monitoring of critical suppliers and effective contingency planning helps mitigate the vulnerability to cyber attacks on third parties and safeguards critical assets to ensure business continuity. The Bank also maintains cyber insurance coverage to help mitigate potential losses linked to cyber incidents. The insurance coverage limit is regularly reviewed and evaluated to ensure it meets the Bank’s needs.

Tariffs and Trade Policy Uncertainty

Heightened economic uncertainty driven by the impact of tariffs and changing government policy may contribute 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 supports 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. Ongoing monitoring of liquidity, deposit levels, and credit quality keeps the Bank adept in responding to this changing environment and protects against potential impacts of macroeconomic uncertainty. Portfolios are monitored for delinquency trends, and collections measures are being deployed to mitigate potential impacts to the Bank’s most vulnerable borrowers.

Client Repayment Vulnerability and Recession Risks

After a period of elevated interest rates, most central banks have lowered their policy rates, which should support economies that are actively dealing with tariffs and economic uncertainty. As well, the lag effects of higher interest rates may continue to increase portfolio impacts, including provisions and delinquencies as clients continue to face higher refinancing costs, weakening consumer demand and higher unemployment. This environment also increases the risk of recession or a market downturn, which can put further pressure on consumer and business confidence, loan demand and real estate markets and may result in lower earnings and higher credit losses for the Bank.

The Bank has measures in place to monitor and mitigate impacts on its portfolios (i.e., stress testing, downturn readiness playbooks), while continuing its proactive client outreach. The effectiveness of collection efforts remains critical to sustaining momentum in impaired loan management and driving overall portfolio health. In addition, the Bank’s strategic shift places focus on allocating capital to more mature, priority markets with an emphasis on lower cost deposits and client primacy that helps reduce credit risk.

Changing Government Policy

Recent developments suggest a possible trend toward increased government engagement in economic and regulatory matters that may include more active fiscal measures aimed at achieving specific outcomes. Though the direction of such policies remains uncertain, governments are working towards increasing economic growth, national strength and resilience, including more restrictive trade policies, promotion of industrial policy and supporting national corporate champions. This new policy environment will create uncertainty as previous rules and operating principles for businesses are upended that could result in inflation, higher longer term borrowing costs and sovereign risk concerns. It could also lead to headwinds for the Bank in its priority markets, particularly the North American corridor, as political relationships change and policy uncertainty accelerates, requiring strategic adjustments.

Government Affairs, Compliance, Global AML and Economics teams continue to monitor the changing political and economic landscape across the Bank’s operating footprint, communicating broadly to clients and employees, and supporting stress testing and scenario analysis. These teams regularly update the Bank’s leadership to support a continuous understanding of the evolving environment and its impact on the Bank’s risk profile, strategy and business performance. In Canada, recent legislative efforts, such as the One Canadian Economy Act, may help advance major projects and stimulate economic activity, potentially supporting loan demand and employment.

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Management’s Discussion and Analysis

Climate Change

Rising costs of climate change and new climate guidelines increase regulatory oversight and stakeholder expectations to demonstrate strong governance in managing climate risks. The increased intensity and frequency of severe weather events highlights the potential impacts of diverse physical risks due to climate change, which include damage to properties and disruptions to operations that can negatively impact profitability. The changing corporate and political environment in the US and Canada could result in reduced support for climate-related regulation and funding for climate initiatives, creating uncertainty that could limit clients’ ability or willingness to reduce emissions. Under current laws and evolving climate regulations, which include management of nature-related risks and their impacts, making exaggerated or misleading sustainability claims or “greenwashing”, either intentionally or due to data collection and reporting challenges, can create legal and reputational risks. For further details please refer to the ESG Risk section on page 113.

The Bank continues to maintain compliance with evolving climate regulations across its global footprint. To manage physical risks, there are several mechanisms to identify, mitigate, and assess potential Bank losses, while disaster recovery planning is focused on ensuring uninterrupted operations for localized disasters and weather-related events. The Bank has a public ESG policy that restricts lending to the Oil & Gas industry within the Arctic, thermal coal mining or coal power generation and new nature-related sustainability policies for activities in UNESCO World Heritage sites and RAMSAR wetlands.

Geopolitical Tensions

The potential for political miscalculations and conflict escalations remains a key concern. Geopolitical uncertainty and a fracturing global economy continues as many geopolitical conflicts remain unresolved, including U.S.-China tensions, the continuing war in Ukraine, and the ongoing conflict in the Middle East. Geopolitical tensions are accelerating in complexity and speed with risk increasingly manifesting in interconnected ways that could disrupt global trade, supply chains or operations, and cause market volatility. Financial institutions have limited influence over broad geopolitical dynamics and resulting impacts could require strategic adjustments to manage changes to client and investor confidence and to address a higher risk of financial instability.

The Bank seeks to grow and do business in countries that have a track record of economic growth and institutional stability, while continuing to invest in its priority markets within the North American corridor. The Bank monitors geopolitical developments through various pillars and threat intelligence coordination, and monitors regions with geopolitical conflicts to ensure operations, including sanctions related controls continue to be fully compliant with evolving laws. The Bank’s stress testing programs help evaluate the potential impacts of severe economic scenarios, and the Bank can draw from its extensive experience operating in emerging markets across the globe to manage volatility, and right scaling exposure when necessary. As well, the Bank’s strong and varied client base, robust liquidity levels and diversified funding programs help manage disruptions or market dislocations.

Increasing Regulatory Scrutiny and Changing Regulatory Landscape

As a global financial institution, the Bank operates under various legal and regulatory frameworks that affect its businesses. The growing volume, complexity, and pace of regulatory obligations, combined with continued scrutiny and increasing fines and penalties across the Bank’s footprint is competing for limited resources and is a challenge when balancing compliance with innovation amidst growing competition in the

non-regulated

financial industry. The Bank strives to monitor and evaluate the emerging regulatory developments and to implement the necessary changes to ensure compliance. However, any inadvertent

non-compliance

may expose the Bank to fines, penalties, litigation, regulatory sanctions, enforcement actions and restrictions or prohibitions on its business activities. These consequences may adversely affect the Bank’s financial performance, its business strategy execution and its reputation.

The Bank continues to monitor changes in regulatory guidance from regulators and to assess the impact of new regulations and increasing scrutiny across its operating footprint. It continues to coordinate regulatory examinations as part of its compliance program and work with peers to promote consistent guidance and requirements across jurisdictions. Although some regulators have indicated a desire to ease financial rules to support lending and economic growth, the Bank is continuing to invest in infrastructure to address immediate compliance challenges while building resilience for the years ahead, supported by a robust funding model and risk culture with the appropriate regulatory talent. For additional information on some of the key regulatory developments that potentially impact the Bank’s operations, see “Regulatory Developments” on page 120.

Increasing Reliance on Third Party Services

The Bank continues to rely on third parties for the delivery of some critical services. The growing concentration of dominant third and nth parties for the delivery of these critical services, combined with attempts to keep up with technological advancements requires oversight and monitoring of complex third- and

nth-party

arrangements, and their compensating controls. Using third-party service providers increases the risk of attacks, breaches, or disruptions due to the Bank’s reduced oversight and control over their technology and security. This can interrupt critical functions or infrastructure, including but not limited to, client facing systems and may result in financial loss, data theft, regulatory consequences, reputational damage or operational disruption to the Bank. Resiliency and preparedness for third party disruptions, including contingency planning and identification of alternative vendors, is an area of increasing focus.

The Bank aims to be “Resilient by Design” and has established an operational resilience program to support engagements with third party service providers, including defining critical suppliers, enhancing continuous monitoring, increasing the frequency of risk assessments and developing vendor disruption strategies. The Bank continues to invest in enhancing its governance of third parties, resourcing capabilities, and technology to ensure it manages third party risk prudently.

External Fraud, Scams and Insider Risks

The Bank and the industry as a whole continues to be exposed to the threat of increasing fraud given the uncertain economic climate, rapid digitization, and the adoption of new technologies. The Bank anticipates that it will continue to experience fraud losses driven by external threats and scams, including first party fraud. First party fraud involves deceptive actions by clients who knowingly engage in false or deceptive activities relating to financial transactions on an account issued in their name for personal gain. As well, the financial industry continues to observe an increased number of insider risk cases, leading to new or emerging threats. These cases can lead to data being compromised, intellectual property theft, business disruptions, as well as regulatory, operational and compliance risks. It can also lead to fraud, which historically has been driven by external factors, including service providers to the Bank and its customers.

Despite the Bank’s investments in fraud prevention and detection programs, capabilities, measures and defences, it may not prevent against all fraudulent activity which could result in financial loss, reputational damage or operational disruptions in the Bank’s businesses. The Bank is continuously enhancing its fraud oversight functions and governance structures to ensure a coordinated response to fraud attacks and to support future business growth in line with its strategy.

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| Risk Management

Data Quality and Availability

The increasing role of data in processes, models and operations, its potential for bias, and the increasing sensitivities and concerns on appropriate use of data in the decision-making process, can all result in reputational risk. Models leveraging data with poor quality may impair the Bank’s ability to meet regulatory disclosure requirements and increase compliance and operational costs. As data volumes grow exponentially, driven in part by Gen AI, the risk of inaccurate, incomplete, or untimely data is increasing. This can hinder effective reporting, governance, and risk profiling, and may compromise compliance with regulatory requirements, including the accuracy of disclosures. Challenges in data availability and quality amplify these risks, potentially impacting decision making and leading to higher costs.

The Bank has policies that outline guiding principles on how to manage the risks of using data, in alignment to the latest regulations on data and AI, while incorporating data ethics into its Code and training. The Bank continues to modernize its data management processes, expanding data governance and increasing the scope and thoroughness of its data quality validations.

Rapid AI Adoption

AI introduces risks such as operational disruptions, security vulnerabilities, including a higher risk of fraud, regulatory challenges, and ethical concerns. Maintaining competitiveness through AI adoption including Gen AI, Agentic AI and LLM is vital for the Bank as it aims to leverage the technology for improved decision-making, enhanced client experience and process optimisation. However, keeping pace with the latest advancements poses new risks, including additional model governance requirements, potential copyright and intellectual property infringement, spread of misinformation and inaccuracy of outputs, which could ultimately erode consumer trust and confidence. Rapid adoption and ease of use of Gen AI and Agentic AI technologies also leads to increased competitive pressures from

non-regulated

FinTech companies that have lower cost structures and regulator oversight.

The Bank is addressing the risks of further AI adoption, including malicious use, data vulnerabilities, and regulatory scrutiny, by operationalizing its AI Risk Management Program through cross functional collaboration and embedding robust procedures across business units, while increasing employee awareness by expanding training, ultimately building trust and oversight across the organization. To address the increasing regulatory scrutiny on the use of AI, and potentially inconsistent AI rules across jurisdictions, the Bank must stay abreast of emerging regulations and continue to establish robust governance with adaptable risk management frameworks as it continues to expand its use of emerging AI technologies across different geographies.

Technology Modernization

Outdated software and complex technology infrastructure can lead to ineffective change management, increased regulatory and strategic risk, and require investments to adapt to new technologies and react to competitive risks. Risks and impacts emanating from digital innovations such as cloud computing, Gen AI, machine learning and process automation, require continued investments to respond to changing customer needs, regulatory expectations, and cyber threats, while staying competitive with peers and new entrants. Rapid digitalization has created greater dependency on technology to carry out critical business processes and as digital service usage continues to increase, stakeholder tolerance for downtime has reduced.

Technology is a focus for the Bank and is a key enabler for the Bank’s clients to do business easily, for automating processes, and for driving innovation, including better risk analytics. Managing legacy IT platforms to stay competitive with digital-first players that offer faster, cheaper, and more accessible services requires the Bank to continue investing in digital infrastructure, enhancements to cybersecurity, while adapting to new technologies. The Bank is strategically increasing its technology investments to address legacy platforms, which should reduce system vulnerabilities and increase flexibility to adopt new technologies cost-effectively. The Bank remains focused on ensuring sufficient resourcing for software updates and to accelerate the remediation of expired software, while cloud investments should support software modernization and application rationalization.

Change Management

Change management and execution risks could remain elevated as the pace of regulatory projects and scale of transformational efforts across the Bank accelerates. It remains essential that change execution is managed effectively by modernizing critical technology and mitigating key person risk. Successful project delivery in support of the Bank’s strategy could be at risk if overdue regulatory actions, resource constraints and maintenance of critical operations is not addressed.

The Bank continues to strengthen its issues management processes to mitigate against execution risk by enhancing the reporting and tracking of issues to further improve visibility and oversight, and to improve closure rates. As well, processes and operations are managed through a structured risk framework that insists on strong governance, ongoing project assessments through the life cycle, a separation of duties, and thorough testing, supported by post-implementation reviews.

Contagion Risks

The external risk landscape remains defined by an extraordinary pace of change and global interconnectivity. Risk drivers have the potential to interact with and intensify key financial and non-financial risks in complex and unforeseen ways. This high degree of interconnectedness is intensifying as interdependencies among top risk drivers deepen – where a cyber breach can cascade into operational outages, liquidity stress, and reputational damage, while credit deterioration in stressed sectors can trigger funding challenges and regulatory pressures – creating systemic vulnerabilities that amplify overall impact across the Bank.

These increasingly unpredictable risk drivers can lead to contagion risks and demand a more agile and responsive approach to mitigation. The Bank actively monitors the risk environment across its operating footprint and coordinates responses to events across stakeholders and functional groups. Stress testing programmes are used to evaluate the potential impact of severe economic scenarios, while scenario planning helps the Bank prepare for a range of interconnected risk events and explore a range of possible future impacts – such as economic downturns, regulatory shifts, or climate-related disruptions – and assess their potential impact on operations, portfolios, and strategy. By modeling these scenarios, the Bank can identify vulnerabilities, test the resilience of its risk frameworks and enhance decision-making.

The grey shaded text and tables marked with an asterisk (*) in the following sections of Management’s Discussion and Analysis (MD&A) form an integral part of the Bank’s 2025 Consolidated Financial Statements. These disclosures are presented in accordance with IFRS 7, Financial Instruments: Disclosures, which permits specific risk information to be disclosed in the MD&A and incorporated by cross-reference in the financial statements. These sections provide discussion on the Bank’s risk management framework to monitor, evaluate, measure and manage credit, market and liquidity risk. As such, these shaded sections should be read in conjunction with the 2025 Consolidated Financial Statements.

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Principal Risks – Financial

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 arises in the Bank’s direct lending operations, and in its funding, investment and trading activities where counterparties have repayment or other obligations to the Bank.

Credit risk summary

•

The Bank’s overall loan book as of October 31, 2025 increased to $779 billion versus $768 billion as of October 31, 2024, led by an increase in Residential mortgages, despite decline in Business and Government lending. Residential mortgages were $370 billion as of October 31, 2025, with 84% in Canada. The corporate loan book, which accounts for 36% of the total loan book is composed of 50% of loans with an investment grade rating as of October 31, 2025, compared to 51% of the total loan book in October 31, 2024.

•

Loans and acceptances (Personal, and Business and Government lending) remained diversified by region, industry and customer. Regional exposure is spread across our key markets (Canada 68%, United States 8%, Chile 7%, Mexico 6% and Other 11%). Financial Services constitutes 4% of overall gross exposures (before consideration of collateral) and was $32 billion. These exposures are predominately to highly rated counterparties and are generally collateralized.

The effective management of credit risk requires the establishment of an appropriate risk culture. Key credit risk policies and appetite statements are important elements used to create this culture.

The Board of Directors, either directly or through the Risk Committee (the Board), reviews and approves the Bank’s Credit Risk Appetite limits annually and Credit Risk limits and thresholds biennially.

•

The objectives of the Credit Risk Appetite are to ensure that:

–

target markets and product offerings are well defined at both the enterprise-wide and business line levels;

–

the risk parameters for new underwritings and for the portfolios as a whole are clearly specified; and

–

transactions, including origination, syndication, loan sales and hedging, are managed in a manner that is consistent with the Bank’s risk appetite.

•

The Credit Risk Policy articulates the credit risk management framework, including:

–

credit risk management policies;

–

delegation of authority;

–

the credit risk management program;

–

credit risk management for trading and investment activities; and

–

Single Name and Aggregate limits, beyond which credit applications must be escalated to the Board for approval.

GRM develops the credit risk management framework and policies that detail, among other things, the credit risk rating systems and associated parameter estimates; the delegation of authority for granting credit; the methodology and calculation of the allowance for credit losses; and the authorization of write-offs.

Corporate and commercial credit exposures are segmented by various business lines and/or by major industry type. Aggregate credit risk limits for each of these segments are also reviewed and approved biennially by the Board. Portfolio management objectives and risk diversification are key factors in setting these limits.

Consistent with the Board-approved limits, borrower limits are set within the context of established lending criteria and guidelines for individual borrowers, particular industries, countries and certain types of lending, to ensure the Bank does not have excessive concentration to any single borrower, or related group of borrowers, particular industry sector or geographic region. Through the portfolio management process, loans may be syndicated to reduce overall exposure to a single name. For certain segments of the portfolio, credit derivative contracts are also used to mitigate the risk of loss due to borrower default. Risk is also mitigated through the selective sale of loans.

Banking units and GRM regularly review the various segments of the credit portfolio on an enterprise-wide basis to assess the impact of economic trends or specific events on the performance of the portfolio, and to determine whether corrective action is required. These reviews include the examination of the risk factors for particular products, industries and countries. The results of these reviews are reported to the Risk Management Committee and, when significant, to the Board.

Risk measures

The Bank’s credit risk rating systems support the determination of key credit risk parameter estimates (Probability of Default (PD), Loss-Given-Default (LGD) and Exposure at Default (EAD)) that are applicable to both Retail and Business Banking portfolios and are designed to measure customer credit and transaction risk. The parameters are an integral part of enterprise-wide policies and procedures encompassing governance, risk management, and control structure, and are used in various internal and regulatory credit risk quantification calculations.

The Bank’s credit risk rating system is subject to a comprehensive validation, governance and oversight framework. The objectives of this framework are to ensure that:

•

Credit risk rating methodologies and parameters are appropriately designed and developed, independently validated, and regularly reviewed, and that the results of each process are adequately documented; and

•

The validation process represents an effective challenge to the design and development process including an assessment of risk measures.

The Bank’s credit risk rating methodologies and parameters are reviewed and validated at least annually. Units within GRM are responsible for design, and development of credit risk rating methodologies and parameters. Separate units within GRM are responsible for validation and review. The operation of these separate units is functionally independent from the business units responsible for originating exposures. Within GRM, these units are also independent from the units involved in risk rating approval and credit adjudication.

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| Risk Management

Business Banking credit risk ratings and associated risk parameters affect lending decisions, and loan pricing. Both Business Banking and Retail Banking’s credit risk rating systems affect the computation of the allowance for credit losses, and regulatory capital.

Corporate and commercial

Corporate and commercial credit exposure arises in the Bank’s business lines.

Risk ratings

The Bank’s risk rating system utilizes internal grade (IG) ratings – a 17 point scale used to differentiate the risk of default of borrowers, and the risk of loss on facilities. The general relationship between the Bank’s IG ratings and external agency ratings is shown in table T35.

IG ratings are also used to define credit adjudication authority levels appropriate to the size and risk of each credit application. Lower-rated credits require increasingly more senior management involvement depending upon the aggregate exposure. Where a credit exceeds the authority delegated to a credit unit, credit units will refer the request – with its recommendation – to a senior credit committee for adjudication. In certain cases, these must be referred to the Risk Committee of the Board of Directors.

Adjudication

Credit adjudication units within GRM analyze and evaluate all significant credit requests for corporate and commercial credit exposures, to ensure that risks are adequately assessed, properly approved, continually monitored and actively managed. The decision-making process begins with an assessment of the credit risk of the individual borrower or counterparty. Key factors considered in the assessment include:

•

The borrower’s management;

•

The borrower’s current and projected financial results and credit statistics;

•

The industry in which the borrower operates;

•

Environmental and Climate Change risks (including regulatory or reputational impacts);

•

Economic trends; and

•

Geopolitical risk.

Based on this assessment, a risk rating is assigned to the individual borrower or counterparty, using the Bank’s risk rating systems.

A separate risk rating is also assigned at the facility level, taking into consideration additional factors, such as security, seniority of claim, structure, term and any other forms of credit risk mitigation that affect the amount of potential loss in the event of a default of the facility. Security typically takes the form of charges over inventory, receivables, real estate, and operating assets when lending to corporate and commercial borrowers; and cash or treasuries for trading lines such as securities lending, repurchase transactions, and derivatives. The types of acceptable collateral, and related valuation processes are documented in risk management policies and manuals.

Other forms of credit risk mitigation include third party guarantees and, in the case of derivatives facilities, master netting agreements.

Internal borrower and facility risk ratings are assigned when a facility is first authorized, and are promptly

re-evaluated

and adjusted, if necessary, as a result of changes to the customer’s financial condition or business prospects.

Re-evaluation

is an ongoing process, and is done in the context of general economic changes, specific industry prospects, and event risks, such as revised financial projections, interim financial results and extraordinary announcements.

The internal credit risk ratings are also considered as part of the Bank’s adjudication limits. Single borrower limits are much lower for higher risk borrowers than low risk borrowers.

The credit adjudication process also uses a risk-adjusted profitability model to ensure that the client and transaction structure offers an appropriate return for a given level of risk. For the corporate portfolio, and the large borrowers in International, the Loan Portfolio Management Group reviews the profitability model results, together with external benchmarks, and provides an opinion on the relative return and pricing of each transaction above a minimum threshold.

Individual credit exposures are regularly monitored by both the business line units and GRM for any signs of deterioration. In addition, the business line units and GRM conduct a review and risk analysis of each borrower annually, or more frequently for higher-risk borrowers. If, in the judgement of management, an account requires the expertise of specialists in workouts and restructurings, it will be transferred to a special accounts management group for monitoring and resolution.

Credit Risk Mitigation – Collateral/Security

Traditional

Non-Retail

Products (e.g. Operating lines of Credit, Term Loans)

Collateral values are accurately identified at the outset and throughout the tenure of a transaction by using standard evaluation methodologies. Collateral valuation estimates are conducted at a frequency that is appropriate to the frequency by which the market value fluctuates, using the collateral type and the borrower risk profile.

In addition, when it is not cost effective to monitor highly volatile collateral (e.g. accounts receivable, inventory), appropriate lending margins are applied to compensate (e.g. accounts receivable are capped at 80% of value, inventory at 50%). The frequency of collateral valuations is also increased when early warning signals of a borrower’s deteriorating financial condition are identified.

Borrowers are required to confirm adherence to covenants, including confirmation of collateral values on a periodic basis, which are used by the Bank to provide early warning signals of collateral value deterioration. Periodic inspections of physical collateral are performed where appropriate and where reasonable means of doing so are available.

Bank procedures require verification, including certification by banking officers during initial, annual, and periodic reviews, that collateral values/margins/etc. have been assessed and, where necessary, steps have been taken to mitigate any decreased collateral values.

The Bank does not use automated valuation models (AVMs) for valuation purposes for traditional

non-retail

products. GRM performs its own valuations of companies based on various factors such as book value, discounted book value, enterprise value, etc.

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Management’s Discussion and Analysis

Commercial/Corporate Real Estate

New or updated appraisals are generally obtained at inception of a new facility, as well as during loan modifications, loan workouts and troubled debt restructure. The primary reason for requiring a new appraisal is if, in the reasonable opinion of the banking execution unit, or GRM, there has been a material change in value. Additionally, none of the appraisal guidelines contained within the policies dissuade the Bank from requesting an appraisal more frequently if an adverse change in market conditions, sponsorship, credit worthiness, or other underwriting assumptions is realized or expected.

Appraisals must be in writing and must contain sufficient information and analysis to support the Bank’s decision to make the loan. Moreover, in rendering an opinion of the property’s market value, third party appraisers are responsible for establishing the scope of work necessary to develop credible assignment results. The appraisal must meet the regulatory and industry requirements which, depending on the type of property being appraised, contain any or all of the following three approaches to value:

comparable sales approach

ii.

replacement cost approach

iii.

income approach

The appraiser must disclose the rationale for the omission of any valuation approach. Furthermore, the appraiser must disclose whether the subject property was physically inspected and whether anyone provided significant assistance to the person signing the appraisal report. The report must contain a presentation and explanation of the assumptions used in determining value under each of the above mentioned approaches.

Review of every appraisal is conducted by the banking units and GRM to confirm that the appraisal identifies all of the relevant issues for the specific asset class, location and economic environment and incorporates all appropriate valuation methodologies and assumptions.

When third party appraisers are used, they must be accredited and satisfactory to the Bank. In addition, GRM validates any third party valuations via internal desktop estimates based on comparables, reversionary calculations or the income capitalization approach.

Traded products

Traded products are transactions such as OTC derivatives (including foreign exchange and commodity based transactions), and Securities Financing Transactions (including repurchase/reverse repurchase agreements, and securities lending/borrowing). Credit risks arising from traded products cannot be determined with certainty at the outset, because during the tenure of a transaction the dollar value of the counterparty’s obligation to the Bank will be affected by changes in the capital markets (such as changes in stock prices, interest rates, and exchange rates). The Bank adjudicates credit exposures arising from transacting in traded products by considering their current fair value plus an additional component to reflect potential future changes in their

mark-to-market

value. The credit adjudication process also includes an evaluation of potential

wrong-way

risk, which arises when the exposure to a counterparty is positively correlated to the probability of default of that counterparty.

Credit risk associated with traded products is managed within the same credit adjudication process as the lending business. The Bank considers the credit risk arising from lending activities, as well as the potential credit risk arising from transacting in traded products with that counterparty.

Credit risk mitigation – collateral/security

Derivatives are generally transacted under industry standard International Swaps and Derivatives Association (ISDA) master netting agreements, 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 and regulation in some jurisdictions can require both parties to post initial margin (regulatory and

non-regulatory).

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 bilateral (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.

For derivative transactions, investment grade counterparties account for approximately 88% of the credit risk. Approximately 31% of the Bank’s derivative counterparty exposures are to bank counterparties, as defined under Basel III revision. After taking into consideration, where applicable, netting and collateral arrangements, no net credit risk amount arising from traded products transactions with any single counterparty was considered material to the financial position of the Bank as at October 31, 2025. No individual exposure to an investment grade bilateral counterparty exceeded $1,679 million and no individual exposure to a corporate counterparty exceeded $1,233 million.

Retail

Retail credit exposures arise in the Canadian Banking and International Banking business lines.

Adjudication

The decision-making process for retail loans ensures that credit risks are adequately assessed, properly approved, continually monitored and actively managed. Generally, credit decisions and limit assignments for consumer loans are processed by proven adjudication software and are based on strategies that utilize a robust combination of key financial and customer risk indicators and segmentation in addition to credit bureau information and internal risk ratings generated using predictive credit scoring models.

The Bank’s credit adjudication and portfolio management methodologies are designed to ensure consistent underwriting and early identification of problem loans in line with our risk appetite. The Bank’s rigorous credit underwriting and retail risk strategies and modeling methodologies are more customer focused than product focused. The Bank’s view is that a customer-centric approach provides better risk assessment than product-based approaches, a more consistent experience to the customer, and should result in lower loan losses over time.

All credit scoring and policy changes are primarily initiated by units within GRM that are functionally independent from the business units responsible for retail portfolios. Risk models and parameters are also subject to independent validation and review from the units involved in the design and development of models. The review process includes referral to the appropriate Senior Credit Committee for approval, where required. Consumer credit portfolios are reviewed at least monthly to identify emerging trends in loan quality and to assess whether corrective action is required.

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| Risk Management

Risk ratings

The Bank’s consumer risk rating systems are oriented to borrower or transaction risk. Each retail exposure is assigned a risk grade based on the customer’s credit history and/or internal credit score. The Bank’s automated risk rating systems assess the ongoing credit-worthiness of individual customers on a monthly basis. This process provides for meaningful and timely identification and management of problem loans.

The risk rating system under the AIRB approach is subject to regular review and ongoing performance monitoring of key components. Risk model validations are conducted independently from the areas responsible for rating system development and implementation, to ensure effective independence in design and performance review.

Customer behavior characteristics which are used as inputs within the Bank’s Basel III AIRB models are consistent with those used by the Bank’s Canadian consumer risk rating systems. The International portfolios are subject to the Standardized approach at this time.

Credit risk mitigation – collateral/security

The property values for residential real estate secured exposures are confirmed at origination through a variety of validation methodologies, including AVM and full appraisals

(in-person

inspection). The appraisal is completed by a third party, Bank approved appraiser. For monitoring of material portfolios, property values are indexed quarterly to house prices. For loan impairment within material portfolios, residential property values are

re-confirmed

using third party AVMs.

Where AVM values are used, these AVM values are subject to routine validation through a continuous random sampling process that back-tests AVM values against available property appraisals (primarily third party AVMs). Where third party appraisals are obtained, the Bank relies on the professional industry accreditation of the appraiser. Samples of approved appraisal reports are reviewed by the Bank’s senior appraisers to ensure consistent appraisal quality and satisfactory appraisal values. The third party appraisers are selected from a

pre-approved

list of Bank-vetted appraisers.

Credit Quality

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, 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 up to the date of the financial statements. Expert credit judgement is 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. Given the uncertainty surrounding U.S. trade policies and the direction of tariffs, the scenarios as at October 31, 2025 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 the future, the scenarios and assumptions will be updated accordingly.

U.S. trade policies and related uncertainty have shaped the economic environment over the past year and weighed on the outlook. The Canadian and U.S. forecasts have been adjusted frequently as new developments emerged. In Canada, tariff-sensitive sectors and regions are showing earlier-than-expected weakness, resulting in a softer 2025 growth profile than expected last year. In contrast, the U.S. has shown surprising resilience, supported by strong AI-related activity. As a result, the U.S. growth profile for 2025 is slightly stronger than forecast last year. Persistent upside surprises to U.S. growth, combined with stubborn inflation, delayed the start of monetary easing relative to last year’s expectations. With inflation in both countries now closer to target and economic activity softening, the Bank of Canada and the U.S. Federal Reserve have shifted their focus from inflation control toward supporting growth, though upside inflation risks remain. Economic activity in both countries is expected to improve somewhat in 2026 as tariff impacts fade and, in Canada, as stimulus measures and infrastructure plans from the federal budget take effect.

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. Under this scenario, 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.

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Management’s Discussion and Analysis

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 190 for all key variables). Further changes in these variables up to the date of the consolidated financial statements are incorporated through expert credit judgement.

Gross Domestic Product (GDP):

Relative to last year, GDP levels in both countries are higher due to historical data revisions. In Canada, we expect growth of about 1.2% in 2025 – a slower pace than anticipated last year, reflecting tariff impacts – before modestly improving to 1.6% in 2026, remaining below potential in both years. In contrast, deterioration in the U.S. outlook is expected to continue into 2026, with growth projected at 1.8% in 2025 and slowing further to 1.4% in 2026.

Unemployment Rate:

The base case scenario anticipates a rise in the unemployment rate in both Canada and the U.S. from current levels and relative to last year. In Canada, the unemployment rate is projected to peak at 7.3% at the end of 2025 before gradually normalizing. In the U.S., it is expected to peak at about 4.5% in early 2026 before stabilizing.

T44

Allowance for credit losses by business line



As at October 31 ($ millions)	2025		2024
Canadian Banking
Retail	$	2,301	$	1,977
Commercial		803		614
	$	3,104	$	2,591
International Banking
Retail
Caribbean and Central America	$	381	$	424
Mexico		782		598
Peru		524		607
Chile		757		617
Colombia		376		354
Other		103		92
Commercial		1,160		1,006
	$	4,083	$	3,698
Global Wealth Management	$	52	$	47
Global Banking and Markets	$	223	$	198
Other	$	1	$	2

Allowance for credit losses on loans	$	7,463	$	6,536
Allowance for credit losses on:
Acceptances	$	1	$	1
Off-balance sheet exposures		175		186
Debt securities and deposits with financial institutions		15		13
Total Allowance for credit losses	$	7,654	$	6,736

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| Risk Management

Allowance for credit losses

The total allowance for credit losses as at October 31, 2025 was $7,654 million compared to $6,736 million in the prior year. The allowance for credit losses ratio was 98 basis points, an increase of 10 basis points. The allowance for credit losses for loans was $7,463 million, an increase of $927 million from October 31, 2024.

The allowance for credit losses on performing loans was higher at $5,122 million compared to $4,482 million as at October 31, 2024. The allowance for performing loans ratio was 68 basis points, an increase of seven basis points. The increase was driven by credit quality migration and deterioration in the macroeconomic outlook in Canadian Banking and International retail portfolio growth. This also reflects the continued uncertainty related to U.S. tariffs, primarily impacting the Canadian Banking portfolios. The impact of foreign currency translation increased the allowance by $151 million.

The allowance for credit losses on impaired loans increased by $287 million to $2,341 million from $2,054 million last year. The allowance for credit losses on impaired loans ratio was 30 basis points, an increase of three basis points. The increase was due primarily to higher provisions in Canadian and International Banking, and the impact of foreign currency translation of $104 million.

The allowance for credit losses on impaired loans in Canadian Banking increased by $116 million to $667 million, due primarily to higher commercial and retail provisions. In International Banking, the allowance for credit losses on impaired loans increased by $194 million to $1,653 million, due primarily to higher retail and commercial provisions, and the impact of foreign currency translation. In Global Banking and Markets, the allowance for credit losses on impaired loans decreased by $20 million to $3 million, mainly due to the write-off of one account. In Global Wealth Management, the allowance for credit losses on impaired loans decreased by $3 million to $18 million.

T45

Impaired loans by business line



	2025						2024

As at October 31 ($ millions)	Gross impaired loans		Allowance for credit losses		Net impaired loans		Gross impaired loans		Allowance for credit losses		Net impaired loans
Canadian Banking
Retail	$	1,368	$	413	$	955	$	1,212	$	365	$	847
Commercial		911		254		657		840		186		654
	$	2,279	$	667	$	1,612	$	2,052	$	551	$	1,501
International Banking
Caribbean and Central America	$	578	$	157	$	421	$	665	$	158	$	507
Latin America
Mexico		1,494		535		959		1,343		424		919
Peru		818		400		418		715		385		330
Chile		1,412		328		1,084		1,249		281		968
Colombia		364		132		232		322		109		213
Other Latin America		149		101		48		166		102		64
Total Latin America		4,237		1,496		2,741		3,795		1,301		2,494
	$	4,815	$	1,653	$	3,162	$	4,460	$	1,459	$	3,001
Global Wealth Management	$	92	$	18	$	74	$	71	$	21	$	50
Global Banking and Markets
Canada	$	58	$	3	$	55	$	47	$	1	$	46
U.S.		–		–		–		109		22		87
Asia and Europe		–		–		–		–		–		–
	$	58	$	3	$	55	$	156	$	23	$	133
Totals	$	7,244	$	2,341	$	4,903	$	6,739	$	2,054	$	4,685

Impaired loan metrics



	Net impaired loans

As at October 31 ($ millions)	2025			2024
Net impaired loans as a % of loans and acceptances (1)		0.63	%		0.61	%
Allowance against impaired loans as a % of gross impaired loans (1)		32	%		30	%

(1)	Refer to Glossary on page 136 for the description of the measure.

Impaired loans

Gross impaired loans increased to $7,244 million as at October 31, 2025, from $6,739 million last year. The increase was due primarily to formations mainly in Canadian Banking and International retail portfolio, as well as the impact of foreign currency translation.

Impaired loans in Canadian Banking increased by $227 million, due primarily to higher formations in the commercial and retail portfolios, mainly mortgages and unsecured portfolios. In International Banking, impaired loans increased by $355 million, due primarily to retail formations in Mexico and Chile, as well as the impact of foreign currency translation. Impaired loans in Global Banking and Markets decreased by $98 million, due primarily to higher write-offs and lower formations. Impaired loans in Global Wealth Management increased by $21 million due to new formations. The gross impaired loan ratio was 93 basis points as at October 31, 2025, an increase of five basis points.

Net impaired loans, after deducting the allowance for credit losses, were $4,903 million as at October 31, 2025, an increase of $218 million from the prior year. Net impaired loans as a percentage of loans and acceptances were 0.63% as at October 31, 2025, an increase of two basis point from 0.61% last year.

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Management’s Discussion and Analysis

Portfolio review

Canadian Banking

Gross impaired loans in the retail portfolio increased by $156 million or 13% from last year, due primarily to higher formations in mortgages and unsecured portfolios. The allowance for credit losses on impaired loans in the retail portfolio was $413 million, up $48 million or 13% from last year due to higher formations.

In the commercial loan portfolio, gross impaired loans increased $71 million to $911 million due primarily to higher formations. The allowance for credit losses on impaired loans was $254 million, up $68 million or 37% from last year due to higher formations.

International Banking

In the retail portfolio, gross impaired loans increased by $315 million to $2,567 million, due primarily to higher formations in Mexico and Chile, as well as the impact of foreign currency translation. The allowance for credit losses on impaired loans in the retail portfolio was $1,020 million, an increase of $126 million or 14% from last year, due primarily to higher formations, as well as the impact of foreign currency translation.

In the commercial portfolio, gross impaired loans were $2,248 million, an increase of $40 million from last year, due primarily to the impact of foreign currency translation. The allowance for credit losses on impaired loans was $633 million, an increase of $68 million or 12% from last year, due primarily to higher formations as well as the impact of foreign currency translation.

Global Wealth Management

Gross impaired loans in Global Wealth Management were $92 million, an increase of $21 million from last year, due primarily to new formations. The allowance for credit losses on impaired loans was $18 million, a decrease of $3 million from last year due primarily to lower provisions.

Global Banking and Markets

Gross impaired loans in Global Banking and Markets decreased by $98 million to $58 million, due primarily to lower formations and higher write-offs. The allowance for credit losses on impaired loans was $3 million, a decrease of $20 million from last year, due to higher write-offs.

Risk diversification

The Bank’s exposure to various countries and types of borrowers are well diversified (see T64 and T67). Chart C27 shows loans and acceptances by geography. Ontario represents the largest Canadian exposure at 37% of the total. Latin America was 19% of the total exposure and the U.S. was 8%.

Chart C28 shows loans and acceptances by type of borrower (see T67). Excluding loans to households, the largest industry exposures were real estate and construction (8%), financial services (4% including banks and

non-banks)

and wholesale and retail (4%).

Risk mitigation

To mitigate exposures in its performing corporate portfolios, the Bank uses diversification by company, industry, and country, with loan sales and credit derivatives used sparingly. In 2025, loan sales totaled $0.6 billion, compared to $1.1 billion in 2024. As at October 31, 2025, no credit derivatives were used to mitigate loan exposures in the portfolios (October 31, 2024 – nil). The Bank actively monitors industry and country concentrations. As in the case with all industry exposures, the Bank continues to closely follow developing trends and takes additional steps to mitigate risk as warranted.

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.

C27	Well diversified in Canada and internationally... loans and acceptances, October 2025

C28	... and in household and business lending loans and acceptances, October 2025

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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 October 31, 2025, these loans accounted for $499 billion or 64% of the Bank’s total loans and acceptances outstanding (October 31, 2024 – $475 billion or 62%). Of these, $394 billion or 79% are real estate secured loans (October 31, 2024 – $374 billion or 79%). The tables below provide more details by portfolio.

Insured and uninsured residential mortgages and home equity lines of credit

The following table presents amounts of insured and uninsured residential mortgages and home equity lines of credit (HELOCs), by geographic area.

T46

Insured and uninsured residential mortgages and HELOCs, by geographic areas

(1)


	2025
	Residential mortgages															Home equity lines of credit
As at October 31	Insured (2)					Uninsured					Total					Insured (2)					Uninsured					Total
($ millions)	Amount		%			Amount		%			Amount		%			Amount		%			Amount		%			Amount		%
Canada: (3)
Atlantic provinces	$	4,581		1.5		$	7,466		2.4		$	12,047		3.9		$	–		–		$	1,095		4.7		$	1,095		4.7
Quebec		7,364		2.4			13,879		4.4			21,243		6.8			–		–			1,287		5.5			1,287		5.5
Ontario		29,753		9.5			143,422		46.0			173,175		55.5			–		–			13,771		58.6			13,771		58.6
Manitoba & Saskatchewan		4,738		1.5			4,742		1.5			9,480		3.0			–		–			576		2.5			576		2.5
Alberta		14,096		4.5			18,335		5.9			32,431		10.4			–		–			2,289		9.7			2,289		9.7
British Columbia & Territories		10,417		3.3			53,338		17.1			63,755		20.4			–		–			4,475		19.0			4,475		19.0
Canada (4)(5)	$	70,949		22.7	%	$	241,182		77.3	%	$	312,131		100	%	$	–		–	%	$	23,493		100	%	$	23,493		100	%
International		–		–			58,060		100			58,060		100			–		–			–		–			–		–
Total	$	70,949		19.2	%	$	299,242		80.8	%	$	370,191		100	%	$	–		–	%	$	23,493		100	%	$	23,493		100	%
	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 $4,392 (October 31, 2024 – $3,796) of which $3,767 are insured (October 31, 2024 – $3,024).

(5)	Variable rate mortgages account for 34% (October 31, 2024 – 30%) of the Bank’s total Canadian residential mortgage portfolio.

Amortization period ranges for residential mortgages

The following table presents the distribution of residential mortgages by remaining amortization periods, and by geographic areas.

T47

Distribution of residential mortgages by remaining amortization periods, and by geographic areas

(1)


	2025
	Residential mortgages by remaining amortization periods
As at October 31	Less than 20 years			20-24 years			25-29 years			30-34 years			35 years and greater			Total residential mortgage
Canada		33.7	%		34.0	%		30.5	%		1.1	%		0.7	%		100	%
International		66.1	%		17.3	%		14.8	%		1.8	%		0.0	%		100	%
	2024
Canada		36.1	%		34.9	%		27.7	%		0.9	%		0.4	%		100	%
International		64.5	%		17.9	%		16.6	%		1.0	%		–	%		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

The Canadian residential mortgage portfolio is 77% uninsured (October 31, 2024 – 76%). The average

loan-to-value

(LTV) ratio of the uninsured portfolio is 54% (October 31, 2024 – 51%).

The following table presents the weighted average LTV ratio for total newly originated uninsured residential mortgages and home equity lines of credit during the year, which include mortgages for purchases, refinances with a request for additional funds and transfers from other financial institutions, by geographic areas.

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T48

Loan-to-value

ratios

(1)


		Uninsured LTV ratios
		For the year ended October 31, 2025
	Residential mortgages LTV%			Home equity lines of credit (2) LTV%
Canada: (3)
Atlantic provinces		60.8	%		64.0	%
Quebec		61.6			66.7
Ontario		61.1			63.5
Manitoba & Saskatchewan		65.7			64.8
Alberta		65.0			66.5
British Columbia & Territories		61.0			61.5
Canada (3)		61.6	%		63.5	%
International		71.0	%		–

		For the year ended October 31, 2024
Canada (3)		61.7	%		62.1	%
International		71.1	%		n/a

(1)	The measures in this section have been disclosed in this document as required by OSFI Guideline – B20 – Residential Mortgage Underwriting Practices and Procedures (January 2018).

(2)

Includes all home equity lines of credit (HELOC). For Scotia Total Equity Plan HELOCs, LTV is calculated based on the sum of residential mortgages and the authorized limit for related HELOCs, divided by the value of the related residential property, and presented on a weighted average basis for newly originated mortgages and HELOCs.

(3)	The province represents the location of the property in Canada.

Potential impact on residential mortgages and real estate home equity lines of credit in the event of an economic downturn

As part of its stress testing program, the Bank analyzes the impact of various combinations of home price declines and unemployment increases on the Bank’s residential mortgage portfolios. Those results continue to show that credit losses and impacts on capital ratios are within a level the Bank considers manageable. In addition, the Bank has undertaken extensive

all-Bank

scenario analyses to assess the impact to the enterprise of different scenarios and is confident that it has the financial resources to withstand even a very negative outlook.

Commercial real estate exposures

The Bank’s commercial real estate portfolio was $60.0 billion (October 31, 2024 – $66.0 billion), or 7.7% (October 31, 2024 – 8.6%) of the Bank’s total loans and acceptances outstanding as at October 31, 2025. This portfolio is comprised of 74% of loans to the residential and industrial sector (October 31, 2024 – 73%) both with relatively stable fundamentals in the long term. Total exposure to the Office subsector (entities engaged in the construction, development, or ownership of office properties as a business) represents approximately 7% of the commercial real estate portfolio (October 31, 2024 – 9%), of which approximately 56% are investment grade facilities (October 31, 2024 – 60%). U.S. office exposure represents approximately 0.3% (October 31, 2024 – 0.4%) of the portfolio.

Loans to Canadian condominium developers

The Bank had loans outstanding to Canadian condominium developers of $3,485 million as at October 31, 2025 (October 31, 2024 – $3,238 million), representing approximately 6% of the commercial real estate portfolio, of which approximately 74% are investment grade facilities, in line with the prior year. This portfolio primarily focuses on top-tier developers with experience managing through business cycles.

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 (61% 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 year that materially impacted the Bank’s exposures.

The Bank’s exposure to sovereigns was $52.6 billion as at October 31, 2025 (October 31, 2024 – $58.9 billion), $13.1 billion to banks (October 31, 2024 – $15.5 billion) and $103.8 billion to corporates (October 31, 2024 – $111.0 billion).

In addition to exposures detailed in the table below, the Bank had indirect exposures consisting of securities exposures to

non-European

entities whose parent company is domiciled in Europe of $0.01 billion as at October 31, 2025 (October 31, 2024 – $0.3 billion).

The Bank’s regional credit exposures are distributed as follows:

T49

Bank’s regional credit exposures distribution



As at October 31	2025														2024

($ millions)	Loans and loan equivalents (1)		Deposits with financial institutions		Securities (2)		SFT and derivatives (3)		Funded Total		Undrawn Commitments (4)		Total		Total
Latin America (5)	$	77,931	$	10,908	$	17,988	$	1,543	$	108,370	$	11,230	$	119,600	$	125,228
Caribbean and Central America		12,710		3,894		4,723		80		21,407		3,053		24,460		24,521
Europe, excluding U.K.		7,301		2,306		4,501		2,551		16,659		11,129		27,788		25,083
U.K.		6,125		1,918		722		1,284		10,049		6,202		16,251		18,192
Asia		5,881		637		5,935		105		12,558		6,588		19,146		29,458
Other (6)		481		3		42		1		527		195		722		778
Total	$	110,429	$	19,666	$	33,911	$	5,564	$	169,570	$	38,397	$	207,967	$	223,260

(1)

Allowances for credit losses are $637 million. 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 $14,576 million as at October 31, 2025 (October 31, 2024 – $14,446 million).

(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 $8,978 million and collateral held against SFT was $127,966 million.

(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.

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Management’s Discussion and Analysis

| Risk Management

Market Risk

Market risk is the risk of loss from changes in market prices and rates (including interest rates, credit spreads, equity prices, foreign exchange rates and commodity prices), the correlations between them, and their levels of volatility. Market risk includes trading risk, investment risk, structural interest rate risk and structural foreign exchange risk.

Market risk factors

Below is an index of market risk disclosures:

Interest rate risk

The risk of loss due to changes in the level and/or the volatility of interest rates. This risk affects instruments such as, but not limited to, debt securities, loans, mortgages, deposits and derivatives.

Interest rate risks are managed through sensitivity analysis (including economic value of equity and net interest income), stress testing, and VaR limits and mitigated through portfolio diversification and hedges using interest rate derivatives and debt securities.

Credit spread risk

The risk of loss due to changes in the market price and volatility of credit, or the creditworthiness of issuers. This risk is mainly concentrated in loan and debt securities portfolios. Risk is managed through sensitivity,

jump-to-default,

stress testing and VaR limits and mitigated through hedges using credit derivatives.

Foreign currency risk

The risk of loss resulting from changes in currency exchange rates and exchange rate volatility. Foreign currency denominated debt and other securities as well as future cash flows in foreign currencies are exposed to this type of risk. Risk is managed through sensitivity, stress testing and VaR limits and mitigated through hedges using foreign exchange positions and derivatives.

Equity risk

The risk of loss due to changes in prices, volatility or any other equity related risk factor of individual equity or equity linked securities. This risk affects instruments such as, but not limited to, equities, exchange traded funds, mutual funds, derivatives and other equity linked products. Risk is managed through sensitivity, stress testing and VaR limits and mitigated through hedges using physical equity and derivatives instruments.

Commodity risk

The risk of loss due to changes in prices or volatility of metal, energy and agriculture products. Risk is managed through sensitivity, stress testing and VaR limits and mitigated through derivative hedges.

The following maps risk factors to trading and

non-trading

activities:



Non-trading Funding	Investments	Trading

Interest rate risk Foreign currency risk	Interest rate risk Credit spread risk Foreign currency risk Equity risk	Interest rate risk Credit spread risk Foreign currency risk Equity risk Commodity risk

Market risk governance

Overview

The Board of Directors reviews and approves market risk policies and limits annually. The Bank’s Asset-Liability Committee (ALCO), Treasury Risk Committee (TRC) and Market Risk Management and Policy Committee (MRMPC) oversee the application of the framework set by the Board, and monitor the Bank’s market risk exposures and the activities that give rise to these exposures. The MRMPC and TRC establish specific operating policies and sets limits at the product, portfolio, business unit and business line levels, and for the Bank in total. Limits are reviewed at least annually.

Global Risk Management provides independent oversight of all significant market risks, supporting the MRMPC, TRC and ALCO with analysis, risk measurement, monitoring, reporting, proposals for standards and support for new product development. To ensure compliance with policies and limits, market risk exposures are independently monitored on a continuing basis, either by Global Risk Management or the back offices. They provide senior management, business units, the ALCO, TRC, and the MRMPC with a series of reports on market risk exposures by business line and risk type.

Market risk is also managed through the use of a variety of hedging instruments, including derivatives and securities. These instruments are approved for trading by Global Risk Management and the effectiveness of hedging activity is captured through limits on net exposure to risk factors.

The Bank uses a variety of metrics and models to measure and control market risk exposures. These measurements are selected based on an assessment of the nature of risks in a particular activity. The principal measurement techniques applied to market risk exposure are Value at Risk (VaR), stress testing, and sensitivity analysis. The use and attributes of each of these techniques are noted in the Risk Measurement Summary.

Risk measurement summary

Value at risk (VaR)

VaR is a statistical method of measuring potential loss due to market risk based upon a common confidence interval and time ho

rizon.

The Bank calculates VaR daily using a

% confidence level, and a

one-day

holding period for its trading portfolios. This means that once in every 100 days, the trading positions are expected to lose more than the VaR estimate. The Bank calculates VaR using historical simulation based on 300 days of market data. Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.

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Management’s Discussion and Analysis

All material risk factors are captured in VaR. Where historical data is not available, proxies are used to establish the relevant volatility for VaR until sufficient data is available. Changes in VaR between reporting periods are generally due to changes in positions, volatilities and/or correlations between asset classes. Backtesting is also an important and necessary part of the VaR process. The Bank backtests the actual trading profit and loss against the VaR result to validate the quality and accuracy of the Bank’s VaR model. The Board reviews VaR results quarterly.

Stress testing

A limitation of VaR is that it only reflects the recent history of market volatility. To complement this measure, stress testing examines the impact that abnormally large changes in market factors and periods of prolonged inactivity might have on trading portfolios. Stress testing scenarios are designed to include large shifts in risk factors as well as historical and theoretical multi risk market events. Historical scenarios capture severe movements over periods that are significantly longer than the

one-day

holding period captured in VaR, such as the Silicon Valley Bank Crisis Scenario,

COVID-19

Scenario or the 2008 Financial Crisis Scenario. Stress testing is a dynamic tool which provides management with information on potential losses due to tail events.

The Bank subjects its trading portfolios to a series of daily stress tests. The stress testing program is an essential component of the Bank’s comprehensive risk management framework which complements the VaR methodology and other risk measures and controls employed by the Bank.

Sensitivity analysis

In trading portfolios, sensitivity analysis is used to measure the effect of changes in risk factors, including prices and volatility, on financial products and portfolios. These measures apply across product types and geographies and are used for limit monitoring and management reporting.

non-trading

portfolios, sensitivity analysis assesses the effect of changes in interest rates on current earnings and on the economic value of equity. It is applied globally to each of the major currencies within the Bank’s operations. The Bank’s sensitivity analysis for limit and disclosure purposes is measured through positive and negative parallel shifts in the underlying interest rate curves. These calculations are based on models that consider a number of inputs and are on a constant balance sheet and make no assumptions for management actions that may mitigate the risks. The Bank also performs sensitivity analysis using various

non-parallel

interest rate curve shifts, for example: curve steepeners, curve flatteners and curve twists.

Validation of market risk models

Prior to the implementation of new market risk models, validation and testing are conducted. Validation is conducted when the model is initially developed and when any significant changes are made to the model. The models are also subject to ongoing validation, the frequency of which is determined by model risk ratings. Models may also be triggered for earlier revalidation when there have been significant structural changes in the market or changes to the composition of the portfolio. Model validation includes backtesting, and additional analysis such as:

•

Theoretical review or tests to demonstrate whether assumptions made within the internal model are appropriate; and

•

Impact tests including stress testing that would occur under historical and hypothetical market conditions.

The validation process is governed by the Bank’s Model Risk Management Policy.

Market risk from CVA

Credit Valuation Adjustment (CVA) is the adjustment to risk free

mark-to-market

The CVA risk management framework is governed as part of the Bank’s risk management policies which are designed to ensure effective oversight and control of market risk and CVA risks. Regular risk reporting to senior management provides aggregate measures of risk for CVA and is used to ensure compliance with risk appetite, policies, limits, and guidelines. The framework includes independent control units responsible for maintaining the integrity and effectiveness of CVA risk management practices. These units operate separately from the lines of business to ensure unbiased oversight. Regular independent reviews are conducted to assess the effectiveness of the CVA risk management and hedging framework. The governance structure and Bank policies ensure that data acquisition for CVA calculation is independent of the lines of business.

isi

ons and maintaining a robust risk management framework.

Non-trading

market risk

Funding and investment activities

Market risk arising from the Bank’s funding and investment activities is identified, managed and controlled through the Bank’s asset-liability management processes. The Asset-Liability Committee meets monthly to review risks and opportunities, and evaluate performance including the effectiveness of hedging strategies.

Interest rate risk

Interest rate risk arising from the Bank’s lending, funding and investment activities is managed in accordance with Board-approved policies and global limits, which are designed to control the risk to net interest income and economic value of equity. The net interest income (NII) sensitivity measures the effect of a specified change in interest rates on the Bank’s annual net interest income over the next twelve months, while the economic value of equity (EVE) sensitivity measures the impact of a specified change in interest rates on the present value of the Bank’s net assets. Limits for both measurements are set according to the documented risk appetite of the Bank. Board-level limit utilization is reported to both the Asset-Liability Committee and the Board on a regular basis. Any limit exceptions are reported according to the Limit Monitoring and Compliance Policy of the Bank.

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Management’s Discussion and Analysis

| Risk Management

The net interest income and the economic value of equity result from the differences between yields earned on the Bank’s

non-trading

assets and interest expense paid on its liabilities. Net interest income and economic value of equity sensitivities measure the risk to the Bank’s earnings and capital arising from adverse movements in interest rates that affect the Bank’s banking book position. The Bank’s banking book position reflects the mismatch of the maturity and

re-pricing

characteristics between the assets and liabilities and optional elements embedded in the Bank’s structural balance sheet (e.g. mortgage prepayment). The mismatch and embedded optional elements are inherent in the

non-trading

operations of the Bank and exposes it to changes of interest rates. The Asset-Liability Committee provides strategic direction for the management of structural interest rate risk within the risk appetite framework authorized by the Board of Directors. The asset/liability management strategy is executed by Group Treasury with the objective of protecting net interest income within established risk tolerances.

Simulation modeling, sensitivity analysis and stress testing are used to assess exposures and for limit monitoring of the Bank’s interest rate risk in the banking book. The Bank’s interest rate risk exposure is estimated by simulating the banking book position under a range of rate shocks. The simulations incorporate maturities, renewal, and repricing characteristics of the banking book along with prepayment and redemption behaviour of loans and cashable investment products. Calculations are generally based on the earlier of contractual

re-pricing

or maturity of

on-balance

sheet and

off-balance

sheet assets and liabilities, although certain assets and liabilities such as credit cards and deposits without a fixed maturity are assigned a maturity profile based on the longevity of the exposure. Expected prepayments from loans and cashable investment products are also incorporated into the exposure calculations.

Table T50 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 parallel increase and decrease in interest rate across major currencies as defined by the Bank. The interest rate sensitivities tabulated are based on models that consider a number of inputs and are on a constant balance sheet. There are no assumptions made for management actions that may mitigate risk. Based on the Bank’s interest rate positions as at October 31, 2025, an immediate and sustained 100 basis point increase in interest rates across all major currencies and maturities would increase pre-tax net interest income by approximately $

236

million over the next 12 months, assuming no further management actions. During fiscal 2025, this measure ranged between increase of $

102

million and increase of $

236

million.

This same increase in interest rates would result in an

pre-tax

decrease in the present value of the Bank’s net assets of approximately $1,568 million. During fiscal 2025, this measure ranged between $1,147 million and $1,568 million. The directional sensitivity of these

two k

ey metrics is largely determined by the difference in time horizons (net interest income captures the impact over the next twelve months only, whereas economic value considers the potential impact of interest rate changes on the present value of all future cash flows). The net interest income and economic value results are compared to the authorized Board limits. Both interest rate sensitivities remained within the Bank’s approved consolidated limits in the reporting period.

T50

Structural interest sensitivity*



	2025																		2024
	Economic Value of Equity									Net Interest Income									Economic Value of Equity			Net Interest Income
As at October 31 ($ millions)	Canadian dollar			Other currencies			Total			Canadian dollar			Other currencies			Total			Economic Value of Equity			Net Interest Income
Pre-tax impact of
100bp increase in rates
Non-trading risk	$	(616	)	$	(952	)	$	(1,568	)	$	247		$	(11	)	$	236		$	(1,338	)	$	(21	)
100bp decrease in rates
Non-trading risk	$	530		$	671		$	1,201		$	(224	)	$	(21	)	$	(245	)	$	780		$	(31	)

Internal risk transfer

As per OSFI Capital Adequacy Requirements (CAR), an internal risk transfer is defined as an internal record of a transfer of risk within the banking or trading book, or between the banking and trading book.

In certain cases, it is more efficient for the Bank to hedge a banking book’s interest rate risk exposure through an internal risk transfer to a trading desk which can externalize the risk to the market. This activity is governed by regulatory defined parameters to ensure the market risk is externalized.

Foreign currency risk

Foreign currency risk in the Bank’s unhedged funding and investment activities arises primarily from the Bank’s net investments in foreign operations as well as foreign currency earnings in its domestic and remitting foreign branch operations.

The Bank’s foreign currency exposure to its net investments in foreign operations is controlled by a Board-approved limit. This limit considers factors such as potential volatility to shareholders’ equity as well as the potential impact on capital ratios from foreign exchange fluctuations. On a monthly basis, the Asset-Liability Committee reviews the Bank’s foreign currency net investment exposures and determines the appropriate hedging strategies. These may include funding the investments in the same currency or using other financial instruments, including derivatives.

Foreign currency translation gains and losses from net investments in foreign operations, net of related hedging activities and tax effects, are recorded in accumulated other comprehensive income within shareholders’ equity. However, the Bank’s regulatory capital ratios are not materially affected by these foreign exchange fluctuations because the risk-weighted assets of the foreign operations tend to move in a similar direction.

The Bank is also subject to foreign currency translation risk on the earnings of its domestic and remitting foreign branch operations. The Bank forecasts foreign currency revenues and expenses, over a number of future fiscal quarters. The Asset-Liability Committee also assesses

2025 Scotiabank Annual Report

Table of Contents

Management’s Discussion and Analysis

economic data trends and forecasts to determine if some or all of the estimated future foreign currency revenues and expenses should be hedged. Hedging instruments normally include foreign currency spot and forward contracts, as well as foreign currency options and swaps. Certain of these economic hedges may not qualify for hedge accounting resulting in a potential for a mismatch in the timing of the recognition of economic hedge gains/losses and the underlying foreign earnings translation gains/losses. In accordance with IFRS, foreign currency translation gains and losses relating to monetary and

non-monetary

items are recorded directly in earnings.

As at October 31, 2025, a one percent 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 $

million (October 31, 2024 – $45 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 October 31, 2025 would increase (decrease) the unrealized foreign currency translation losses in the accumulated other comprehensive income in equity by approximately $

396

million (October 31, 2024 – $

324

million), net of hedging.

Equity risk

Equity risk is the risk of loss due to adverse movements in equity prices. Equity price risk is often classified into two categories: general equity risk, which refers to the sensitivity of an instrument or portfolio’s value to changes in the overall level of equity prices, and specific equity risk, which refers to that portion of an individual equity instrument’s price volatility that is determined by entity-specific characteristics.

The Bank is exposed to equity risk through its equity investment portfolios, which are controlled by Board-approved portfolio and VaR limits. Equity investments include common and preferred shares, as well as a diversified portfolio of third-party managed funds.

The majority of the Bank’s equity investment portfolios are managed by Group Treasury under the strategic direction of the ALCO. Group Treasury delegates the management of a portion of equity and equity-related portfolios to other external fund managers to take advantage of these fund managers’ expertise in particular market niches and products.

Investment portfolio risks

The Bank holds investment portfolios to meet liquidity and statutory reserve requirements and for investment purposes. These portfolios expose the Bank to interest rate, foreign currency, credit spread and equity risks. Debt investments primarily consist of government, agency, and corporate bonds. Equity investments include common and preferred shares, as well as a diversified portfolio of third-party managed funds. The majority of these securities are valued using prices obtained from external sources. These portfolios are controlled by a Board-approved policy and limits.

Trading market risk

The Bank’s policies, processes and controls for trading activities are designed to achieve a balance between pursuing profitable trading opportunities and managing earnings volatility within a framework of sound and prudent practices. Trading activities are primarily customer focused.

The designation of an instrument as a trading instrument is determined by the Bank’s Market Risk Management policies. OSFI’s Capital Adequacy Requirements (CAR) guideline prescribes a list of instrument types which are presumed to be part of a Bank’s trading portfolio. To assign these instruments to the banking book, certain criteria must be met including OSFI’s approval.

The Bank’s list of these instruments include equity positions which are outside of the trading business and primarily held for investment, membership in exchanges or to manage the stock-based compensation program. There are also fixed income positions which include positions held for liquidity or regulatory purposes, positions within Wealth Management and loans held as available for sale. As of October 31, 2025, the market value of the instruments mentioned above is $4,483 million in total.

There has been no case where instruments have been moved between the trading and banking book since October 31, 2024.

Market risk arising from the Bank’s trading activities is managed in accordance with Board-approved policies, and aggregate VaR and stress testing limits. Trading portfolios are

marked-to-market

in accordance with the Bank’s valuation policies. Positions are

marked-to-market

daily and valuations are independently reviewed by GRM or finance units on a regular basis. These units also provide profit and loss reporting, as well as VaR and limit compliance reporting to business unit management and executive management for evaluation and action as appropriate. The quality of the Bank’s VaR is validated by regular backtesting analysis, in which the VaR is compared to both theoretical profit and loss results based on fixed end of day positions and actual reported profit and loss. A VaR at the

% confidence interval is an indication of a

% probability that losses will exceed the VaR if positions remain unchanged during the next business day. Trading positions are however managed dynamically and, as a result, actual profit/loss backtesting exceptions are uncommon. Aging reports are used to monitor the frequency of turnover of trading portfolio inventory.

Value at Risk (VaR) is a key measure of market risk in the Bank’s trading activities. In fiscal 2025, the total VaR for trading activities averaged $

13.6

million, compared to $

14.9

million in 2024. The change was mainly driven by lower equity and foreign exchange risk.

T51

Market risk measures*



	2025										2024

($ millions)	Year end			Avg			High		Low		Year end			Avg			High		Low
Credit Spread plus Interest Rate	$	9.5		$	14.3		$	22.2	$	8.8	$	12.5		$	13.6		$	34.3	$	6.8
Credit Spread (1)		8.1			10.3			18.7		6.6		7.3			8.4			13.6		5.9
Interest Rate		9.6			13.7			28.5		6.0		17.5			12.3			26.9		5.8
Equities		3.4			4.8			9.9		1.9		5.4			5.1			10.1		3.0
Foreign Exchange		3.5			2.6			5.9		0.7		2.9			3.2			9.4		1.1
Commodities		3.2			3.5			6.7		2.2		2.8			2.6			4.6		1.3
Debt Specific		n/a			n/a			n/a		n/a		3.6			3.4			4.8		2.3
Diversification Effect		(10.7	)		(11.6	)		n.m.		n.m.		(15.0	)		(13.1	)		n.m.		n.m.
All-Bank VaR	$	8.9		$	13.6		$	21.6	$	7.1	$	12.1		$	14.9		$	24.2	$	8.3

(1) Effective November 1, 2024, credit spread VaR also captures issuer-specific credit spread volatility which was previously included in debt specific VaR.

n.m. Not meaningful

100

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Management’s Discussion and Analysis

| Risk Management

Description of trading revenue components and graphical comparison of VaR to daily P&L

Chart C29 compares the daily trading revenue distribution to daily VaR results. Trading revenue includes changes in portfolio value as well as the impact of new trades, commissions, fees and reserves. Some components of revenue which are calculated less frequently are

pro-rated.

Trading revenue averaged $16.3 million per day, increased from $13.0 million in 2024. Revenue was positive on 100% of trading days during the year, which was the same as the level in 2024. The largest

single-day

trading revenue gain in this fiscal year was $43.4 million which occurred on November 1, 2024.

C29	Daily trading revenue vs. VaR $ millions, November 1, 2024 to October 31, 2025

Credit valuation adjustment (CVA) risk

Credit Valuation Adjustment (CVA) is the difference between the risk free value of a portfolio and the true value of that portfolio, accounting for the possible default of a counterparty. The CVA adjustment aims to identify the impact of Counterparty Risk.

CVA risk management framework

The CVA risk management is part of the Bank’s market risk management framework. The framework includes a market risk limit structure to control the level of risk taken by the Bank. This involves setting limits on various risk factors, such as interest rates, foreign exchange rates, and counterparty credit spreads. The Bank uses various tools to measure CVA risk, including stress testing and sensitivity analysis. Regular management reports are produced to monitor market risk exposure. These reports provide insights into the Bank’s risk profile and help in making informed decisions.

Senior management role in the CVA risk management framework.

Senior management is actively involved in the risk control process. They oversee the implementation of policies and procedures to identify, measure, monitor, and control CVA risks. Updates to the CVA risk management framework are approved by senior management committees such as the Market Risk Management & Policy Committee (MRMPC) and the Senior Credit Committee (SCC). Material changes to policies and processes are reviewed and approved by senior executives. Senior management receives regular reports on CVA risk exposures and the effectiveness of hedging strategies. This continuous monitoring helps in making informed decisions and maintaining a robust risk management framework. Senior management ensures that adequate resources are allocated to CVA risk management. This includes staffing independent control units and providing the necessary tools and systems for effective risk management.

An overview of the governance of the CVA risk management framework

The CVA (Credit Valuation Adjustment) risk management framework is governed by the Bank’s risk management policies which are designed to ensure effective oversight and control of market risk, including CVA risks. Regular risk reporting to senior management provides aggregate measures of risk for CVA and is used to ensure compliance with risk appetite, policies, limits, and guidelines. The framework includes independent control units responsible for maintaining the integrity and effectiveness of CVA risk management practices. These units operate separately from the lines of business to ensure unbiased oversight. Regular independent reviews are conducted to assess the effectiveness of the CVA risk management framework. These reviews help identify any gaps or areas for improvement and ensure that the framework remains robust and effective. The governance structure and Bank policies ensure that data acquisition for CVA calculation is independent of the lines of business. This independence is crucial for maintaining the accuracy and reliability of the data used in risk assessments.

Processes implemented to identify, measure, monitor and control CVA risks, including policies for hedging CVA risk and the processes for monitoring the continuing effectiveness of hedges

The Bank uses a variety of metrics and models to measure and control CVA risk exposures. These measurements are selected based on an assessment of the nature of risks of CVA. The principal measurement techniques are stress testing and sensitivity analysis.

To ensure compliance with policies and limits, CVA risk exposures are independently monitored on a continuing basis by Global Risk Management. They provide senior management, business units and the MRMPC with a series of reports on CVA risk exposures.

CVA risk is managed using a variety of hedging instruments, including derivatives and securities. These instruments are approved for trading by Global Risk Management and the effectiveness of hedging activity is captured through limits on net exposure to risk factors.

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Management’s Discussion and Analysis

Market risk linkage to Consolidated Statement of Financial Position

Trading assets and liabilities are generally

marked-to-market

daily and included in trading risk measures and market risk capital. Derivatives captured under trading risk measures are related to market making and hedging of trading exposures. 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.

T52

Market risk linkage to Consolidated Statement of Financial Position of the Bank


	Market Risk Measure
As at October 31, 2025 ($ 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	$	5,156	$	5,156	$	–	$	–	n/a
Trading assets		152,223		151,223		1,000		–	Interest rate, FX
Derivative financial instruments		46,531		42,120		4,411		–	Interest rate, FX, equity
Investment securities		149,948		–		149,948		–	Interest rate, FX, equity
Loans		771,045		–		771,045		–	Interest rate, FX
Assets – other (1)		335,139		403		–		334,736	n/a
Total assets	$	1,460,042	$	198,902	$	926,404	$	334,736

Deposits	$	966,279	$	–	$	898,495	$	67,784	Interest rate, FX, equity
Financial instruments designated at fair value through profit or loss		47,165		47,165		–		–	Interest rate, equity
Obligations related to securities sold short		38,104		38,104		–		–	n/a
Derivative financial instruments		56,031		51,586		4,445		–	Interest rate, FX, equity
Trading liabilities (2)		757		757		–		–	n/a
Pension and other benefit liabilities		1,627		–		1,627		–	Interest rate, credit spread, equity
Liabilities – other (3)		261,492		310		–		261,182	n/a
Total liabilities	$	1,371,455	$	137,922	$	904,567	$	328,966

(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.



	Market Risk Measure
As at October 31, 2024 ($ 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.

Derivative instruments and structured transactions

Derivatives

The Bank uses derivatives to meet customer needs, generate revenues from trading activities, manage market and credit risks arising from its lending, and for funding and investment activities. The Bank uses several types of derivative products, including interest rate swaps, futures and options, to hedge interest rate risk exposure. Forward contracts, swaps and options are used to manage foreign currency risk exposures. Credit exposures in its lending and investment books may be managed using credit default swaps. As a dealer, the Bank markets a range of derivatives to its customers, including interest rate, foreign exchange, equity, commodity and credit derivatives.

Market risk arising from derivatives transactions is subject to the control, reporting and analytical techniques noted above. Additional controls and analytical techniques are applied to address certain market-related risks that are unique to derivative products.

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Structured transactions

Structured transactions are specialized transactions that may involve combinations of cash, other financial assets and derivatives designed to meet the specific risk management or financial requirements of customers. These transactions are carefully evaluated by the Bank to identify and address the credit, market, legal, tax, reputational and other risks, and are subject to a cross-functional review and

sign-off

by Trading Management, Global Risk Management, Taxation, Finance and Legal departments. Large structured transactions are also subject to review by senior risk management committees and evaluated in accordance with the procedures described below in Reputational Risk.

The market risk in these transactions is usually minimal, and returns are earned by providing structuring expertise and by taking credit risk. Once executed, structured transactions are subject to the same ongoing credit reviews and market risk analysis as other types of derivatives transactions. This review and analysis includes careful monitoring of the quality of the reference assets, and ongoing valuation of the derivatives and reference assets.

Liquidity Risk

Liquidity risk is the risk that the Bank is unable to meet its financial obligations in a timely manner at reasonable prices. Financial obligations include liabilities to depositors, payments due under derivative contracts, settlement of securities borrowing and repurchase transactions, and lending and investment commitments.

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 the framework of policies and limits that are approved by the Board of Directors. The Board receives reports on risk exposures and performance against approved limits. The Asset-Liability Committee (ALCO) and the Treasury Risk Committee (TRC) provide senior management oversight of liquidity risk.

The key elements of the liquidity risk framework are:

•

Measurement and modeling – the Bank’s liquidity model measures and forecasts cash inflows and outflows, including

off-balance

sheet cash flows on a daily basis. Risk is managed by a set of key limits over the maximum net cash outflow by currency over specified short-term horizons (cash gaps), a minimum level of core liquidity, and liquidity stress tests.

•

Reporting – Global Risk Management provides independent oversight of all significant liquidity risks, supporting the ALCO and TRC with analysis, risk measurement, stress testing, monitoring and reporting.

•

Stress testing – the Bank performs liquidity stress testing on a regular basis, to evaluate the effect of both industry-wide and Bank-specific disruptions on the Bank’s liquidity position. Liquidity stress testing has many purposes including:

–

Helping the Bank understand the potential behavior of various

on-balance

sheet and

off-balance

sheet positions in circumstances of stress; and

–

Based on this knowledge, facilitating the development of risk mitigation and contingency plans.

The Bank’s liquidity stress tests consider the effect of changes in funding assumptions, depositor behavior and the market value of liquid assets. The Bank performs industry standard stress tests, the results of which are reviewed at senior levels of the organization and are considered in making liquidity management decisions.

•

Contingency planning – the Bank maintains a liquidity contingency plan that specifies an approach for analyzing and responding to actual and potential liquidity events. The plan outlines an appropriate governance structure for the management and monitoring of liquidity events, processes for effective internal and external communication, and identifies potential counter measures to be considered at various stages of an event. A contingency plan is maintained both at the parent-level as well as for major subsidiaries.

•

Funding diversification – the Bank actively manages the diversification of its deposit liabilities by source, type of depositor, instrument, term and geography.

•

Core liquidity – the Bank maintains a pool of highly liquid, unencumbered assets that can be readily sold or pledged to secure borrowings under stressed market conditions or due to Bank-specific events. The Bank also maintains liquid assets to support its

intra-day

settlement obligations in payment, depository and clearing systems.

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.

Derivative instruments

The Bank is subject to liquidity risk relating to its use of derivatives to meet customer needs, generate revenues from trading activities, manage market and credit risks arising from its lending, funding and investment activities, and lower its cost of capital. The maturity profile of the notional amounts of the Bank’s derivative instruments is summarized in Note 9(b) of the consolidated financial statements.

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 for liquidity management.

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 deposits at central banks, deposits with financial institutions, call and other short-term loans, marketable securities, precious metals and securities received as collateral from securities financing and derivative transactions. Liquid assets do not include borrowing capacity from central bank facilities.

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, which are primarily held by Global Banking and Markets; and collateral received for securities financing and derivative transactions.

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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 October 31, 2025, unencumbered liquid assets were $327 billion (October 31, 2024 – $310 billion). Securities, including National Housing Act (NHA) mortgage-backed securities, comprised 80% of liquid assets (October 31, 2024 – 81%). Other unencumbered liquid assets, comprising cash and deposits with central banks, deposits with financial institutions and precious metals, were 20% (October 31, 2024 – 19%). The increase in total unencumbered liquid assets was attributable to an increase in other liquid securities, NHA mortgage backed securities, cash and deposits with central banks, foreign government obligations and precious metals, 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 October 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:

T53

Liquid asset pool


							Encumbered liquid assets				Unencumbered liquid assets

As at October 31, 2025 ($ millions)	Bank-owned liquid assets		Securities received as collateral from securities financing and derivative transactions		Total liquid assets		Pledged as collateral		Other (1)		Available as collateral		Other
Cash and deposits with central banks	$	58,825	$	–	$	58,825	$	–	$	5,940	$	52,885	$	–
Deposits with financial institutions		7,142		–		7,142		–		56		7,086		–
Precious metals		5,156		–		5,156		–		–		5,156		–
Securities:
Canadian government obligations		76,593		21,968		98,561		40,032		–		58,529		–
Foreign government obligations		114,232		123,998		238,230		110,822		–		127,408		–
Other securities		93,963		151,055		245,018		201,717		–		43,301		–
NHA mortgage-backed securities		38,813		–		38,813		6,670		–		32,143		–
Total	$	394,724	$	297,021	$	691,745	$	359,241	$	5,996	$	326,508	$	–

							Encumbered liquid assets				Unencumbered liquid assets

As at October 31, 2024 ($ millions)	Bank-owned liquid assets		Securities received as collateral from securities financing and derivative transactions		Total liquid assets		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.

A summary of total unencumbered liquid assets held by the parent bank and its branches, and domestic and foreign subsidiaries, is presented below:

T54

Total unencumbered liquid assets held by the parent bank and its branches, and domestic and foreign subsidiaries



As at October 31 ($ millions)	2025		2024
The Bank of Nova Scotia (Parent)	$	254,103	$	235,378
Bank domestic subsidiaries		25,017		32,769
Bank foreign subsidiaries		47,388		41,862
Total	$	326,508	$	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.

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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:

T55

Asset encumbrance


								Encumbered assets				Unencumbered assets

As at October 31, 2025 ($ millions)	Bank-owned assets		Securities received as collateral from securities financing and derivative transactions			Total assets		Pledged as collateral		Other (1)		Available as collateral (2)		Other (3)
Cash and deposits with central banks	$	58,825	$	–		$	58,825	$	–	$	5,940	$	52,885	$	–
Deposits with financial institutions		7,142		–			7,142		–		56		7,086		–
Precious metals		5,156		–			5,156		–		–		5,156		–
Liquid securities:
Canadian government obligations		76,593		21,968			98,561		40,032		–		58,529		–
Foreign government obligations		114,232		123,998			238,230		110,822		–		127,408		–
Other liquid securities		93,963		151,055			245,018		201,717		–		43,301		–
Other securities		6,004		18,613			24,617		8,971		–		–		15,646
Loans classified as liquid assets:
NHA mortgage-backed securities		38,813		–			38,813		6,670		–		32,143		–
Other loans		740,719		–			740,719		10,016		79,113		20,157		631,433
Other financial assets (4)		258,925		(182,597	)		76,328		16,847		–		–		59,481
Non-financial assets		59,670		–			59,670		–		–		–		59,670
Total	$	1,460,042	$	133,037		$	1,593,079	$	395,075	$	85,109	$	346,665	$	766,230

								Encumbered assets				Unencumbered assets

As at October 31, 2024 ($ millions)	Bank-owned assets		Securities received as collateral from securities financing and derivative transactions			Total assets		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.

As of October 31, 2025, total encumbered assets of the Bank were $480 billion (October 31, 2024 – $421 billion). Of the remaining $1,113 billion (October 31, 2024 – $1,066 billion) of unencumbered assets, $347 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 October 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 $21 million, $1,061 million or $2,013 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 Ratings, 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 Ratings, A2 by Moody’s, AA (low) by Morningstar DBRS, and

A-

by S&P. As of October 31, 2025, all rating agencies have a Stable outlook on the Bank.

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Credit ratings are not recommendations to purchase, sell or hold a security and are subject to revision or withdrawal at any time by the rating agency.

Liquidity coverage ratio

The Liquidity Coverage Ratio (LCR) measure is based on a

30-day

liquidity stress scenario, with assumptions defined in the Liquidity Adequacy Requirements (LAR) Guideline issued by the Office of the Superintendent of Financial Institutions (OSFI). The LCR is calculated as the ratio of high quality liquid assets (HQLA) to net cash outflows. The Bank is subject to a regulatory minimum LCR of 100%.

HQLA are defined in the LAR Guideline and are grouped into three main categories with varying haircuts applied to arrive at the amount included in the total weighted value in the table that follows.

The total weighted values for net cash outflows for the next 30 days are derived by applying the assumptions specified in the LAR Guideline to specific items, including loans, deposits, maturing debt, derivative transactions and commitments to extend credit.

The following table presents the Bank’s average LCR for the quarter ended October 31, 2025 based on the average daily position in the quarter.

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Bank’s average LCR

(1)


For the quarter ended October 31, 2025 ($ millions) (2)	Total unweighted value (Average) (3)		Total weighted value (Average) (4)
High-quality liquid assets
Total high-quality liquid assets (HQLA)		*	$	269,168
Cash outflows
Retail deposits and deposits from small business customers, of which:	$	264,966	$	28,225
Stable deposits		106,841		3,462
Less stable deposits		158,125		24,763
Unsecured wholesale funding, of which:		279,580		115,344
Operational deposits (all counterparties) and deposits in networks of cooperative banks		110,842		26,701
Non-operational deposits (all counterparties)		159,368		79,273
Unsecured debt		9,370		9,370
Secured wholesale funding		*		100,004
Additional requirements, of which:		263,735		62,704
Outflows related to derivative exposures and other collateral requirements		51,254		29,461
Outflows related to loss of funding on debt products		5,722		5,722
Credit and liquidity facilities		206,759		27,521
Other contractual funding obligations		3,433		3,338
Other contingent funding obligations (5)		624,324		8,880
Total cash outflows		*	$	318,495
Cash inflows
Secured lending (e.g. reverse repos)	$	343,904	$	51,274
Inflows from fully performing exposures		35,034		20,001
Other cash inflows		37,313		37,313
Total cash inflows	$	416,251	$	108,588

			Total adjusted value (6)
Total HQLA		*	$	269,168
Total net cash outflows		*	$	209,907
Liquidity coverage ratio (%)		*		128	%

For the quarter ended October 31, 2024 ($ millions)			Total adjusted value (6)
Total HQLA		*	$	261,820
Total net cash outflows		*	$	200,386
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 daily positions of the 62 business days in the quarter.

(3)	Unweighted values represent outstanding balances maturing or callable within the next 30 days.

(4)	Weighted values represent balances calculated after the application of HQLA haircuts or inflow and outflow rates, as prescribed by the OSFI LAR Guideline.

(5)	Total unweighted value includes uncommitted credit and liquidity facilities, guarantees and letters of credit, outstanding debt securities with remaining maturity greater than 30 days, and other contractual cash outflows.

(6)	Total adjusted value represents balances calculated after the application of both haircuts and inflow and outflow rates and any applicable caps.

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 Bank’s average LCR for the quarter ended October 31, 2025 was lower than the prior year mainly due to higher net cash outflows from securities borrowing and lending activities, partially offset by higher HQLA and lower outflows from unsecured wholesale funding. The Bank monitors its significant currency exposures, Canadian and U.S. dollars, in accordance with its liquidity risk management framework and risk appetite.

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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 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

off-balance

sheet items such as commitments to extend credit.

The following table presents the Bank’s NSFR as at October 31, 2025.

T57

Bank’s NSFR

(1)


	Unweighted Value by Residual Maturity								Weighted value (3)
As at October 31, 202 5 ($ millions)	No maturity (2)		< 6 months		6-12 months		≥ 1 year		Weighted value (3)
Available Stable Funding (ASF) Item
Capital:	$	95,055	$	–	$	–	$	–	$	95,055
Regulatory capital		95,055		–		–		–		95,055
Other capital instruments		–		–		–		–		–
Retail deposits and deposits from small business customers:		235,752		82,064		37,544		46,532		364,132
Stable deposits		93,462		31,256		13,256		15,689		146,765
Less stable deposits		142,290		50,808		24,288		30,843		217,367
Wholesale funding:		217,209		362,852		54,776		129,992		322,618
Operational deposits		110,078		–		–		–		55,039
Other wholesale funding		107,131		362,852		54,776		129,992		267,579
Liabilities with matching interdependent assets		–		1,759		1,296		12,814		–
Other liabilities:		33,447		124,748						23,599
NSFR derivative liabilities				8,794
All other liabilities and equity not included in the above categories		33,447		90,883		2,944		22,127		23,599
Total ASF									$	805,404

Required Stable Funding (RSF) Item
Total NSFR high-quality liquid assets (HQLA)									$	28,833
Deposits held at other financial institutions for operational purposes	$	1,303	$	–	$	–	$	–	$	652
Performing loans and securities:		118,673		308,557		105,608		431,791		567,659
Performing loans to financial institutions secured by Level 1 HQLA		1		68,221		1,877		–		4,411
Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured performing loans to financial institutions		2,409		111,773		11,751		19,716		40,247
Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and PSEs, of which:		66,517		94,120		50,497		165,995		269,268
With a risk weight of less than or equal to 35% under the Basel II standardised approach for credit risk		–		360		645		5,709		4,213
Performing residential mortgages, of which:		22,521		33,694		41,369		240,561		225,469
With a risk weight of less than or equal to 35% under the Basel II standardised approach for credit risk		22,521		30,535		37,464		211,648		197,361
Securities that are not in default and do not qualify as HQLA, including exchange-traded equities		27,225		749		114		5,519		28,264
Assets with matching interdependent liabilities (4)		–		1,759		1,296		12,814		–
Other assets:		8,048		161,336						73,764
Physical traded commodities, including gold		8,048								6,841
Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs				18,534						15,754
NSFR derivative assets				5,327						–
NSFR derivative liabilities before deduction of variation margin posted				28,522						1,426
All other assets not included in the above categories		–		59,212		1		49,740		49,743
Off-balance sheet items				546,572						20,990
Total RSF									$	691,898
Net Stable Funding Ratio (%)										116	%

(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 LAR Guideline.

(4)	Interdependent assets and liabilities are primarily comprised of transactions related to the Canada Mortgage Bond program.

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	Weighted value
As at October 31, 2024 ($ millions)	Weighted value
Total ASF	$	781,957
Total RSF		656,747
Net stable funding ratio (%)		119	%

Available stable funding (ASF) 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 (RSF) 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 October 31, 2025 was lower than the prior year mainly due to increased RSF for performing loans and securities, partially offset by higher ASF from retail and small business deposits.

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 $403 billion as at October 31, 2025 (October 31, 2024 – $398 billion).

The increase since October 31, 2024 is due to growth in personal deposits of $3 billion and common equity of $

billion from earnings

net of Shareholder Dividend and Share Purchase Plan. The Bank’s funding is also comprised of commercial deposits, particularly those of an operating or relationship nature. Core funding is augmented by wholesale debt issuances, the longer term (original maturity over 1 year) portion of which amounts to $

199 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 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 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, the United Kingdom, 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 through 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 and Switzerland. The Bank also raises longer-term funding 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 long-term 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.

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| Risk Management

The table below provides the remaining contractual maturities of funding raised through wholesale funding. In the Consolidated Statement of Financial Position, these liabilities are primarily included in Business & Government Deposits.

T58

Wholesale funding

(1)



As at October 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
Deposits from banks (2)	$	1,358	$	1,362	$	402	$	226	$	28	$	3,376	$	–	$	281	$	–	$	3,657
Bearer deposit notes, commercial paper and certificate of deposits		9,364		16,089		23,389		13,655		3,623		66,120		1,278		440		151		67,989
Asset-backed commercial paper (3)		3,299		5,806		4,347		70		–		13,522		–		–		–		13,522
Senior notes (4)(5)		138		77		2,793		2,278		672		5,958		3,796		7,111		13,203		30,068
Bail-inable notes (5)		199		3,835		4,458		3,788		4,877		17,157		14,467		24,033		24,317		79,974
Asset-backed securities		17		644		47		45		651		1,404		816		1,649		79		3,948
Covered bonds		1,447		2,746		3,556		3,023		5,809		16,581		8,320		19,451		2,335		46,687
Mortgage securitization (6)		–		1,343		360		432		782		2,917		2,114		6,676		3,173		14,880
Subordinated debentures (7)		–		1,753		–		55		–		1,808		2		197		8,039		10,046
Total wholesale funding sources	$	15,822	$	33,655	$	39,352	$	23,572	$	16,442	$	128,843	$	30,793	$	59,838	$	51,297	$	270,771

Of Which:

Unsecured funding	$	11,059	$	23,115	$	31,042	$	20,003	$	9,201	$	94,420	$	19,544	$	32,062	$	45,709	$	191,735
Secured funding		4,763		10,540		8,310		3,569		7,241		34,423		11,249		27,776		5,588		79,036


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
Deposits from 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 based on remaining term to maturity.

(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 $327 billion as at October 31, 2025 (October 31, 2024 – $310 billion) were well in excess of wholesale funding sources that mature in the next twelve months.

Contractual maturities and obligations

The table below provides the maturity of assets and liabilities as well as the

off-balance

sheet commitments as at October 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.

The Bank’s contractual obligations include contracts and purchase obligations, including agreements to purchase goods and services that are enforceable, legally binding on the Bank and affect the Bank’s liquidity and capital resource needs. The Bank leases a large number of its branches, offices and other locations. The majority of these leases are for a term of five years, with options to renew.

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Management’s Discussion and Analysis


T59 Contractual maturities*
	As at October 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	$	63,343	$	846	$	226	$	36	$	34	$	110	$	319	$	315	$	5,894		$	71,123
Trading assets		2,570		2,275		4,149		1,678		4,065		6,769		21,163		22,882		86,672			152,223
Securities purchased under resale agreements and securities borrowed		158,225		24,010		15,694		1,286		3,092		–		701		–		–			203,008
Derivative financial instruments		3,431		6,499		3,512		2,718		1,569		6,296		11,182		11,324		–			46,531
Investment securities – FVOCI		1,733		4,356		5,620		7,552		8,698		19,180		43,185		33,408		398			124,130
Investment securities – amortized cost		61		479		895		935		485		1,794		2,966		16,107		–			23,722
Investment securities – FVTPL		2		–		–		–		–		–		21		–		2,073			2,096
Loans		42,269		45,303		53,987		63,272		50,092		162,273		225,891		60,354		67,604			771,045
Residential mortgages		5,392		12,473		22,628		28,766		23,226		98,628		130,190		44,097		4,791	(1)		370,191
Personal loans		4,912		3,488		3,591		5,606		3,517		12,881		25,101		6,610		44,861			110,567
Credit cards		–		–		–		–		–		–		–		–		18,045			18,045
Business and government		31,965		29,342		27,768		28,900		23,349		50,764		70,600		9,647		7,370	(2)		279,705
Allowance for credit losses		–		–		–		–		–		–		–		–		(7,463	)		(7,463	)
Customers’ liabilities under acceptances		67		68		25		11		6		–		–		–		–			177
Other assets		–		–		–		–		–		–		–		–		65,987			65,987
Total assets		271,701		83,836		84,108		77,488		68,041		196,422		305,428		144,390		228,628			1,460,042


Liabilities and equity
Deposits	$	75,799	$	79,361	$	68,686	$	49,395	$	42,403	$	64,578	$	75,189	$	23,097	$	487,771	$	966,279
Personal		17,355		22,930		19,913		17,931		16,136		22,151		12,109		155		173,038		301,718
Non-personal		58,444		56,431		48,773		31,464		26,267		42,427		63,080		22,942		314,733		664,561
Financial instruments designated at fair value through profit or loss		1,098		932		2,774		2,454		2,335		5,798		12,103		19,671		–		47,165
Acceptances		68		68		25		11		6		–		–		–		–		178
Obligations related to securities sold short		172		1,750		2,362		1,158		456		3,693		8,311		11,091		9,111		38,104
Derivative financial instruments		3,015		6,702		4,077		3,506		2,311		7,770		11,011		17,639		–		56,031
Obligations related to securities sold under repurchase agreements and securities lent		179,305		7,159		1,894		546		240		–		–		–		–		189,144
Subordinated debentures		–		1,753		–		–		–		–		–		5,939		–		7,692
Other liabilities		158		494		2,167		1,204		888		2,857		7,042		9,401		42,651		66,862
Total equity		–		–		–		–		–		–		–		–		88,587		88,587
Total liabilities and equity		259,615		98,219		81,985		58,274		48,639		84,696		113,656		86,838		628,120		1,460,042
Off-balance sheet commitments
Credit commitments (3)	$	2,347	$	9,299	$	12,846	$	17,043	$	14,364	$	53,723	$	149,510	$	21,210	$	–	$	280,342
Guarantees and letters of credit (4)		–		–		–		–		–		–		–		–		86,851		86,851

(1)	Includes primarily impaired mortgages.

(2)	Includes primarily 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.

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	$		$		$		$		$		$		$		$		$			$
T59 Contractual maturities*
	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		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

(1)	Includes primarily impaired mortgages.

(2)	Includes primarily 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.

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Management’s Discussion and Analysis

Principal Risks –

Non-Financial

Money Laundering, Terrorist Financing and Sanctions Risk

Money Laundering / Terrorist Financing (ML/TF) and Sanctions risks are the susceptibility of Scotiabank to be used by individuals or organizations to launder the proceeds of crime, finance terrorism, or violate economic sanctions. It also includes the risk that Scotiabank does not comply with applicable Anti-Money Laundering (AML)/Anti-Terrorist Financing (ATF) or Sanctions legislation or does not apply adequate controls reasonably designed to deter and detect ML/TF and sanctions violations or to file required regulatory reports.

Money laundering, terrorist financing and sanctions risks are managed throughout the Bank via the operation of the Bank’s AML/ATF and Sanctions Program (“the AML/ATF Program”). The Group Chief Anti-Money Laundering Officer is responsible for the AML/ATF Program, which includes the development and application of compliance policies, procedures, the assessment of money laundering, terrorist-financing and sanctions risks, and the maintenance of an ongoing training program. The effectiveness of the AML/ATF and Sanctions Program is subject to regular review and independent assessment conducted by the Audit Department. Global AML establishes enterprise standards to assess clients for money laundering, terrorist financing and sanctions risk.

The Bank conducts an enterprise-wide annual self-assessment of the money laundering/terrorist financing (ML/TF) and sanctions risks inherent in its business units, as well as an assessment of the control measures in place to manage those risks. The process is led by Global AML, the results of which are shared with the Bank’s senior management. All active employees are provided with mandatory AML/ATF and Sanctions training on an annual basis. The Bank performs Client Due Diligence sufficient to form a reasonable belief that it knows the true identity of its clients, including in the case of an entity, its material ultimate beneficial owners.

The Bank will not maintain anonymous accounts, nor will it maintain accounts for shell banks. Consistent with a risk-based approach, the Bank assesses the risks of its clients and, where appropriate, conducts enhanced due diligence on those who are considered higher risk. The Bank also conducts ongoing risk tailored monitoring of its clients to detect and report suspicious transactions and activity, and conducts client and transaction screening against terrorist, sanctions, and other designated watch-lists. The Bank has no appetite for its products and services to be used to facilitate money laundering, terrorist financing, or sanctions evasion. The Bank takes appropriate action to prevent, detect, and report such activities to regulators in line with applicable laws and regulations.

Operational Risk

Operational risk is the risk of loss resulting from people, inadequate processes and systems, or from external events. It exists in some form in each of the Bank’s business and support activities, and third parties with whom the Bank has entered a business or strategic arrangement for outsourcing activities, the provision of products or services, or other benefits. It can result in financial loss, regulatory sanctions and damage to the Bank’s reputation. Operational risk management refers to the discipline of systematic identification, assessment, measurement, mitigation, monitoring, and reporting of operational risk.

The Bank’s Operational Risk Management Framework (ORMF) outlines a structured approach for the effective management of enterprise-wide operational risk in a manner consistent with best practices and regulatory requirements, including those issued by OSFI in their Operational Risk and Resilience Guideline (OSFI

E-21).

The ORMF is supplemented by additional policies, processes, standards and methodologies. The ORMF supports the governance and management of all

non-financial

risks. The Framework is approved by the Bank’s Board of Directors and addresses program governance, risk culture and risk appetite along with the following key program components:

Risk Identification and Assessment

Risk identification and assessment is a critical part of effectively managing operational risk. Risks are identified, classified and assessed. Their potential impact is evaluated and reported to management and the Board. Operational risk management tools and programs are in place to support the identification and assessment of operational risk with each having their defined methodology and/or standards. The key tools include Risk and Control Self-Assessment (RCSA), Scenario Analysis, and New Initiatives Risk Assessment (NIRA).

Risk Measurement

A key component of risk management is quantifying the size and scope of the Bank’s operational risk exposure. The collection and analysis of operational risk event (ORE) data and operational risk capital values provide meaningful information to measure operational risk. The data provides meaningful information for assessing and mitigating operational risk exposure at the Bank as a result of event root cause analysis and evaluation of internal controls. Timely, accurate and complete reporting of internal operational risk events, and their analysis, ensures that the Bank maintains a strong risk culture, promotes transparency, and enables the following:

•

Monitoring risk exposure, and to assess if the Bank is operating within risk appetite.

•

Contributes to the assessment of the effectiveness of the operational control environment.

•

Causal analysis to identify deficiencies and control failures that can be mitigated to prevent recurrence of future events.

•

Compliance with Basel III Standardized Approach (SA) requirements for the calculation of operational risk capital.

Operational Risk Capital

refers to regulatory and internal capital which is quantified as a reserve for unexpected losses resulting from operational risk. Operational risk capital is a component of the total amount of risk capital that the Bank holds. Loss data from OREs are collected in the Bank’s Operational Risk Management System and used for reporting purposes. When combined with Business Indicator Component (BIC)

data, the loss data captured from OREs is a critical input for the calculation of the Bank’s Internal Loss Multiplier (ILM)

, which is included in the operational risk regulatory capital calculation.

Risk Mitigation and Control

Operational risk response decisions include mitigation, transfer, acceptance, and avoidance of operational risks. The appropriate response will be determined based on consideration of the nature of the risks, their potential impacts and the consideration of our Code and risk appetite thresholds. Through the Bank’s operational risk management tools, issues such as deficiencies in the design or operating effectiveness of a control

1	Business Indicator Component (BIC) is calculated by multiplying the Business Indicator (BI) by set of regulatory determined marginal coefficients. The BI is a financial statement-based proxy for operational risk.

2	Internal Loss Multiplier (ILM) is a scaling factor that is based on an institution’s average historical losses and the BIC.

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may be identified. When issues are identified, action plans can be developed to address them, or, where appropriate, the risk associated with these issues can be accepted. Action plans are managed by action owners to ensure the detailed plans are executed timely and effectively.

Controls are identified and assessed through the various operational risk management tools. In cases where controls are deemed deficient a response will be required which will in turn help to mitigate residual risk.

Risk Monitoring, Analytics, and Reporting

The Bank has processes in place for the ongoing monitoring of operational risk. These monitoring activities can provide an early warning of emerging issues, triggering timely management response. In addition, these activities allow for review and analysis of the risk profile in relation to risk appetite or other key indicators to identify when potential risk events may be approaching or exceeding thresholds, requiring action and/or escalation. Operational risk data is collected in risk systems and used for reporting. Operational risk reporting facilitates distribution and escalation of operational risk information to the relevant parties, including the Operational Risk Committee, as well as senior management and the Board via the Enterprise Risk Management report. It provides stakeholders involved in operational risk management activities access to reliable data in a consistent and timely manner to support risk-based decision making.

Cyber Security and Information Technology (IT) Risk

Cyber Security Risk is the risk of loss of confidentiality, integrity, or availability of information, data, or information systems and reflect the potential adverse impacts to organizational operations (i.e., mission, functions, image, or reputation) and assets, clients, and other stakeholders. Information Technology Risk is the risk of financial loss, disruption or damage to reputation from a failure of information technology systems.

The Cyber Security and IT risk landscape continues to evolve across the financial industry. The increasing use of digital delivery channels to deliver financial services exposes the Bank to various vectors of attack. Threat actors, including individuals, organized crime rings and nation state sponsored entities, continue to target financial institutions to steal data, money or to disrupt operations. These events can adversely impact the Bank’s operational environment, our customers and other third parties.

In 2025, the Board of Directors approved a revised Enterprise Cyber Security and Information Technology Risk Management Framework to ensure ongoing alignment with the evolving IT and cyber risk landscape. Supported by comprehensive policies and governance structures, this framework safeguards the Bank and its customers’ information and ensures a secure, resilient, and reliable technology environment in support of the Bank’s business objectives. During the year, the Bank enhanced its cyber security capabilities, strengthened its risk culture through targeted training and awareness initiatives, and accelerated the remediation of identified issues. These actions were taken to defend against evolving threats and minimize potential impacts to the business.

Compliance Risk

Compliance risk is the risk of an activity not being conducted in conformity with applicable laws, rules, regulations, prescribed practices (“regulatory requirements”), internal policies and procedures, and ethical standards expected by regulators, clients, investors, employees, and other stakeholders. Compliance risk is comprised of regulatory compliance risk, conduct risk, privacy risk, and anti-bribery and anti-corruption (“ABAC”) risk.

Regulatory compliance risk

is the risk that a business activity may not be conducted in conformity with all applicable regulatory requirements wherever the Bank does business.

Conduct risk

arises from actions or behaviours of the Bank’s officers, directors, employees, or the Bank’s business that do not align with our ScotiaBond values and behaviours or the Scotiabank Code of Conduct. This risk can adversely impact the Bank, clients, employees, or integrity of financial markets. Conduct risk is influenced by organizational culture and is manifested in employee conduct.

Privacy risk

arises when there are contraventions of applicable privacy laws, regulations, standards, and regulatory expectations; when ethical or operational standards set out in our Code or other policies, procedures, manuals, or guidelines are not followed; and when employees fail to treat client, employee, and third-party Personally Identifiable Information (“PII”) in accordance with established security safeguards.

ABAC risk

arises when there are contraventions of applicable ABAC laws, regulations, standards, and regulatory expectations, as well as ethical or operational standards set out in our Code or other frameworks, policies, standards, operating procedures, or guidelines related to bribery and corruption.

The Audit and Conduct Review Committee of the Board (the “ACRC”) approves the Compliance Risk Summary Framework, which provides an overview of the key governance components, responsibilities, and programs that enable the Bank to effectively manage Compliance Risk as a core component of its enterprise-wide Compliance program. The Bank is required to comply with

E-13

guidelines as set out by OSFI with respect to the management of regulatory compliance risk. Regulatory compliance management at the Bank is governed by the Compliance Management Framework (“CMF”). The CMF’s primary objective is to provide assurance that the Bank’s business activities are conducted in compliance with all applicable regulations and within the Bank’s risk appetite.

Environmental, Social and Governance Risk

Environmental, Social and Governance (ESG) Risk is the risk that an environmental (including climate risk), social, or governance event, or condition, which if occurs could cause an actual or potential negative impact to the Bank.

The Bank considers Environmental Risk to be the potential adverse impacts to the Bank because of climate change and/or damage to the natural environment or biodiversity, such as land, water, plants, natural resources, ecosystems, and the atmosphere. The physical and transition risks associated with climate change are a component of Environmental Risk.

Social Risk is the risk of potential adverse impacts to the Bank that can arise due to the mismanagement of social considerations that can cause actual or perceived negative impacts on people and communities. Social considerations include, but are not limited to, human rights (including human trafficking and modern slavery); Indigenous rights; labour standards and working conditions; inclusion; community health, safety, and security; disadvantaged and vulnerable groups; cultural property and heritage; and land acquisition and involuntary resettlement.

Corporate governance refers to the oversight mechanisms and the way in which the Bank is governed. It encompasses the Bank’s policies and processes, how decisions are made, and how it deals with the various interests of, and relationships with, its many stakeholders, including shareholders, customers, employees, regulators, and the broader community. Governance Risk is the risk of potential adverse impacts to the Bank stemming from poor or ineffective corporate governance mechanisms and controls.

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Governance

Board Oversight

The Board of Directors and its committees provide oversight of ESG Risk to ensure alignment with the Bank’s strategies and risk appetite. It also approves key risk policies, frameworks and limits. The following Board committees provide ongoing oversight:

•

Risk Committee

: Retains oversight of ESG Risks, including climate-related risks, and periodically reviews and approves the Bank’s key risk management policies, frameworks, and limits to ensure that management is operating within the Bank’s Enterprise Risk Appetite Framework.

•

Corporate Governance Committee

: Evaluates the Bank’s environmental and social performance and assesses best practices for ESG disclosure; examines current and emerging ESG topics, considers their implications on the Bank’s strategy and reviews the Bank’s annual ESG Report; and acts in an advisory capacity through a continuing assessment of the Bank’s approach to corporate governance and makes policy recommendations, including on topics such as human rights.

•

Audit

& Conduct Review Committe

e: Oversees climate-related disclosure as part of the Bank’s financial reporting, sets standards of conduct for ethical behaviour and oversees conduct risk management, and consumer protection.

•

Human Capital

& Compensation Committee

: Oversees human capital and compensation strategies related to inclusion, employee health, safety, and well-being and other ESG policies and practices.

Management’s Role

The Board of Directors is supported by the President and Chief Executive Officer (CEO) and Chief Risk Officer (CRO). The CRO has delegated their authority over the oversight of ESG risk to the Operational Risk Committee (ORC). The ORC provides effective oversight and challenge of the Bank’s management of environmental and social risks. Its responsibilities include monitoring of the ESG risk profile, reviewing and approving ESG Risk frameworks, policies, risk appetite statements and limits.

The Bank actively monitors policy and legislative requirements through ongoing dialogue with government, industry, and stakeholders in the countries where it operates. Scotiabank regularly meets with various external stakeholders, including industry associations, with respect to roles that banks can play on ESG related issues and to share best practices.

Risk Management

The Bank’s approach for the effective management of ESG risk is governed by our ESG Risk Management Framework in a manner consistent with the Enterprise-wide Risk Management Framework. The ESG Risk Management Framework describes the guiding principles, program elements, and roles and responsibilities relating to the Bank’s management of ESG risk and establishes the minimum requirements for the integration of ESG risk considerations into the decision-making processes across other risk types and business strategies, activities and internal operations. This framework assists the Bank as we continue to advance our capabilities in managing ESG risks in a manner that is consistent with regulatory requirements, industry standards, best practices, and risk appetite.

The ESG Risk Management framework is supported by additional policies, processes, and guidelines, designed to help mitigate ESG Risk or advance responsible practices. For example, Scotiabank is a signatory to the Equator Principles (EPs) framework, which enables the Bank, in partnership with our clients, to identify, assess, manage and report environmental and social risks and impacts associated with the large-scale infrastructure and industrial development projects. We also have policies in place related to our financing activities to oil and gas projects in the Arctic Circle, and to projects related to thermal coal mining and power, UNESCO World Heritage Sites and Wetlands of International Importance, and illegal logging and wildlife trade. Our approach to respecting and promoting human rights is communicated in our Code and in the Global Human Rights Statement. The Bank has set a number of enterprise-wide commitments that aim to address climate-related risks and opportunities, such as our commitment to provide $350 billion in climate-related finance by 2030 to support clients in their strategies to address climate change and other environmental goals. Our Climate Related Finance Framework outlines the financial product and services we offer in support of this commitment. Additional information on the Bank’s approach to climate change risk management and strategy will be provided in our 2025 Sustainability Report.

Data Management Risk

Data Management Risk is the risk of exposure to the financial and

non-financial

consequences caused by people, inadequate processes and systems related to data governance, data quality, data architecture and/or data ethics.

The Data Risk Management Framework provides an overview of the key governance components for the data management risk and oversight activities across the Bank. The Data Risk Management Policy defines key guiding principles for managing data risk, including the interaction model and roles and responsibilities for key stakeholders involved in managing data management risk across the Bank.

Model Risk

Model risk is the risk of adverse financial (e.g. inadequate capital, financial losses, inadequate liquidity, underfunding of defined benefit pension plans) operational, and/or reputational consequences arising from the design, development, implementation and/or use of a model. It can originate from, among other things, inappropriate specification; incorrect parameter estimates; flawed hypotheses and/or assumptions; mathematical computation errors; inaccurate, inappropriate or incomplete data; inappropriate, improper or unintended usage; and inadequate monitoring and/or controls.

Model risk is managed through a structured framework that outlines minimum compliance requirements aligned with OSFI’s revised

E-23

Model Risk Management Guideline. This framework spans the entire model lifecycle – from identification and assessment to monitoring and remediation.

All models that meet the Bank’s definition – including those developed internally or sourced from vendors – are governed by the Model Risk Management Framework (MRMF). The MRMF is supported by a suite of policies, standards, and guidelines that ensure consistent and effective model risk management across the organization, including well-defined roles and responsibilities for key stakeholders across the lifecycle.

The Bank’s model risk appetite – expressed through the Enterprise Model Risk Score – is based on aggregated indicators such as persistent performance breaches, policy exceptions, and material issues. This score reflects the Bank’s tolerance for model-related risk and is reported quarterly in the Enterprise Risk Management (ERM) Report.

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Reputational Risk

Reputational risk is the risk that negative publicity or stakeholder sentiment regarding Scotiabank’s conduct, business practices or associations, whether true or not, will adversely affect its revenues, operations or client base, or require other defensive measures.

The Bank has an Enterprise Reputational Risk Policy, as well as other policies and procedures for managing reputational risk. Reputational risk is managed and controlled by our Code, governance practices and risk management programs, policies, procedures, and training. All directors, officers and employees have a responsibility to conduct their activities in accordance with our Code, and in a manner that minimizes reputational risk. The activities of the Legal; Global Tax; Corporate Secretary; Global Communications; Global Compliance & AML, and Global Risk Management departments, as well as the Reputational Risk Committee, are particularly oriented to the management of reputational risk.

Strategic Risk

Strategic Risk is the risk that the enterprise, business lines or corporate functions will make strategic choices that are ineffective or insufficiently resilient to changes in the business environment or fail to achieve the Bank’s strategic vision in the execution of the Bank’s strategy.

The Board is ultimately responsible for oversight of strategic risk, by ensuring a robust strategic planning process and approving, on an annual basis, the strategic plan for the Bank. Changes in our business strategy can impact our risk appetite and therefore the Annual Strategy Report to the Board of Directors considers linkages between the Bank’s Enterprise Risk Appetite Framework and the enterprise strategy, business line strategies and how the corporate functions support the business lines in the execution of their strategic plans. The Board reviews this material, along with other relevant strategic and financial presentations by management throughout the year in order to provide the appropriate governance.

The strategic planning process is managed by Enterprise Strategy which supports the management of strategic risk throughout the planning process by ensuring alignment across our business, financial, capital and risk planning. Global Risk Management also provides oversight of strategic risk by providing independent reviews throughout the strategic planning process, establishing enterprise risk frameworks, and independently monitoring and reporting on the level of risk established against our risk appetite metrics.

The development, evaluation and execution of the Bank’s strategic plans is owned by the Management team of the Bank. They participate actively in the annual planning process and on an ongoing basis, Heads of Business Lines and Corporate Functions identify, manage, and assess the internal and external risks that could impede achievement of, or progress of, strategic objectives. The executive management team regularly meets to evaluate the effectiveness of the Bank’s strategic plan, and consider what amendments, if any, are required.

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Management’s Discussion and Analysis

Controls and Accounting Policies

Controls and Procedures

Management’s responsibility for financial information contained in this annual report is described on page 140.

Disclosure controls and procedures

The Bank’s disclosure controls and procedures are designed to provide reasonable assurance that information is accumulated and communicated to the Bank’s management, including the President and Chief Executive Officer and the Group Head and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of October 31, 2025, the Bank’s management, with the participation of the President and Chief Executive Officer and the Group Head and Chief Financial Officer, evaluated the effectiveness of its disclosure controls and procedures, as defined under the rules adopted by the U.S. Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities, and have concluded that the Bank’s disclosure controls and procedures are effective.

Internal control over financial reporting

Management of the Bank is responsible for establishing and maintaining adequate internal control over financial reporting. These controls include policies and procedures that:

•

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank;

•

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and that receipts and expenditures are being made only in accordance with authorizations of management and directors of the Bank; and

•

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Bank’s assets that could have a material effect on the financial statements.

Management assessed the effectiveness of internal control over financial reporting, using the Internal Control-Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and based on that assessment concluded that internal control over financial reporting was effective as of October 31, 2025. There are no material weaknesses that have been identified by management in this regard. KPMG LLP, the independent auditors appointed by the shareholders of the Bank, who have audited the consolidated financial statements, have also audited internal control over financial reporting as of October 31, 2025.

Changes in internal control over financial reporting

During the year ended October 31, 2025, there have been no changes in the Bank’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Bank’s internal control over financial reporting.

Critical Accounting Policies and Estimates

The Bank’s accounting policies are integral to understanding and interpreting the financial results reported in this annual report. Note 3 to the consolidated financial statements summarizes the material accounting policies used in preparing the Bank’s consolidated financial statements. Certain of these policies require management to make estimates, assumptions and subjective judgments that are difficult, complex, and often relate to matters that are inherently uncertain. The policies discussed below are particularly important to the presentation of the Bank’s financial position and results of operations, as changes in the estimates, assumptions and judgments could have a material impact on the Bank’s consolidated financial statements. These estimates, assumptions and judgments are adjusted in the normal course of business to reflect changing underlying circumstances.

Allowance for credit losses

The allowance for credit losses, using an expected credit loss approach as required under IFRS 9, is estimated using valuation models and incorporates inputs, assumptions and techniques that involve a high degree of management judgment. Under IFRS 9 expected credit loss methodology, an allowance is recorded for expected credit losses on financial assets regardless of whether there has been an actual loss event. The Bank recognizes an allowance at an amount equal to 12 month expected credit losses if the credit risk at the reporting date has not increased significantly since initial recognition (Stage 1). When a financial asset experiences a significant increase in credit risk (SIR) after origination but is not considered to be in default, it is included in Stage 2 and subject to lifetime expected credit losses. Financial assets that are in default are included in Stage 3. Similar to Stage 2, the allowance for credit losses for Stage 3 financial assets captures the lifetime expected credit losses.

The main drivers in allowance for credit loss changes that are subject to significant judgment include the following:

•

Determination of

point-in-time

parameters such as probability of default (PD), loss given default (LGD) and exposure at default (EAD).

•

Forecast of macroeconomic variables for multiple scenarios and probability weighting of the scenarios.

•

Assessment of SIR.

Qualitative adjustments or overlays may also be made as temporary adjustments using expert credit judgment in circumstances where, in the Bank’s view, the existing regulatory guidance, inputs, assumptions, and/or modelling techniques do not capture all relevant risk factors. The use of management overlays requires significant judgment that may impact the amount of allowance recognized.

Measurement of expected credit losses

The PD, EAD, and LGD inputs used to estimate expected credit losses are modelled based on historical default and loss experience, and macroeconomic variables that are closely related with credit losses in the relevant portfolio.

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Details of these statistical parameters/inputs are as follows:

•

PD – The probability of default is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the remaining estimated life, if the facility has not been previously derecognized and is still in the portfolio.

•

EAD – The exposure at default is an estimate of the exposure at a future default date, considering expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, expected drawdowns on committed facilities, and accrued interest from missed payments.

•

LGD – The loss given default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from the realization of any collateral. It is usually expressed as a percentage of the EAD.

Forward-looking macroeconomic scenarios

The Bank uses a broad range of forward-looking economic information as inputs to its models of expected credit losses and the related allowance. These include real GDP, unemployment rates, consumer price index, central bank interest rates, and house price indices, amongst others. The allowance is determined using four probability-weighted, forward-looking scenarios. The Bank considers both internal and external sources of information and data in order to create unbiased projections and forecasts. The scenarios are prepared using forecasts generated by Scotiabank Economics (SE). The forecasts are generated using both internally and externally developed models whose outputs are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of economic developments. SE also develops a representative range of other possible forecast scenarios. More specifically, the process involves the development of three additional economic scenarios to which relative probabilities are assigned. The development of the baseline and alternative scenarios is overseen by a governance committee that consists of internal stakeholders from across the Bank. The final baseline and alternative scenarios reflect significant review and oversight and incorporate judgment both in the determination of the scenarios’ forecasts and the probability weights that are assigned to them.

Significant increase in credit risk

The assessment of SIR since origination of a financial asset considers borrower-specific quantitative and qualitative information without consideration of collateral, and the impact of forward-looking information. Quantitative models may not always be able to capture all reasonable and supportable information that may indicate a SIR. Qualitative factors may be assessed to supplement the gap. Examples of situations include changes in adjudication criteria for a particular group of borrowers, changes in portfolio composition, and natural disaster events impacting certain portfolios.

For retail exposures, a SIR is assessed based on thresholds that exist by product which consider the change in PD. The thresholds used for PD migration are reviewed and assessed at least annually unless there is a significant change in credit risk management practices in which case the review is brought forward.

For

non-retail

exposures, the Bank uses an internal risk rating scale (IG codes). All

non-retail

exposures have an IG code assigned that reflects the PD of the borrower. Both borrower specific and

non-borrower

specific (i.e. macroeconomic) forward-looking information is considered and reflected in the IG rating. SIR is evaluated based on the migration of the exposures among IG codes.

Fair value of financial instruments

All financial instruments are measured at fair value on initial recognition. Subsequent measurement of a financial instrument depends on its classification. The contractual cash flow characteristics of a financial instrument and the business model under which it is held determine such classification.

Non-trading

loans and receivables, certain securities and most financial liabilities are carried at amortized cost unless classified or designated as fair value through profit and loss or fair value through other comprehensive income at inception.

The fair value of a financial asset or liability is 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.

The Bank discloses the classification of all financial instruments carried at fair value in a hierarchy based on the determination of fair value. The best evidence of fair value for a financial instrument is the quoted price in an active market. Fair value based on unadjusted quoted market prices for identical instruments in active markets represents a Level 1 valuation. Quoted prices are not always available for

over-the-counter

(OTC) transactions, as well as transactions in inactive or illiquid markets. OTC transactions are valued using internal models that maximize the use of observable inputs to estimate fair value. The chosen valuation technique incorporates all the factors that market participants would consider in pricing a transaction. When fair value is based on all significant market observable inputs, the valuation is classified as Level 2. Financial instruments traded in a less active market can be valued using indicative market prices, the present value of cash flows or other valuation techniques. Fair value estimates normally do not consider forced or liquidation sales. Where financial instruments trade in inactive markets or when using models where observable parameters do not exist, significant management judgement is required for valuation methodologies and model inputs. Valuations that require the significant use of unobservable inputs are considered Level 3. The calculation of estimated 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. Global Risk Management (GRM) is responsible for the design and application of the Bank’s risk management framework. GRM is independent of the Bank’s business units and is overseen by Executive Management and the Board of Directors. Senior management committees within GRM oversee and establish standards that are critical in ensuring that appropriate valuation methodologies and policies are in place for determining fair value.

Where possible, valuations are based on quoted prices or observable inputs obtained from active markets. GRM oversees a monthly Independent Price Verification (IPV) process to ensure the reliability and accuracy of prices and inputs used in the determination of fair value. The IPV process is performed by price verification groups that are independent of the business. The Bank maintains an approved list of pricing sources that are used in the IPV process. These sources include, but are not limited to, brokers, dealers and consensus pricing services. The valuation policies relating to the IPV process require that all pricing or rate sources be external to the Bank. At least annually, an independent assessment of pricing or rate sources is performed by GRM to determine the market presence or market representative levels.

Where quoted prices are not readily available, such as for transactions in

over-the-counter

markets, internal models that maximize the use of observable inputs are used to estimate fair value. An independent second-line model risk management function within GRM oversees the initial model validation, approval and ongoing validation and the performance monitoring of valuation models used in determining fair value. Model development and validation processes are governed by the Bank’s Model Risk Management Policy.

In determining fair value for certain instruments or portfolios of instruments, valuation adjustments or reserves may be required to arrive at a more accurate representation of fair value. The Bank’s policy of applying valuation reserves to a portfolio of instruments is approved by a senior management committee.

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These reserves can include adjustments for credit risk, bid-offer spreads, unobservable parameters, funding costs and constraints on prices in inactive or illiquid markets. The methodology for the calculation of valuation reserves is reviewed at least annually by senior management.

Valuation adjustments recorded against the fair value of financial assets and financial liabilities totaled $103 million as at October 31, 2025 (2024 – $81 million), net of any write-offs. The majority of the year-over-year change is due to widening of counterparty credit spreads during the year.

As at October 31, 2025, a net funding valuation adjustment (FVA) representing an excess of funding benefit adjustment over funding cost adjustment of $136 million (2024 – $165 million),

pre-tax,

was recorded for uncollateralized derivative instruments.

Employee benefits

The Bank provides pension and other benefit plans for eligible employees globally. Pension benefits are offered in the form of defined benefit pension plans (generally based on an employee’s length of service and earnings) and defined contribution pension plans (where the Bank’s contribution is fixed and there is no legal or constructive obligation to pay further amounts). Other benefits include post-retirement health care, dental care and life insurance, along with other long-term employee benefits, such as long-term disability benefits.

The employee benefit expenses and related benefit obligation are calculated using actuarial methods and certain actuarial assumptions. These assumptions are based on management’s best estimate and are reviewed and approved annually. The most significant assumption is the discount rate used to determine the defined benefit obligation, which is set by reference to the yields on high quality corporate bonds that have durations that match the terms of the Bank’s obligations. Separate discount rates are used to determine the annual benefit expense in Canada and the U.S. These rates are determined with reference to the yields on high quality corporate bonds with durations that match the various components of the annual benefit expense. The discount rate used to determine the annual benefit expense for all other plans is the same as the rate used to determine the defined benefit obligation. Other key assumptions include future compensation, health care costs, employee turnover, retirement age and mortality. When making these estimates, management considers expectations of future economic trends and business conditions, including inflation rates, as well as other factors, such as plan-specific experience and best practices.

Actual experience that differs from assumptions made by management will result in a net actuarial gain or loss recognized immediately in other comprehensive income, except for other long-term employee benefits, where they are recognized in the Consolidated Statement of Income.

Note 27 of the consolidated financial statements contains details of the Bank’s employee benefit plans, such as the disclosure of pension and other benefit amounts, management’s key assumptions, and a sensitivity analysis of changes in these assumptions on the employee benefit obligation and expense.

Corporate income taxes

Management exercises judgment in determining the provision for income taxes and deferred income tax assets and liabilities. The provision is based on management’s expectations regarding the income tax consequences of transactions and events during the period. Management interprets the tax legislation for each jurisdiction in which the Bank operates and makes assumptions about the expected timing of the reversal of deferred income tax assets and liabilities. If management’s interpretations of the legislation differ from those of the tax authorities, or if the actual timing of the reversals of the deferred income tax assets and liabilities is not as anticipated, the provision for income taxes could increase or decrease in future periods.

The Bank maintains provisions for uncertain tax positions that it believes appropriately reflect the risk of tax positions under discussion, audit, dispute or appeal with tax authorities, or which are otherwise considered to involve uncertainty. These provisions are made using the Bank’s best estimate of the amount expected to be paid based on an assessment of all relevant factors, which are reviewed at the end of each reporting period. It is possible that additional liability and income tax expense could arise in the future, depending on the acceptance of the Bank’s tax positions by the relevant tax authorities in the jurisdictions in which the Bank operates.

Note 26 of the consolidated financial statements contains further details with respect to the Bank’s provisions for income taxes.

Structured entities

In the normal course of business, the Bank enters arrangements with structured entities on behalf of its customers and for its own purposes. These structured entities can be generally categorized as multi-seller commercial paper conduits, Bank funding vehicles and structured finance entities. Further details are provided in the

Off-balance

sheet arrangements section on page 73.

Management is required to exercise judgement to determine whether a structured entity should be consolidated. This evaluation involves understanding the arrangements, determining whether decisions about the relevant activities are made by means of voting rights or other contractual arrangements, and determining whether the Bank controls the structured entity.

The Bank controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The three elements of control are:

•

power over the investee;

•

exposure, or rights, to variable returns from involvement with the investee; and

•

the ability to use power over the investee to affect the amount of the Bank’s returns.

This definition of control applies to circumstances:

•

when voting rights or similar rights give the Bank power, including situations where the Bank holds less than a majority of voting rights or involving potential voting rights;

•

when an investee is designed so that voting rights are not the dominant factor in deciding who controls the investee (i.e., relevant activities are directed by contractual arrangements);

•

involving agency relationships; and

•

when the Bank has control over specified assets of an investee.

The Bank does not control an investee when it is acting in an agent’s capacity. The Bank assesses whether it is an agent by determining whether it is primarily engaged to act on behalf and for the benefit of another party or parties. Factors that the Bank considers in this assessment include the scope of its decision-making authority over the investee, the rights held by other parties, the remuneration to which it is entitled, and the Bank’s exposure to variability of returns from other interests that it holds in the investee. The analysis uses both qualitative and quantitative analytical techniques and involves the use of a number of assumptions about the business environment in which the structured entity operates and the amount and timing of future cash flows.

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The Bank reassesses whether it controls an investee if facts and circumstances indicate that one or more of the three elements of control change. Management is required to exercise judgement to determine if a change in control event has occurred. During 2025, there were no change in control events that caused the Bank to change its control conclusion of its multi-seller conduits or other structured entities.

As described in Note 14 to the consolidated financial statements and in the discussion of

off-balance

sheet arrangements, the Bank does not control the three Canadian-based multi-seller conduits that it sponsors and they are not required to be consolidated on the Bank’s Consolidated Statement of Financial Position. The Bank controls its U.S.-based multi-seller conduit and consolidates it on the Bank’s Consolidated Statement of Financial Position.

Goodwill

For impairment testing, goodwill acquired in a business combination is, on the acquisition date, allocated to each of the Bank’s groups of cash-generating units (CGU) that are expected to benefit from the particular acquisition. Goodwill is not amortized but tested for impairment annually and when circumstances indicate that the carrying value may be impaired. At each reporting date, goodwill is reviewed to determine whether there is any indication of impairment. Each CGU to which goodwill is allocated for impairment testing reflects the lowest level at which goodwill is monitored for internal management purposes.

The Bank determines the carrying value of the CGU using a regulatory capital approach based on credit, market, operational risks and leverage, consistent with the Bank’s capital attribution for business line performance measurement. Corporate capital that is not directly attributable is allocated to each CGU on a proportional basis. The recoverable amount is the greater of fair value less costs of disposal (FVLCD) and value in use (VIU). If either FVLCD or VIU exceeds the carrying amount, there is no need to determine the other. An impairment loss is recognized if the carrying amount of the CGU exceeds the recoverable amount. An impairment loss on goodwill is not reversed.

FVLCD is the price that would be received from the sale of a CGU in an orderly transaction between market participants, less costs of disposal, at the measurement date. In determining FVLCD, an appropriate valuation model is used which considers various factors, including normalized net income, price earnings multiples, and control premiums. These calculations are corroborated by valuation multiples and quoted share prices for publicly traded subsidiaries or other available fair value indicators.

VIU is the present value of the future cash flows expected to be derived from a CGU. The determination of VIU involves judgment in estimating future cash flows, terminal growth rate and discount rate. The future cash flows are based on management approved budgets and plans which factor in market trends, macroeconomic conditions, forecasted earnings and business strategy for the CGU. The terminal growth rate is based on the long-term growth expectations in the relevant countries, while the discount rate is based on the cost of capital.

Significant judgment is applied in determining the recoverable amounts of the CGU and assessing whether certain events or circumstances constitute objective evidence of impairment.

Goodwill was assessed for annual impairment based on the methodology described above as at July 31, 2025, and no impairment was determined to exist. As of October 31, 2025, there were no significant changes to this assessment. For additional information, see Note 17 of the consolidated financial statements.

Intangible assets

Intangible assets with indefinite useful lives are not amortized but tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Intangible assets with finite useful lives are amortized over the estimated useful life of the asset and are tested for impairment only when events and circumstances indicate impairment. Indefinite and finite life intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment.

The recoverable amount is the greater of fair value less costs of disposal (FVLCD) and value in use (VIU). If either FVLCD or VIU exceeds the carrying amount, there is no need to determine the other. The VIU method is used by the Bank to determine the recoverable amount of intangible assets. In determining VIU, a discounted cash flow valuation model is used which incorporates key assumptions, such as management-approved cash flow projections, terminal growth rate and the applicable discount rate. An impairment loss is recognized if the carrying amount of the intangible asset exceeds its recoverable amount. Impairment losses recognized in prior periods are reassessed at each reporting period for any indication that the loss has decreased or no longer exists. An impairment loss recognized in a prior period shall be reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment was recognized. The reversal of an impairment loss reflects an increase in the estimated service potential of an asset, either from use or from sale, and does not only result from the passage of time. An impairment loss is reversed only to the extent that the intangible asset’s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognized.

The recoverable amount is significantly impacted by the discount rate and the terminal value. Significant judgment is applied in determining the intangible asset’s recoverable amount and assessing whether certain events or circumstances constitute objective evidence of impairment.

Indefinite life intangible assets were assessed for annual impairment based on the methodology described above as at July 31, 2025, and no impairment was determined to exist. As of October 31, 2025, there were no significant changes to this assessment. For additional information on both indefinite life and finite life intangible assets, see Note 17 of the consolidated financial statements.

Derecognition of financial assets

Financial assets are derecognized when the contractual rights to the cash flows from the asset have expired, which occurs with repayment by the borrower or upon substantial modification of the asset terms. Assets are also derecognized when the Bank transfers the contractual rights to receive the cash flows from the financial asset or has assumed an obligation to pay those cash flows to an independent third-party, and the Bank has transferred substantially all the risks and rewards of ownership of that asset to an independent third-party.

Management must apply judgement in determining whether a modification of the contractual terms of the financial asset is substantial. For loans, this includes the nature of the modification and the extent of changes to contractual terms including interest rate, authorized amount and term.

Management must also apply judgement in determining, based on specific facts and circumstances, whether the Bank has retained or transferred substantially all the risks and rewards of ownership of the financial asset. Where substantially all the risks and rewards of ownership of the financial asset are neither retained nor transferred, the Bank derecognizes the transferred asset only if it has lost control over that asset. If the Bank retains control over the asset, it will continue to recognize the asset to the extent of its continuing involvement.

Most assets transferred under repurchase agreements, securities lending agreements, securitizations of fully insured Canadian residential mortgages, and securitizations of credit card receivables do not qualify for derecognition. The Bank continues to record the transferred assets on the Consolidated Statement of Financial Position as secured financings.

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Further information on derecognition of financial assets can be found in Note 13 of the consolidated financial statements.

Provisions

The Bank recognizes a provision if, because of a past event, the Bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Probable in this context means more likely than not. Significant judgement is required in determining whether a present obligation exists and in estimating the probability, timing, and amount of any future outflows.

In the ordinary course of business, the Bank and its subsidiaries are routinely defendants in, or parties to a number of pending and threatened legal actions and regulatory proceedings, including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of such matters, the Bank cannot state what the eventual outcome of such matters will be.

Legal provisions are established when it becomes probable that the Bank will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, considering the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Bank’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Bank’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. As such, there is a possibility that the ultimate resolution of those legal actions may be material to the Bank’s consolidated results of operations for any reporting period.

non-interest

expenses – other. In November 2021, the Peruvian Constitutional Court dismissed the matter relating to the accrued default interest for procedural reasons. With respect to this default interest component, and in relation to the Constitutional Court of Peru’s treatment of Scotiabank Peru, in October 2022, the Bank filed a request for arbitration against the Republic of Peru before the International Centre for the Settlement of Investment Disputes (ICSID), pursuant to the provisions of the Canada-Peru Free Trade Agreement. This case is currently proceeding through the arbitration process. In Q3 2024, the Bank recorded a legal provision of $142 million in other liabilities – provisions, representing the amount at issue in the arbitration. The Bank intends to continue to vigorously advance its position.

Future Accounting Developments

The Bank actively monitors developments and changes in accounting standards from the IASB, as well as requirements from the other regulatory bodies, including OSFI. The Bank is currently assessing the impact of adoption of new standards issued by the IASB on its consolidated financial statements and also evaluating the alternative elections available on transition.

Effective November 1, 2026

IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – Amendments

On May 30, 2024, the IASB issued “Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)” to address post-implementation review findings of IFRS 9

Financial Instruments

The amendments introduce an accounting policy choice to derecognize financial liabilities settled through an electronic payment system before the settlement date upon meeting certain conditions. The amendments clarify the assessment of contractual cash flow characteristics of financial assets based on contingent events, such as interest rates linked to environmental, social and governance (ESG) targets, the treatment of

non-recourse

assets, and contractually linked instruments. The amendments introduce new disclosure requirements for financial instruments with contractual terms that can change cash flows due to events not directly related to changes in basic lending risks, such as certain loans subject to ESG targets. Additionally, the amendments change some of the disclosure requirements for equity instruments designated at fair value through other comprehensive income.

The amendments are effective for the Bank on November 1, 2026, and early adoption is permitted. The Bank is required to apply the amendments retrospectively but is not required to restate prior periods. The Bank is currently assessing the impact of these amendments.

Effective November 1, 2027

IFRS 18 Presentation and Disclosure in Financial Statements

The IASB issued IFRS 18

Presentation and Disclosure in Financial Statements

on April 9, 2024, to replace IAS 1

Presentation of Financial Statements

and

is effective for annual periods beginning on or after January 1, 2027. IFRS 18 introduces a defined structure for the presentation of the statement of

income, including required totals and subtotals, as well as aggregating and disaggregating principles to categorize financial information. The standard

also requires all Management-defined performance measures to be disclosed in the notes to the financial statements.

IFRS 18 will be effective for the Bank on November 1, 2027, with early adoption permitted. The Bank is currently assessing the impact of this new standard.

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 below.

Global Minimum Tax

The Organisation for Economic

Co-operation

and Development 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.

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| Controls and Accounting Policies

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 twelve months ended October 31, 2025, the impact of the GMT on the Bank’s effective tax rate was approximately 0.8%, 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 was enacted into U.S. law, which codifies certain of the 2017 Tax Cuts and Jobs Act provisions, making them permanent. There has not been any significant impact on the consolidated effective tax rate, however, we continue to monitor any future developments.

Related Party Transactions

Compensation of key management personnel of the Bank

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, and comprise the directors of the Bank, the President and Chief Executive Officer, certain direct reports of the President and Chief Executive Officer and Group Heads.

T60

Compensation of key management personnel of the Bank



For the year ended October 31 ($ millions)	2025		2024
Salaries and cash incentives (1)	$	28	$	25
Equity-based payment (2)		36		29
Pension and other benefits (1)		2		2
Total	$	66	$	56

(1)	Represents amounts expensed during the year.

(2)	Represents equity-based awards granted during the year.

Directors can use some or all of their director fees earned to buy common shares of the Bank at market rates through the Director’s Share Purchase Plan.

Non-officer

directors may elect to receive all or a portion of their fees in the form of deferred stock units which vest immediately. Refer to Note 25 – Share-based payments for further details of these plans.

T61

Loans and deposits of key management personnel

Loans are currently granted to key management personnel at market terms and conditions.



As at October 31 ($ millions)	2025		2024
Loans	$	7	$	10
Deposits		2		5

The Bank’s committed credit exposure to companies controlled by directors totaled $263 million as at October 31, 2025 (October 31, 2024 – $267 million) while actual utilized amounts were $186 million (October 31, 2024 – $199 million).

Transactions with associates and joint ventures

In the ordinary course of business, the Bank provides normal banking services and enters into transactions with its associated and other related corporations on terms similar to those offered to

non-related

parties. If these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions between the Bank and its associated companies and joint ventures also qualify as related party transactions and were recorded as follows:

T62

Transactions with associates and joint ventures



As at and for the year ended October 31 ($ millions)	2025			2024
Net income / (loss)	$	(21	)	$	(15	)
Loans		140			209
Deposits		282			253
Guarantees and commitments		57			46

Scotiabank principal pension plan

The Bank manages assets of $6.4 billion (October 31, 2024 – $6.0 billion) which is a portion of the Scotiabank principal pension plan assets and earned $7.0 million in fees (October 31, 2024 – $6.7 million).

Oversight and governance

The oversight responsibilities of the Audit and Conduct Review Committee (ACRC) with respect to related party transactions include reviewing the Related Party Policy and transactions with related parties that may materially affect the Bank and to ensure compliance with the Bank Act. The Bank Act requirements encompass a broader definition of a related party and the transactions than is set out in International Accounting Standard 24

Related Party Disclosures

. The Bank has various procedures in place to ensure that related party information is identified and reported to the ACRC on a semi-annual basis. The ACRC is provided with reports that reflect the Bank’s compliance with its Policy.

The Bank’s Internal Audit department carries out audit procedures as necessary to provide the ACRC with reasonable assurance that the Bank’s policies and procedures to identify, authorize and report related party transactions are appropriately designed and operating effectively in compliance with the Bank Act.

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Management’s Discussion and Analysis

Supplementary Data

Geographic Information

T63

Net income by geographic segment



	2025																				2024 (1)

For the fiscal year ($ millions)	Canada			U.S.		Mexico		Peru		Chile		Colombia		Caribbean and Central America		Other Inter- national		Total			Canada		U.S.		Mexico		Peru		Chile		Colombia			Caribbean and Central America		Other Inter- national		Total
Net interest income	$	11,378		$	799	$	2,405	$	1,334	$	1,993	$	717	$	1,931	$	965	$	21,522		$	9,207	$	664	$	2,397	$	1,422	$	2,020	$	690		$	1,842	$	1,010	$	19,252
Non-interest income		9,352			2,165		1,014		588		571		479		1,295		755		16,219			8,535		1,578		1,032		546		455		486			1,180		606		14,418
Provision for credit losses		2,338			67		552		368		748		378		196		67		4,714			1,701		28		380		501		626		561			150		104		4,051
Non-interest expenses		13,660			1,591		1,822		885		1,168		750		1,508		1,134		22,518			11,207		1,309		1,867		869		1,143		794			1,454		1,052		19,695
Income tax expense		1,532			189		264		126		79		38		450		73		2,751			1,002		146		280		140		119		(49	)		303		91		2,032
Net income		3,200			1,117		781		543		569		30		1,072		446		7,758			3,832		759		902		458		587		(130	)		1,115		369		7,892
Net income attributable to non-controlling interests in subsidiaries		(200	)		–		23		7		7		9		123		–		(31	)		–		–		24		3		42		(50	)		115		–		134
Net income attributable to equity holders of the Bank	$	3,400		$	1,117	$	758	$	536	$	562	$	21	$	949	$	446	$	7,789		$	3,832	$	759	$	878	$	455	$	545	$	(80	)	$	1,000	$	369	$	7,758
Adjustments (2)		1,514			24		–		–		18		–		1		4		1,561			708		–		–		2		18		–			3		2		733
Adjusted net income (loss) attributable to equity holders of the Bank (2)	$	4,914		$	1,141	$	758	$	536	$	580	$	21	$	950	$	450	$	9,350		$	4,540	$	759	$	878	$	457	$	563	$	(80	)	$	1,003	$	371	$	8,491

(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 42 for further details.

(2)	Refer to Non-GAAP Measures starting on page 20.

T64

Loans and acceptances by geography



As at October 31 ($ billions)	2025			2024
Canada
Atlantic provinces	$	28.0		$	24.9
Quebec		50.0			44.2
Ontario		280.2			281.9
Manitoba and Saskatchewan		22.6			21.0
Alberta		57.0			55.9
British Columbia		94.2			95.5
		532.0			523.4
U.S.		62.1			59.3
Mexico		45.7			44.2
Peru		22.0			21.0
Chile		51.2			49.2
Colombia		13.3			11.3
Other International
Latin America		13.1			14.0
Europe		7.8			10.5
Caribbean and Central America		26.1			25.9
Asia and Other		5.3			8.7
		52.3			59.1
	$	778.7		$	767.5
Total allowance for credit losses		(7.5	)		(6.5	)
Total loans and acceptances net of allowance for credit losses	$	771.2		$	761.0

T65

Gross impaired loans by geographic segment



As at October 31 ($ millions)	2025		2024
Canada	$	2,416	$	2,158
U.S.		–		109
Mexico		1,494		1,343
Peru		823		715
Chile		1,420		1,249
Colombia		364		322
Other International		727		843
Total	$	7,244	$	6,739

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| Supplementary Data

T66

Provision against impaired financial instruments by geographic segment



For the fiscal years ($ millions)	2025		2024
Canada	$	1,911	$	1,571
U.S.		44		24
Mexico		489		404
Peru		392		554
Chile		638		592
Colombia		392		532
Other International		267		253
Total	$	4,133	$	3,930

Credit Risk

T67

Loans and acceptances by type of borrower



As at October 31 ($ billions)	2025			2024
Residential mortgages	$	370.2		$	350.9
Personal loans		110.6			106.4
Credit cards		18.0			17.4
Personal	$	498.8		$	474.7
Financial services
Non-bank	$	31.4		$	29.7
Bank (1)		1.0			0.9
Wholesale and retail		29.0			29.9
Real estate and contractors		60.0			66.0
Energy		6.0			7.1
Transportation		8.4			9.7
Automotive		17.6			17.6
Agriculture		17.4			17.0
Hospitality and leisure		3.5			3.8
Mining		5.4			6.4
Metals		1.9			2.2
Utilities		21.6			25.0
Health care		8.9			7.9
Technology and media		18.9			21.7
Chemicals		2.1			1.9
Food and beverage		10.1			10.8
Forest products		2.5			2.8
Other (2)		28.1			25.2
Sovereign (3)		6.1			7.2
Business and government	$	279.9		$	292.8
	$	778.7		$	767.5
Total allowance for credit losses		(7.5	)		(6.5	)
Total loans and acceptances net of allowance for credit losses	$	771.2		$	761.0

(1)	Deposit taking institutions and securities firms.

(2)	Other includes $9.6 billion in wealth management, $3.5 billion in services and $3.1 billion in financing products.

(3)	Includes central banks, regional and local governments, supra-national agencies.

T68

Off-balance

sheet credit instruments



As at October 31 ($ billions)	2025		2024
Commitments to extend credit (1)	$	275.5	$	272.8
Standby letters of credit and letters of guarantee		86.0		63.0
Securities lending, securities purchase commitments and other		80.2		60.3
Total	$	441.7	$	396.1

(1)	Includes liquidity facilities, and excludes commitments which are unconditionally cancellable at the Bank’s discretion at any time.

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T69

Changes in net impaired loans



For the fiscal years ($ millions)	2025			2024
Gross impaired loans
Balance at beginning of year	$	6,739		$	5,726
Net additions
New additions		9,598			9,495
Acquisition-related		–			–
Declassifications		(2,847	)		(2,394	)
Payments		(2,028	)		(1,744	)
Sales		(37	)		(79	)
		4,686			5,278
Write-offs
Residential mortgages		(135	)		(100	)
Personal loans		(2,127	)		(2,145	)
Credit cards		(1,466	)		(1,356	)
Business and government		(700	)		(484	)
		(4,428	)		(4,085	)
Foreign exchange and other		247			(180	)
Balance at end of year	$	7,244		$	6,739
Allowance for credit losses on financial instruments
Balance at beginning of year	$	2,054		$	1,881
Provision for credit losses		4,133			3,930
Write-offs		(4,428	)		(4,085	)
Recoveries
Residential mortgages		25			24
Personal loans		313			288
Credit cards		224			190
Business and government		58			60
		620			562
Foreign exchange and other		(38	)		(234	)
Balance at end of year	$	2,341		$	2,054
Net impaired loans
Balance at beginning of year	$	4,685		$	3,845
Net change in gross impaired loans		505			1,013
Net change in allowance for credit losses on impaired financial instruments		(287	)		(173	)
Balance at end of year	$	4,903		$	4,685

T70

Provision for credit losses



For the fiscal years ($ millions)	2025			2024
New provisions	$	4,883		$	4,591
Reversals		(130	)		(99	)
Recoveries		(620	)		(562	)
Provision for credit losses on impaired financial instruments		4,133			3,930
Provision for credit losses – performing financial instruments		581			121
Total Provision for credit losses	$	4,714		$	4,051

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| Supplementary Data

T71

Provision for credit losses against impaired financial instruments by type of borrower



For the fiscal years ($ millions)	2025			2024
Residential mortgages	$	267		$	250
Personal loans		1,796			1,885
Credit cards		1,233			1,165
Personal		3,296			3,300
Financial services
Non-bank		26			34
Bank		–			–
Wholesale and retail		189			137
Real estate and contractors		179			108
Energy		(3	)		–
Transportation		79			87
Automotive		9			6
Agriculture		95			73
Hospitality and leisure		5			2
Mining		1			–
Metals		4			9
Utilities		29			–
Health care		30			22
Technology and media		93			32
Chemicals		10			6
Food and beverage		68			69
Forest products		12			9
Other		10			35
Sovereign		1			1
Business and government		837			630
Provision for credit losses on impaired financial instruments	$	4,133		$	3,930

T72

Impaired loans by type of borrower



	2025						2024

As at October 31 ($ millions)	Gross		Allowance for credit losses		Net		Gross		Allowance for credit losses		Net
Residential mortgages	$	2,903	$	840	$	2,063	$	2,372	$	645	$	1,727
Personal loans		1,071		604		467		1,117		621		496
Credit cards		–		–		–		–		–		–
Personal	$	3,974	$	1,444	$	2,530	$	3,489	$	1,266	$	2,223
Financial services
Non-bank		106		46		60		141		57		84
Bank		–		–		–		–		–		–
Wholesale and retail		556		238		318		487		189		298
Real estate and contractors		902		187		715		768		147		621
Energy		18		4		14		30		5		25
Transportation		253		68		185		351		75		276
Automotive		32		11		21		33		9		24
Agriculture		308		92		216		338		82		256
Hospitality and leisure		69		7		62		71		7		64
Mining		4		1		3		6		3		3
Metals		36		10		26		53		19		34
Utilities		123		18		105		1		1		–
Health care		84		26		58		56		16		40
Technology and media		141		47		94		133		32		101
Chemicals		76		28		48		81		20		61
Food and beverage		121		40		81		198		49		149
Forest products		81		22		59		81		14		67
Other		160		48		112		172		61		111
Sovereign		200		4		196		250		2		248
Business and government	$	3,270	$	897	$	2,373	$	3,250	$	788	$	2,462
Total	$	7,244	$	2,341	$	4,903	$	6,739	$	2,054	$	4,685

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T73

Total credit risk exposures by geography

(1)(2)



	2025										2024

	Non-Retail

As at October 31 ($ millions)	Drawn		Undrawn		Other exposures (3)		Retail		Total		Total
Canada	$	242,044	$	42,449	$	49,473	$	478,160	$	812,126	$	783,178
U.S.		137,005		31,645		83,209		1		251,860		238,201
Chile		23,206		2,263		3,586		33,518		62,573		60,179
Mexico		29,050		2,950		3,183		24,184		59,367		58,439
Peru		18,163		1,435		2,164		12,005		33,767		32,609
Colombia		8,657		682		941		7,873		18,153		15,015
Other International
Europe		17,423		6,241		22,195		–		45,859		38,776
Caribbean and Central America		17,743		1,213		1,236		16,051		36,243		36,170
Latin America (other)		13,982		814		1,080		1,370		17,246		17,742
Other		11,361		2,882		4,891		–		19,134		25,136
Total	$	518,634	$	92,574	$	171,958	$	573,162	$	1,356,328	$	1,305,445
As at October 31, 2024	$	535,326	$	99,011	$	131,677	$	539,431	$	1,305,445

(1)	Geographic segmentation is based upon the location of the ultimate risk of the credit exposure. Includes all credit risk portfolios and excludes equities and other assets.

(2)	Amounts represent exposure at default.

(3)	Includes off-balance sheet lending instruments such as letters of credit, letters of guarantee, derivatives, securitization and repo-style transactions after collateral.

T74

IRB credit risk exposures by maturity

(1)(2)



	2025								2024

Residual maturity as at October 31 ($ millions)	Drawn		Undrawn		Other exposures (3)		Total		Total
Non-retail
Less than 1 year	$	133,684	$	20,126	$	89,711	$	243,521	$	260,784
One to 5 years		208,536		65,260		41,159		314,955		301,844
Over 5 years		48,912		1,695		16,918		67,525		55,993
Total non-retail	$	391,132	$	87,081	$	147,788	$	626,001	$	618,621
Retail
Less than 1 year	$	78,048	$	65,109	$	–	$	143,157	$	123,229
One to 5 years		229,733		–		–		229,733		234,961
Over 5 years		13,793		–		–		13,793		15,540
Revolving credits (4)		44,788		63,595		–		108,383		93,400
Total retail	$	366,362	$	128,704	$	–	$	495,066	$	467,130
Total	$	757,494	$	215,785	$	147,788	$	1,121,067	$	1,085,751
As at October 31, 2024	$	766,991	$	205,624	$	113,136	$	1,085,751

(1)	Remaining term to maturity of the credit exposure. Includes all credit risk portfolios and excludes equity securities and other assets.

(2)	Exposure at default, before credit risk mitigation.

(3)	Off-balance sheet lending instruments, such as letters of credit, letters of guarantee, securitization, derivatives and repo-style transactions after collateral.

(4)	Credit cards and lines of credit with unspecified maturity.

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| Supplementary Data

T75

Total credit risk exposures and risk-weighted assets



	2025												2024

	IRB				Standardized (1)				Total				Total

As at October 31 ($ millions)	Exposure at Default (2)		Risk- weighted assets		Exposure at Default (2)		Risk- weighted assets		Exposure at Default (2)		Risk- weighted assets		Exposure at Default (2)		Risk- weighted assets
Non-retail
Corporate
Drawn	$	189,918	$	82,445	$	49,395	$	46,489	$	239,313	$	128,934	$	246,526	$	125,359
Undrawn		71,341		28,083		4,901		4,716		76,242		32,799		80,749		32,574
Other (3)		54,146		14,995		2,494		2,307		56,640		17,302		47,919		13,873
		315,405		125,523		56,790		53,512		372,195		179,035		375,194		171,806
Bank
Drawn		12,924		3,379		1,609		680		14,533		4,059		19,913		5,916
Undrawn		12,253		6,217		69		35		12,322		6,252		14,756		6,946
Other (3)		14,001		2,516		140		95		14,141		2,611		14,521		3,687
		39,178		12,112		1,818		810		40,996		12,922		49,190		16,549
Sovereign
Drawn		240,416		7,564		24,372		3,088		264,788		10,652		268,887		11,368
Undrawn		3,487		555		523		471		4,010		1,026		3,506		551
Other (3)		6,927		558		187		178		7,114		736		6,043		620
		250,830		8,677		25,082		3,737		275,912		12,414		278,436		12,539
Total Non-retail
Drawn		443,258		93,388		75,376		50,257		518,634		143,645		535,326		142,643
Undrawn		87,081		34,855		5,493		5,222		92,574		40,077		99,011		40,071
Other (3)		75,074		18,069		2,821		2,580		77,895		20,649		68,483		18,180
	$	605,413	$	146,312	$	83,690	$	58,059	$	689,103	$	204,371	$	702,820	$	200,894
Retail
Retail residential mortgages
Drawn	$	244,737	$	24,970	$	66,707	$	21,168	$	311,444	$	46,138	$	289,602	$	48,567
		244,737		24,970		66,707		21,168		311,444		46,138		289,602		48,567
Secured lines of credit
Drawn		23,119		5,190		472		166		23,591		5,356		23,452		4,535
Undrawn		60,485		2,480		102		36		60,587		2,516		56,913		2,379
		83,604		7,670		574		202		84,178		7,872		80,365		6,914
Qualifying retail revolving exposures
Drawn		18,710		13,841		11,011		7,048		29,721		20,889		28,904		19,329
Undrawn		63,595		7,569		8,161		4,001		71,756		11,570		58,300		9,541
		82,305		21,410		19,172		11,049		101,477		32,459		87,204		28,870
Other retail
Drawn		27,670		15,616		41,541		31,536		69,211		47,152		75,802		52,541
Undrawn/Other		4,624		2,015		2,228		1,680		6,852		3,695		6,458		3,178
		32,294		17,631		43,769		33,216		76,063		50,847		82,260		55,719
Total retail
Drawn		314,236		59,617		119,731		59,918		433,967		119,535		417,760		124,972
Undrawn/Other		128,704		12,064		10,491		5,717		139,195		17,781		121,671		15,098
	$	442,940	$	71,681	$	130,222	$	65,635	$	573,162	$	137,316	$	539,431	$	140,070
Securitization exposures		43,622		6,090		20,650		3,962		64,272		10,052		37,657		7,791
Trading derivatives		29,092		6,287		699		682		29,791		6,969		25,537		5,801
CVA derivatives		–		–		–		5,394		–		5,394		–		4,631
Subtotal	$	1,121,067	$	230,370	$	235,261	$	133,732	$	1,356,328	$	364,102	$	1,305,445	$	359,187
Equities		–		–		8,160		20,119		8,160		20,119		7,751		18,644
Other assets (4)		–		–		54,566		22,035		54,566		22,035		46,798		20,322
Total credit risk	$	1,121,067	$	230,370	$	297,987	$	175,886	$	1,419,054	$	406,256	$	1,359,994	$	398,153

(1)	Portfolios under the Standardized Approach are reported net of specific allowances for credit losses and net of collateral amounts treated under the Comprehensive Approach.

(2)	Outstanding amount for on-balance sheet exposures and loan equivalent amount for off-balance sheet exposures, after credit risk mitigation.

(3)	Other exposures include off-balance sheet lending instruments, such as letters of credit, letters of guarantee, non-trading derivatives and repo-style exposures, after collateral.

(4)	Other assets include amounts related to central counterparties, net of capital deductions.

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Revenues and Expenses

T76

Volume/rate analysis of change in net interest income



	Increase (decrease) due to change in: 2025 versus 2024									Increase (decrease) due to change in: 2024 versus 2023

($ millions)	Average volume			Average rate			Net change			Average volume			Average rate			Net change
Net interest income
Total earning assets	$	1,442		$	(5,499	)	$	(4,057	)	$	1,064		$	3,771		$	4,835
Total interest-bearing liabilities		464			(6,791	)		(6,327	)		(301	)		4,146			3,845
Change in net interest income	$	978		$	1,292		$	2,270		$	1,365		$	(375	)	$	990
Assets

Deposits with banks	$	166		$	(692	)	$	(526	)	$	(589	)	$	205		$	(384	)
Trading assets		78			(604	)		(526	)		372			(570	)		(198	)
Securities purchased under resale agreements		135			1,071			1,206			41			83			124
Investment securities		486			(1,179	)		(693	)		1,281			1,244			2,525
Loans:
Residential mortgages		716			(961	)		(245	)		(262	)		1,037			775
Personal loans		158			(731	)		(573	)		197			674			871
Credit cards		37			(60	)		(23	)		244			18			262
Business and government		(334	)		(2,343	)		(2,677	)		(220	)		1,080			860
Total loans		577			(4,095	)		(3,518	)		(41	)		2,809			2,768
Total earning assets	$	1,442		$	(5,499	)	$	(4,057	)	$	1,064		$	3,771		$	4,835

Liabilities

Deposits:
Personal	$	244		$	(1,805	)	$	(1,561	)	$	362		$	1,418		$	1,780
Business and government		408			(4,552	)		(4,144	)		(468	)		2,447			1,979
Banks		(220	)		(130	)		(350	)		(188	)		259			71
Total deposits		432			(6,487	)		(6,055	)		(294	)		4,124			3,830
Obligations related to securities sold under repurchase agreements		131			(247	)		(116	)		178			(194	)		(16	)
Subordinated debentures		(42	)		(63	)		(105	)		(43	)		62			19
Other interest-bearing liabilities		(57	)		6			(51	)		(142	)		154			12
Total interest-bearing liabilities	$	464		$	(6,791	)	$	(6,327	)	$	(301	)	$	4,146		$	3,845

T77

Provision for income and other taxes



For the fiscal years ($ millions)	2025		2024		2025 versus 2024
Income taxes
Income tax expense	$	2,751	$	2,032		35.4	%

Other taxes
Payroll taxes		580		530		9.4
Business and capital taxes		708		682		3.8
Harmonized sales tax and other		483		482		0.2
Total other taxes		1,771		1,694		4.5
Total income and other taxes (1)	$	4,522	$	3,726		21.4	%
Net income before income taxes	$	10,509	$	9,924		5.9	%
Effective income tax rate (%) (2)		26.2		20.5		5.7
Total tax rate (%) (3)		36.8		32.1		4.7

(1)	Comprising $2,545 of Canadian taxes (2024 – $1,953) and $1,977 of foreign taxes (2024 – $1,773).

(2)	Refer to Glossary on page 136 for the description of the measure.

(3)	Total income and other taxes as a percentage of net income before income and other taxes.

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T78

Assets under administration and management

(1)



($ billions)	2025		2024
Assets under administration
Personal
Retail brokerage	$	283.6	$	242.9
Investment management and trust		209.5		198.6
		493.1		441.5
Mutual funds		269.5		233.7
Institutional		105.7		96.3
Total	$	868.3	$	771.5

Assets under management
Personal	$	121.5	$	100.1
Mutual funds		253.8		217.1
Institutional		57.1		55.8
Total	$	432.4	$	373.0

(1)	Refer to Glossary on page 136 for the description of the measure.

T79

Changes in assets under administration and management

(1)



As at October 31 ($ billions)	2025		2024
Assets under administration
Balance at beginning of year	$	771.5	$	673.6
Net inflows (outflows)		16.7		9.7
Impact of market changes, including foreign currency translation		80.1		88.2
Balance at end of year	$	868.3	$	771.5

(1)	Refer to Glossary on page 136 for the description of the measure.



As at October 31 ($ billions)	2025		2024
Assets under management
Balance at beginning of year	$	373.0	$	316.6
Net inflows (outflows)		8.7		(0.1	)
Impact of market changes, including foreign currency translation		50.7		56.5
Balance at end of year	$	432.4	$	373.0

T80

Fees paid to the shareholders’ auditors



For the fiscal years ($ millions)	2025		2024
Audit services	$	40.6	$	39.1
Audit-related services		2.4		1.2
Tax services outside of the audit scope		0.7		0.4
Other non-audit services		0.9		1.2
Total Bank and Subsidiaries	$	44.6	$	41.9
Mutual funds		3.9		3.6
Total Fees	$	48.5	$	45.5

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Management’s Discussion and Analysis

Selected Quarterly Information

T81

Selected quarterly information



	2025								2024

As at and for the quarter ended	Q4		Q3		Q2		Q1		Q4		Q3		Q2		Q1
Operating results ($ millions)
Net interest income		5,586		5,493		5,270		5,173		4,923		4,862		4,694		4,773
Non-interest income		4,217		3,993		3,810		4,199		3,603		3,502		3,653		3,660
Total revenue		9,803		9,486		9,080		9,372		8,526		8,364		8,347		8,433
Provision for credit losses		1,113		1,041		1,398		1,162		1,030		1,052		1,007		962
Non-interest expenses		5,828		5,089		5,110		6,491		5,296		4,949		4,711		4,739
Income tax expense		656		829		540		726		511		451		537		533
Net income		2,206		2,527		2,032		993		1,689		1,912		2,092		2,199
Net income attributable to common shareholders		2,104		2,313		1,841		1,025		1,521		1,756		1,943		2,066
Operating performance
Basic earnings per share ($)		1.70		1.84		1.48		0.82		1.23		1.43		1.59		1.70
Diluted earnings per share ($)		1.65		1.84		1.48		0.66		1.22		1.41		1.57		1.68
Return on equity (%) (1)		11.0		12.2		10.1		5.5		8.3		9.8		11.2		11.8
Return on tangible common equity (%) (2)		13.5		15.0		12.5		6.8		10.1		11.9		13.8		14.6
Productivity ratio (%) (1)		59.4		53.7		56.3		69.3		62.1		59.2		56.4		56.2
Net interest margin (%) (2)		2.40		2.36		2.31		2.23		2.15		2.14		2.17		2.19
Financial position information ($ billions)
Cash and deposits with financial institutions		66.0		69.7		63.6		70.2		63.9		58.3		58.6		67.2
Trading assets		152.2		136.5		129.0		136.7		129.7		134.0		132.3		126.4
Loans		771.0		761.6		756.4		766.3		760.8		759.2		753.5		743.9
Total assets		1,460.0		1,414.7		1,415.5		1,439.2		1,412.0		1,402.4		1,399.4		1,392.9
Deposits		966.3		946.8		945.8		966.0		943.8		949.2		942.0		939.8
Common equity		76.9		75.3		74.7		74.6		73.6		72.7		70.6		70.0
Preferred shares and other equity instruments		10.0		8.5		10.2		10.2		8.8		8.8		8.8		8.8
Assets under administration (1)		868.3		825.1		779.1		807.5		771.5		761.0		738.9		715.9
Assets under management (1)		432.4		407.0		379.9		395.5		373.0		363.9		348.6		339.6
Capital and liquidity measures
Common Equity Tier 1 (CET1) capital ratio (%) (3)		13.2		13.3		13.2		12.9		13.1		13.3		13.2		12.9
Tier 1 capital ratio (%) (3)		15.3		15.2		15.4		15.1		15.0		15.3		15.2		14.8
Total capital ratio (%) (3)		17.1		16.9		17.1		16.8		16.7		17.1		17.1		16.7
Total loss absorbing capacity (TLAC) ratio (%) (4)		29.1		29.0		30.3		28.8		29.7		29.1		28.9		28.9
Leverage ratio (%) (5)		4.5		4.5		4.5		4.4		4.4		4.5		4.4		4.3
TLAC Leverage ratio (%) (4)		8.5		8.6		8.9		8.5		8.8		8.5		8.4		8.4
Risk-weighted assets ($ billions) (3)		474.5		463.5		459.0		468.1		464.0		453.7		450.2		451.0
Liquidity coverage ratio (LCR) (%) (6)		128		126		131		128		131		133		129		132
Net stable funding ratio (NSFR) (%) (6)		116		120		120		117		119		117		117		117
Credit quality
Net impaired loans ($ millions)		4,903		4,656		4,648		4,874		4,685		4,449		4,399		4,215
Allowance for credit losses ($ millions) (7)		7,654		7,386		7,276		7,080		6,736		6,860		6,768		6,597
Gross impaired loans as a % of loans and acceptances (1)		0.93		0.90		0.90		0.91		0.88		0.84		0.83		0.80
Net impaired loans as a % of loans and acceptances (1)		0.63		0.61		0.61		0.63		0.61		0.58		0.57		0.55
Provision for credit losses as a % of average net loans and acceptances (annualized) (1)(8)		0.58		0.55		0.75		0.60		0.54		0.55		0.54		0.50
Provision for credit losses on impaired loans as a % of average net loans and acceptances (annualized) (1)(8)		0.54		0.51		0.57		0.55		0.55		0.51		0.52		0.49
Net write-offs as a % of average net loans and acceptances (annualized) (1)		0.51		0.50		0.50		0.49		0.51		0.45		0.48		0.42
Adjusted results (2)
Adjusted total revenue ($ millions)		9,767		9,494		9,098		9,372		8,526		8,507		8,347		8,433
Adjusted non-interest expenses ($ millions)		5,308		5,095		5,067		5,111		4,784		4,763		4,693		4,721
Adjusted net income ($ millions)		2,558		2,518		2,072		2,362		2,119		2,191		2,105		2,212
Adjusted diluted earnings per share ($)		1.93		1.88		1.52		1.76		1.57		1.63		1.58		1.69
Adjusted return on equity (%)		12.5		12.4		10.4		11.8		10.6		11.3		11.3		11.9
Adjusted return on tangible common equity (%)		15.2		15.1		12.7		14.3		12.8		13.7		13.8		14.6
Adjusted productivity ratio (%)		54.3		53.7		55.7		54.5		56.1		56.0		56.2		56.0
Common share information
Closing share price ($) (TSX)		91.99		77.09		68.98		74.36		71.69		64.47		63.16		62.87
Shares outstanding (millions)
Average – Basic		1,239		1,244		1,246		1,245		1,238		1,230		1,223		1,214
Average – Diluted		1,245		1,245		1,246		1,250		1,243		1,235		1,228		1,221
End of period		1,236		1,242		1,246		1,246		1,244		1,237		1,230		1,222
Dividends paid per share ($)		1.10		1.10		1.06		1.06		1.06		1.06		1.06		1.06
Dividend yield (%) (1)		5.2		6.0		6.2		5.6		6.3		6.6		6.4		7.0
Market capitalization ($ billions) (TSX)		113.7		95.8		85.9		92.6		89.2		79.8		77.7		76.8
Book value per common share ($) (1)		62.22		60.57		59.96		59.86		59.14		58.78		57.40		57.26
Market value to book value multiple (1)		1.5		1.3		1.2		1.2		1.2		1.1		1.1		1.1
Price to earnings multiple (trailing 4 quarters) (1)		15.8		14.4		13.9		14.7		12.0		11.3		10.5		10.3

(1)	Refer to Glossary on page 136 for the description of the measure.

(2)	Refer to page 20 for a discussion of non-GAAP measures.

(3)	Regulatory capital ratios are based on Basel III requirements as determined in accordance with 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.

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| Supplementary Data

Selected Annual Information

T82

Selected annual information



($ millions)	2025			2024		2023
Total revenue	$	37,741		$	33,670	$	32,214
Net income attributable to:
Equity holders of the Bank		7,789			7,758		7,338
Non-controlling interests in subsidiaries		(31	)		134		112
	$	7,758		$	7,892	$	7,450
Basic earnings per share (in dollars)	$	5.84		$	5.94	$	5.78
Diluted earnings per share (in dollars)		5.67			5.87		5.72
Dividends paid per common share (in dollars)		4.32			4.24		4.18
Total assets		1,460,042			1,412,027		1,411,043
Deposits		966,279			943,849		952,333

Ten-Year

Statistical Review

T83

Condensed Consolidated Statement of Financial Position



As at October 31 ($ millions)	2025 (1)(2)		2024 (1)(2)		2023 (1)(2)		2022 (1)		2021 (1)		2020 (1)		2019 (1)		2018 (1)		2017		2016
Assets
Cash, deposits with financial institutions and Precious metals	$	71,123	$	66,400	$	91,249	$	66,438	$	87,078	$	77,641	$	50,429	$	65,460	$	65,380	$	54,786
Trading assets		152,223		129,727		117,868		113,154		146,312		117,839		127,488		100,262		98,464		108,561
Securities purchased under resale agreements and securities borrowed		203,008		200,543		199,325		175,313		127,739		119,747		131,178		104,018		95,319		92,129
Investment securities		149,948		152,832		118,237		110,008		75,199		111,389		82,359		78,396		69,269		72,919
Loans, net of allowance		771,045		760,829		750,911		744,987		636,986		603,263		592,483		551,834		504,369		480,164
Other (3)		112,695		101,696		133,453		139,518		111,530		106,587		102,224		98,523		82,472		87,707
	$	1,460,042	$	1,412,027	$	1,411,043	$	1,349,418	$	1,184,844	$	1,136,466	$	1,086,161	$	998,493	$	915,273	$	896,266
Liabilities
Deposits	$	966,279	$	943,849	$	952,333	$	916,181	$	797,259	$	750,838	$	733,390	$	676,534	$	625,367	$	611,877
Obligations related to securities sold under repurchase agreements and securities lent		189,144		190,449		160,007		139,025		123,469		137,763		124,083		101,257		95,843		97,083
Subordinated debentures		7,692		7,833		9,693		8,469		6,334		7,405		7,252		5,698		5,935		7,633
Other (3)		208,340		185,820		210,439		210,994		184,890		169,957		151,244		147,324		126,503		121,852
		1,371,455		1,327,951		1,332,472		1,274,669		1,111,952		1,065,963		1,015,969		930,813		853,648		838,445
Common equity		76,927		73,590		68,767		65,150		64,750		62,819		63,638		61,044		55,454		52,657
Preferred shares and other equity instruments		9,939		8,779		8,075		8,075		6,052		5,308		3,884		4,184		4,579		3,594
Non-controlling interests in subsidiaries		1,721		1,707		1,729		1,524		2,090		2,376		2,670		2,452		1,592		1,570
Total equity		88,587		84,076		78,571		74,749		72,892		70,503		70,192		67,680		61,625		57,821
	$	1,460,042	$	1,412,027	$	1,411,043	$	1,349,418	$	1,184,844	$	1,136,466	$	1,086,161	$	998,493	$	915,273	$	896,266

(1)	The amounts for the years ended October 31, 2018 to October 31, 2025 have been prepared in accordance with IFRS 9; prior period amounts have not been restated.

(2)	The Bank adopted IFRS 17 effective November 1, 2023. As required under the new accounting standard, prior period amounts have been restated. Amounts for fiscal 2016 to 2022 have been prepared in accordance with IFRS 4 and have not been restated.

(3)	The amounts for the years ended October 31, 2020 to October 31, 2025 have been prepared in accordance with IFRS 16; prior year amounts have not been restated.

T84

Condensed Consolidated Statement of Income



For the year ended October 31 ($ millions)	2025 (1)			2024 (1)		2023 (1)		2022		2021		2020		2019		2018		2017		2016
Revenue
Net interest income (2)(3)	$	21,522		$	19,252	$	18,262	$	18,115	$	16,961	$	17,320	$	17,177	$	16,191	$	15,035	$	14,292
Non-interest income (2)(4)		16,219			14,418		13,952		13,301		14,291		14,016		13,857		12,584		12,120		12,058
Total revenue		37,741			33,670		32,214		31,416		31,252		31,336		31,034		28,775		27,155		26,350
Provision for credit losses (2)		4,714			4,051		3,422		1,382		1,808		6,084		3,027		2,611		2,249		2,412
Non-interest expenses (3)(4)		22,518			19,695		19,121		17,102		16,618		16,856		16,737		15,058		14,630		14,540
Income before taxes		10,509			9,924		9,671		12,932		12,826		8,396		11,270		11,106		10,276		9,398
Income tax expense		2,751			2,032		2,221		2,758		2,871		1,543		2,472		2,382		2,033		2,030
Net income	$	7,758		$	7,892	$	7,450	$	10,174	$	9,955	$	6,853	$	8,798	$	8,724	$	8,243	$	7,368
Net income attributable to non-controlling interests in subsidiaries		(31	)		134		112		258		331		75		408		176		238		251
Net income attributable to equity holders of the Bank	$	7,789		$	7,758	$	7,338	$	9,916	$	9,624	$	6,778	$	8,390	$	8,548	$	8,005	$	7,117
Preferred shareholders and other equity instrument holders		506			472		419		260		233		196		182		187		129		130
Common shareholders	$	7,283		$	7,286	$	6,919	$	9,656	$	9,391	$	6,582	$	8,208	$	8,361	$	7,876	$	6,987

(1)	The Bank adopted IFRS 17 effective November 1, 2023. As required under the new accounting standard, prior period amounts have been restated. Amounts for fiscal 2016 to 2022 have been prepared in accordance with IFRS 4 and have not been restated.

(2)	The amounts for the years ended October 31, 2018 to October 31, 2025 have been prepared in accordance with IFRS 9; prior year amounts have not been restated.

(3)	The amounts for the years ended October 31, 2020 to October 31, 2025 have been prepared in accordance with IFRS 16; prior year amounts have not been restated.

(4)	The amounts for the years ended October 31, 2019 to October 31, 2025 have been prepared in accordance with IFRS 15; prior year amounts have not been restated.

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Table of Contents

Management’s Discussion and Analysis

T85

Consolidated Statement of Changes in Equity


For the year ended October 31 ($ millions)	2025 (1)			2024 (1)			2023 (1)			2022			2021			2020			2019
Common shares
Balance at beginning of year	$	22,054		$	20,109		$	18,707		$	18,507		$	18,239		$	18,264		$	18,234
Issued		210			1,945			1,402			706			268			59			255
Purchased for cancellation		(197	)		–			–			(506	)		–			(84	)		(225	)
Balance at end of year	$	22,067		$	22,054		$	20,109		$	18,707		$	18,507		$	18,239		$	18,264
Retained earnings
Balance at beginning of year		57,751			55,673			53,761			51,354			46,345			44,439			41,414
IFRS adjustment		–			–			(1	)		–			–			–			(58	)
Restated balances		57,751			55,673			53,760			51,354			46,345			44,439			41,356
Net income attributable to common shareholders of the Bank		7,283			7,286			6,919			9,656			9,391			6,582			8,208
Common dividends		(5,369	)		(5,198	)		(5,003	)		(4,858	)		(4,371	)		(4,363	)		(4,260	)
Purchase of shares for cancellation and premium on redemption		(716	)		–			–			(2,367	)		–			(330	)		(850	)
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes		(22	)		–			–			–			–			–			–
Other		(11	)		(10	)		(3	)		(24	)		(11	)		17			(15	)
Balance at end of year	$	58,916		$	57,751		$	55,673		$	53,761		$	51,354		$	46,345		$	44,439
Accumulated other comprehensive income (loss)
Balance at beginning of year		(6,147	)		(6,931	)		(7,166	)		(5,333	)		(2,125	)		570			992
IFRS adjustment		–			–			–			–			–			–			–
Restated balances		(6,147	)		(6,931	)		(7,166	)		(5,333	)		(2,125	)		570			992
Other comprehensive income (loss)		2,321			784			278			(1,564	)		(3,134	)		(2,668	)		(422	)
Other		–			–			(43	)		(269	)		(74	)		(27	)		–
Balance at end of year	$	(3,826	)	$	(6,147	)	$	(6,931	)	$	(7,166	)	$	(5,333	)	$	(2,125	)	$	570
Other reserves
Balance at beginning of year		(68	)		(84	)		(152	)		222			360			365			404
Share-based payments (2)		15			13			14			10			7			5			7
Other		(177	)		3			54			(384	)		(145	)		(10	)		(46	)
Balance at end of year	$	(230	)	$	(68	)	$	(84	)	$	(152	)	$	222		$	360		$	365
Total common equity	$	76,927		$	73,590		$	68,767		$	65,150		$	64,750		$	62,819		$	63,638
Preferred shares and other equity instruments
Balance at beginning of year		8,779			8,075			8,075			6,052			5,308			3,884			4,184
Net income attributable to preferred shareholders and other equity instrument holders of the Bank		506			472			419			260			233			196			182
Preferred and other equity instrument dividends		(506	)		(472	)		(419	)		(260	)		(233	)		(196	)		(182	)
Issued		2,848			1,004			–			2,523			2,003			1,689			–
Redeemed		(1,688	)		(300	)		–			(500	)		(1,259	)		(265	)		(300	)
Balance at end of year	$	9,939		$	8,779		$	8,075		$	8,075		$	6,052		$	5,308		$	3,884
Non-controlling interests
Balance at beginning of year		1,707			1,729			1,524			2,090			2,376			2,670			2,452
IFRS adjustment		–			–			–			–			–			–			–
Restated balances		1,707			1,729			1,524			2,090			2,376			2,670			2,452
Net income attributable to non-controlling interests		(31	)		134			112			258			331			75			408
Distributions to non-controlling interests		(82	)		(88	)		(101	)		(115	)		(123	)		(148	)		(150	)
Effect of foreign exchange and others		127			(68	)		194			(709	)		(494	)		(221	)		(40	)
Balance at end of year	$	1,721		$	1,707		$	1,729		$	1,524		$	2,090		$	2,376		$	2,670
Total equity at end of year	$	88,587		$	84,076		$	78,571		$	74,749		$	72,892		$	70,503		$	70,192

(1)	The Bank adopted IFRS 17 effective November 1, 2023. As required under the new accounting standard, prior period amounts have been restated. Amounts for fiscal 2016 to 2022 have been prepared in accordance with IFRS 4 and have not been restated.

(2)	Represents amounts on account of share-based payments (refer to Note 25 in the consolidated financial statements).

T86

Consolidated Statement of Comprehensive Income


For the year ended October 31 ($ millions)	2025 (1)			2024 (1)			2023 (1)			2022			2021			2020			2019
Net income	$	7,758		$	7,892		$	7,450		$	10,174		$	9,955		$	6,853		$	8,798
Other comprehensive income (loss), net of income taxes:
Items that will be reclassified subsequently to net income
Net change in unrealized foreign currency translation gains (losses)		780			(1,865	)		942			2,454			(3,520	)		(2,239	)		(819	)
Net change in unrealized gains (losses) on available-for-sale securities (debt and equity) (2)		n/a			n/a			n/a			n/a			n/a			n/a			n/a
Net change in fair value due to change in debt instruments measured at fair value through other comprehensive income (2)		535			612			378			(1,212	)		(600	)		293			105
Net change in gains (losses) on derivative instruments designated as cash flow hedges		1,053			2,343			245			(4,537	)		(806	)		(32	)		708
Net changes in finance income/(expense) from insurance contracts (1)		19			1			(17	)		–			–			–			–
Other comprehensive income (loss) from investments in associates		176			(1	)		(16	)		(344	)		37			(2	)		103
Items that will not be reclassified subsequently to net income
Net change in remeasurement of employee benefit plan asset and liability		266			(136	)		114			678			1,335			(465	)		(815	)
Net change in fair value due to change in equity instruments designated at fair value through other comprehensive income (2)		61			338			(180	)		(74	)		408			(85	)		95
Net change in fair value due to change in own credit risk on financial liabilities designated under the fair value option		(500	)		(581	)		(985	)		1,444			(199	)		(298	)		8
Other comprehensive income (loss) from investments in associates		7			1			2			2			5			(8	)		(10	)
Other comprehensive income (loss)		2,397			712			483			(1,589	)		(3,340	)		(2,836	)		(625	)
Comprehensive income	$	10,155		$	8,604		$	7,933		$	8,585		$	6,615		$	4,017		$	8,173
Comprehensive income (loss) attributable to:
Common shareholders of the Bank	$	9,604		$	8,070		$	7,197		$	8,092		$	6,257		$	3,914		$	7,786
Preferred shareholders and other equity instrument holders of the Bank		506			472			419			260			233			196			182
Non-controlling interests in subsidiaries		45			62			317			233			125			(93	)		205
	$	10,155		$	8,604		$	7,933		$	8,585		$	6,615		$	4,017		$	8,173

(1)	The Bank adopted IFRS 17 effective November 1, 2023. As required under the new accounting standard, prior period amounts have been restated. Amounts for fiscal 2016 to 2022 have been prepared in accordance with IFRS 4 and have not been restated.

(2)	The amounts for the years ended October 31, 2018 to October 31, 2025 have been prepared in accordance with IFRS 9; prior period amounts have not been restated.

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Management’s Discussion and Analysis

| Supplementary Data


2018			2017			2016

$	15,644		$	15,513		$	15,141
	2,708			313			391
	(118	)		(182	)		(19	)
$	18,234		$	15,644		$	15,513

	38,117			34,752			31,316
	(564	)		–			–
	37,553			34,752			31,316
	8,361			7,876			6,987
	(3,985	)		(3,668	)		(3,468	)
	(514	)		(827	)		(61	)
	–			–			–
	(1	)		(16	)		(22	)
$	41,414		$	38,117		$	34,752

	1,577			2,240			2,455
	51			–			–
	1,628			2,240			2,455
	(693	)		(663	)		(215	)
	57			–			–
$	992		$	1,577		$	2,240

	116			152			173
	6			8			7
	282			(44	)		(28	)
$	404		$	116		$	152
$	61,044		$	55,454		$	52,657

	4,579			3,594			2,934
	187			129			130
	(187	)		(129	)		(130	)
	300			1,560			1,350
	(695	)		(575	)		(690	)
$	4,184		$	4,579		$	3,594

	1,592			1,570			1,460
	(97	)		–			–
	1,495			1,570			1,460
	176			238			251
	(199	)		(133	)		(116	)
	980			(83	)		(25	)
$	2,452		$	1,592		$	1,570
$	67,680		$	61,625		$	57,821


2018			2017			2016
$	8,724		$	8,243		$	7,368


	(606	)		(1,259	)		396
	n/a			(55	)		(172	)
	(252	)		n/a			n/a
	(361	)		(28	)		258
	–			–			–
	66			56			31

	318			592			(716	)
	60			n/a			n/a
	(22	)		(21	)		(16	)
	(7	)		6			(10	)
	(804	)		(709	)		(229	)
$	7,920		$	7,534		$	7,139

$	7,668		$	7,213		$	6,772
	187			129			130
	65			192			237
$	7,920		$	7,534		$	7,139

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Management’s Discussion and Analysis

T87

Other statistics



For the year ended October 31	2025 (1)		2024 (1)		2023 (1)		2022		2021		2020		2019
Operating performance
Basic earnings per share ($)		5.84		5.94		5.78		8.05		7.74		5.43		6.72
Diluted earnings per share ($)		5.67		5.87		5.72		8.02		7.70		5.30		6.68
Return on equity (%) (2)		9.7		10.2		10.3		14.8		14.7		10.4		13.1
Productivity ratio (%) (2)		59.7		58.5		59.4		54.4		53.2		53.8		53.9
Return on assets (%) (2)		0.53		0.56		0.53		0.79		0.86		0.59		0.83
Net interest margin (%) (3)		2.33		2.16		2.12		2.20		2.23		2.27		2.44
Capital measures (2)
Common Equity Tier 1 (CET1) capital ratio (%) (4)		13.2		13.1		13.0		11.5		12.3		11.8		11.1
Tier 1 capital ratio (%) (4)		15.3		15.0		14.8		13.2		13.9		13.3		12.2
Total capital ratio (%) (4)		17.1		16.7		17.2		15.3		15.9		15.5		14.2
Leverage ratio (%) (5)		4.5		4.4		4.2		4.2		4.8		4.7		4.2
Common share information
Closing share price ($) (TSX)		91.99		71.69		56.15		65.85		81.14		55.35		75.54
Number of shares outstanding (millions)		1,236		1,244		1,214		1,191		1,215		1,211		1,216
Dividends paid per share ($)		4.32		4.24		4.18		4.06		3.60		3.60		3.49
Dividend yield (%) (2)(6)		5.6		6.5		6.5		5.1		5.2		5.8		4.9
Price to earnings multiple (trailing 4 quarters) (2)		15.8		12.0		9.7		8.2		10.5		10.2		11.2
Book value per common share ($) (2)		62.22		59.14		56.64		54.68		53.28		51.85		52.33
Other information
Average total assets ($ millions)		1,465,278		1,419,284		1,396,092		1,281,708		1,157,213		1,160,584		1,056,063
Number of branches and offices		2,128		2,236		2,379		2,439		2,573		2,618		3,109
Number of employees		86,431		88,488		89,483		90,979		89,488		91,447		101,380
Number of automated banking machines		8,432		8,533		8,679		8,610		8,610		8,791		9,391

(1)	The Bank adopted IFRS 17 effective November 1, 2023. As required under the new accounting standard, prior period amounts have been restated. Amounts for fiscal 2016 to 2022 have been prepared in accordance with IFRS 4 and have not been restated.

(2)	Refer to Glossary on page 136 for the description of the measure.

(3)	Refer to page 20 for a discussion of non-GAAP measures.

(4)

2024 and 2025 regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023). Effective Q2 2023, regulatory capital ratios were based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (February 2023). Prior period regulatory capital ratios were prepared in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018).

(5)	Leverage ratios for 2023 to 2025 are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023). Prior period leverage ratios were prepared in accordance with OSFI Guideline – Leverage Requirements (November 2018).

(6)	Based on the average of the high and low common share price for the year.

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| Supplementary Data



2018		2017		2016

	6.90		6.55		5.80
	6.82		6.49		5.77
	14.5		14.6		13.8
	52.3		53.9		55.2
	0.92		0.90		0.81
	2.46		2.46		2.38

	11.1		11.5		11.0
	12.5		13.1		12.4
	14.3		14.9		14.6
	4.5		4.7		4.5

	70.65		83.28		72.08
	1,227		1,199		1,208
	3.28		3.05		2.88
	4.2		4.0		4.7
	10.2		12.7		12.4
	49.75		46.24		43.59

	945,683		912,619		913,844
	3,095		3,003		3,113
	97,021		87,761		88,901
	9,029		8,140		8,144

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Glossary

Allowance for Credit Losses:

An allowance set aside which, in management’s opinion, is adequate to absorb credit-related losses on all financial assets and

off-balance

sheet exposures subject to impairment assessment. It includes allowances for performing financial assets and impaired financial assets.

Allowance for Credit Losses Ratio:

The ratio of period end total allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances.

Allowance for Impaired Loans Ratio:

The ratio of period end impaired allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances.

Allowance for Performing Loans Ratio:

The ratio of period end performing allowance for credit losses (excluding debt securities and deposits with financial institutions) divided by gross loans and acceptances.

Allowance against Impaired Loans as a % of Gross Impaired Loans:

The ratio of allowance against impaired loans to gross impaired loans.

Assets Under Administration (AUA):

Assets administered by the Bank which are beneficially owned by clients and therefore not reported on the Bank’s Consolidated Statement of Financial Position. Services provided for AUA are of an administrative nature, such as trusteeship, custodial, safekeeping, income collection and distribution, securities trade settlements, customer reporting, and other similar services.

Assets Under Management (AUM):

Assets managed by the Bank on a discretionary basis and in respect of which the Bank earns investment management fees. AUM are beneficially owned by clients and are therefore not reported on the Bank’s Consolidated Statement of Financial Position. Some AUM are also administered assets and are therefore included in assets under administration.

Bankers’ Acceptances (BAs):

Negotiable, short-term debt securities, guaranteed for a fee by the issuer’s bank.

Basis Point (bps):

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.

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.

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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 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.

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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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 standardized portfolios to RWA calculated under a fully 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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Consolidated

Financial Statements

Table of Contents



140		Management’s Responsibility for Financial Information

141		Independent Auditor’s Report

144		Report of Independent Registered Public Accounting Firm

147		Consolidated Statement of Financial Position

148		Consolidated Statement of Income

149		Consolidated Statement of Comprehensive Income

150		Consolidated Statement of Changes in Equity

151		Consolidated Statement of Cash Flows

152		Notes to the 2025 Consolidated Financial Statements

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Consolidated Financial Statements

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL INFORMATION

The management of The Bank of Nova Scotia (the Bank) is responsible for the integrity and fair presentation of the financial information contained in this Annual Report. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements also comply with the accounting requirements of the Bank Act.

The consolidated financial statements, where necessary, include amounts which are based on the best estimates and judgment of management. Financial information presented elsewhere in this Annual Report is consistent with that shown in the consolidated financial statements.

Management has always recognized the importance of the Bank maintaining and reinforcing the highest possible standards of conduct in all of its actions, including the preparation and dissemination of statements fairly presenting the financial condition of the Bank. In this regard, management has developed and maintains a system of accounting and reporting which provides for the necessary internal controls to ensure that transactions are properly authorized and recorded, assets are safeguarded against unauthorized use or disposition, and liabilities are recognized. The system is augmented by written policies and procedures, the careful selection and training of qualified staff, the establishment of organizational structures providing an appropriate and well-defined division of responsibilities, and the communication of our Code throughout the Bank.

Management, under the supervision of and the participation of the President and Chief Executive Officer and the Group Head and Chief Financial Officer, have a process in place to evaluate disclosure controls and procedures and internal control over financial reporting in line with Canadian and U.S. securities regulations.

The system of internal controls is further supported by a professional staff of internal auditors who conduct periodic audits of all aspects of the Bank’s operations. As well, the Bank’s Chief Auditor has full and free access to, and meets periodically with the Audit and Conduct Review Committee of the Board of Directors. In addition, the Bank’s compliance function maintains policies, procedures and programs directed at ensuring compliance with regulatory requirements, including conflict of interest rules.

The Office of the Superintendent of Financial Institutions Canada, which is mandated to protect the rights and interests of the depositors and creditors of the Bank, examines and enquires into the business and affairs of the Bank, as deemed necessary, to determine whether the provisions of the Bank Act are being complied with, and that the Bank is in a sound financial condition.

The Audit and Conduct Review Committee, composed entirely of outside directors, reviews the consolidated financial statements with both management and the independent auditors before such statements are approved by the Board of Directors and submitted to the shareholders of the Bank.

The Audit and Conduct Review Committee reviews and reports its findings to the Board of Directors on all related party transactions that may have a material impact on the Bank.

KPMG LLP, the independent auditors appointed by the shareholders of the Bank, have audited the consolidated financial position of the Bank as at October 31, 2025 and October 31, 2024 and its consolidated financial performance and its consolidated cash flows for each of the years in the

two-year

period ended October 31, 2025 prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB) in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States) and the effectiveness of internal control over financial reporting and have expressed their opinions upon completion of such audits in the reports to the shareholders. The Shareholders’ Auditors have full and free access to, and meet periodically with, the Audit and Conduct Review Committee to discuss their audits, including any findings as to the integrity of the Bank’s accounting, financial reporting and related matters.

Scott Thomson

President and Chief Executive Officer

Raj Viswanathan

Group Head and Chief Financial Officer

Toronto, Canada

December 2, 2025

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Consolidated Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of The Bank of Nova Scotia

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of The Bank of Nova Scotia (the Bank) as of October 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Bank as of October 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Bank’s internal control over financial reporting as of October 31, 2025, based on criteria established in

Internal Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated December 2, 2025 expressed an unqualified opinion on the effectiveness of the Bank’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Bank in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the Audit and Conduct Review Committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

(i) Assessment of Allowance for Credit Losses (ACL)

Refer to Notes 3 and 12 to the consolidated financial statements.

The Bank’s ACL on loans was $7,463 million as at October 31, 2025. The Bank applies a three-stage approach to measure the ACL, using an expected credit loss (ECL) approach as required under IFRS 9 Financial Instruments. The Bank’s ACL calculations are outputs of a set of complex models. The ACL calculations reflect unbiased probability-weighted outcomes that consider multiple scenarios based on reasonable and supportable forecasts. The probability of default (PD), loss given default (LGD) and exposure at default (EAD) inputs used to estimate ECL are modeled based on historical default and loss experience, and macroeconomic variables that are closely related with credit losses in the relevant portfolio. The Bank assesses whether there has been a significant increase in credit risk since origination or where the financial asset is in default. If there has been a significant increase in credit risk or the financial asset is in default, then lifetime ACL is recorded; otherwise, an ACL equal to

12-month

expected credit losses is recorded. The estimation of ECL for each stage and the assessment of significant increases in credit risk consider information about past events and current conditions, as well as forecasts of future events and economic conditions. The estimation and application of forward-looking information requires significant judgment. Qualitative adjustments or overlays may also be recorded as temporary adjustments using expert credit judgment where the inputs, assumptions and/or models do not capture all relevant risk factors. The use of management overlays requires significant judgment that may impact the amount of ACL recognized.

We identified the assessment of the ACL as a critical audit matter. Significant auditor judgment was required because there was a high degree of measurement uncertainty due to the significant management judgments inherent in certain of the Bank’s key modeled inputs and methodologies. These management judgments impact certain inputs, assumptions, qualitative adjustments or overlays, and the determination of when there has been a significant increase in credit risk. The assessment of the ACL also required significant auditor attention and complex auditor judgment to apply and evaluate the results of audit procedures. Further, specialized skills and knowledge, including experience in the industry, were required to apply audit procedures and evaluate the results of those procedures.

The following are the primary procedures we performed to address this critical audit matter. With the assistance of our credit risk and economics professionals with specialized skills, industry knowledge and relevant experience, we evaluated the design and tested the operating effectiveness of certain internal controls related to the Bank’s ACL process. These included internal controls related to: (1) initial and periodic validation and performance monitoring of models used to derive key modeled inputs into the ACL calculations being PD, LGD and EAD; (2) benchmarking of certain macroeconomic variables, model validation associated with the derivation of the remaining variables and the alternative scenarios and review of probability weights used in the ACL models; (3) the methodology used to determine whether there has been a significant increase in credit risk; and (4) the methodology and assumptions used in the determination of qualitative adjustments or overlays. Additionally, for non-retail loans, we tested certain internal controls related to loan reviews over the determination of loan risk grades. We involved credit risk and economics professionals with specialized skills, industry knowledge and relevant experience who assisted in: (1) evaluating the methodology and models used to derive key modeled inputs into the ACL calculations being PD, LGD and EAD and the determination of whether there has been a significant increase in credit risk; (2) assessing the appropriateness of certain underlying macroeconomic variables against external economic data, evaluating the models used to derive other macroeconomic variables and evaluating the assumptions associated with the alternative economic scenarios and the related probabilities; and (3) assessing the qualitative adjustments or overlays by applying our knowledge of the industry and credit judgment to evaluate the appropriateness of the Bank’s underlying methodology and assumptions.

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Additionally, for a selection of non-retail loans, we evaluated the Bank’s assigned loan risk grades against the Bank’s borrower risk rating methodology.

(ii) Assessment of the Measurement of Fair Value of Certain Financial Instruments

Refer to Notes 3 and 6 to the consolidated financial statements.

The Bank measures certain financial assets and financial liabilities at fair value on a recurring basis. Where such financial instruments trade in inactive markets or when using internal models where observable parameters do not exist, significant management judgment is required in the selection of valuation techniques and model inputs. The valuation techniques used in determining the fair value of financial instruments include internal models and net asset valuations. The significant unobservable inputs used in the Bank’s valuation techniques include general partner valuations per net asset values (NAVs), interest rate volatility, equity volatility and equity correlation.

We identified the assessment of the measurement of fair value for certain financial instruments as a critical audit matter. Significant auditor judgment was required because there was a high degree of measurement uncertainty due to significant judgments inherent in the Bank’s valuation techniques and significant unobservable inputs used to develop the fair value of certain financial assets and financial liabilities. The assessment of the fair value also required significant auditor attention and complex auditor judgment to apply and evaluate the results of audit procedures. Further, specialized skills and knowledge, including experience in the industry, were required to apply audit procedures and evaluate the results of those procedures.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Bank’s processes to determine the fair value of certain financial instruments with the assistance of valuation and information technology professionals with specialized skills, industry knowledge and relevant experience. These included internal controls related to: (1) model validation at inception and periodically; (2) management’s review of NAVs; (3) independent price verification, including assessment of rate sources; and (4) segregation of duties and access controls. With the assistance of valuation professionals with specialized skills, industry knowledge and relevant experience, we tested the fair value of a selection of certain financial instruments. Depending on the nature of the financial instruments, we did this by comparing the NAVs to external information or by developing an independent estimate of fair value and comparing it to the fair value determined by the Bank.

(iii) Assessment of Uncertain Tax Provisions

Refer to Notes 3 and 26 to the consolidated financial statements.

The Bank maintains provisions for uncertain tax positions that it believes appropriately reflect the risk of tax positions under discussion, audit, dispute, or appeal with tax authorities, or which are otherwise considered to involve uncertainty. These provisions are made using the Bank’s best estimate of the amount expected to be paid based on an assessment of all relevant factors, which are reviewed at the end of each reporting period.

We identified the assessment of some uncertain tax provisions as a critical audit matter. Significant auditor judgment was required because there was a high degree of measurement uncertainty due to the significant judgments inherent in the Bank’s interpretation of tax legislation and its best estimate of the ultimate resolution of tax positions. This required significant auditor attention and complex auditor judgment to evaluate the results of audit procedures. Further, specialized skills, industry knowledge, and relevant experience were required to apply audit procedures and evaluate the results of those procedures.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Bank’s income tax uncertainties process with the assistance of taxation professionals with specialized skills, industry knowledge and relevant experience. These included internal controls related to: (1) the interpretation of tax legislation and the evaluation of the technical merits of tax positions; and (2) the determination of the best estimate of the provision required for these tax uncertainties. We involved tax professionals with specialized skills and knowledge, who assisted in: (1) evaluating the Bank’s interpretations of tax legislation based on our knowledge and experience; (2) reading and evaluating advice obtained by the Bank from external counsel, and considering its impact on the measurement, if applicable, of the uncertain tax provisions; and (3) inspecting correspondence with applicable taxation authorities.

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Bank’s auditor since 2006 and as joint auditor for 14 years prior to that.

Toronto, Canada

December 2, 2025

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Consolidated Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of The Bank of Nova Scotia

Opinion on Internal Control Over Financial Reporting

We have audited The Bank of Nova Scotia’s (the Bank) internal control over financial reporting as of October 31, 2025, based on criteria established in

Internal Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Bank maintained, in all material respects, effective internal control over financial reporting as of October 31, 2025, based on criteria established in

Internal Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Bank as of October 31, 2025, and 2024, the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and the related notes (collectively, the consolidated financial statements), and our report dated December 2, 2025 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Bank’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the Controls and Accounting Policies section of Management’s Discussion and Analysis under the heading “Internal control over financial reporting”. Our responsibility is to express an opinion on the Bank’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Bank in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

December 2, 2025

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Consolidated Financial Statements


Consolidated Statement of Financial Position
As at October 31 ($ millions)	Note			2025			2024
Assets
Cash and deposits with financial institutions		5		$	65,967		$	63,860
Precious metals					5,156			2,540
Trading assets
Securities		7	(a)		140,844			119,912
Loans		7	(b)		8,487			7,649
Other					2,892			2,166
					152,223			129,727
Securities purchased under resale agreements and securities borrowed					203,008			200,543
Derivative financial instruments		9			46,531			44,379
Investment securities		11			149,948			152,832
Loans
Residential mortgages		12			370,191			350,941
Personal loans		12			110,567			106,379
Credit cards		12			18,045			17,374
Business and government		12			279,705			292,671
					778,508			767,365
Allowance for credit losses		12	(e)		7,463			6,536
					771,045			760,829
Other
Customers’ liability under acceptances, net of allowance					177			148
Property and equipment		15			4,881			5,252
Investments in associates		16			6,317			1,821
Goodwill and other intangible assets		17			16,169			16,853
Deferred tax assets		26	(c)		3,253			2,942
Other assets		18			35,367			30,301
					66,164			57,317
				$	1,460,042		$	1,412,027
Liabilities
Deposits
Personal		19		$	301,718		$	298,821
Business and government		19			627,667			600,114
Financial institutions		19			36,894			44,914
					966,279			943,849
Financial instruments designated at fair value through profit or loss		8			47,165			36,341
Other
Acceptances					178			149
Obligations related to securities sold short					38,104			35,042
Derivative financial instruments		9			56,031			51,260
Obligations related to securities sold under repurchase agreements and securities lent					189,144			190,449
Subordinated debentures		20			7,692			7,833
Other liabilities		21			66,862			63,028
					358,011			347,761
					1,371,455			1,327,951
Equity
Common equity
Common shares		23	(a)		22,067			22,054
Retained earnings					58,916			57,751
Accumulated other comprehensive income (loss)					(3,826	)		(6,147	)
Other reserves					(230	)		(68	)
Total common equity					76,927			73,590
Preferred shares and other equity instruments		23	(b)		9,939			8,779
Total equity attributable to equity holders of the Bank					86,866			82,369
Non-controlling interests in subsidiaries		30	(b)		1,721			1,707
					88,587			84,076
				$	1,460,042		$	1,412,027


Aaron W. Regent		Scott Thomson
Chair of the Board		President and Chief Executive Officer

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Financial Statements

Consolidated Statement of Income


For the year ended October 31 ($ millions)	Note			2025			2024
Revenue
Interest income (1)		31
Loans				$	44,293		$	47,811
Securities					7,941			9,160
Securities purchased under resale agreements and securities borrowed					2,808			1,602
Deposits with financial institutions					2,560			3,086
					57,602			61,659
Interest expense		31
Deposits					33,425			39,480
Subordinated debentures					385			490
Other					2,270			2,437
					36,080			42,407
Net interest income					21,522			19,252
Non-interest income
Card revenues					892			869
Banking services fees					1,997			1,955
Credit fees					1,249			1,585
Mutual funds					2,564			2,282
Brokerage fees					1,436			1,251
Investment management and trust					1,162			1,096
Underwriting and advisory fees					964			702
Non-trading foreign exchange					948			930
Trading revenues					1,984			1,634
Net gain on sale of investment securities		11	(e)		71			48
Net income from investments in associated corporations		16			608			198
Insurance service results					485			470
Other fees and commissions					1,653			1,247
Other					206			151
					16,219			14,418
Total revenue					37,741			33,670
Provision for credit losses		12	(e)		4,714			4,051
					33,027			29,619
Non-interest expenses
Salaries and employee benefits					10,824			9,855
Premises and technology					3,297			2,896
Depreciation and amortization					1,604			1,760
Communications					384			381
Advertising and business development					672			614
Professional					880			793
Business and capital taxes					708			682
Other					4,149			2,714
					22,518			19,695
Income before taxes					10,509			9,924
Income tax expense		26			2,751			2,032
Net income				$	7,758		$	7,892
Net income attributable to non-controlling interests in subsidiaries		30	(b)		(31	)		134
Net income attributable to equity holders of the Bank				$	7,789		$	7,758
Preferred shareholders and other equity instrument holders					506			472
Common shareholders				$	7,283		$	7,286
Earnings per common share (in dollars)
Basic		32		$	5.84		$	5.94
Diluted		32			5.67			5.87
Dividends paid per common share (in dollars)		23	(a)		4.32			4.24

(1)	Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $ 56,404 for the year ended October 31, 2025 (October 31, 2024 – $59,871).

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Financial Statements

Consolidated Statement of Comprehensive Income


For the year ended October 31 ($ millions)	2025			2024
Net income	$	7,758		$	7,892
Other comprehensive income (loss)
Items that will be reclassified subsequently to net income
Net change in unrealized foreign currency translation gains (losses):
Net unrealized foreign currency translation gains (losses)		1,681			(2,511	)
Net gains (losses) on hedges of net investments in foreign operations		(1,222	)		886
Income tax expense (benefit):
Net unrealized foreign currency translation gains (losses)		20			2
Net gains (losses) on hedges of net investments in foreign operations		(341	)		238
		780			(1,865	)
Net change in fair value due to change in debt instruments measured at fair value through other comprehensive income:
Net gains (losses) in fair value		1,717			2,977
Reclassification of net (gains) losses to net income		(1,001	)		(2,126	)
Income tax expense (benefit):
Net gains (losses) in fair value		454			806
Reclassification of net (gains) losses to net income		(273	)		(567	)
		535			612
Net change in gains (losses) on derivative instruments designated as cash flow hedges:
Net gains (losses) on derivative instruments designated as cash flow hedges		3,937			5,195
Reclassification of net (gains) losses to net income		(2,493	)		(2,000	)
Income tax expense (benefit):
Net gains (losses) on derivative instruments designated as cash flow hedges		1,197			1,363
Reclassification of net (gains) losses to net income		(806	)		(511	)
		1,053			2,343
Net changes in finance income/(expense) from insurance contracts:
Net finance income/(expense) from insurance contracts		20			2
Income tax expense (benefit)		1			1
		19			1
Other comprehensive income (loss) from investments in associates		176			(1	)
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		365			(195	)
Income tax expense (benefit)		99			(59	)
		266			(136	)
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		90			444
Income tax expense (benefit)		29			106
		61			338
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		(693	)		(804	)
Income tax expense (benefit)		(193	)		(223	)
		(500	)		(581	)
Other comprehensive income (loss) from investments in associates		7			1
Other comprehensive income (loss)		2,397			712
Comprehensive income	$	10,155		$	8,604
Comprehensive income (loss) attributable to non-controlling interests		45			62
Comprehensive income attributable to equity holders of the Bank	$	10,110		$	8,542
Preferred shareholders and other equity instrument holders		506			472
Common shareholders	$	9,604		$	8,070

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Financial Statements

Consolidated Statement of Changes in Equity


	For the year ended October 31, 2025
							Accumulated other comprehensive income (loss)
($ millions)	Common shares (Note 23)			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 (Note 23)			Total attributable to equity holders			Non- controlling interests in subsidiaries (Note 30(b))			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		–			7,283			–			–			–		–			–			–			7,283			506			7,789			(31	)		7,758
Other comprehensive income (loss)		–			–			708			533			59		1,057			(36	)		–			2,321			–			2,321			76			2,397
Total comprehensive income	$	–		$	7,283		$	708		$	533		$	59	$	1,057		$	(36	)	$	–		$	9,604		$	506		$	10,110		$	45		$	10,155
Shares/instruments issued		210			–			–			–			–		–			–			(14	)		196			2,848			3,044			–			3,044
Shares repurchased/redeemed		(197	)		(716	)		–			–			–		–			–			–			(913	)		(1,688	)		(2,601	)		–			(2,601	)
Dividends and distributions paid to equity holders		–			(5,369	)		–			–			–		–			–			–			(5,369	)		(506	)		(5,875	)		(82	)		(5,957	)
Share-based payments (3)		–			–			–			–			–		–			–			15			15			–			15			–			15
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 October 31, 2025	$	22,067		$	58,916		$	(2,851	)	$	42		$	398	$	(1,140	)	$	(275	)	$	(230	)	$	76,927		$	9,939		$	86,866		$	1,721		$	88,587

	For the year ended October 31, 2024
							Accumulated other comprehensive income (loss)
($ millions)	Common shares (Note 23)			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 (Note 23)			Total attributable to equity holders			Non- controlling interests in subsidiaries (Note 30(b))			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		–			7,286			–			–			–		–			–			–			7,286			472			7,758			134			7,892
Other comprehensive income (loss)		–			–			(1,804	)		613			325		2,348			(698	)		–			784			–			784			(72	)		712
Total comprehensive income	$	–		$	7,286		$	(1,804	)	$	613		$	325	$	2,348		$	(698	)	$	–		$	8,070		$	472		$	8,542		$	62		$	8,604
Shares/instruments issued		1,945			–			–			–			–		–			–			(4	)		1,941			1,004			2,945			–			2,945
Shares repurchased/redeemed		–			–			–			–			–		–			–			–			–			(300	)		(300	)		–			(300	)
Dividends and distributions paid to equity holders		–			(5,198	)		–			–			–		–			–			–			(5,198	)		(472	)		(5,670	)		(88	)		(5,758	)
Share-based payments (3)		–			–			–			–			–		–			–			13			13			–			13			–			13
Other		–			(10	)		–			–			–		–			–			7			(3	)		–			(3	)		4			1
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

(1)	Includes undistributed retained earnings of $76 (2024 – $74) 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 25).

(4)	Refer to Note 23 (b) for further details on the redemption of the equity instrument.

The accompanying notes are an integral part of these consolidated financial statements Consolidated Statement of Cash Flows

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Consolidated Financial Statements


Sources (uses) of cash flows for the year ended October 31 ($ millions)	2025			2024
Cash flows from operating activities
Net income	$	7,758		$	7,892
Adjustment for:
Net interest income		(21,522	)		(19,252	)
Depreciation and amortization		1,604			1,760
Provision for credit losses		4,714			4,051
Impairment on investments in associates		–			343
Equity-settled share-based payment expense		15			13
Net gain on sale of investment securities		(71	)		(48	)
Net (gain)/loss on divestitures		1,386			136
Net income from investments in associated corporations		(608	)		(198	)
Income tax expense		2,751			2,032
Changes in operating assets and liabilities:
Trading assets		(20,462	)		(11,370	)
Securities purchased under resale agreements and securities borrowed		(4	)		108
Loans		(6,591	)		(17,712	)
Deposits		19,533			(816	)
Obligations related to securities sold short		2,721			(1,690	)
Obligations related to securities sold under repurchase agreements and securities lent		(4,048	)		28,753
Net derivative financial instruments		6,490			4,159
Other, net		(5,568	)		457
Interest and dividends received		58,086			61,292
Interest paid		(37,197	)		(42,273	)
Income tax paid		(3,580	)		(1,985	)
Net cash from/(used in) operating activities		5,407			15,652
Cash flows from investing activities
Interest-bearing deposits with financial institutions		(344	)		25,557
Purchase of investment securities		(70,096	)		(108,281	)
Proceeds from sale and maturity of investment securities		75,455			76,794
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired		(2,637	)		–
Property and equipment, net of disposals		(347	)		(489	)
Other, net		(463	)		(1,031	)
Net cash from/(used in) investing activities		1,568			(7,450	)
Cash flows from financing activities
Proceeds from issue of subordinated debentures		–			1,000
Redemption of subordinated debentures		(250	)		(3,250	)
Proceeds from preferred shares and other equity instruments issued		2,848			1,004
Redemption of preferred shares and other equity instruments		(1,688	)		(300	)
Proceeds from common shares issued		210			1,945
Common shares purchased for cancellation		(895	)		–
Cash dividends and distributions paid		(5,875	)		(5,670	)
Distributions to non-controlling interests		(82	)		(88	)
Payment of lease liabilities		(298	)		(303	)
Other, net		(278	)		(3,176	)
Net cash from/(used in) financing activities		(6,308	)		(8,838	)
Effect of exchange rate changes on cash and cash equivalents		183			(131	)
Net change in cash and cash equivalents		850			(767	)
Cash and cash equivalents at beginning of year (1)		9,406			10,173
Cash and cash equivalents at end of year (1)	$	10,256		$	9,406

(1)	Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5).

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Financial Statements

Notes to the

2025 Consolidated

Financial Statements

Table of Contents



Page	Note

153	1	Reporting entity

153	2	Basis of preparation

154	3	Material accounting policies

167	4	Future accounting developments

168	5	Cash and deposits with financial institutions

168	6	Fair value of financial instruments

174	7	Trading assets

175	8	Financial instruments designated at fair value through profit or loss

176	9	Derivative financial instruments

184	10	Offsetting financial assets and financial liabilities

185	11	Investment securities

188	12	Loans, impaired loans and allowance for credit losses

197	13	Derecognition of financial assets

198	14	Structured entities

201	15	Property and equipment

201	16	Investments in associates

202	17	Goodwill and other intangible assets

204	18	Other assets

204	19	Deposits



Page	Note

204	20	Subordinated debentures

205	21	Other liabilities

205	22	Provisions

206	23	Common shares, preferred shares and other equity instruments

208	24	Capital management

208	25	Share-based payments

211	26	Corporate income taxes

213	27	Employee benefits

218	28	Operating segments

220	29	Related party transactions

221	30	Principal subsidiaries and non-controlling interests in subsidiaries

222	31	Interest income and expense

222	32	Earnings per share

223	33	Guarantees, commitments and pledged assets

224	34	Financial instruments – risk management

229	35	Acquisitions and divestitures

230	36	Events after the Consolidated Statement of Financial Position date

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1	Reporting Entity

The Bank of Nova Scotia (the Bank) is a chartered Schedule I bank under the Bank Act (Canada) (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 (TSX) and the New York Stock Exchange.

2	Basis of Preparation

Statement of compliance

These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and accounting requirements of OSFI in accordance with Section 308 of the Bank Act. Section 308 states that, except as otherwise specified by OSFI, the financial statements are to be prepared in accordance with IFRS.

The consolidated financial statements for the year ended October 31, 2025 have been approved by the Board of Directors for issue on December 2, 2025.

Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following material items that are measured at fair value in the Consolidated Statement of Financial Position:

•

Financial assets and liabilities measured at fair value through profit or loss

•

Financial assets and liabilities designated at fair value through profit or loss

•

Derivative financial instruments

•

Equity instruments designated at fair value through other comprehensive income

•

Debt instruments measured at fair value through other comprehensive income

Functional and presentation currency

These 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.

Management’s use of estimates, assumptions and judgments

The Bank’s accounting policies require estimates, assumptions and judgments that relate to matters that are inherently uncertain. The Bank has established procedures to ensure that accounting policies are applied consistently. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised.

Use of estimates and assumptions

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements, and other comprehensive income and income and expenses during the reporting period. Estimates made by management are based on historical experience and other factors and assumptions that are believed to be reasonable. Key areas of estimation uncertainty include those relating to the allowance for credit losses, the fair value of financial instruments (including derivatives), corporate income taxes, employee benefits, goodwill and intangible assets, the fair value of all identifiable assets and liabilities as a result of business combinations, impairment of

non-financial

assets and provisions. The Bank has utilized estimates, assumptions and judgments that reflect this uncertainty. While management makes its best estimates and assumptions, actual results could differ from these and other estimates.

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 October 31, 2025 may be significantly different from the actual outcome.

Significant judgments

In the preparation of these consolidated financial statements, management is required to make significant judgments in the classification and presentation of transactions and instruments and accounting for the Bank’s involvement with other entities.

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Significant estimates, assumptions and judgments have been made in the following areas and are discussed as noted in the consolidated financial statements:


Allowance for credit losses		Note 3 Note 12(e)

Fair value of financial instruments		Note 3 Note 6

Corporate income taxes		Note 3 Note 26

Employee benefits		Note 3 Note 27

Goodwill and intangible assets		Note 3 Note 17

Fair value of all identifiable assets and liabilities as a result of business combinations		Note 3 Note 35

Impairment of investment securities		Note 3 Note 11

Impairment of non-financial assets		Note 3 Note 15 Note 17

Structured entities		Note 3 Note 14

De facto control of other entities		Note 3 Note 30

Derecognition of financial assets and liabilities		Note 3 Note 13

Provisions		Note 3 Note 22

3	Material Accounting Policies

The material accounting policies used in the preparation of these consolidated financial statements, including any additional accounting requirements of OSFI, as set out below, have been applied consistently to all periods presented in these consolidated financial statements.

Basis of consolidation

The consolidated financial statements include the assets, liabilities, financial performance and cash flows of the Bank and all of its subsidiaries, after elimination of intercompany transactions and balances. Subsidiaries are defined as entities controlled by the Bank. The Bank’s subsidiaries can be classified as entities controlled through voting interests or structured entities. The Bank consolidates a subsidiary from the date it obtains control. For the Bank to control an entity, all three elements of control should be in existence:

•

power over the investee;

•

exposure, or rights, to variable returns from involvement with the investee; and

•

the ability to use power over the investee to affect the amount of the Bank’s returns.

The Bank does not control an investee when it is acting as an agent. The Bank assesses whether it is an agent by determining whether it is primarily engaged to act on behalf of and for the benefit of another party or parties. The Bank reassesses whether it controls an investee if facts and circumstances indicate that one or more of the elements of control have changed.

Voting-interest subsidiaries

Control is presumed with an ownership interest of more than 50% of the voting rights in an entity unless there are other factors that indicate that the Bank does not control the entity despite having more than 50% of voting rights.

The Bank may consolidate an entity when it owns less than 50% of the voting rights when it has one or more other attributes of power:

•

by virtue of an agreement, over more than half of the voting rights;

•

to govern the financial and operating policies of the entity under a statute or an agreement;

•

to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or

•

to govern the financial and operating policies of the entity through the size of its holding of voting rights relative to the size and dispersion of holding of the other vote holders and voting patterns at shareholder meetings (i.e., de facto control).

Non-controlling

interests are presented within equity in the Consolidated Statement of Financial Position separate from equity attributable to equity holders of the Bank. The net income attributable to

non-controlling

interests is presented separately in the Consolidated Statement of Income. Partial sales and incremental purchases of interests in subsidiaries that do not result in a change of control are accounted for as equity transactions with

non-controlling

interest holders. Any difference between the carrying amount of the interest and the transaction amount is recorded as an adjustment to retained earnings.

Structured entities

Structured entities are designed to accomplish certain well-defined objectives and for which voting or similar rights are not the dominant factor in deciding who controls the entity. The Bank controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

The Bank consolidates all structured entities that it controls.

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Investments in associates

An associate is an entity in which the Bank has significant influence, but not control, over the operating and financial policies of the entity.

Investments in associates are recognized initially at cost, which includes the purchase price and other costs directly attributable to the purchase. Associates are accounted for using the equity method, which reflects the Bank’s share of the increase or decrease of the post-acquisition earnings and other movements in the associate’s equity.

Investments in associates are evaluated for impairment at the end of each financial reporting period, or more frequently if events or changes in circumstances indicate the existence of objective evidence of impairment.

For purposes of applying the equity method for an investment that has a different reporting period from the Bank, adjustments are made for the effects of any significant events or transactions that occur between the reporting date of the investment and the reporting date of the Bank.

Joint arrangements

The Bank’s investments in joint arrangements over which the Bank has joint control are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.

Similar to accounting for investments in associates, for joint ventures, investments are recognized initially at cost and accounted for using the equity method, which reflects the Bank’s share of the increase or decrease of the post-acquisition earnings and other movements in the joint venture’s equity. Investments in joint ventures are evaluated for impairment at the end of each financial reporting period, or more frequently if events or changes in circumstances indicate the existence of objective evidence of impairment.

For joint operations, the Bank recognizes its direct rights to, and its share of jointly held assets, liabilities, revenues and expenses. These have been incorporated in the consolidated financial statements under the appropriate headings.

Translation of foreign currencies

The financial statements of each of the Bank’s foreign operations are measured using its functional currency, being the currency of the primary economic environment of the foreign operation.

Translation gains and losses related to the Bank’s monetary items are recognized in

non-interest

income in the Consolidated Statement of Income. Revenues and expenses denominated in foreign currencies are translated using average exchange rates. Foreign currency

non-monetary

items that are measured at historical cost are translated into the functional currency at historical rates. Foreign currency

non-monetary

items measured at fair value are translated into functional currency using the rate of exchange at the date the fair value was determined. Foreign currency gains and losses on

non-monetary

items are recognized in the Consolidated Statement of Income or Consolidated Statement of Comprehensive Income consistent with the gain or loss on the

non-monetary

item.

Unrealized gains and losses arising upon translation of foreign operations, together with any gains or losses arising from hedges of those net investment positions to the extent effective, are credited or charged to net change in unrealized foreign currency translation gains/losses in other comprehensive income in the Consolidated Statement of Comprehensive Income. On disposal or meeting the definition of partial disposal of a foreign operation, an appropriate portion of the translation differences previously recognized in other comprehensive income are recognized in the Consolidated Statement of Income.

Financial assets and liabilities

Recognition and initial measurement

The Bank, on the date of origination or purchase, recognizes loans, debt and equity securities, deposits and subordinated debentures at the fair value of the consideration paid or received.

Regular-way

purchases and sales of financial assets are recognized on the settlement date. All other financial assets and liabilities, including derivatives, are initially recognized on the trade date at which the Bank becomes a party to the contractual provisions of the instrument.

The initial measurement of a financial asset or liability is at fair value plus transaction costs that are directly attributable to its purchase or issuance. For instruments measured at fair value through profit or loss, transaction costs are recognized immediately in profit or loss.

Classification and measurement, derecognition, and impairment of financial instruments

Classification and measurement

Classification and measurement of financial assets

Financial assets include both debt and equity instruments, are classified into one of the following measurement categories:

•

Amortized cost;

•

Fair value through other comprehensive income (FVOCI);

•

Fair value through profit or loss (FVTPL);

•

Elected at fair value through other comprehensive income (Equities only); or

•

Designated at FVTPL

Debt instruments

Debt instruments, including loans and debt securities, are classified into one of the following measurement categories:

•

Amortized cost;

•

Fair value through other comprehensive income (FVOCI);

•

Fair value through profit or loss (FVTPL); or

•

Designated at FVTPL

Classification of debt instruments is determined based on:

(i)	The business model under which the asset is held; and

(ii)	The contractual cash flow characteristics of the instrument.

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Business model assessment

A business model assessment involves determining how financial assets are managed to generate cash flows. The Bank’s business model assessment is based on the following categories:

•

Held to collect: The objective of this business model is to hold assets and collect contractual cash flows. Any sales of the asset are incidental to the objective of the model.

•

Held to collect and for sale: Both collecting contractual cash flows and sales are integral to achieving the objectives of the business model.

•

Other business model: The business model is neither

held-to-collect

nor

held-to-collect

and for sale.

The Bank assesses the business model at a portfolio level reflective of how groups of assets are managed together to achieve a particular business objective. For the assessment of a business model, the Bank takes into consideration the following factors:

•

How the performance of assets in a portfolio is evaluated and reported to group heads and other key decision makers within the Bank’s business lines;

•

How compensation is determined for the Bank’s business lines’ management that manages the assets;

•

How the business lines’ management is compensated for managing the Bank’s assets based on the fair value or the contractual cash flows collected;

•

Whether the assets are held for trading purposes;

•

The risks that affect the performance of assets held within a business model and how those risks are managed; and

•

The frequency and volume of sales in prior periods and expectations about future sales activity.

Contractual cash flow characteristics assessment

The contractual cash flow characteristics assessment involves assessing the contractual features of an instrument to determine if they give rise to cash flows that are consistent with a basic lending arrangement. Contractual cash flows are consistent with a basic lending arrangement if they represent cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI).

Principal is defined as the fair value of the instrument at initial recognition. Principal may change over the life of the instrument due to repayments or amortization of premium/discount.

Interest is defined as the consideration for the time value of money and the credit risk associated with the principal amount outstanding and for other basic lending risks and costs (liquidity risk and administrative costs), and a profit margin.

If the Bank identifies any contractual features that could significantly modify the cash flows of the instrument such that they are no longer consistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL.

Debt instruments measured at amortized cost

Debt instruments are measured at amortized cost if they are held within a business model whose objective is to hold for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. After initial measurement, debt instruments in this category are carried at amortized cost. Interest income on these instruments is recognized in interest income using the effective interest rate method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. Amortized cost is calculated by taking into account any discount or premium on the acquisition, transaction costs and fees that are an integral part of the effective interest rate.

Impairment on debt instruments measured at amortized cost is calculated using the expected credit loss approach. Loans and debt securities measured at amortized cost are presented net of the allowance for credit losses (ACL) in the Statement of Financial Position.

Debt instruments measured at FVOCI

Debt instruments are measured at FVOCI if they are held within a business model whose objective is to hold for collection of contractual cash flows and for selling financial assets, where the assets’ cash flows represent payments that are solely payments of principal and interest. Subsequent to initial recognition, unrealized gains and losses on debt instruments measured at FVOCI are recorded in other comprehensive income (OCI), unless the instrument is designated in a fair value hedge relationship. When designated in a fair value hedge relationship, any changes in fair value due to changes in the hedged risk are recognized in

Non-interest

income in the Consolidated Statement of Income, along with changes in fair value of the hedging instrument. Upon derecognition, realized gains and losses are reclassified from OCI and recorded in

Non-interest

income in the Consolidated Statement of Income. Foreign exchange gains and losses that relate to the amortized cost of the debt instrument are recognized in the Consolidated Statement of Income. Premiums, discounts and related transaction costs are amortized over the expected life of the instrument to Interest income in the Consolidated Statement of Income using the effective interest rate method.

Impairment on debt instruments measured at FVOCI is determined using the expected credit loss approach. The ACL on debt instruments measured at FVOCI does not reduce the carrying amount of the asset in the Consolidated Statement of Financial Position, which remains at its fair value. Instead, an amount equal to the allowance that would arise if the assets were measured at amortized cost is recognized in OCI with a corresponding charge to provision for credit losses in the Consolidated Statement of Income. The accumulated allowance recognized in OCI is recycled to the Consolidated Statement of Income upon derecognition of the debt instrument.

Debt instruments measured at FVTPL

Debt instruments are measured at FVTPL if assets:

(i)	are held for trading purposes;

(ii)	are held as part of a portfolio managed on a fair value basis; or

(iii)

whose cash flows do not represent payments that are solely payments of principal and interest.

These instruments are measured at fair value in the Consolidated Statement of Financial Position, with transaction costs recognized immediately in the Consolidated Statement of Income as part of

Non-interest

income. Realized and unrealized gains and losses are recognized as part of

Non-interest

income in the Consolidated Statement of Income.

Debt instruments designated at FVTPL

The Bank designates certain debt instruments at FVTPL upon initial recognition, and the designation is irrevocable. The FVTPL designation is available when a fair value is reliably estimated, and doing so eliminates or significantly reduces an accounting mismatch which would otherwise arise.

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Debt instruments designated at FVTPL are recorded in the Consolidated Statement of Financial Position at fair value. Changes in fair value are recognized in

Non-interest

income in the Consolidated Statement of Income.

Equity instruments

Equity instruments are classified into one of the following measurement categories:

•

Fair value through profit or loss (FVTPL); or

•

Elected at fair value through other comprehensive income (FVOCI).

Equity instruments measured at FVTPL

Equity instruments are measured at FVTPL, unless an election is made to designate them at FVOCI upon purchase, with transaction costs recognized immediately in the Consolidated Statement of Income as part of

Non-interest

income. Subsequent to initial recognition, the changes in fair value and dividends received are recognized in the Consolidated Statement of Income.

Equity instruments measured at FVOCI

At initial recognition, the Bank has an option to classify

non-trading

equity instruments at FVOCI. This election is irrevocable and is made on an

instrument-by-instrument

basis.

Gains and losses on these instruments, including when derecognized/sold, are recorded in OCI and are not subsequently reclassified to the Consolidated Statement of Income. As such, there is no specific impairment requirement. Dividends received are recorded in Interest income in the Consolidated Statement of Income. Any transaction costs incurred upon purchase of the security are added to the cost basis of the security and are not reclassified to the Consolidated Statement of Income on sale of the security.

Classification and measurement of financial liabilities

Financial liabilities are classified into one of the following measurement categories:

•

Fair value through profit or loss (FVTPL);

•

Amortized cost; or

•

Designated at FVTPL.

Financial liabilities measured at FVTPL

Financial liabilities measured at FVTPL are held principally for the purpose of repurchasing in the near term, or form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short term profit-taking. Financial liabilities are recognized on a trade date basis and accounted for at fair value, with changes in fair value and any gains or losses recognized in the Consolidated Statement of Income as part of the

non-interest

income. Transaction costs are expensed as incurred.

Financial liabilities measured at amortized cost

Deposits, subordinated notes and debentures are accounted for at amortized cost. Interest on deposits, calculated using the effective interest rate method, is recognized as interest expense. Interest on subordinated notes and debentures, including capitalized transaction costs, is recognized using the effective interest rate method as interest expense.

Financial liabilities designated at FVTPL

The Bank designates certain financial liabilities at FVTPL upon initial recognition, and the designation is irrevocable. The FVTPL designation is available when a fair value is reliably estimated.

Financial liabilities are designated at FVTPL when it meets one of the following criteria:

•

The designation eliminates or significantly reduces an accounting mismatch which would otherwise arise; or

•

A group of financial liabilities are managed and their performance is evaluated on a fair value basis, in line with a documented risk management strategy; or

•

The financial liability contains one or more embedded derivatives which significantly modify the cash flows otherwise required.

Financial liabilities designated at FVTPL are recorded in the Consolidated Statement of Financial Position at fair value. Any changes in fair value are recognized in

Non-interest

income in the Consolidated Statement of Income, except for changes in fair value arising from changes in the Bank’s own credit risk which are recognized in OCI. Changes in fair value due to changes in the Bank’s own credit risk are not subsequently reclassified to the Consolidated Statement of Income upon derecognition/extinguishment of the liabilities.

Determination of fair value

The Bank values instruments carried at fair value using quoted market prices, where available. Fair value based on unadjusted quoted market prices for identical instruments in active markets represents a Level 1 valuation. When quoted market prices are not available, the Bank maximizes the use of observable inputs within valuation models. When a fair value is based on all significant market observable inputs, the valuation is classified as Level 2. Valuations that require the significant use of unobservable inputs are considered Level 3.

Inception gains and losses are only recognized where the valuation is dependent on observable market data; otherwise, they are deferred and amortized over the life of the related contract or until the valuation inputs become observable.

IFRS 13,

Fair Value Measurement

permits a measurement exception that allows an entity to determine the fair value of a group of financial assets and liabilities with offsetting risks based on the sale or transfer of its net exposure to a particular risk (or risks). The Bank has adopted this exception through an accounting policy choice. Consequently, the fair values of certain portfolios of financial instruments are determined based on the net exposure of those instruments to market, credit or funding risk.

bid-offer

spreads, unobservable parameters, funding costs and constraints on prices in inactive or illiquid markets.

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Derecognition of financial assets and liabilities

Derecognition of financial assets

A financial asset is derecognized when the contractual rights to the cash flows from the asset has expired; or the Bank transfers the contractual rights to receive the cash flows from the financial asset; or has assumed an obligation to pay those cash flows to an independent third-party; or the Bank has transferred substantially all the risks and rewards of ownership of that asset to an independent third-party. Management determines whether substantially all the risk and rewards of ownership have been transferred by quantitatively comparing the variability in cash flows before and after the transfer. If the variability in cash flows remains significantly similar subsequent to the transfer, the Bank has retained substantially all of the risks and rewards of ownership.

Where substantially all the risks and rewards of ownership of the financial asset are neither retained nor transferred, the Bank derecognizes the transferred asset only if it has lost control over that asset. Control over the asset is represented by the practical ability to sell the transferred asset. If the Bank retains control over the asset, it will continue to recognize the asset to the extent of its continuing involvement. At times such continuing involvement may be in the form of investment in senior or subordinated tranches of notes issued by

non-consolidated

structured entities.

On derecognition of a financial asset, the difference between the carrying amount and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognized in other comprehensive income is recognized in the Consolidated Statement of Income.

Transfers of financial assets that do not qualify for derecognition are reported as secured financings in the Consolidated Statement of Financial Position.

The derecognition criteria are applied to the transfer of part of an asset, rather than the asset as a whole, only if such part comprises specifically identified cash flows from the asset, a fully proportionate share of the cash flows from the asset, or a fully proportionate share of specifically identified cash flows from the asset.

Derecognition of financial liabilities

A financial liability is derecognized when the obligation under the liability is discharged, canceled or expires. If an existing financial liability is replaced by another from the same counterparty on substantially different terms, or the terms of the existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability at fair value. The difference in the respective carrying amount of the existing liability and the new liability is recognized as a gain/loss in the Consolidated Statement of Income.

Impairment

Scope

The Bank applies a three-stage approach to measure allowance for credit losses, using an expected credit loss approach as required under IFRS 9, for the following categories of financial instruments that are not measured at fair value through profit or loss:

•

Amortized cost financial assets;

•

Debt securities classified as FVOCI;

•

Off-balance

sheet loan commitments; and

•

Financial guarantee contracts.

Expected credit loss impairment model

The Bank’s allowance for credit losses calculations are outputs of models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfalls related to default events either (i) over the following twelve months or (ii) over the expected life of a financial instrument depending on credit deterioration from inception. The allowance for credit losses reflects an unbiased, probability-weighted outcome which considers multiple scenarios based on reasonable and supportable forecasts.

This impairment model measures credit loss allowances using a three-stage approach based on the extent of credit deterioration since origination:

•

Stage 1 – Where there has not been a significant increase in credit risk (SIR) since initial recognition of a financial instrument, an amount equal to 12 months expected credit loss is recorded. The expected credit loss is computed using a probability of default (PD) occurring over the next 12 months. For those instruments with a remaining maturity of less than 12 months, a PD corresponding to remaining term to maturity is used.

•

Stage 2 – When a financial instrument experiences a SIR subsequent to origination but is not considered to be in default, it is included in Stage 2. This requires the computation of expected credit loss based on the PD over the remaining estimated life of the financial instrument.

•

Stage 3 – Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance for credit losses captures the lifetime expected credit losses.

Measurement of expected credit loss

The PD, exposure at default (EAD), and loss given default (LGD) inputs used to estimate expected credit losses are modelled based on macroeconomic variables that are closely related with credit losses in the relevant portfolio.

Details of these statistical parameters/inputs are as follows:

•

PD – The probability of default is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the remaining estimated life if the facility has not been previously derecognized and is still in the portfolio.

•

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Forward-looking information

The estimation of expected credit losses for each stage and the assessment of SIR consider information about past events and current conditions as well as reasonable and supportable forecasts of future events and economic conditions. The estimation and application of forward-looking information may require significant judgment.

Macroeconomic factors

In its models, the Bank relies on a broad range of forward-looking economic information as inputs, such as: GDP growth, unemployment rates, central bank interest rates, and house price indices. 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 as temporary adjustments using expert credit judgment.

Multiple forward-looking scenarios

The Bank determines its allowance for credit losses using four probability-weighted forward-looking scenarios. The Bank considers both internal and external sources of information and data in order to achieve unbiased projections and forecasts. The scenarios are prepared using forecasts generated by Scotiabank Economics (SE). The forecasts are created using internal and external models which are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of relevant economic variables as well as a representative range of other possible forecast scenarios. The process involves the development of three additional economic scenarios and consideration of the relative probabilities of each outcome.

The ‘base case’ represents the most likely outcome and is aligned with information used by the Bank for other purposes such as strategic planning and budgeting. The other scenarios represent more optimistic and more pessimistic outcomes. The Bank has identified and documented key drivers of credit risk and credit losses for each portfolio of financial instruments and, using an analysis of historical data, has estimated relationships between macroeconomic variables, credit risk, and credit losses.

Assessment of significant increase in credit risk

At each reporting date, the Bank assesses whether there has been a SIR for exposures since initial recognition by comparing the risk of default occurring over the remaining expected life from the reporting date and the date of initial recognition. The assessment considers borrower-specific quantitative and qualitative information without consideration of collateral, and the impact of forward-looking macroeconomic factors.

The common assessments for SIR on retail and

non-retail

portfolios include macroeconomic outlook, management judgment, and delinquency and monitoring. Forward-looking macroeconomic factors are a key component of the macroeconomic outlook. The importance and relevance of each specific macroeconomic factor depends on the type of product, characteristics of the financial instruments and the borrower and the geographical region. Quantitative models may not always be able to capture all reasonable and supportable information that may indicate a SIR. Qualitative factors may be assessed to supplement the gap. Examples of situations include changes in adjudication criteria for a particular group of borrowers, changes in portfolio composition, and natural disasters impacting certain portfolios. With regards to delinquency and monitoring, there is a rebuttable presumption that the credit risk of the financial instrument has increased since initial recognition when contractual payments are more than 30 days overdue.

Retail portfolio – For retail exposures, a SIR is assessed based on thresholds that exist by product which consider the change in PD. The thresholds used for PD migration are reviewed and assessed at least annually unless there is a significant change in credit risk management practices, in which case the review is brought forward.

Non-retail

portfolio – The Bank uses a risk rating scale (IG codes) for its

non-retail

exposures. All

non-retail

exposures have an IG code assigned that reflects the PD of the borrower. Both borrower specific and

non-borrower

specific (i.e. macroeconomic) forward-looking information is considered and reflected in the IG rating. SIR is evaluated based on the migration of the exposures among IG codes.

Expected life

When measuring expected credit loss, the Bank considers the maximum contractual period over which the Bank is exposed to credit risk. All contractual terms are considered when determining the expected life, including prepayment, and extension and rollover options. For certain revolving credit facilities, such as credit cards, the expected life is estimated based on the period over which the Bank is exposed to credit risk and how the credit losses are mitigated by management actions.

Presentation of allowance for credit losses in the Statement of Financial Position

•

Financial assets measured at amortized cost: as a deduction from the gross carrying amount of the financial assets;

•

Debt instruments measured at fair value through other comprehensive income: no allowance is recognized in the Statement of Financial Position because the carrying value of these assets is their fair value. However, the allowance determined is presented in the accumulated other comprehensive income;

•

Off-balance

sheet credit risks include undrawn lending commitments, letters of credit and letters of guarantee: as a provision in other liabilities.

Modified financial assets

If the terms of a financial asset are modified or an existing financial asset is replaced with a new one, an assessment is made to determine if the existing financial asset should be derecognized. Where a modification does not result in derecognition, the date of origination continues to be used to determine SIR. Where a modification results in derecognition, the new financial asset is recognized at its fair value on the modification date. The modification date is also the date of origination for this new asset.

The Bank may modify the contractual terms of loans for either commercial or credit reasons. The terms of a loan in good standing may be modified for commercial reasons to provide competitive pricing to borrowers. Loans are also modified for credit reasons where the contractual terms are modified to grant a concession to a borrower that may be experiencing financial difficulty.

For all financial assets, modifications of the contractual terms may result in derecognition of the original asset when the changes to the terms of the loans are considered substantial. These terms include interest rate, authorized amount or term. The original loan is derecognized, and the new loan is recognized at its fair value. The difference between the carrying value of the derecognized asset and the fair value of the new asset is recognized in the Consolidated Statement of Income.

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For all loans, performing and credit-impaired, where the modification of terms did not result in the derecognition of the loan, the gross carrying amount of the modified loan is recalculated based on the present value of the modified cash flows discounted at the original effective interest rate

and any gain or loss from the modification is recorded in the provision for credit losses line in the Consolidated Statement of Income.

Definition of default

The Bank considers a financial instrument to be in default when one or more loss events occur after the date of initial recognition of the instrument, and the loss event has a negative impact on the estimated future cash flows of the instrument that can be reliably estimated. This includes events that indicate:

•

significant financial difficulty of the borrower;

•

default or delinquency in interest or principal payments;

•

high probability of the borrower entering a phase of bankruptcy or a financial reorganization;

•

measurable decrease in the estimated future cash flows from the loan or the underlying assets that back the loan.

The Bank considers that default has occurred and classifies the financial asset as impaired when it is more than 90 days past due, except for credit card receivables that are treated as defaulted when 180 days past due, unless reasonable and supportable information demonstrates that a more lagging default criterion is appropriate.

Write-off

policy

The Bank writes off an impaired financial asset (and the related impairment allowance), either partially or in full, when there is no realistic prospect of recovery. Where financial assets are secured,

write-off

is generally after receipt of any proceeds from the realization of security. In circumstances where the net realizable value of any collateral has been determined and there is no reasonable expectation of further recovery,

write-off

may be earlier. Credit card receivables 180 days past due are

written-off.

In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses in the Consolidated Statement of Income.

Purchased loans

All purchased loans are initially measured at fair value on the date of acquisition. As a result, no allowance for credit losses would be recorded in the Consolidated Statement of Financial Position on the date of acquisition. Purchased loans may fit into either of the two categories: Performing loans or Purchased Credit-Impaired (PCI) loans.

Purchased performing loans follow the same accounting as originated performing loans and are reflected in Stage 1 on the date of the acquisition. They will be subject to a 12 month allowance for credit losses

which is recorded as a provision for credit losses in the Consolidated Statement of Income. The fair value adjustment set up for these loans on the date of acquisition is amortized into interest income over the life of these loans.

PCI loans are reflected in Stage 3 and are always subject to lifetime allowance for credit losses. Any changes in the expected cash flows since the date of acquisition are recorded as a charge/recovery in the provision for credit losses in the Consolidated Statement of Income at the end of all reporting periods subsequent to the date of acquisition.

Offsetting of financial instruments

Financial assets and financial liabilities with the same counterparty are offset, with the net amount reported in the Consolidated Statement of Financial Position, only if there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. When financial assets and financial liabilities are offset in the Consolidated Statement of Financial Position, the related income and expense items will also be offset in the Consolidated Statement of Income, unless specifically prohibited by an applicable accounting standard.

Cash and deposits with financial institutions

Cash and deposits with financial institutions comprise cash, cash equivalents, demand deposits with banks and other financial institutions, and highly liquid investments that are readily convertible to cash, subject to an insignificant risk of changes in value. These investments are those with less than three months maturity from the date of acquisition.

Precious metals

Precious metals are carried at fair value less costs to sell, and any changes in value are credited or charged to

non-interest

income – trading revenues in the Consolidated Statement of Income.

Securities purchased and sold under resale agreements

Securities purchased under resale agreements (reverse repurchase agreements) require the purchase of securities by the Bank from a counterparty with an agreement entered to resell the securities at a fixed price at a future date. Since the Bank is reselling the securities at a fixed price at a future date, the risks and rewards have not been transferred to the Bank. The Bank has the right to liquidate the securities purchased in the event of counterparty default.

Whereas securities sold under agreements to repurchase (repurchase agreements) require the sale of securities by the Bank to a counterparty with an agreement entered simultaneously to purchase the securities back at a fixed price at a future date. Since the Bank is purchasing the securities back at a fixed price at a future date, the risks and rewards have not been transferred from the Bank. The counterparty has the right to use the collateral pledged by the Bank in the event of default.

These agreements are treated as collateralized financing arrangements and are initially recognized at amortized cost. The party disbursing the cash takes possession of the securities serving as collateral for the financing and having a market value equal to, or more than, the principal amount loaned. The securities received under reverse repurchase agreements and securities delivered under repurchase agreements are not recognized on, or derecognized from, the Consolidated Statement of Financial Position, unless the risks and rewards of ownership are obtained or relinquished. The related interest income and interest expense are recorded on an accrual basis using the effective interest rate in the Consolidated Statement of Income.

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Consolidated Financial Statements

Obligations related to securities sold short

Obligations related to securities sold short arise in dealing and market-making activities where debt securities and equity shares are sold without possessing such securities.

Similarly, if securities purchased under an agreement to resell are subsequently sold to third parties, the obligation to return the securities is recorded as a short sale within obligations related to securities sold short in the Consolidated Statement of Financial Position. These trading liabilities are measured at fair value with any gains or losses included in

non-interest

income – trading revenues in the Consolidated Statement of Income. Interest expense accruing on debt securities sold short is recorded in the Consolidated Statement of Income.

Securities lending and borrowing

Securities lending and borrowing transactions are usually collateralized by securities or cash. The transfer of the securities to counterparties is only reflected on the Consolidated Statement of Financial Position if the risks and rewards of ownership are also transferred. For cash collateral advanced or received, the Bank presents these transactions as securities sold under a repurchase agreement or securities purchased under a reverse repurchase agreement, respectively. Interest income on cash collateral paid and interest expense on cash collateral received together with securities lending income and securities borrowing fee are reported in the Consolidated Statement of Income.

Securities borrowed are not recognized on the Consolidated Statement of Financial Position unless they are then sold to third parties, in which case the obligation to return the securities is recorded as a trading liability and measured at fair value with any gains or losses included

in non-interest

income – trading revenues, in the Consolidated Statement of Income.

Derivative instruments

Derivative instruments are contracts whose value is derived from interest rates, foreign exchange rates, commodity prices, equity prices or other financial variables. Most derivative instruments can be characterized as interest rate contracts, foreign exchange and gold contracts, commodity contracts, equity contracts or credit contracts. Derivative instruments are either exchange-traded contracts or negotiated

over-the-counter

contracts. Negotiated

over-the-counter

contracts include swaps, forwards and options.

The Bank enters into these derivative contracts for trading purposes, as well as to manage its risk exposures (i.e., to manage the Bank’s

non-trading

interest rate, foreign currency and other risk exposures). Trading activities are undertaken to meet the needs of the Bank’s customers, as well as for the Bank’s own account.

Derivatives embedded in other financial liabilities or host contracts are treated as separate stand-alone derivatives when the following conditions are met:

•

their economic characteristics and risks are not closely related to those of the host contract;

•

a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and

•

the combined contract is not held for trading or designated at fair value through profit or loss.

Where an embedded derivative is separable from the host contract but the fair value, as at the acquisition or reporting date, cannot be reliably measured separately, the entire combined contract is measured at fair value. All embedded derivatives are presented on the Consolidated Statement of Financial Position on a combined basis with the host contracts. Changes in fair value of embedded derivatives that are separated from the host contract are recognized in

non-interest

income in the Consolidated Statement of Income.

All derivatives, including embedded derivatives that must be separately accounted for, are recorded at fair value in the Consolidated Statement of Financial Position. The determination of the fair value of derivatives includes consideration of credit risk, estimated funding costs and ongoing direct costs over the life of the instruments. Inception gains or losses on derivatives are only recognized where the valuation is dependent on observable market data; otherwise, they are deferred and amortized over the life of the related contract, or until the valuation inputs become observable.

The gains and losses resulting from changes in fair values of trading derivatives are included in

non-interest

income – trading revenues in the Consolidated Statement of Income.

Changes in the fair value of derivatives that do not qualify for hedge accounting are recorded in the Consolidated Statement of Income in

non-interest

income – other. Where derivative instruments are used to manage the volatility of share-based payment expense, these derivatives are carried at fair value with changes in the fair value in relation to units hedged included in

non-interest

expenses – salaries and employee benefits in the Consolidated Statement of Income.

Changes in the fair value of derivatives that qualify for hedge accounting are recorded as

non-interest

income – other in the Consolidated Statement of Income for fair value hedges and other comprehensive income in the Consolidated Statement of Comprehensive Income for cash flow hedges and net investment hedges.

Hedge accounting

The Bank has elected to continue to apply the hedge accounting requirements of IAS 39. Also, the Bank has implemented the additional hedge accounting disclosures that are required by the IFRS 9 related amendments to IFRS 7

Financial Instruments: Disclosures

The Bank formally documents all hedging relationships and its risk management objective and strategy for undertaking these hedge transactions at inception. The hedge documentation includes identification of the asset, liability, firm commitment or highly probable forecasted transaction being hedged, the nature of the risk being hedged, the hedging instrument used, and the method used to assess the effectiveness of the hedge.

The Bank also formally assesses, both at each hedge’s inception and on an ongoing basis, whether the hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items within an

80-125%

range. This assessment incorporates a comparison of critical terms of the hedged and hedging item, and regression analysis, in order to determine (i) whether the hedge relationship is expected to be highly effective going forward (i.e. prospective effectiveness assessment) and (ii) whether the hedge was actually highly effective for the designated period (i.e. retrospective effectiveness assessment).

Hedge ineffectiveness is measured and recorded in

non-interest

income – other in the Consolidated Statement of Income.

There are three types of hedges: (i) fair value hedges, (ii) cash flow hedges and (iii) net investment hedges.

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Fair value hedges

For fair value hedges, the change in fair value of the hedging instrument is offset in the Consolidated Statement of Income by the change in fair value of the hedged item attributable to the hedged risk. For hedges that are discontinued, the hedged item is no longer adjusted for changes in fair value. The cumulative fair value adjustment of the hedged item is amortized to interest income over its remaining term to maturity or written off to

non-interest

income directly if the hedged item ceases to exist. The Bank uses fair value hedges primarily to convert fixed rate financial instruments to floating rate financial instruments. Hedged items include debt securities, loans, deposit liabilities and subordinated debentures. Hedging instruments include single-currency interest rate swaps and cross-currency interest rate swaps.

Cash flow hedges

For cash flow hedges, the change in fair value of the hedging instrument, to the extent effective, is recorded in other comprehensive income until the corresponding gains and losses on the hedged item are recognized in income. For hedges that are discontinued, the cumulative unrealized gain or loss recognized in other comprehensive income is reclassified to interest income and/or salaries and employee benefits as the variability in the cash flows of hedged item affects income. However, if the hedged item is derecognized or the forecasted transaction is no longer expected to occur, the unrealized gain or loss is reclassified immediately to

non-interest

income and/or salaries and employee benefits. The Bank uses cash flow hedges primarily to hedge the variability in cash flows relating to floating rate financial instruments and highly probable forecasted revenues and expenses. Hedged items include debt securities, loans, deposit liabilities, subordinated debentures and highly probable forecasted transactions. Hedging instruments include single-currency interest rate swaps, cross-currency interest rate swaps, total return swaps, foreign currency forwards and foreign currency assets or liabilities.

Net investment hedges

For net investment hedges, the change in fair value of the hedging instrument, to the extent effective, is recorded in other comprehensive income until the corresponding cumulative translation adjustments on the hedged net investment are recognized in income. The Bank designates foreign currency liabilities and foreign currency forwards as hedging instruments to manage the foreign currency exposure and impact on capital ratios arising from foreign operations.

Property and equipment

Land is carried at cost. Buildings (including building fittings), equipment, and leasehold improvements are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method over the estimated useful life of the related asset less any residual value as follows: buildings – up to 40 years; building fittings – up to 15 years; equipment – 3 to 10 years; and leasehold improvements – lease term determined by the Bank. Depreciation expense is included in the Consolidated Statement of Income under

non-interest

expenses – depreciation and amortization. Depreciation methods, useful lives and residual values are reassessed at each financial

year-end

and adjusted as appropriate.

When major components of buildings and equipment have different useful lives, they are accounted for separately and depreciated over each component’s estimated useful life.

Net gains and losses on disposal are included in

non-interest

income – other in the Consolidated Statement of Income in the year of disposal.

Assets held for sale

Non-current

non-financial

assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. These assets meet the criteria for classification as held for sale if they are available for immediate sale in their present condition and their sale is considered highly probable to occur within one year.

Non-current

non-financial

assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented within other assets in the Consolidated Statement of Financial Position. Any subsequent write-down to fair value less costs to sell is recognized in the Consolidated Statement of Income, in

non-interest

income or

non-interest

expense. Any subsequent increase in the fair value less costs to sell, to the extent this does not exceed the cumulative write-down, is also recognized in

non-interest

income or

non-interest

expense, together with any realized gains or losses on disposal.

Non-financial

assets acquired in exchange for loans as part of an orderly realization are recorded as assets held for sale or assets held for use. If the acquired asset does not meet the requirement to be considered held for sale, the asset is considered held for use, measured initially at cost which equals the carrying value of the loan and accounted for in the same manner as a similar asset acquired in the normal course of business.

Business combinations and goodwill

The Bank follows the acquisition method of accounting for the acquisition of a business. The Bank considers the date on which control is obtained, and it legally transfers the consideration for the acquired assets and assumed liabilities of the subsidiary, to be the date of acquisition. The cost of an acquisition is measured at the fair value of the consideration paid. The fair value of the consideration transferred by the Bank in a business combination is calculated as the sum of the acquisition date fair value of the assets transferred by the Bank, the liabilities incurred by the Bank to former owners of the acquiree, and the equity interests, including any options, issued by the Bank. The Bank recognizes the acquisition date fair values of any previously held investment in the subsidiary and contingent consideration as part of the consideration transferred in exchange for the acquisition. A gain or loss on any previously held investments of an acquiree is recognized in

non-interest

income – other in the Consolidated Statement of Income.

In general, all identifiable assets acquired (including intangible assets) and liabilities assumed (including any contingent liabilities) are measured at the acquisition date fair value. The Bank records identifiable intangible assets irrespective of whether the assets have been recognized by the acquiree before the business combination.

Non-controlling

interests, if any, are recognized at their proportionate share of the fair value of identifiable assets and liabilities, unless otherwise indicated. Where the Bank has an obligation to purchase a

non-controlling

interest for cash or another financial asset, a financial liability is recognized based on management’s best estimate of the present value of the redemption amount. Where the Bank has a corresponding option to settle the purchase of a

non-controlling

interest by issuing its own common shares, no financial liability is recorded.

Any excess of the cost of acquisition over the Bank’s share of the net fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. If the cost of acquisition is less than the fair value of the Bank’s share of the identifiable assets acquired and liabilities assumed, the resulting gain is recognized immediately in

non-interest

income – other in the Consolidated Statement of Income.

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During the measurement period (which is within one year from the acquisition date), the Bank may, on a retrospective basis, adjust the amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date.

The Bank accounts for acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received.

Subsequent to acquisition, the Bank accounts for the following assets and liabilities recognized in a business combination as described below:

•

Contingent liabilities, until resolved, are measured at the higher of the amount that would be recognized as a provision or the amount initially recognized, with any change recognized in the Consolidated Statement of Income.

•

Indemnification assets are measured on the same basis as the item to which the indemnification relates.

•

Contingent consideration classified as a liability is measured at fair value, with any change recognized in the Consolidated Statement of Income.

•

Liabilities to

non-controlling

interest holders when remeasured at the end of each reporting period, a corresponding change is recorded in equity.

After initial recognition of goodwill in a business combination, goodwill in aggregate is measured at cost less any accumulated impairment losses. Goodwill is not amortized but tested for impairment annually and when circumstances indicate that the carrying value may be impaired.

Goodwill is reviewed at each reporting date to determine whether there is any indication of impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, on the acquisition date, allocated to each of the Bank’s group of cash-generating units (CGUs) that is expected to benefit from the combination. CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal management purposes.

The Bank determines the carrying value of the CGU using a regulatory capital approach based on credit, market, operational risks and leverage, consistent with the Bank’s capital attribution for business line performance measurement. Corporate capital that is not directly attributable is allocated to each CGU on a proportional basis, based on the relative attributed capital prior to the corporate capital allocation. The recoverable amount is the greater of fair value less costs of disposal (FVLCD) and value in use (VIU). If either FVLCD or VIU exceeds the carrying amount, there is no need to determine the other. An impairment loss is recognized if the carrying amount of the CGU exceeds the recoverable amount. An impairment loss on goodwill is not reversed.

FVLCD is the price that would be received from the sale of a CGU in an orderly transaction between market participants, less cost of disposal, at the measurement date. In determining FVLCD, an appropriate valuation model is used which considers various factors, including normalized net income, control premiums and price earnings multiples. These calculations are corroborated by valuation multiples and quoted share prices for publicly traded subsidiaries or other available fair value indicators.

VIU is the present value of the future cash flows expected to be derived from a CGU. The determination of VIU involves judgment in estimating cash flow projections, discount rate and terminal growth rate. The future cash flows are based on management approved budgets and plans which factor in market trends, macroeconomic conditions, forecasted earnings and business strategy for the CGU. The discount rate is based on the cost of capital while the terminal growth rate is based on the long-term growth expectations in the relevant countries.

Intangible assets

Intangible assets represent identifiable

non-monetary

assets and are acquired either separately, through a business combination, or generated internally. The Bank’s intangible assets are mainly comprised of computer software, customer relationships, contract intangibles, core deposit intangibles and fund management contracts.

The cost of a separately acquired intangible asset includes its purchase price and directly attributable costs of preparing the asset for its intended use. Intangibles acquired as part of a business combination are initially recognized at fair value.

In respect of internally generated intangible assets, initial measurement includes all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management.

After initial recognition, an intangible asset is carried at its cost less any accumulated amortization and accumulated impairment losses.

Intangible assets that have finite useful lives are initially measured at cost and amortized on a straight-line basis over their useful lives as follows: computer software – up to 10 years; and other intangible assets – 5 to 20 years. Amortization expense is included in the Consolidated Statement of Income under operating expenses – depreciation and amortization. As intangible assets are

non-financial

assets, the impairment model for

non-financial

assets is applied. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Intangible assets with finite useful lives are only tested for impairment when events or circumstances indicate that the carrying value may be impaired.

Impairment of

non-financial

assets

The carrying amount of the Bank’s

non-financial

assets, other than goodwill, indefinite life intangible assets and deferred tax assets, which are separately addressed, is reviewed at each reporting date to determine whether there is any indication of impairment. For the purpose of impairment testing,

non-financial

assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent from the cash inflows of other assets or groups of assets.

If any indication of impairment exists, the asset’s recoverable amount is estimated. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. The Bank’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs.

An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses of continuing operations are recognized in the Consolidated Statement of Income in those expense categories consistent with the nature of the impaired asset. Impairment losses recognized in prior periods are reassessed at each reporting date for any indication that the loss had decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Such reversal is recognized in the Consolidated Statement of Income.

Significant judgment is applied in determining the

non-financial

asset’s recoverable amount and assessing whether certain events or circumstances constitute objective evidence of impairment.

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Corporate income taxes

The Bank follows the balance sheet liability method for corporate income taxes. Under this method, deferred tax assets and liabilities represent the cumulative amount of tax applicable to temporary differences, which are the differences between the carrying amount of the assets and liabilities, and their values for tax purposes. Deferred tax assets are recognized only to the extent it is probable that sufficient taxable profits will be available against which the benefit of these deferred tax assets can be utilized.

Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where the Bank has both the legal right and the intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

Income tax is recognized in the Consolidated Statement of Income, except where it relates to items recognized in other comprehensive income or directly in equity, in which case income tax is recognized in the same line as the related item.

Leases

At inception of a contract, the Bank assesses whether a contract is, or contains, a lease. A contract is a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Bank is a lessee, it recognizes a

right-of-use

(ROU) asset and a lease liability, except for short-term leases for assets that have a lease term of 12 months or less and leases of low value items. For short-term leases and low value items, the Bank recognizes the lease payment associated with these leases as an expense on a straight-line basis over the lease term.

Asset

A ROU is an asset that represents a lessee’s right to use an underlying asset for the lease term. The ROU asset is initially measured at cost, which is based on the initial amount of the lease liability, any direct costs incurred, any lease payments made at or before the commencement date net of lease incentives received and estimated decommissioning costs.

The ROU asset is subsequently measured at cost less accumulated depreciation and accumulated impairment losses, if any. The ROU asset is depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. The depreciation is recorded in Depreciation and amortization in the Consolidated Statement of Income. In addition, the ROU asset is adjusted for certain remeasurements of the lease liability.

Liability

At commencement date, the Bank initially measures the lease liability at the present value of the future lease payments, discounted using the Bank’s incremental borrowing rate that takes into account the Bank’s credit risk and economic environment in which the lease is entered. The lease liability is subsequently measured at amortized cost using the effective interest method. It is

re-measured

if the Bank changes its assessment of whether it will exercise a purchase, extension or termination option. Interest expense is recorded in Interest expense – other in the Consolidated Statement of Income.

When the lease liability is

re-measured

in this way, a corresponding adjustment is made to the carrying amount of the ROU asset or is recorded in profit or loss if the carrying amount of the

right-of-use

asset has been reduced to zero.

Presentation

The Bank presents ROU assets in Property and equipment and lease liabilities in Other liabilities in the Consolidated Statement of Financial Position.

Determining lease term

The Bank’s expectation of exercising the option to renew a lease is determined by assessing if the Bank is “reasonably certain” to exercise that option. The Bank will be reasonably certain to exercise an option when factors create a significant economic incentive to do so. This assessment considers the following criteria: key locations for its branch network, locations on which the Bank has spent significant capital on renovation work, contribution to profit, value of locations based on current economic environment and the remaining term of existing leases.

Provisions

A provision, including for restructuring, is recognized if, as a result of a past event, the Bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

The amount recognized as a provision is the Bank’s best estimate of the consideration required to settle the present obligation, taking into account the risks and uncertainties surrounding the obligation. If the effect of the time value of money is considered material, provisions are determined by discounting the expected future cash flows at a

pre-tax

rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The increase in the provision due to the passage of time is recorded as interest expense – other in the Consolidated Statement of Income.

Insurance contracts

The Bank identifies its insurance contracts under which it accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. For short duration contracts, the Bank applies the premium allocation approach which requires that the expected premium be recognized into income over the coverage period and a liability for remaining coverage be established to the extent that cash inflows are received earlier than the recognition of premiums into insurance revenue. A liability for incurred claims is established based on expected claims and expenses, with a risk adjustment for

non-financial

risk, required to settle past insured events.

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For long duration contracts, the Bank recognizes probability-weighted discounted fulfilment cashflows and a risk adjustment for

non-financial

risk for groups of contracts. To the extent that those groups of contracts are expected to be profitable, a contractual service margin liability is recognized on the Consolidated Statement of Financial Position which represents unearned profits that will be recognized in the Consolidated Statement of Income in the future over the life of the contract.

Insurance revenue is earned over the period the Bank provides insurance coverage and as risk is released. For all insurance contracts, losses on onerous contracts are recognized in income immediately.

Guarantees

A guarantee is a contract that contingently requires the Bank to make specified payments to reimburse the holder for a loss it incurs because a specified debtor failed to make payment when due in accordance with the original or modified terms of a debt instrument. Guarantees include standby letters of credit, letters of guarantee, indemnifications, credit enhancements and other similar contracts. Guarantees that qualify as a derivative are accounted for in accordance with the policy for derivative instruments. For guarantees that do not qualify as a derivative, a liability is recorded for the fair value of the obligation assumed at inception. The fair value of the obligation at inception is generally based on the discounted cash flow of the premium to be received for the guarantee, resulting in a corresponding asset. Subsequent to initial recognition, such guarantees are measured at the higher of the initial amount, less amortization to recognize any fee income earned over the period, and the best estimate of the amount required to settle any financial obligation arising as a result of the guarantee. Any increase in the liability is reported in the Consolidated Statement of Income.

Employee benefits

The Bank provides pension and other benefit plans for eligible employees globally. Pension benefits are offered in the form of defined benefit pension plans (generally based on an employee’s length of service and earnings) and defined contribution pension plans (where the Bank’s contribution is fixed and there is no legal or constructive obligation to pay further amounts). Other benefits provided include post-retirement health care, dental care and life insurance, along with other long-term employee benefits, such as long-term disability benefits.

Defined benefit pension plans and other post-retirement benefit plans

The cost of these employee benefits is actuarially determined each year using the projected unit credit method. The calculation uses management’s best estimate of a number of assumptions, including the discount rate, future compensation, health care costs, mortality, as well as the retirement age of employees. The most significant assumption is the discount rate used to determine the defined benefit obligation, which is set by reference to the yields on high quality corporate bonds that have durations that match the terms of the Bank’s obligations. Separate discount rates are used to determine the annual benefit expense in Canada and the U.S. These rates are determined with reference to the yields on high quality corporate bonds with durations that match the various components of the annual benefit expense. The discount rate used to determine the annual benefit expense for all other plans is the same as the rate used to determine the defined benefit obligation.

The Bank’s net asset or liability in respect of employee benefit plans is calculated separately for each plan as the difference between the present value of future benefits earned in respect of service for prior periods and the fair value of plan assets. The net asset or liability is included in other assets and other liabilities, as appropriate, in the Consolidated Statement of Financial Position. When the net amount in the Consolidated Statement of Financial Position is an asset, the recognized asset is limited to the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.

The current service cost, net interest expense (income), past service cost (credit), settlement gain (loss) and administrative expense are recognized in net income. Net interest expense (income) is calculated by applying the discount rate to the net defined benefit asset or liability. When the benefits of a plan are improved (reduced), a past service cost (credit) is recognized immediately in net income.

Remeasurements comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets in excess of or less than the interest income on the fair value of assets are recognized immediately in the Consolidated Statement of Financial Position, with a charge or credit to the Statement of Other Comprehensive Income (OCI) in the period in which they occur. Amounts recorded in OCI are not recycled to the Consolidated Statement of Income.

Other long-term employee benefits

Other long-term employee benefits are accounted for similarly to defined benefit pension plans and other post-retirement benefit plans described above, except that remeasurements are recognized in the Consolidated Statement of Income in the period in which they arise.

Defined contribution plans

The costs of such plans are equal to contributions payable by the Bank to employees’ accounts for service rendered during the period and expensed.

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided and a liability is measured on an undiscounted basis net of payments made.

Interest and similar income and expenses

For all

non-trading

interest-bearing financial instruments, interest income or expense is recorded in net interest income using the effective interest rate. This is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or financial liability. The calculation takes into account all the contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the effective interest rate, but not future credit losses.

For trading financial instruments,

mark-to-market

changes including related interest income or expense are recorded in

non-interest

income – trading revenues.

The carrying amount of interest-bearing financial instruments, measured at amortized cost or classified as FVOCI, is adjusted if the Bank revises its estimates of payments or receipts. The adjusted carrying amount is calculated based on the original effective interest rate and the change in carrying amount is recorded as

non-interest

income in the Consolidated Statement of Income.

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Once the carrying value of a financial asset or a group of similar financial assets has been reduced due to an impairment loss, interest income continues to be recognized based on net effective interest rate inherent in the investment.

Loan origination costs are deferred and amortized into interest income using the effective interest method over the expected term of the loan. Loan fees are recognized in interest income over the appropriate lending or commitment period. Mortgage prepayment fees are recognized in interest income when received, unless they relate to a minor modification to the terms of the mortgage, in which case the fees are deferred and amortized using the effective interest method over the remaining period of the original mortgage.

Loan syndication fees are deferred and amortized in interest income over the term of the loan where the yield the Bank retains is less than that of the comparable lenders in the syndicate.

Loan commitment fees for loans that are likely to be drawn down and other credit related fees are deferred (together with any incremental costs) and recognized as part of the interest income on the loan. When it is unlikely that a loan will be drawn down, the loan commitment fees are recognized in

non-interest

income.

Fee and commission revenues

Revenue is recognized once the Bank’s customer has obtained control of the service. The transfer of control occurs when the Bank’s customer has the ability to direct the use of and obtain the benefits of the banking services and the contractual performance obligation to the customer has been satisfied. The Bank records revenue gross of expenses where it is the principal in performing a service to the customer and net of expenses where the Bank is an agent for these services. The assessment of principal or agent requires judgement on the basis of whether the Bank controls the services before they are transferred to the customer. From time to time, the Bank may receive variable consideration such as performance fees. These fees are only recognized when it is highly probable that the Bank will not need to reverse a significant amount of revenue.

Card revenues include interchange fees, annual fees and other card related fees. Interchange fees are calculated as a percentage of the transaction and are recognized on the transaction date. Annual fees are recognized in income over 12 months. Other card fees are transaction-based and are recognized on the transaction date.

The Bank operates various loyalty points programs, which allow customers to accumulate points when using the Bank’s products and services. Loyalty point liabilities are subject to periodic remeasurement to reflect the expected cost of redemption. Where the customer has the option to redeem points for statement credits, the cost of the loyalty program is presented net of card fees. Where points can only be redeemed for goods or services, interchange revenue allocated to the loyalty rewards is recognized when the rewards are redeemed. Reward costs are recorded in

non-interest

expenses.

Banking services fees consist of fees earned on personal, business and government deposit activities. Personal deposit-related fees consist of account maintenance and various transaction-based services. Business and government deposit-related fees consist of commercial deposit and treasury management services and other cash management services. These fees are recognized on the transaction date or over time as services are provided to the customer.

Credit fees include fees earned for providing letters of credit and guarantee, loan commitments, bankers’ acceptances, and for arranging loan syndications. These fees are recognized on the transaction date or over time as services are provided based on contractual agreements with the customer.

Mutual funds fees include management and administration fees which are earned in the Bank’s wealth management business. These fees are calculated as a percentage of the fund’s net asset value and recognized as the service is provided. From time to time, the Bank may also recognize performance fees from some funds. These fees are only recognized to the extent that it is highly probable that a significant reversal of revenue will not occur.

Brokerage fees relate to fees earned for providing full-service and discount brokerage services to clients. These fees are contractually agreed and can be asset-based or linked to individual transactions. Such fees are recognized as the service is provided to clients or on the trade date.

Investment management and trust fees include administration, trust services and other investment services provided to clients. These fees are contractually agreed upon and can be linked to portfolio values or individual transactions. Such fees are recognized as the service is provided to clients to the extent that it is highly probable that a significant reversal of revenue will not occur.

Underwriting and other advisory fees relate to fees earned for services provided to clients in relation to the placement of debt and equities. Such fees also include services to clients for mergers, acquisitions, financial restructurings and other corporate finance activities. These fees are recognized when the service has been performed and/or contractual milestones are completed. Performance and completion fees are variable consideration and generally contingent on the successful completion of a transaction.

Other fees and commissions include commissions earned on the sale of third party insurance products to the Bank’s customers. Such fees and commissions are recognized when the performance obligation is completed.

Fee and commission expenses

Fee and commission expenses relate to transaction and service fees which are expensed as the services are received.

Dividend income

Dividend income on equity securities is recognized when the Bank’s right to receive payment is established, which is on the

ex-dividend

date for listed equity securities.

Share-based payments

Share-based payments awarded to employees are recognized as compensation expense in the Consolidated Statement of Income over the vesting period based on the number of awards expected to vest, including the impact of expected forfeitures. For awards that are delivered in tranches, each tranche is considered a separate award and accounted for separately.

Plain vanilla options and other awards that must be settled for shares are classified as equity awards. Equity-classified awards are expensed based on the grant date fair value with a corresponding increase to equity – other reserves in the Consolidated Statement of Financial Position. If an option is exercised, both the exercise price proceeds together with the amount recorded in other reserves is credited to equity – common shares in the Consolidated Statement of Financial Position.

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Stock appreciation rights and other awards that must be settled for cash are classified as liabilities. Liability-classified awards are remeasured to fair value at each reporting date while they remain outstanding, with any changes in fair value recognized in compensation expense in the period. The liability is expensed over the vesting period, which incorporates the remeasurement of the fair value and a revised forfeiture rate that anticipates units expected to vest.

For plain vanilla options and stock appreciation rights, the Bank estimates fair value using an option pricing model. The option pricing model requires inputs such as the exercise price of the option, the current share price, the risk-free interest rate, expected dividends, expected volatility (calculated using an equal weighting of implied and historical volatility) and specific employee exercise behaviour patterns based on statistical data. For other awards, fair value is the quoted market price of the Bank’s common shares at the reporting date.

Where derivatives are used to economically hedge share-based payment expense, related

mark-to-market

gains and losses are included in

non-interest

expenses – salaries and employee benefits in the Consolidated Statement of Income.

Dividends on shares

Dividends on common and preferred shares and other equity instruments are recognized as a liability and deducted from equity when they are declared and no longer at the discretion of the Bank.

Segment reporting

Management’s internal view is the basis for the determination of operating segments. The operating segments are those whose operating results are regularly reviewed by the Bank’s chief operating decision-maker to make decisions about resources to be allocated to the segment and assess its performance. The Bank has four operating segments: Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets. The Other category represents smaller operating segments, including Group Treasury and other corporate items, which are not allocated to an operating segment. These segments offer different products and services and are managed separately based on the Bank’s management and internal reporting structure.

The results of these business segments are based upon the internal financial reporting systems of the Bank. The accounting policies used in these segments are generally consistent with those followed in the preparation of the consolidated financial statements by the Bank. The only notable accounting measurement difference is the grossing up of revenues which are

tax-exempt

and income from associate corporations to an equivalent

before-tax

basis for those affected segments. This change in measurement enables comparison of income arising from taxable and

tax-exempt

sources.

Given the complexity of the Bank, various estimates and allocation methodologies are used in the preparation of the business segment financial information. The funding value of assets and liabilities is transfer-priced at wholesale market rates, and corporate expenses are allocated to each segment on an equitable basis using various parameters. As well, capital is apportioned to the business segments on a risk-based methodology. Transactions between segments are recorded within segment results as if conducted with a third-party and are eliminated on consolidation.

Earnings per share (EPS)

Basic EPS is computed by dividing net income for the period attributable to the Bank’s common shareholders by the weighted-average number of common shares outstanding during the period.

Diluted EPS is calculated by dividing adjusted net income for the period attributable to common shareholders by the weighted-average number of diluted common shares outstanding for the period. In the calculation of diluted earnings per share, earnings are adjusted for changes in income or expenses that would result from the issuance of dilutive shares. The weighted-average number of diluted common shares outstanding for the period reflects the potential dilution that would occur if options, securities or other contracts that entitle their holders to obtain common shares had been outstanding from the beginning of the period (or a later date) to the end of the period (or an earlier date). Instruments determined to have an antidilutive impact for the period are excluded from the calculation of diluted EPS.

The number of additional shares for inclusion in diluted EPS for share-based payment options is determined using the treasury share method. Under this method, the net number of incremental common shares is determined by assuming that

in-the-money

stock options are exercised and the proceeds are used to purchase common shares at the average market price during the period.

The number of additional shares associated with capital instruments that potentially result in the issuance of common shares is based on the terms of the contract. On occurrence of contingencies as specified in the

Non-Viability

Contingent Capital (NVCC) instruments, the number of additional common shares associated with the NVCC subordinated debentures, NVCC subordinated additional Tier 1 capital notes, NVCC limited recourse capital notes and NVCC preferred shares is based on an automatic conversion formula as set out in the respective prospectus supplements.

4	Future Accounting Developments

Effective November 1, 2026

IFRS 9

Financial Instruments

and IFRS 7

Financial Instruments

: Disclosures

– Amendments

Financial Instruments

non-recourse

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Effective November 1, 2027

IFRS 18

Presentation and Disclosure in Financial Statements

The IASB issued IFRS 18

Presentation and Disclosure in Financial Statements

on April 9, 2024, to replace IAS 1

Presentation of Financial Statements

and is effective for annual periods beginning on or after January 1, 2027. IFRS 18 introduces a defined structure for the presentation of the statement of income, including required totals and subtotals, as well as aggregating and disaggregating principles to categorize financial information. The standard also requires all Management-defined performance measures to be disclosed in the notes to the financial statements.

IFRS 18 will be effective for the Bank on November 1, 2027, with early adoption permitted. The Bank is currently assessing the impact of this new standard.

5	Cash and Deposits with Financial Institutions


As at October 31 ($ millions)	2025			2024
Cash and non-interest-bearing deposits with financial institutions	$	10,256		$	9,406
Interest-bearing deposits with financial institutions		55,711			54,454
Total	$	65,967	(1)	$	63,860	(1)

(1)	Net of allowances of $4 (2024 – $3).

The Bank is required to maintain balances with central banks, other regulatory authorities and certain counterparties. These amounted to $6,759 million (2024 – $5,322 million) and are included above.

6	Fair Value of Financial Instruments

Determination of fair value

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.

Independent Price Verification (IPV) is undertaken to assess the accuracy of prices and inputs used in the determination of fair value. The IPV process is performed by price verification groups that are independent of the business. The Bank maintains a list of approved pricing sources that are used in the IPV process. These sources include, but are not limited to, brokers, exchanges and pricing services. The valuation policies relating to the IPV process require that all pricing or rate sources used be external to the Bank. At least annually, an independent assessment of pricing or rate sources is performed to determine the market presence and reliability of market levels.

Quoted prices are not always available for

over-the-counter

(OTC) transactions as well as for transactions in inactive or illiquid markets. OTC transactions are valued using internal models that maximize the use of observable inputs to estimate fair value. The chosen valuation technique incorporates all the factors that market participants would take into account in pricing a transaction. When fair value is based on all significant market observable inputs, the valuation is classified as Level 2. Financial instruments traded in a less active market can be valued using indicative market prices, the present value of cash flows or other valuation techniques. Fair value estimates normally do not consider forced or liquidation sales.

Where financial instruments trade in inactive markets or when using models where observable parameters do not exist, significant management judgment is required for valuation methodologies and model inputs. Valuations that require the significant use of unobservable inputs are considered Level 3.

The specific inputs and valuation techniques used in determining the fair value of financial instruments are noted below. For Level 3 instruments, additional information is disclosed in the Level 3 sensitivity analysis on page 173.

The fair values of cash and deposits with banks, securities purchased under resale agreements and securities borrowed, customers’ liability under acceptances, obligations related to securities sold under repurchase agreements and securities lent, acceptances, and obligations related to securities sold short are assumed to approximate their carrying values, either due to their short-term nature or because they are frequently repriced to current market rates.

Trading loans

Trading loans are comprised of loans that serve as hedges to total return swaps, hedges for precious metal certificate liabilities and loans subject to sale through syndication. Trading loans that serve as hedges to loan-based credit total return swaps and precious metals certificate liabilities are valued using consensus prices from Bank approved independent pricing services. The fair value of loans subject to sale through syndication approximates their carrying value due to the short-term nature of these loans.

Government issued or guaranteed securities

The fair values of government issued or guaranteed debt securities are primarily based on unadjusted quoted prices in active markets, where available. Where quoted prices in active markets are not available, the fair value is determined by utilizing recent transaction prices, reliable broker quotes, or pricing services, which derive fair values using only observable valuation inputs, which are significant to the fair values.

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For securities for which quoted prices are not available, the Bank uses a discounted cash flow method, using the effective yield of a similar instrument adjusted for instrument-specific risk factors that are observable inputs such as credit spread and contracted features.

Corporate and other debt

Corporate and other debt securities are valued using unadjusted quoted prices from independent market data providers or third-party broker quotes from an active market. Where direct prices from active markets are not available, the valuation is performed with a yield-based valuation approach. In some instances, interpolated yields of similar bonds are used to price securities. The Bank uses pricing models with observable inputs from market sources such as credit spread, and interest rate curves. These inputs are verified through an IPV process on a monthly basis.

For certain securities where there is no active market, no consensus market pricing and no indicative or executable independent third-party quotes, the Bank uses pricing by third-party providers or internal pricing models and cannot readily observe the significant inputs used to price such instruments.

Mortgage-backed securities

The fair value of residential mortgage-backed securities is primarily determined using broker quotes and independent market data providers. In limited circumstances, an internal price-based model may be used with the unobservable inputs that are significant to the fair value.

Equity securities

The fair value of equity securities is based on unadjusted quoted prices in active markets, where available. Where equity securities are less frequently traded, the most recent exchange-quoted pricing is used to determine fair value.

For private equity securities, where quoted prices in active markets are not readily available, the fair value is determined as a multiple of the underlying earnings or percentage of underlying net asset value obtained from third-party general partner statements.

Derivatives

Fair values of exchange-traded derivatives are based on unadjusted quoted market prices from an active market. Fair values of

over-the-counter

(OTC) derivatives or inactive exchange-traded derivatives are determined using pricing models, which take into account observable valuation inputs such as current market and contractual prices of the underlying instruments, as well as time value and yield curve or volatility factors underlying the positions. The determination of the fair value of derivatives includes consideration of credit risk, estimated funding costs and ongoing direct costs over the life of the instruments.

Derivative products valued using a valuation technique with market-observable inputs mainly include interest rate swaps and options, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot, forward rates and interest rate curves.

Derivative products valued using a valuation technique with significant unobservable inputs, such as volatility, correlation, and forward curves, may include long dated contracts (interest rate swaps, currency swaps, option contracts, commodity contracts and certain credit default swaps) and other derivative products that reference a basket of assets.

Loans

The estimated fair value of loans carried at amortized cost reflects changes in the general level of interest rates and creditworthiness of borrowers that have occurred since the loans were originated or purchased. The particular valuation methods used are as follows:

•

Canadian fixed rate residential mortgages are fair valued by discounting the expected future contractual cash flows, taking into account expected prepayments and using management’s best estimate of average market interest rates currently offered for mortgages with similar remaining terms.

•

For fixed rate business and government loans, fair value is determined by discounting the expected future contractual cash flows at market interest rates for loans with similar credit risks.

•

For all other fixed rate loans, fair value is determined by discounting the expected future contractual cash flows of these loans at market interest rates.

•

For all floating rate loans fair value is assumed to equal carrying value.

The fair value of loans is not adjusted for the value of any credit protection the Bank has purchased to mitigate credit risk.

Deposits

The fair values of deposits payable on demand or after notice or floating rate deposits payable on a fixed date is assumed to equal carrying value.

The estimated fair values of Canadian personal fixed rate deposits payable on a fixed date are fair valued by discounting the expected future contractual cash outflows, using management’s best estimate of average market interest rates currently offered for deposits with similar remaining terms.

Deposits under the Canada Mortgage Bond (CMB) program are fair valued by discounting expected future contractual cash flows using market observable inputs.

For all other fixed rate deposits, fair value is determined by discounting the expected future contractual cash flows of these deposits at interest rates currently offered for deposits with similar terms.

For structured notes containing embedded features that are bifurcated from plain vanilla notes, the fair value of the embedded derivatives is determined using option pricing models with observable inputs similar to other interest rate or equity derivative contracts.

Certain deposits that are designated at FVTPL are structured notes. Their coupon or repayment terms can be linked to the performance of market parameters such as interest rates, equities, and foreign currencies. The fair value of these structured notes is determined using models which incorporate observable market inputs, such as interest rate curves, equity prices, equity volatility and foreign exchange rates. Some structured notes may have significant unobservable inputs to model valuation such as interest rate volatility and equity correlation.

Obligations related to securities sold short

The fair values of these obligations are based on the fair value of the underlying securities, which can include debt or equity securities. The method used to determine fair value is based on the quoted market prices where available in an active market.

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Subordinated debentures and other liabilities

The fair values of subordinated debentures, including debentures issued by subsidiaries which are included in other liabilities, are determined by reference to quoted market prices where available or market prices for debt with similar terms and risks. The fair values of other liabilities are determined by the discounted contractual cash flow method with appropriate currency swap curves for the remaining term or market prices for instruments with similar terms and risks.

Fair value of financial instruments

The following table sets out the fair values of financial instruments of the Bank using the valuation methods and assumptions described above. The fair values disclosed do not include

non-financial

assets, such as property and equipment, investments in associates, precious metals, goodwill and other intangible assets.


	2025				2024
As at October 31 ($ millions)	Total fair value		Total carrying value		Total fair value		Total carrying value
Assets:
Cash and deposits with financial institutions	$	65,967	$	65,967	$	63,860	$	63,860
Trading assets		152,223		152,223		129,727		129,727
Securities purchased under resale agreements and securities borrowed		203,008		203,008		200,543		200,543
Derivative financial instruments		46,531		46,531		44,379		44,379
Investment securities – FVOCI and FVTPL		126,226		126,226		123,420		123,420
Investment securities – Amortized cost		23,239		23,722		28,422		29,412
Loans		769,900		771,045		757,825		760,829
Customers’ liability under acceptances		177		177		148		148
Other financial assets		28,128		28,128		22,467		22,467
Liabilities:
Deposits		965,925		966,279		941,290		943,849
Financial instruments designated at fair value through profit or loss		47,165		47,165		36,341		36,341
Acceptances		178		178		149		149
Obligations related to securities sold short		38,104		38,104		35,042		35,042
Derivative financial instruments		56,031		56,031		51,260		51,260
Obligations related to securities sold under repurchase agreements and securities lent		189,144		189,144		190,449		190,449
Subordinated debentures		7,749		7,692		7,814		7,833
Other financial liabilities		56,500		56,529		53,342		53,387

Changes in interest rates, credit spreads and liquidity costs are the main cause of changes in the fair value of the Bank’s financial instruments resulting in a favourable or unfavourable variance compared to carrying value. For the Bank’s financial instruments carried at cost or amortized cost, the carrying value is not adjusted to reflect increases or decreases in fair value due to market fluctuations, including those due to interest rate changes. For FVOCI investment securities, derivatives and financial instruments measured at FVTPL or designated as fair value through profit or loss, the carrying value is adjusted regularly to reflect the fair value.

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Fair value hierarchy

The following table outlines the fair value hierarchy of instruments carried at fair value on a recurring basis and of instruments not carried at fair value.


	2025								2024
As at October 31 ($ 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)	$	–	$	5,156	$	–	$	5,156	$	–	$	2,540	$	–	$	2,540
Trading assets
Loans		–		8,486		1		8,487		–		7,649		–		7,649
Canadian federal government and government guaranteed debt		13,838		1,963		–		15,801		11,229		3,742		–		14,971
Canadian provincial and municipal debt		8,374		3,336		–		11,710		6,228		2,185		–		8,413
U.S. treasury and other U.S. agencies’ debt		9,132		–		–		9,132		15,050		–		–		15,050
Other foreign governments’ debt		1,837		8,451		–		10,288		422		9,932		–		10,354
Corporate and other debt		3,523		6,593		–		10,116		4,940		6,990		4		11,934
Equity securities		83,412		373		12		83,797		59,081		88		21		59,190
Other		–		2,892		–		2,892		–		2,166		–		2,166
	$	120,116	$	32,094	$	13	$	152,223	$	96,950	$	32,752	$	25	$	129,727
Investment securities (2)
Canadian federal government and government guaranteed debt	$	15,143	$	7,967	$	–	$	23,110	$	12,739	$	8,801	$	–	$	21,540
Canadian provincial and municipal debt		16,293		4,550		–		20,843		12,823		4,702		–		17,525
U.S. treasury and other U.S. agencies’ debt		42,300		6,736		–		49,036		39,999		6,377		–		46,376
Other foreign governments’ debt		7,099		20,627		–		27,726		3,940		25,346		–		29,286
Corporate and other debt		116		2,892		32		3,040		133		3,359		35		3,527
Equity securities		96		329		2,046		2,471		2,983		317		1,866		5,166
	$	81,047	$	43,101	$	2,078	$	126,226	$	72,617	$	48,902	$	1,901	$	123,420
Derivative financial instruments
Interest rate contracts	$	–	$	9,804	$	3	$	9,807	$	–	$	11,584	$	–	$	11,584
Foreign exchange and gold contracts		–		26,411		1		26,412		–		26,004		–		26,004
Equity contracts		816		6,452		161		7,429		150		4,313		44		4,507
Credit contracts		–		269		4		273		–		180		2		182
Commodity contracts		–		2,594		16		2,610		–		2,095		7		2,102
	$	816	$	45,530	$	185	$	46,531	$	150	$	44,176	$	53	$	44,379
Liabilities:
Deposits (3)	$	–	$	335	$	–	$	335	$	–	$	193	$	–	$	193
Financial liabilities designated at fair value through profit or loss		–		47,165		–		47,165		–		36,341		–		36,341
Obligations related to securities sold short		34,864		3,240		–		38,104		30,721		4,319		2		35,042

Derivative financial instruments
Interest rate contracts		–		17,181		8		17,189		–		17,895		13		17,908
Foreign exchange and gold contracts		–		25,793		–		25,793		–		25,900		–		25,900
Equity contracts		783		9,288		43		10,114		139		4,687		19		4,845
Credit contracts		–		24		2		26		–		46		1		47
Commodity contracts		–		2,897		12		2,909		–		2,550		10		2,560
	$	783	$	55,183	$	65	$	56,031	$	139	$	51,078	$	43	$	51,260

Instruments not carried at fair value (4) :
Assets:
Investment securities – amortized cost	$	1,548	$	21,691	$	–	$	23,239	$	1,127	$	27,295	$	–	$	28,422
Loans (5)		–		–		400,574		400,574		–		–		399,139		399,139

Liabilities:
Deposits (5)		–		392,222		–		392,222		–		411,838		–		411,838
Subordinated debentures		7,345		404		–		7,749		–		7,814		–		7,814
Other liabilities		–		22,098		486		22,584		–		21,563		499		22,062

(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 $23,722 (October 31, 2024 – $29,412).

(3)	These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.

(4)	Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value.

(5)	Represents fixed rate instruments.

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Level 3 instrument fair value changes

Financial instruments categorized as Level 3 in the fair value hierarchy as at October 31, 2025, comprised of loans, structured corporate bonds, equity securities and derivatives.

The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 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 October 31, 2025
($ millions)	Fair value November 1 2024			Gains/(losses) recorded in income (1)			Gains/(losses) recorded in OCI		Purchases/ Issuances			Sales/ Settlements			Transfers into/out of Level 3			Fair value October 31 2025			Change in unrealized gains/(losses) recorded in income for instruments still held (2)
Trading assets
Loans	$	–		$	–		$	–	$	1		$	(179	)	$	179		$	1		$	–
Corporate and other debt		4			–			–		–			–			(4	)		–			–
Equity securities		21			–			–		7			(19	)		3			12			1
		25			–			–		8			(198	)		178			13			1

Investment securities
Corporate and other debt		35			(5	)		–		–			–			2			32			(5	)
Equity securities		1,866			148			69		197			(228	)		(6	)		2,046			141
		1,901			143			69		197			(228	)		(4	)		2,078			136

Derivative financial instruments – assets
Interest rate contracts		–			2			–		4			(3	)		–			3			2	( 4 )
Foreign exchange and gold contracts		–			–			–		2			–			(1	)		1			–
Equity contracts		44			97			–		17			–			3			161			97	(3)
Credit contracts		2			(1	)		–		3			–			–			4			(1	)
Commodity contracts		7			9			–		–			–			–			16			9

Derivative financial instruments – liabilities
Interest rate contracts		(13	)		(10	)		–		(5	)		22			(2	)		(8	)		(10	) (4)
Equity contracts		(19	)		(15	)		–		(26	)		–			17			(43	)		(15	) (3)
Credit contracts		(1	)		1			–		(2	)		–			–			(2	)		1
Commodity contracts		(10	)		(2	)		–		–			–			–			(12	)		(2	)
		10			81			–		(7	)		19			17			120			81
Obligations related to securities sold short		(2	)		–			–		–			–			2			–			–
Total	$	1,934		$	224		$	69	$	198		$	(407	)	$	193		$	2,211		$	218

(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 unrealized gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income.

(3)

Certain unrealized gains and losses on derivative assets and liabilities are largely offset by

mark-to-market

changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.

(4)	Certain unrealized gains and losses on interest rate derivative contracts are largely offset by mark-to-market changes on embedded derivatives on certain deposit liabilities in the Consolidated Statement of Income.

The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2024.


	As at October 31, 2024
($ millions)	Fair value November 1 2023		Gains/(losses) recorded in income (1)			Gains/(losses) recorded in OCI			Purchases/ Issuances		Sales/ Settlements			Transfers into/out of Level 3			Fair value October 31 2024
Trading assets		20		(1	)		–			44		(22	)		(16	)		25
Investment securities		1,749		100			(25	)		251		(207	)		33			1,901
Derivative financial instruments		15		(11	)		–			9		(9	)		6			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.

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 becomes 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 Levels 1 and 2 were based on whether the fair value was determined using quoted market prices from an active market.

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During the year ended October 31, 2025:

•

Trading assets of $620 million, investment securities of $2,310 million and obligations related to securities sold short of $265 million were transferred out of Level 2 into Level 1.

•

Trading assets of $914 million, investment securities of $1,532 million and obligations related to securities sold short of $268 million were transferred out of Level 1 into Level 2.

During the year ended October 31, 2024:

•

Trading assets of $1,867 million, investment securities of $3,010 million and obligations related to securities sold short of $396 million were transferred out of Level 2 into Level 1.

•

Trading assets of $712 million, investment securities of $698 million and obligations related to securities sold short of $6 million were transferred out of Level 1 into Level 2.

There was

significant transfer into and out of Level 3 during the year ended October 31, 2025 and October 31, 2024.

Level 3 sensitivity analysis

The table below sets out information about significant unobservable inputs used in measuring financial instruments categorized as Level 3 in the fair value hierarchy.

Valuation technique

Significant unobservable inputs

Range of estimates for
unobservable inputs

(1)

Changes in fair value
from reasonably
possible alternatives
($ millions)

Investment securities

General Partner valuations

Private equity securities

(2)

Market comparable

per net asset value

n/a

(84)/84

Derivative financial instruments

Interest rate contracts

Option pricing

Interest rate

model

volatility

59% - 220%

(1)/1

Equity contracts

Option pricing

Equity volatility

5% - 397%

model

Equity correlation

(114%) - 114%

(45)/45

Commodity contracts

Discounted cash flow

Forward curves

9% - 15%

(5)/5

(1)	The range of estimates represents the actual lowest and highest level inputs used to fair value financial instruments within each financial statement category.

(2)

The valuation of private equity securities utilizes net asset values as reported by fund managers. Net asset values are not considered observable as the Bank cannot redeem these instruments at such values. The range for net asset values per unit or price per share has not been disclosed for these instruments since the valuations are not model-based.

The Bank applies judgment in determining unobservable inputs used to calculate the fair value of Level 3 instruments.

The following section discusses the significant unobservable inputs for Level 3 instruments.

General Partner (GP) Valuations per Net Asset Value

Net asset values provided by GPs represent the fair value of investments in private equity securities.

Correlation

Correlation becomes an input into equity derivative pricing when the relationship between price movements of two or more of the underlying assets is relevant.

Volatility

Volatility for equity derivatives is a measure of the underlying price fluctuation. Interest rate volatility measures variability of a security yield or interest rate. Historic volatility is often calculated as the annualized standard deviation of daily price or yield variation for a given time period. Implied volatility is such that, when input into an option pricing model, returns a value equal to the current market value of the option.

Forward curves

Monthly forward curves for commodity contracts are required inputs to valuation. A portion of the forward curves are unobservable.

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7	Trading Assets

(a)	Trading securities

An analysis of the carrying value of trading securities is as follows:


As at October 31, 2025 ($ millions)	Remaining term to maturity
	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Trading securities:
Canadian federal government issued or guaranteed debt	$	357	$	2,143	$	7,102	$	3,606	$	2,593	$	–	$	15,801
Canadian provincial and municipal debt		1,410		1,545		2,101		1,856		4,798		–		11,710
U.S. treasury and other U.S. agency debt		807		1,628		3,961		1,871		865		–		9,132
Other foreign government debt		670		3,441		4,347		1,406		424		–		10,288
Equity securities		–		–		–		–		–		83,797		83,797
Other		730		1,044		5,591		2,019		732		–		10,116
Total	$	3,974	$	9,801	$	23,102	$	10,758	$	9,412	$	83,797	$	140,844
Total by currency (in Canadian equivalent):
Canadian dollar	$	2,328	$	4,115	$	11,627	$	6,147	$	7,889	$	24,118	$	56,224
U.S. dollar		920		2,339		8,266		3,711		1,125		44,421		60,782
Mexican peso		408		1,915		1,976		157		161		76		4,693
Other currencies		318		1,432		1,233		743		237		15,182		19,145
Total trading securities	$	3,974	$	9,801	$	23,102	$	10,758	$	9,412	$	83,797	$	140,844

As at October 31, 2024 ($ millions)	Remaining term to maturity
	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Trading securities:
Canadian federal government issued or guaranteed debt	$	352	$	1,646	$	6,182	$	3,626	$	3,165	$	–	$	14,971
Canadian provincial and municipal debt		920		893		1,774		937		3,889		–		8,413
U.S. treasury and other U.S. agency debt		1,724		2,439		7,237		2,461		1,189		–		15,050
Other foreign government debt		1,458		3,663		3,883		1,046		304		–		10,354
Equity securities		–		–		–		–		–		59,190		59,190
Other		316		2,468		5,792		2,728		623		7		11,934
Total	$	4,770	$	11,109	$	24,868	$	10,798	$	9,170	$	59,197	$	119,912
Total by currency (in Canadian equivalent):
Canadian dollar	$	1,570	$	3,452	$	9,779	$	5,029	$	7,397	$	27,688	$	54,915
U.S. dollar		1,604		3,643		10,711		4,426		1,570		24,796		46,750
Mexican peso		704		1,714		2,135		101		63		59		4,776
Other currencies		892		2,300		2,243		1,242		140		6,654		13,471
Total trading securities	$	4,770	$	11,109	$	24,868	$	10,798	$	9,170	$	59,197	$	119,912

(b)	Trading loans

The following table provides the geographic breakdown of trading loans:


As at October 31 ($ millions)	2025		2024
Trading loans (1)(2)
U.S. (3)	$	6,290	$	6,154
Europe (3)		434		458
Canada (4)		1,759		980
Other		4		57
Total	$	8,487	$	7,649

(1)	Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset.

(2)	Loans are primarily denominated in U.S. dollars.

(3)	Includes trading loans that serve as a hedge to loan-based credit total return swaps.

(4)	Includes trading loans that serve as hedges to total return swaps, hedges for precious metal certificate liabilities and loans subject to sale through syndication.

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8	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 financial 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 FV (2) Gains/(losses)
	As at				For the year ended
October 31 ($ millions)	2025		2024		2025			2024			2025		2024
Liabilities:
Senior note liabilities (3)	$	47,165	$	36,341	$	(870	)	$	(4,515	)	$	3,270	$	4,140

(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 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 October 31, 2025	$	50,435	$	47,165	$	3,270	$	(693	)	$	(1,606	)
As at October 31, 2024	$	40,481	$	36,341	$	4,140	$	(804	)	$	(913	)

(1)	The cumulative change in fair value is measured from the instrument’s date of initial recognition.

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9	Derivative Financial Instruments

(a)	Notional amounts (1)

The following table provides the aggregate notional amounts of derivative financial instruments outstanding by type and segregated between those used by the Bank in its dealer capacity (Trading) and those derivatives designated in hedging relationships. The notional amounts of these contracts represent the derivatives volume outstanding and do not represent the potential gain or loss associated with the market risk or credit risk of such instruments. Credit derivatives within other derivative contracts are comprised primarily of purchased and sold credit default swap transactions. To a lesser extent, this category also includes total return swaps referenced to loans and debt securities. Commodity and other contracts includes energy, precious metals other than gold and other commodities.


	2025						2024
As at October 31 ($ millions)	Trading		Hedging		Total		Trading		Hedging		Total
Interest rate contracts
Exchange-traded:
Futures	$	763,135	$	–	$	763,135	$	606,019	$	–	$	606,019
Options purchased		2,686		–		2,686		5,848		–		5,848
Options written		2,545		–		2,545		5,430		–		5,430
		768,366		–		768,366		617,297		–		617,297
Over-the-counter:
Forward rate agreements		315		–		315		215		–		215
Swaps		467,384		58,791		526,175		427,122		53,481		480,603
Options purchased		84,306		–		84,306		45,572		–		45,572
Options written		83,090		–		83,090		49,595		–		49,595
		635,095		58,791		693,886		522,504		53,481		575,985
Over-the-counter (settled through central counterparties):
Forward rate agreements		157,033		–		157,033		86,657		–		86,657
Swaps		8,630,261		344,717		8,974,978		5,694,823		278,314		5,973,137
Options purchased		–		–		–		–		–		–
Options written		–		–		–		–		–		–
		8,787,294		344,717		9,132,011		5,781,480		278,314		6,059,794
Total	$	10,190,755	$	403,508	$	10,594,263	$	6,921,281	$	331,795	$	7,253,076
Foreign exchange and gold contracts
Exchange-traded:
Futures	$	18,665	$	–	$	18,665	$	21,952	$	–	$	21,952
Options purchased		–		–		–		–		–		–
Options written		–		–		–		–		–		–
		18,665		–		18,665		21,952		–		21,952
Over-the-counter:
Spot and forwards		581,518		20,870		602,388		541,732		21,156		562,888
Swaps		869,035		102,579		971,614		771,246		108,558		879,804
Options purchased		32,750		–		32,750		25,135		–		25,135
Options written		46,781		–		46,781		36,390		–		36,390
		1,530,084		123,449		1,653,533		1,374,503		129,714		1,504,217
Over-the-counter (settled through central counterparties):
Spot and forwards		34,708		–		34,708		24,865		–		24,865
Swaps		–		–		–		–		–		–
Options purchased		–		–		–		–		–		–
Options written		–		–		–		–		–		–
		34,708		–		34,708		24,865		–		24,865
Total	$	1,583,457	$	123,449	$	1,706,906	$	1,421,320	$	129,714	$	1,551,034
Other derivative contracts
Exchange-traded:
Equity	$	128,297	$	–	$	128,297	$	59,329	$	–	$	59,329
Credit		–		–		–		–		–		–
Commodity and other contracts		39,897		–		39,897		46,304		–		46,304
		168,194		–		168,194		105,633		–		105,633
Over-the-counter:
Equity		131,393		1,284		132,677		83,455		965		84,420
Credit		20,457		–		20,457		18,086		–		18,086
Commodity and other contracts		40,993		–		40,993		36,596		–		36,596
		192,843		1,284		194,127		138,137		965		139,102
Over-the-counter (settled through central counterparties):
Equity		–		–		–		–		–		–
Credit		7,374		–		7,374		9,069		–		9,069
Commodity and other contracts		501		–		501		251		–		251
		7,875		–		7,875		9,320		–		9,320
Total	$	368,912	$	1,284	$	370,196	$	253,090	$	965	$	254,055
Total notional amounts outstanding	$	12,143,124	$	528,241	$	12,671,365	$	8,595,691	$	462,474	$	9,058,165

(1)	The notional amounts represent the amount to which a rate or price is applied to determine the amount of cash flows to be exchanged.

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(b)	Remaining term to maturity

The following table summarizes the remaining term to maturity of the notional amounts of the Bank’s derivative financial instruments by type:


As at October 31, 2025 ($ millions)	Within one year		One to five years		Over five years		Total
Interest rate contracts
Futures	$	617,714	$	145,421	$	–	$	763,135
Forward rate agreements		122,168		34,865		315		157,348
Swaps		4,604,519		3,089,234		1,807,400		9,501,153
Options purchased		66,995		17,710		2,287		86,992
Options written		51,546		21,347		12,742		85,635
		5,462,942		3,308,577		1,822,744		10,594,263
Foreign exchange and gold contracts
Futures		16,134		2,482		49		18,665
Spot and forwards		593,082		37,899		6,115		637,096
Swaps		243,425		489,190		238,999		971,614
Options purchased		25,053		7,183		514		32,750
Options written		37,985		8,230		566		46,781
		915,679		544,984		246,243		1,706,906
Other derivative contracts
Equity		195,981		63,216		1,777		260,974
Credit		16,976		8,308		2,547		27,831
Commodity and other contracts		61,121		20,102		168		81,391
		274,078		91,626		4,492		370,196
Total	$	6,652,699	$	3,945,187	$	2,073,479	$	12,671,365

As at October 31, 2024 ($ millions)	Within one year		One to five years		Over five years		Total
Interest rate contracts
Futures	$	478,886	$	127,133	$	–	$	606,019
Forward rate agreements		85,447		1,217		208		86,872
Swaps		2,190,218		2,760,062		1,503,460		6,453,740
Options purchased		30,562		18,095		2,763		51,420
Options written		23,960		19,897		11,168		55,025
		2,809,073		2,926,404		1,517,599		7,253,076
Foreign exchange and gold contracts
Futures		16,289		5,663		–		21,952
Spot and forwards		543,486		38,039		6,228		587,753
Swaps		210,318		455,694		213,792		879,804
Options purchased		18,121		6,788		226		25,135
Options written		28,533		7,662		195		36,390
		816,747		513,846		220,441		1,551,034
Other derivative contracts
Equity		103,234		39,521		994		143,749
Credit		12,661		9,553		4,941		27,155
Commodity and other contracts		57,307		25,467		377		83,151
		173,202		74,541		6,312		254,055
Total	$	3,799,022	$	3,514,791	$	1,744,352	$	9,058,165

(c)	Credit risk

As with other financial assets, derivative instruments are subject to credit risk. Credit risk arises from the possibility that counterparties may default on their obligations to the Bank. However, whereas the credit risk of other financial assets is represented by the principal amount net of any applicable allowance for credit losses, the credit risk associated with derivatives is normally a small fraction of the notional amount of the derivative instrument.

Derivative contracts generally expose the Bank to credit loss if changes in market rates affect a counterparty’s position unfavourably and the counterparty defaults on payment. Accordingly, exposure to credit risk of derivatives is represented by the positive fair value of the instrument.

Negotiated

over-the-counter

derivatives generally present greater credit exposure than exchange-traded contracts. The net change in the exchange-traded contracts is normally settled daily in cash with the exchange. Holders of these contracts look to the exchange for performance under the contract.

The Bank strives to limit credit risk by dealing with counterparties that it believes are creditworthy, and investment grade counterparties account for a significant portion of the credit risk exposure arising from the Bank’s derivative transactions as at October 31, 2025. To control credit risk associated with derivatives, the Bank uses similar credit risk management activities and procedures to the approaches used in the lending business in assessing and adjudicating exposure. The Bank utilizes a risk metric, potential future exposure (PFE) for derivatives, to measure utilization against established credit limits to the counterparty.

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PFE measures the effect that changes in the market have on derivative exposures throughout the lifetime of the counterparties’ trades. Additionally, PFE considers risk mitigants such as netting and collateralization. PFE limits and utilization for derivatives counterparties are authorized and monitored by the Bank’s risk management unit.

The Bank obtains the benefit of netting by entering into master netting arrangements with counterparties (typically industry standard International Swaps and Derivatives Association (ISDA) agreements), 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. In this manner, the credit risk associated with favourable contracts is eliminated by the master netting arrangement to the extent that unfavourable contracts with the same counterparty are not settled before favourable contracts.

Collateralization is typically documented by way of 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 collateral 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 adjustments 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 90 of the 2025 Annual Report).

Derivative instruments used by the Bank include credit derivatives in its investment and loan portfolios: credit protection is sold as an alternative to acquiring exposure to bond or loan assets, and bought to manage or mitigate credit exposures.

The following table summarizes the credit exposure of the Bank’s derivative financial instruments. The credit risk amount (CRA) represents the estimated replacement cost, or positive fair value, for all contracts. CRA takes into account master netting or collateral arrangements that have been made

. CRA does not reflect actual or expected losses.

The credit equivalent amount (CEA) is the exposure at default (EAD) prescribed in the Capital Adequacy Requirements (CAR) Guidelines of the Office of the Superintendent of Financial Institutions (OSFI). The risk-weighted asset is calculated by multiplying the CEA by the capital requirement (K) times 12.5, where K is a function of the probability of default (PD), loss given default (LGD), maturity and prescribed correlation factors. Commodity and other contracts includes energy, precious metals other than gold, and other commodities.


	2025								2024
As at October 31 ($ millions)	Notional amount		Credit risk amount (CRA) (1)		Credit equivalent amount (CEA) (1)		Risk- Weighted Assets		Notional amount		Credit risk amount (CRA) (1)		Credit equivalent amount (CEA) (1)		Risk- Weighted Assets
Interest rate contracts
Futures	$	763,135	$	–	$	73	$	3	$	606,019	$	–	$	27	$	1
Forward rate agreements		157,348		61		38		22		86,872		70		88		57
Swaps		9,501,153		2,769		4,402		1,123		6,453,740		4,052		4,157		876
Options purchased		86,992		18		163		51		51,420		13		229		56
Options written		85,635		–		31		6		55,025		–		16		4
		10,594,263		2,848		4,707		1,205		7,253,076		4,135		4,517		994
Foreign exchange and gold contracts
Futures		18,665		–		891		18		21,952		–		354		7
Spot and forwards		637,096		1,741		5,758		1,417		587,753		1,560		4,868		1,168
Swaps		971,614		53		9,603		2,132		879,804		40		7,965		1,472
Options purchased		32,750		399		592		210		25,135		343		633		214
Options written		46,781		–		52		13		36,390		–		19		4
		1,706,906		2,193		16,896		3,790		1,551,034		1,943		13,839		2,865
Other derivative contracts
Equity		260,974		1,726		12,157		2,115		143,749		1,586		10,848		1,742
Credit		27,831		105		131		50		27,155		107		141		29
Commodity and other contracts		81,391		1,807		3,419		452		83,151		1,098		3,259		487
		370,196		3,638		15,707		2,617		254,055		2,791		14,248		2,258
Credit Valuation Adjustment		–		–		–		5,394		–		–		–		4,631
Total derivatives	$	12,671,365	$	8,679	$	37,310	$	13,006	$	9,058,165	$	8,869	$	32,604	$	10,748
Amount settled through central counterparties (2)
Exchange-traded		955,225		–		5,175		122		744,882		–		5,158		117
Over-the-counter		9,174,594		–		861		17		6,093,979		–		1,063		21
	$	10,129,819	$	–	$	6,036	$	139	$	6,838,861	$	–	$	6,221	$	138

(1)	The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $37,853 (2024 – $35,510) for CRA, and $102,031 (2024 – $87,284) for CEA.

(2)	Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties.

1	Regulatory haircuts prescribed by the OSFI CAR Guidelines are applied to the collateral balances of the CRA measure.

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(d)	Fair value

The following table summarizes the fair value of derivatives segregated by type and segregated between trading and those derivatives designated in hedging relationships.


As at October 31 ($ millions)	2025				2025				2024
	Average fair value				Year-end fair value				Year-end fair value (1)
	Favourable		Unfavourable		Favourable		Unfavourable		Favourable		Unfavourable
Trading
Interest rate contracts
Forward rate agreements	$	90	$	69	$	61	$	91	$	70	$	72
Swaps		7,398		11,440		6,865		10,294		7,767		9,357
Options		454		500		261		443		803		496
		7,942		12,009		7,187		10,828		8,640		9,925
Foreign exchange and gold contracts
Forwards		6,568		5,929		6,726		5,332		6,672		5,482
Swaps		11,439		13,833		11,107		14,814		11,110		14,272
Options		604		575		538		494		492		446
		18,611		20,337		18,371		20,640		18,274		20,200
Other derivative contracts
Equity		5,582		7,543		7,350		10,114		4,469		4,844
Credit		230		28		273		26		182		47
Commodity and other contracts		2,516		3,545		2,610		2,909		2,102		2,560
		8,328		11,116		10,233		13,049		6,753		7,451
Trading derivatives’ market valuation	$	34,881	$	43,462	$	35,791	$	44,517	$	33,667	$	37,576
Hedging
Interest rate contracts
Swaps					$	2,620	$	6,361	$	2,944	$	7,983
Foreign exchange and gold contracts
Forwards						46		847		410		255
Swaps						7,995		4,306		7,320		5,445
					$	8,041	$	5,153	$	7,730	$	5,700
Other derivative contracts
Equity					$	79	$	–	$	38	$	1
Hedging derivatives’ market valuation					$	10,740	$	11,514	$	10,712	$	13,684
Total derivative financial instruments as per Statement of Financial Position					$	46,531	$	56,031	$	44,379	$	51,260

(1)	The average fair value of trading derivatives’ market valuation for the year ended October 31, 2024 was: favourable $29,999 and unfavourable $32,133. Average fair value amounts are based on the latest 13 month-end balances.

(e)	Hedging activities

The Bank manages interest rate risk, foreign currency risk and equity risk through hedge accounting transactions.

Interest rate risk

Single-currency interest rate swaps are used to hedge interest rate risk exposure. In fair value hedges of interest rate risk, the interest rate exposure from fixed rate assets and liabilities is converted from fixed to floating rate exposure. In cash flow hedges of interest rate risk, the interest rate exposure from floating rate assets and liabilities is converted from floating to fixed rate exposure. The Bank generally hedges interest rate risk only to the extent of benchmark interest rates.

Foreign currency risk

In fair value hedges, cross-currency swaps and single-currency interest rate swaps are used to manage foreign currency exposure in conjunction with interest rate exposure. Cross-currency interest rate swaps or a combination of cross-currency basis swaps and single-currency interest rate swaps are mainly used to convert a foreign currency fixed rate exposure to a functional currency floating rate exposure. In hedges of both foreign currency and interest rate exposure, the interest rate risk is generally hedged only to the extent of the benchmark interest rate.

In cash flow hedges, cross-currency interest rate swaps, single-currency interest rate swaps, foreign currency forwards and foreign currency assets or liabilities are used to manage foreign currency exposure, or a combined foreign currency and interest rate exposure. Cross-currency interest rate swaps are used to offset the foreign currency exposure by exchanging the interest cash flows in one currency to another currency. Single-currency interest rate swaps may be used in conjunction with cross-currency swaps to convert the foreign currency exposure or resulting functional currency exposure from floating to fixed. Foreign currency forwards and foreign currency denominated assets and liabilities are used to offset the exposure arising from highly probable future cash flows, including purchase considerations for business acquisitions and sale proceeds for business divestitures that are denominated in a foreign currency. In hedges of both foreign currency and interest rate exposure, the interest rate risk is generally hedged only to the extent of the benchmark interest rate.

In net investment hedges, the Bank designates foreign currency liabilities and foreign currency forwards as hedging instruments to manage foreign currency exposure. The designated

non-derivative

liabilities are denominated in the functional currency of the net investment, such that the foreign currency translation impact from the net investment will be offset by the foreign currency impact from the designated liabilities. The foreign currency forward contracts are structured to sell the functional currency of the net investment in return for the Bank’s functional currency.

Equity risk

Equity risk is created by the Bank’s share-based compensation plans awarded to employees. In cash flow hedges, total return swaps are mainly used to offset the equity exposure by exchanging interest payments for payments based on the returns on the underlying shares.

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For all of the risks identified above, the economic relationship and hedge ratio are determined using a qualitative and quantitative assessment. This assessment incorporates comparison of critical terms of the hedged and hedging item, and regression analysis. For regression analysis, a hedging relationship is considered highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8 or greater; slope of the regression is within a

0.8-1.25

range; and confidence level of the slope is at least 95%. The main sources of hedge ineffectiveness include the following:

•

The use of different discount curves to value the hedged item and the hedging derivative in fair value hedges, in order to reflect the reduced credit risk of collateralized derivatives;

•

Differences in key terms such as the underlying reference interest rate tenor, reset/settlement frequency and floating spread between the hedging instruments and the hedged item.

The Bank has elected to continue to apply the hedge accounting requirements of IAS 39. However, the Bank has implemented the additional hedge accounting disclosures that are required by the IFRS 9 related amendments to IFRS 7 “

Financial Instruments: Disclosures

”.

The following table summarizes the notional amounts of derivatives and carrying amounts of cash and deposit liabilities designated as hedging instruments.


	2025								2024
	Notional amounts (1)								Notional amounts (1)
	Remaining term to maturity								Remaining term to maturity
As at October 31 ($ millions)	Within one year		One to five years		Over five years		Total		Within one year		One to five years		Over five years		Total
Fair value hedges
Interest rate risk – swaps	$	53,192	$	155,430	$	31,966	$	240,588	$	32,689	$	137,123	$	25,427	$	195,239
Foreign currency/interest rate risk – swaps		–		420		–		420		–		–		–		–

Cash flow hedges
Interest rate risk – swaps		57,151		73,038		9,315		139,504		29,411		72,802		13,160		115,373
Foreign currency/interest rate risk – swaps		6,542		16,892		5,485		28,919		5,516		19,291		4,359		29,166
Foreign currency risk
Swaps		44,824		88,035		15,142		148,001		50,198		93,095		19,808		163,101
Foreign currency forwards		266		–		–		266		–		–		–		–
Cash		92		–		–		92		74		–		–		74
Equity risk – total return swaps		576		708		–		1,284		278		687		–		965

Net investment hedges
Foreign currency risk
Foreign currency forwards		20,604		–		–		20,604		21,156		–		–		21,156
Deposit liabilities		6,287		–		–		6,287		7,571		–		–		7,571
Total	$	189,534	$	334,523	$	61,908	$	585,965	$	146,893	$	322,998	$	62,754	$	532,645

(1)	Notional amounts relating to derivatives that are hedging multiple risks in both assets and liabilities are included in more than one category.

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The following table shows the average rate or price of significant hedging instruments.

2025

2024

Average rate or price

(1)

Average rate or price

(1)

As at October 31

Fixed interest rate

FX rate

Price

Fixed interest rate

FX rate

Price

Fair value hedges

Interest rate risk – swaps

2.98

n/a

3.16

n/a

Cash flow hedges

Interest rate risk – swaps

3.26

n/a

3.16

n/a

Foreign currency/interest rate risk – swaps

USD-CAD

2.00

1.31

n/a

1.89

1.30

n/a

Foreign currency risk

Swaps

USD-CAD

n/a

1.34

n/a

1.31

n/a

EUR-CAD

n/a

1.47

n/a

1.46

n/a

GBP-CAD

n/a

1.74

n/a

1.70

n/a

Equity price risk – total return swaps

n/a

68.85

n/a

69.11

Net investment hedges

Foreign currency risk – foreign currency forwards

USD-CAD

n/a

1.37

n/a

1.35

n/a

CLP-CAD

n/a

0.0014

n/a

0.0014

n/a

MXN-CAD

n/a

0.07

n/a

0.07

n/a

PEN-CAD

n/a

0.38

n/a

0.36

n/a

(1)	The notional weighted average rate or price is calculated in aggregate for all of the Bank’s hedge relationships, including hedges of assets and liabilities.

For fair value hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness.


	Carrying amount of the hedging instruments (1)					Hedge Ineffectiveness (2)												Accumulated amount of fair value hedge adjustment gains/ (losses) on the hedged item (4)
For the year ended October 31, 2025 ($ millions)	Assets		Liabilities			Gains/ (losses) on hedging instrument used to calculate hedge ineffectiveness			Gains/ (losses) on hedged item used to calculate hedge ineffectiveness			Ineffectiveness recorded in non-interest income – other			Carrying amount of the hedged item (3)			Active hedges			Discontinued hedges
Fair value hedges
Interest rate risk – swaps	$	1,542	$	(2,408	)	$	73		$	(95	)	$	(22	)
Investment securities							(493	)		481			(12	)	$	79,836		$	1,519		$	(679	)
Loans							(402	)		388			(14	)		109,149			287			112
Deposit liabilities							906			(902	)		4			(72,001	)		90			212
Subordinated debentures							62			(62	)		–			(4,131	)		(41	)		–

Foreign currency/interest
rate risk – swaps		–		(23	)		6			(6	)		–			(432	)		(6	)		–
Deposit liabilities		–		(23	)		6			(6	)		–			(432	)		(6	)		–
Total	$	1,542	$	(2,431	)	$	79		$	(101	)	$	(22	)	$	112,421		$	1,849		$	(355	)

(1)	Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.

(2)	Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2025.

(3)	This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value.

(4)	This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item, except for investment securities which are carried at fair value.


	Carrying amount of the hedging instruments (1)					Hedge Ineffectiveness (2)												Accumulated amount of fair value hedge adjustment gains/ (losses) on the hedged item (4)
For the year ended October 31, 2024 ($ millions)	Assets		Liabilities			Gains/ (losses) on hedging instrument used to calculate hedge ineffectiveness			Gains/ (losses) on hedged item used to calculate hedge ineffectiveness			Ineffectiveness recorded in non-interest income – other			Carrying amount of the hedged item (3)			Active hedges			Discontinued hedges
Fair value hedges
Interest rate risk – swaps	$	2,064	$	(2,672	)	$	(197	)	$	160		$	(37	)
Investment securities							(1,493	)		1,484			(9	)	$	72,595		$	1,274		$	(1,392	)
Loans							(876	)		851			(25	)		91,354			(35	)		(268	)
Deposit liabilities							1,955			(1,959	)		(4	)		(71,363	)		986			446
Subordinated debentures							217			(216	)		1			(4,293	)		21			(1	)
Total	$	2,064	$	(2,672	)	$	(197	)	$	160		$	(37	)	$	88,293		$	2,246		$	(1,215	)

(1)	Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.

(2)	Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2024.

(3)	This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value.

(4)	This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item, except for investment securities which are carried at fair value.

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For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness.


	Carrying amount of the hedging instruments (1)					Hedge Ineffectiveness (2)
For the year ended October 31, 2025 ($ millions)	Assets		Liabilities			Gains/(losses) on hedging instrument used to calculate hedge ineffectiveness			Gains/(losses) on hypothetical derivative used to calculate hedge ineffectiveness (3)			Ineffectiveness recorded in non-interest income – other (4)
Cash flow hedges
Interest rate risk – swaps	$	1,969	$	(3,746	)	$	171		$	169		$	(5	)
Foreign currency/interest rate risk – swaps		200		(1,949	)		173			166			5
Foreign currency risk
Swaps		6,904		(2,541	)		3,242			3,259			(9	)
Foreign currency forwards		–		(7	)		(3	)		(3	)		–
Cash		92		–			(12	)		(12	)		–
Equity risk – total return swaps		79		–			357			357			–
		9,244		(8,243	)		3,928			3,936			(9	)
Net investment hedges
Foreign currency risk
Foreign currency forwards		46		(840	)		(1,294	)		(1,294	)		–
Deposit liabilities		n/a		(6,287	)		(67	)		(66	)		–
		46		(7,127	)		(1,361	)		(1,360	)		–
Total	$	9,290	$	(15,370	)	$	2,567		$	2,576		$	(9	)

(1)	Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.

(2)	Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2025.

(3)	For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness.

(4)	For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative.



	Carrying amount of the hedging instruments (1)					Hedge Ineffectiveness (2)
For the year ended October 31, 2024 ($ millions)	Assets		Liabilities			Gains/(losses) on hedging instrument used to calculate hedge ineffectiveness			Gains/(losses) on hypothetical derivative used to calculate hedge ineffectiveness (3)			Ineffectiveness recorded in non-interest income – other (4)
Cash flow hedges
Interest rate risk – swaps	$	1,865	$	(4,699	)	$	1,775		$	1,774		$	29
Foreign currency/interest rate risk – swaps		245		(2,407	)		1,363			1,369			7
Foreign currency risk
Swaps		6,090		(3,650	)		1,826			1,787			10
Foreign currency forwards		–		–			5			5			–
Cash		74		–			9			9			–
Equity risk – total return swaps		38		(1	)		263			263			–
		8,312		(10,757	)		5,241			5,207			46
Net investment hedges
Foreign currency risk
Foreign currency forwards		410		(255	)		178			178			–
Deposit liabilities		n/a		(7,571	)		(62	)		(62	)		–
		410		(7,826	)		116			116			–
Total	$	8,722	$	(18,583	)	$	5,357		$	5,323		$	46

(1)	Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Statement of Financial Position.

(2)	Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2024.

(3)	For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness.

(4)	For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative.

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For cash flow hedges and net investment hedges, the following table contains information regarding the impacts on the Consolidated Statement of Other Comprehensive Income on a

pre-tax

basis.


	AOCI gains/ (losses) as at November 1, 2024			Net gains/ (losses) recognized in OCI			Amount reclassified to net income as the hedged item affects net income (1)			AOCI gains/ (losses) as at October 31, 2025			Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2025
For the year ended October 31, 2025 ($ millions)	AOCI gains/ (losses) as at November 1, 2024			Net gains/ (losses) recognized in OCI						AOCI gains/ (losses) as at October 31, 2025			Active hedges			Discontinued hedges
Cash flow hedges
Interest rate risk	$	(1,176	)	$	176		$	742		$	(258	)	$	332		$	(590	)
Foreign currency/interest rate risk		(699	)		168			249			(282	)		(296	)		14
Foreign currency risk		(1,197	)		3,236			(3,165	)		(1,126	)		(1,102	)		(24	)
Equity risk		57			357			(319	)		95			95			–
		(3,015	)		3,937			(2,493	)		(1,571	)		(971	)		(600	)
Net investment hedges
Foreign currency risk		(3,175	)		(1,361	)		139			(4,397	)		(4,326	)		(71	)
Total	$	(6,190	)	$	2,576		$	(2,354	)	$	(5,968	)	$	(5,297	)	$	(671	)

(1)	Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other except for amortization, which is recorded in interest income.


	AOCI gains/ (losses) as at November 1, 2023			Net gains/ (losses) recognized in OCI		Amount reclassified to net income as the hedged item affects net income (1)			AOCI gains/ (losses) as at October 31, 2024			Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2024
For the year ended October 31, 2024 ($ millions)	AOCI gains/ (losses) as at November 1, 2023			Net gains/ (losses) recognized in OCI					AOCI gains/ (losses) as at October 31, 2024			Active hedges			Discontinued hedges
Cash flow hedges
Interest rate risk	$	(3,480	)	$	1,746	$	558		$	(1,176	)	$	(490	)	$	(686	)
Foreign currency/interest rate risk		(2,007	)		1,356		(48)			(699	)		(733	)		34
Foreign currency risk		(703	)		1,830		(2,324	)		(1,197	)		(1,158	)		(39	)
Equity risk		(20	)		263		(186	)		57			57			–
		(6,210	)		5,195		(2,000	)		(3,015	)		(2,324	)		(691	)
Net investment hedges
Foreign currency risk		(4,061	)		116		770			(3,175	)		(3,102	)		(73	)
Total	$	(10,271	)	$	5,311	$	(1,230	)	$	(6,190	)	$	(5,426	)	$	(764	)

(1)	Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other except for amortization, which is recorded in interest income.

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10	Offsetting Financial Assets and Financial Liabilities

The Bank is eligible to present certain financial assets and financial liabilities as listed in the table below on a net basis on the Consolidated Statement of Financial Position pursuant to criteria described in Note 3 – Material accounting policies.

The following tables provide information on the impact of offsetting on the Bank’s Consolidated Statement of Financial Position, as well as the financial impact of netting for instruments that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for offsetting in the Consolidated Statement of Financial Position, as well as available cash and financial instrument collateral.


As at October 31, 2025 ($ millions)
Types of financial assets	Gross amounts of recognized financial instruments		Gross amounts of recognized financial instruments offset in the Consolidated Statement of Financial Position			Net amounts of financial instruments presented in the Consolidated Statement of Financial Position		Related amounts not offset in the Consolidated Statement of Financial Position
Types of financial assets	Gross amounts of recognized financial instruments							Impact of master netting arrangements or similar agreements (1)			Collateral (2)(4)			Net amount (3)
Derivative financial instruments	$	46,531	$	–		$	46,531	$	(32,293	)	$	(5,783	)	$	8,455
Securities purchased under resale agreements and securities borrowed		334,972		(131,964	)		203,008		(16,221	)		(184,376	)		2,411
Total	$	381,503	$	(131,964	)	$	249,539	$	(48,514	)	$	(190,159	)	$	10,866

Types of financial liabilities
Derivative financial instruments	$	56,031	$	–		$	56,031	$	(32,293	)	$	(13,976	)	$	9,762
Obligations related to securities sold under repurchase agreements and securities lent		321,108		(131,964	)		189,144		(16,221	)		(168,607	)		4,316
Total	$	377,139	$	(131,964	)	$	245,175	$	(48,514	)	$	(182,583	)	$	14,078

As at October 31, 2024 ($ millions)
Types of financial assets	Gross amounts of recognized financial instruments		Gross amounts of recognized financial instruments offset in the Consolidated Statement of Financial Position			Net amounts of financial instruments presented in the Consolidated Statement of Financial Position		Related amounts not offset in the Consolidated statement of Financial Position
Types of financial assets	Gross amounts of recognized financial instruments							Impact of master netting arrangements or similar agreements (1)			Collateral (2)(4)			Net amount (3)
Derivative financial instruments	$	44,379	$	–		$	44,379	$	(29,949	)	$	(5,559	)	$	8,871
Securities purchased under resale agreements and securities borrowed		318,531		(117,988	)		200,543		(19,551	)		(178,816	)		2,176
Total	$	362,910	$	(117,988	)	$	244,922	$	(49,500	)	$	(184,375	)	$	11,047

Types of financial liabilities
Derivative financial instruments	$	51,260	$	–		$	51,260	$	(29,949	)	$	(11,565	)	$	9,746
Obligations related to securities sold under repurchase agreements and securities lent		308,437		(117,988	)		190,449		(19,551	)		(166,734	)		4,164
Total	$	359,697	$	(117,988	)	$	241,709	$	(49,500	)	$	(178,299	)	$	13,910

(1)

Amounts that are subject to master netting arrangements or similar agreements but were not offset in the Consolidated Statement of Financial Position because they did not meet the net settlement/simultaneous settlement criteria; or because the rights of set off are conditional upon the default of the counterparty only.

(2)

Cash and financial instrument collateral amounts received or pledged in relation to the total amounts of financial assets and financial liabilities, including those that were not offset in the Consolidated Statement of Financial Position. These amounts are disclosed at fair value and the rights of set off are conditional upon the default of the counterparty.

(3)	Not intended to represent the Bank’s actual exposure to credit risk, as a variety of credit mitigation strategies are employed in addition to offsetting and collateral arrangements.

(4)

Derivative financial instruments assets include cash collateral of $4,774 million (2024 – $4,505 million) and

non-cash

collateral of $1,009 million (2024 – $1,054 million). Derivative financial instruments liabilities include cash collateral of $11,750 million (2024 – $10,847 million) and

non-cash

collateral of $2,226 million (2024 – $718 million).

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11	Investment Securities

The following table presents the carrying amounts of the Bank’s investment securities per measurement category.


As at October 31 ($ millions)	2025		2024
Debt investment securities measured at FVOCI	$	123,732	$	118,226
Debt investment securities measured at amortized cost		23,722		29,412
Equity investment securities designated at FVOCI		398		3,162
Equity investment securities measured at FVTPL		2,073		2,004
Debt investment securities measured at FVTPL		23		28
Total investment securities	$	149,948	$	152,832

(a)	Debt investment securities measured at fair value through other comprehensive income (FVOCI)


	2025								2024
As at October 31 ($ millions)	Cost		Gross unrealized gains		Gross unrealized losses		Fair value		Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Canadian federal government issued or guaranteed debt	$	22,815	$	359	$	64	$	23,110	$	21,473	$	219	$	152	$	21,540
Canadian provincial and municipal debt		20,490		430		77		20,843		17,500		234		209		17,525
U.S. treasury and other U.S. agency debt		49,111		483		558		49,036		47,156		214		994		46,376
Other foreign government debt		27,570		358		202		27,726		29,505		181		400		29,286
Other debt		3,007		31		21		3,017		3,514		22		37		3,499
Total	$	122,993	$	1,661	$	922	$	123,732	$	119,148	$	870	$	1,792	$	118,226

(b)	Debt investment securities measured at amortized cost


	2025				2024
As at October 31 ($ millions)	Fair Value		Carrying value (1)		Fair Value		Carrying value (1)
Canadian federal and provincial government issued or guaranteed debt	$	5,553	$	5,467	$	8,722	$	8,721
U.S. treasury and other U.S. agency debt		15,178		15,758		17,440		18,440
Other foreign government debt		2,285		2,281		2,044		2,041
Corporate debt		223		216		216		210
Total	$	23,239	$	23,722	$	28,422	$	29,412

(1)	Balances are net of allowances, which are $1 (2024 – $1).

(c)	Equity investment securities designated at fair value through other comprehensive income (FVOCI)

The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes.


As at October 31, 2025 ($ millions)	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Common shares	$	178	$	221	$	1	$	398
Total	$	178	$	221	$	1	$	398

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 on equity securities designated at FVOCI of $47 million for the year ended October 31, 2025 (2024 – $122 million) has been recognized in interest income.

During the year ended October 31, 2025, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $1,839 million (2024 – $938 million) for economic reasons and according to its investment strategy. These dispositions have resulted in a cumulative gain of $512 million (2024 – cumulative gain of $21 million) that remains in OCI.

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(d)	An analysis of the carrying value of investment securities is as follows:


	Remaining term to maturity
As at October 31, 2025 ($ millions)	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Fair value through other comprehensive income
Debt instruments
Canadian federal government issued or guaranteed debt	$	774	$	3,596	$	11,408	$	6,505	$	827	$	–	$	23,110
Yield (1) %		4.0		3.1		3.5		3.5		3.8		–		3.5
Canadian provincial and municipal debt		578		2,200		6,841		11,091		133		–		20,843
Yield (1) %		2.6		2.3		3.6		3.8		4.0		–		3.6
U.S. treasury and other U.S. agency debt		694		10,216		28,156		3,240		6,730		–		49,036
Yield (1) %		3.9		3.0		4.0		3.7		4.3		–		3.8
Other foreign government debt		3,884		5,054		14,192		4,312		284		–		27,726
Yield (1) %		2.8		4.2		4.9		5.2		3.9		–		4.5
Other debt		159		804		1,768		277		9		–		3,017
Yield (1) %		6.0		4.0		3.8		4.5		5.9		–		4.0
		6,089		21,870		62,365		25,425		7,983		–		123,732
Equity instruments
Common shares		–		–		–		–		–		398		398
Total FVOCI		6,089		21,870		62,365		25,425		7,983		398		124,130
Amortized cost
Canadian federal and provincial government issued or guaranteed debt		294		1,110		3,853		210		–		–		5,467
Yield (1) %		1.2		2.6		4.1		4.9		–		–		3.7
U.S. treasury and other U.S. agency debt		–		31		88		27		15,612		–		15,758
Yield (1) %		–		3.9		3.7		3.5		4.4		–		4.4
Other foreign government debt		246		1,173		750		82		30		–		2,281
Yield (1) %		1.9		3.5		2.5		3.8		4.3		–		3.0
Corporate debt		–		1		69		–		146		–		216
Yield (1) %		–		6.8		5.4		–		5.5		–		5.5
		540		2,315		4,760		319		15,788		–		23,722
Fair value through profit or loss
Equity instruments		–		–		–		–		–		2,073		2,073
Debt instruments		2		–		21		–		–		–		23
Total investment securities	$	6,631	$	24,185	$	67,146	$	25,744	$	23,771	$	2,471	$	149,948
Total by currency (in Canadian equivalent):
Canadian dollar	$	1,611	$	6,617	$	19,080	$	15,402	$	1,114	$	552	$	44,376
U.S. dollar		1,144		11,858		38,137		7,889		22,343		1,495		82,866
Mexican peso		234		1,131		3,052		838		–		106		5,361
Other currencies		3,642		4,579		6,877		1,615		314		318		17,345
Total investment securities	$	6,631	$	24,185	$	67,146	$	25,744	$	23,771	$	2,471	$	149,948

(1)	Represents the weighted-average yield of fixed income securities.

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	Remaining term to maturity
As at October 31, 2024 ($ millions)	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Fair value through other comprehensive income
Debt instruments
Canadian federal government issued or guaranteed debt	$	1,873	$	4,054	$	11,699	$	3,072	$	842	$	–	$	21,540
Yield (1) %		4.4		4.2		3.9		3.5		3.9		–		3.9
Canadian provincial and municipal debt		213		1,882		8,190		6,811		429		–		17,525
Yield (1) %		1.8		3.3		3.7		3.9		3.8		–		3.7
U.S. treasury and other U.S. agency debt		2,308		2,209		30,098		5,387		6,374		–		46,376
Yield (1) %		2.3		3.5		3.6		4.1		4.4		–		3.7
Other foreign government debt		6,203		6,069		12,969		3,715		330		–		29,286
Yield (1) %		2.6		3.6		5.4		5.0		4.4		–		4.4
Other debt		1		452		2,768		268		10		–		3,499
Yield (1) %		10.7		6.1		3.7		4.5		5.9		–		4.1
		10,598		14,666		65,724		19,253		7,985		–		118,226
Equity instruments
Common shares		–		–		–		–		–		3,162		3,162
Total FVOCI		10,598		14,666		65,724		19,253		7,985		3,162		121,388
Amortized cost
Canadian federal and provincial government issued or guaranteed debt		610		2,099		5,740		272		–		–		8,721
Yield (1) %		4.6		2.1		4.0		4.7		–		–		3.6
U.S. treasury and other U.S. agency debt		1		48		116		13		18,262		–		18,440
Yield (1) %		4.8		4.5		4.2		4.0		4.6		–		4.6
Other foreign government debt		324		689		858		139		31		–		2,041
Yield (1) %		3.6		8.6		3.2		4.0		4.3		–		5.2
Corporate debt		–		–		81		–		129		–		210
Yield (1) %		–		–		6.4		–		5.5		–		5.8
		935		2,836		6,795		424		18,422		–		29,412
Fair value through profit or loss
Equity instruments		–		–		–		–		–		2,004		2,004
Debt instruments		2		–		26		–		–		–		28
Total investment securities	$	11,535	$	17,502	$	72,545	$	19,677	$	26,407	$	5,166	$	152,832
Total by currency (in Canadian equivalent):
Canadian dollar	$	2,725	$	6,799	$	23,034	$	8,491	$	1,409	$	1,464	$	43,922
U.S. dollar		2,696		3,894		40,362		8,471		24,636		3,333		83,392
Mexican peso		948		1,215		3,139		332		–		44		5,678
Other currencies		5,166		5,594		6,010		2,383		362		325		19,840
Total investment securities	$	11,535	$	17,502	$	72,545	$	19,677	$	26,407	$	5,166	$	152,832

(1)	Represents the weighted-average yield of fixed income securities.

(e)	Net gain on sale of investment securities

The following table presents the net gain on sale of investment securities:


For the year ended October 31 ($ millions)	2025		2024
Debt investment securities measured at amortized cost	$	–	$	1
Debt investment securities measured at FVOCI		71		47
Net gain on sale of investment securities	$	71	$	48

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12	Loans, Impaired Loans and Allowance for Credit Losses

(a)	Loans at amortized cost


	2025						2024
As at October 31 ($ millions)	Gross loans		Allowance for credit losses		Net carrying amount		Gross loans		Allowance for credit losses		Net carrying amount
Residential mortgages	$	370,191	$	1,460	$	368,731	$	350,941	$	1,208	$	349,733
Personal loans		110,567		2,432		108,135		106,379		2,319		104,060
Credit cards		18,045		1,355		16,690		17,374		1,160		16,214
Business and government		279,705		2,216		277,489		292,671		1,849		290,822
Total	$	778,508	$	7,463	$	771,045	$	767,365	$	6,536	$	760,829

(b)	Loans and acceptances outstanding by geography (1)


As at October 31 ($ millions)	2025			2024
Canada:
Residential mortgages	$	312,131		$	297,677
Personal loans		82,764			82,892
Credit cards		9,018			8,982
Business and government		128,086			133,810
		531,999			523,361
United States:
Personal loans		5,965			4,009
Business and government		56,171			55,237
		62,136			59,246
Mexico:
Residential mortgages		18,980			16,749
Personal loans		3,436			2,615
Credit cards		1,048			832
Business and government		22,232			23,994
		45,696			44,190
Chile:
Residential mortgages		21,739			20,410
Personal loans		5,125			4,868
Credit cards		4,076			3,551
Business and government		20,171			20,330
		51,111			49,159
Peru:
Residential mortgages		4,625			4,113
Personal loans		5,801			5,623
Credit cards		492			757
Business and government		11,125			10,545
		22,043			21,038
Colombia:
Residential mortgages		2,384			2,196
Personal loans		2,885			2,186
Credit cards		1,540			1,446
Business and government		6,481			5,518
		13,290			11,346
Other International:
Residential mortgages		10,332			9,796
Personal loans		4,591			4,186
Credit cards		1,871			1,806
Business and government		35,439			43,237
		52,233			59,025
Total loans		778,508			767,365
Acceptances (2)		177			148
Total loans and acceptances (3)		778,685			767,513
Allowance for credit losses		(7,463	)		(6,537	)
Total loans and acceptances net of allowance for credit losses	$	771,222		$	760,976

(1)	Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.

(2)	98.8% of acceptances reside outside Canada (October 31, 2024 – 96.5 %).

(3)	Loans and acceptances denominated in U.S. dollars were $119,788 (2024 – $137,804), in Chilean pesos $10,885 (2024 – $39,425), Mexican pesos $12,754 (2024 – $31,522), and in other foreign currencies $24,665 (2024 – $54,549).

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(c)	Loan maturities


As at October 31, 2025	Remaining term to maturity														Rate sensitivity
($ millions)	Within one year		One to five years		Five to ten years		Over ten years		No specific maturity			Total			Floating		Fixed rate		Non-rate sensitive			Total
Residential mortgages	$	92,485	$	228,818	$	18,398	$	25,699	$	4,791		$	370,191		$	111,631	$	253,782	$	4,778		$	370,191
Personal loans		21,114		37,982		5,341		1,269		44,861			110,567			50,887		58,258		1,422			110,567
Credit cards		–		–		–		–		18,045			18,045			–		18,045		–			18,045
Business and government		141,324		121,364		9,003		644		7,370			279,705			205,000		71,634		3,071			279,705
Total	$	254,923	$	388,164	$	32,742	$	27,612	$	75,067		$	778,508		$	367,518	$	401,719	$	9,271		$	778,508
Allowance for credit losses		–		–		–		–		(7,463	)		(7,463	)		–		–		(7,463	)		(7,463	)
Total loans net of allowance for credit losses	$	254,923	$	388,164	$	32,742	$	27,612	$	67,604		$	771,045		$	367,518	$	401,719	$	1,808		$	771,045

As at October 31, 2024	Remaining term to maturity														Rate sensitivity
($ millions)	Within one year		One to five years		Five to ten years		Over ten years		No specific maturity			Total			Floating		Fixed rate		Non-rate sensitive			Total
Residential mortgages	$	72,883	$	233,469	$	15,456	$	25,264	$	3,869		$	350,941		$	93,626	$	253,954	$	3,361		$	350,941
Personal loans		18,753		37,707		5,411		1,171		43,337			106,379			47,790		57,219		1,370			106,379
Credit cards		–		–		–		–		17,374			17,374			–		17,374		–			17,374
Business and government		142,536		135,474		7,340		405		6,916			292,671			216,334		73,596		2,741			292,671
Total	$	234,172	$	406,650	$	28,207	$	26,840	$	71,496		$	767,365		$	357,750	$	402,143	$	7,472		$	767,365
Allowance for credit losses		–		–		–		–		(6,536	)		(6,536	)		–		–		(6,536	)		(6,536	)
Total loans net of allowance for credit losses	$	234,172	$	406,650	$	28,207	$	26,840	$	64,960		$	760,829		$	357,750	$	402,143	$	936		$	760,829

(d)	Impaired loans (1)


	2025						2024
As at October 31 ($ millions)	Gross impaired loans (1)		Allowance for credit losses		Net		Gross impaired loans (1)		Allowance for credit losses		Net
Residential mortgages	$	2,903	$	840	$	2,063	$	2,372	$	645	$	1,727
Personal loans		1,071		604		467		1,117		621		496
Credit cards		–		–		–		–		–		–
Business and government		3,270		897		2,373		3,250		788		2,462
Total	$	7,244	$	2,341	$	4,903	$	6,739	$	2,054	$	4,685
By geography:
Canada	$	2,416	$	683	$	1,733	$	2,158	$	569	$	1,589
United States		–		–		–		109		22		87
Mexico		1,494		535		959		1,343		424		919
Peru		823		400		423		715		385		330
Chile		1,420		332		1,088		1,249		281		968
Colombia		364		132		232		322		109		213
Other International		727		259		468		843		264		579
Total	$	7,244	$	2,341	$	4,903	$	6,739	$	2,054	$	4,685

(1)	Interest income recognized on impaired loans during the year ended October 31, 2025 was $95 (2024 – $84).

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(e)	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 judgment both in the determination of the scenarios’ forecasts and the probability weights that are assigned to them.

(ii)	Key macroeconomic variables

The inputs and models used for calculating expected credit losses may not always capture all characteristics of the market at the date of the financial statements. Qualitative adjustments or overlays may be made for certain portfolios or geographies as temporary adjustments in circumstances where, in the Bank’s view, the inputs, assumptions, and/or modelling techniques do not capture all relevant risk factors, including the emergence of economic or geopolitical events, up to the date of 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.

U.S. trade policies and related uncertainty have shaped the economic environment over the past year and weighed on the outlook. The Canadian and U.S. forecasts have been adjusted frequently as new developments emerged. In Canada, tariff-sensitive sectors and regions are showing earlier-than-expected weakness, resulting in a softer 2025 growth profile than expected last year. In contrast, the U.S. has shown surprising resilience, supported by strong AI-related activity despite signs of weakness elsewhere in the economy. As a result, the U.S. growth profile for 2025 is slightly stronger than forecast last year. Persistent upside surprises to U.S. growth, combined with stubborn inflation, delayed the start of monetary easing relative to last year’s expectations. With inflation in both countries now closer to target and economic activity softening, the Bank of Canada and the U.S. Federal Reserve have shifted their focus from inflation control toward supporting growth, though upside inflation risks remain. Economic activity in both countries is expected to improve somewhat in 2026 as tariff impacts fade and, in Canada, as stimulus measures and infrastructure plans from the federal budget take effect.

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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 judgment. 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
October 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		1.2		2.2		2.4		3.1		-1.1		2.7		-4.4		3.4
Consumer price index, y/y %		1.9		2.2		2.1		2.7		1.4		2.0		5.0		2.4
Unemployment rate, average %		7.0		5.8		6.6		4.7		8.2		6.4		11.2		7.0
Bank of Canada overnight rate target, average %		2.3		2.8		2.8		3.7		2.1		2.4		3.1		3.3
HPI – Housing Price Index, y/y % change		1.9		6.2		2.6		7.7		-2.0		6.7		-5.1		6.2
USD/CAD exchange rate, average		1.32		1.30		1.31		1.29		1.37		1.29		1.45		1.30

U.S.
Real GDP growth, y/y % change		1.4		2.3		1.9		3.2		-1.0		3.0		-3.7		3.5
Consumer price index, y/y %		2.6		2.5		2.7		2.8		2.7		2.4		6.0		2.7
Target federal funds rate, upper limit, average %		3.3		3.0		3.5		3.5		3.2		2.7		3.9		3.6
Unemployment rate, average %		4.5		4.3		4.4		4.0		5.8		4.8		8.1		5.2

Mexico
Real GDP growth, y/y % change		-0.2		2.2		0.6		2.9		-2.4		2.6		-5.5		3.3
Unemployment rate, average %		3.3		3.7		3.2		3.1		3.9		3.8		6.1		4.6

Chile
Real GDP growth, y/y % change		2.4		2.0		3.5		2.8		0.3		2.6		-3.7		3.5
Unemployment rate, average %		7.9		6.7		7.7		6.4		9.0		6.9		11.2		7.3

Peru
Real GDP growth, y/y % change		2.9		3.1		4.1		4.0		0.6		3.6		-1.0		4.1
Unemployment rate, average %		5.7		6.1		5.3		5.2		6.7		6.5		10.5		7.6

Colombia
Real GDP growth, y/y % change		2.9		2.5		4.0		3.4		0.7		3.0		-1.0		3.5
Unemployment rate, average %		10.3		9.9		10.0		9.1		12.0		10.5		18.9		12.5

Caribbean
Real GDP growth, y/y % change		3.7		4.0		4.4		4.7		1.6		4.4		-0.6		4.9

Global
WTI oil price, average USD/bbl		60		66		64		78		53		61		45		56
Copper price, average USD/lb		4.19		4.68		4.29		5.03		3.92		4.60		3.61		4.47
Global GDP, y/y % change		2.2		2.7		3.0		3.5		0.3		3.2		-2.2		3.7

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	Base Case Scenario				Alternative Scenario – Optimistic				Alternative Scenario – Pessimistic				Alternative Scenario – Very Pessimistic
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 $5,313 million (2024 – $4,682 million) from $5,018 million (2024 – $4,316 million).

The Bank enhanced certain of its IFRS 9 models in the current 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 $786 million higher than the reported allowance for credit losses as at October 31, 2025 (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 our current probability-weighted scenarios, if all of our performing financial assets were in Stage 1, reflecting a 12 month expected loss period, the allowance for credit losses would be $801 million (2024 – $693 million) lower than the reported allowance for credit losses on performing financial assets.

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(iv)	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 October 31, 2025
Residential mortgages	$	1,208	$	304	$	(110	)	$	58		$	1,460
Personal loans		2,319		1,951		(1,814	)		(24	)		2,432
Credit cards		1,160		1,399		(1,242	)		38			1,355
Business and government		2,036		1,072		(642	)		(74	)		2,392
	$	6,723	$	4,726	$	(3,808	)	$	(2	)	$	7,639
Presented as:
Allowance for credit losses on loans	$	6,536									$	7,463
Allowance for credit losses on acceptances (2)		1										1
Allowance for credit losses on off-balance sheet exposures (3)		186										175

(1)	Excludes amounts associated with other assets of $(12). The provision for credit losses, net of these amounts, is $4,714.

(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.


($ millions)	Balance as at November 1, 2023		Provision for credit losses (1)		Net write-offs			Other, including foreign currency adjustment			Balance as at October 31, 2024
Residential mortgages	$	1,084	$	257	$	(76	)	$	(57	)	$	1,208
Personal loans		2,414		1,893		(1,857	)		(131	)		2,319
Credit cards		1,237		1,122		(1,166	)		(33	)		1,160
Business and government		1,876		790		(424	)		(206	)		2,036
	$	6,611	$	4,062	$	(3,523	)	$	(427	)	$	6,723
Presented as:
Allowance for credit losses on loans	$	6,372									$	6,536
Allowance for credit losses on acceptances (2)		90										1
Allowance for credit losses on off-balance sheet exposures (3)		149										186

(1)	Excludes amounts associated with other assets and reversal of impairment losses of $(11). The provision for credit losses, net of these amounts, is $4,051.

(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 October 31, 2025 ($ millions)	Stage 1		Stage 2		Stage 3		Total
Residential mortgages	$	196	$	424	$	840	$	1,460
Personal loans		613		1,215		604		2,432
Credit cards		338		1,017		–		1,355
Business and government		713		606		897		2,216
Total (1)	$	1,860	$	3,262	$	2,341	$	7,463

(1)	Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos which amounted to $191.


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 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos which amounted to $200.

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The following table presents the changes to the allowance for credit losses on loans.


	As at October 31, 2025												As at October 31, 2024
($ millions)	Stage 1			Stage 2			Stage 3			Total			Stage 1			Stage 2			Stage 3			Total
Residential mortgages
Balance at beginning of the year	$	165		$	398		$	645		$	1,208		$	265		$	321		$	498		$	1,084
Provision for credit losses
Remeasurement (1)		(235	)		117			423			305			(271	)		164			373			266
Newly originated or purchased financial assets		47			–			–			47			41			–			–			41
Derecognition of financial assets and maturities		(8	)		(33	)		–			(41	)		(9	)		(22	)		–			(31	)
Changes in models and methodologies (7)		(2	)		(14	)		9			(7	)		(22	)		3			–			(19	)
Transfer to (from):
Stage 1		268			(216	)		(52	)		–			215			(165	)		(50	)		–
Stage 2		(44	)		258			(214	)		–			(40	)		197			(157	)		–
Stage 3		–			(101	)		101			–			–			(84	)		84			–
Gross write-offs		–			–			(135	)		(135	)		–			–			(100	)		(100	)
Recoveries		–			–			25			25			–			–			24			24
Foreign exchange and other movements (6)		5			15			38			58			(14	)		(16	)		(27	)		(57	)
Balance at end of year (2)	$	196		$	424		$	840		$	1,460		$	165		$	398		$	645		$	1,208
Personal loans
Balance at beginning of the year	$	544		$	1,154		$	621		$	2,319		$	647		$	1,103		$	664		$	2,414
Provision for credit losses
Remeasurement (1)		(620	)		997			1,445			1,822			(686	)		976			1,497			1,787
Newly originated or purchased financial assets		390			–			–			390			365			–			–			365
Derecognition of financial assets and maturities		(92	)		(144	)		–			(236	)		(97	)		(190	)		–			(287	)
Changes in models and methodologies (7)		3			(33	)		5			(25	)		(68	)		96			–			28
Transfer to (from):
Stage 1		620			(604	)		(16	)		–			658			(642	)		(16	)		–
Stage 2		(207	)		326			(119	)		–			(231	)		344			(113	)		–
Stage 3		(8	)		(473	)		481			–			(13	)		(504	)		517			–
Gross write-offs		–			–			(2,127	)		(2,127	)		–			–			(2,145	)		(2,145	)
Recoveries		–			–			313			313			–			–			288			288
Foreign exchange and other movements (6)		(17	)		(8	)		1			(24	)		(31	)		(29	)		(71	)		(131	)
Balance at end of year (2)	$	613		$	1,215		$	604		$	2,432		$	544		$	1,154		$	621		$	2,319
Credit cards
Balance at beginning of the year	$	288		$	872		$	–		$	1,160		$	414		$	823		$	–		$	1,237
Provision for credit losses
Remeasurement (1)		(319	)		820			853			1,354			(361	)		643			835			1,117
Newly originated or purchased financial assets		139			–			–			139			136			–			–			136
Derecognition of financial assets and maturities		(43	)		(41	)		–			(84	)		(53	)		(61	)		–			(114	)
Changes in models and methodologies (7)		–			(10	)		–			(10	)		(38	)		21			–			(17	)
Transfer to (from):
Stage 1		390			(390	)		–			–			335			(335	)		–			–
Stage 2		(128	)		128			–			–			(135	)		135			–			–
Stage 3		–			(380	)		380			–			–			(330	)		330			–
Gross write-offs		–			–			(1,466	)		(1,466	)		–			–			(1,356	)		(1,356	)
Recoveries		–			–			224			224			–			–			190			190
Foreign exchange and other movements (6)		11			18			9			38			(10	)		(24	)		1			(33	)
Balance at end of year (2)	$	338		$	1,017		$	–		$	1,355		$	288		$	872		$	–		$	1,160
Total retail loans
Balance at beginning of the year	$	997		$	2,424		$	1,266		$	4,687		$	1,326		$	2,247		$	1,162		$	4,735
Provision for credit losses
Remeasurement (1)		(1,174	)		1,934			2,721			3,481			(1,318	)		1,783			2,705			3,170
Newly originated or purchased financial assets		576			–			–			576			542			–			–			542
Derecognition of financial assets and maturities		(143	)		(218	)		–			(361	)		(159	)		(273	)		–			(432	)
Changes in models and methodologies (7)		1			(57	)		14			(42	)		(128	)		120			–			(8	)
Transfer to (from):		–			–			–			–			–			–			–			–
Stage 1		1,278			(1,210	)		(68	)		–			1,208			(1,142	)		(66	)		–
Stage 2		(379	)		712			(333	)		–			(406	)		676			(270	)		–
Stage 3		(8	)		(954	)		962			–			(13	)		(918	)		931			–
Gross write-offs		–			–			(3,728	)		(3,728	)		–			–			(3,601	)		(3,601	)
Recoveries		–			–			562			562			–			–			502			502
Foreign exchange and other movements (6)		(1	)		25			48			72			(55	)		(69	)		(97	)		(221	)
Balance at end of year (2)	$	1,147		$	2,656		$	1,444		$	5,247		$	997		$	2,424		$	1,266		$	4,687
Business and government
Balance at beginning of the year	$	739		$	508		$	788		$	2,035		$	635		$	403		$	748		$	1,786
Provision for credit losses
Remeasurement (1)		(66	)		335			853			1,122			(210	)		288			622			700
Newly originated or purchased financial assets		1,311			–			–			1,311			936			–			–			936
Derecognition of financial assets and maturities		(1,170	)		(145	)		(47	)		(1,362	)		(860	)		(126	)		(9	)		(995	)
Changes in models and methodologies (7)		–			–			–			–			200			37			–			237
Transfer to (from):
Stage 1		120			(120	)		–			–			154			(154	)		–			–
Stage 2		(89	)		94			(5	)		–			(110	)		114			(4	)		–
Stage 3		(3	)		(33	)		36			–			–			(21	)		21			–
Gross write-offs		–			–			(700	)		(700	)		–			–			(484	)		(484	)
Recoveries		–			–			58			58			–			–			60			60
Foreign exchange and other movements		12			1			(86	)		(73	)		(6	)		(33	)		(166	)		(205	)
Balance at end of period including off-balance sheet exposures (2)	$	854		$	640		$	897		$	2,391		$	739		$	508		$	788		$	2,035
Less: Allowance for credits losses on off-balance sheet exposures (2)(3)		(141	)		(34	)		–			(175	)		(153	)		(33	)		–			(186	)
Balance at end of year (2)	$	713		$	606		$	897		$	2,216		$	586		$	475		$	788		$	1,849

(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)	Interest income on impaired loans for residential mortgages, personal loans, credit cards, and business and government loans totaled $439 (2024 – $443).

(3)	Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.

(4)	Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position.

(5)

During the year ended October 31, 2025, the contractual terms of certain financial assets were modified where the modification did not result in derecognition. The carrying value of such loans that were modified in Stage 2 and Stage 3 was $2,833 (2024 – $3,504) and $899 (2024 – $

726)

respectively, before the modification.

(6)	Divestitures are included in the foreign exchange and other movements.

(7)	Comprises changes due to enhanced IFRS 9 models, including changes to reflect previously established expert credit judgment overlays that are now incorporated in the model.

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(f)	Carrying value of exposures by risk rating


Residential mortgages	As at October 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	$	219,905	$	3,983	$	–	$	223,888	$	211,165	$	3,262	$	–	$	214,427
Low		83,755		4,820		–		88,575		78,344		3,625		–		81,969
Medium		15,870		8,618		–		24,488		19,205		2,072		–		21,277
High		3,002		6,007		–		9,009		2,561		5,280		–		7,841
Very high		48		3,170		–		3,218		13		2,814		–		2,827
Loans not graded (2)		16,937		1,173		–		18,110		18,614		1,614		–		20,228
Default		–		–		2,903		2,903		–		–		2,372		2,372
Total		339,517		27,771		2,903		370,191		329,902		18,667		2,372		350,941
Allowance for credit losses		196		424		840		1,460		165		398		645		1,208
Carrying value	$	339,321	$	27,347	$	2,063	$	368,731	$	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 October 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	$	31,009	$	202	$	–	$	31,211	$	30,865	$	–	$	–	$	30,865
Low		21,075		751		–		21,826		20,686		12		–		20,698
Medium		12,886		78		–		12,964		13,053		38		–		13,091
High		10,331		5,659		–		15,990		10,535		4,843		–		15,378
Very high		35		2,651		–		2,686		76		2,743		–		2,819
Loans not graded (2)		22,465		2,354		–		24,819		20,482		1,929		–		22,411
Default		–		–		1,071		1,071		–		–		1,117		1,117
Total		97,801		11,695		1,071		110,567		95,697		9,565		1,117		106,379
Allowance for credit losses		613		1,215		604		2,432		544		1,154		621		2,319
Carrying value	$	97,188	$	10,480	$	467	$	108,135	$	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 October 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	$	2,646	$	2	$	–	$	2,648	$	2,382	$	3	$	–	$	2,385
Low		3,171		11		–		3,182		2,872		25		–		2,897
Medium		4,792		26		–		4,818		4,631		55		–		4,686
High		3,210		1,942		–		5,152		3,069		1,880		–		4,949
Very high		20		1,204		–		1,224		16		1,028		–		1,044
Loans not graded (1)		582		439		–		1,021		895		518		–		1,413
Default		–		–		–		–		–		–		–		–
Total		14,421		3,624		–		18,045		13,865		3,509		–		17,374
Allowance for credit losses		338		1,017		–		1,355		288		872		–		1,160
Carrying value	$	14,083	$	2,607	$	–	$	16,690	$	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 October 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	$	126,681	$	255	$	–	$	126,936	$	115,396	$	2	$	–	$	115,398
Low		22,102		71		–		22,173		17,947		26		–		17,973
Medium		9,569		13		–		9,582		8,128		22		–		8,150
High		4,047		631		–		4,678		3,490		505		–		3,995
Very high		14		351		–		365		10		305		–		315
Loans not graded (1)		9,039		2,049		–		11,088		12,634		2,749		–		15,383
Default		–		–		–		–		–		–		–		–
Carrying value	$	171,452	$	3,370	$	–	$	174,822	$	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.

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Total retail loans	As at October 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	$	380,241	$	4,442	$	–	$	384,683	$	359,808	$	3,267	$	–	$	363,075
Low		130,103		5,653		–		135,756		119,849		3,688		–		123,537
Medium		43,117		8,735		–		51,852		45,017		2,187		–		47,204
High		20,590		14,239		–		34,829		19,655		12,508		–		32,163
Very high		117		7,376		–		7,493		115		6,890		–		7,005
Loans not graded (2)		49,023		6,015		–		55,038		52,625		6,810		–		59,435
Default		–		–		3,974		3,974		–		–		3,489		3,489
Total		623,191		46,460		3,974		673,625		597,069		35,350		3,489		635,908
Allowance for credit losses		1,147		2,656		1,444		5,247		997		2,424		1,266		4,687
Carrying value	$	622,044	$	43,804	$	2,530	$	668,378	$	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 October 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
Investment grade	$	138,789	$	1,482	$	–	$	140,271	$	146,999	$	1,829	$	–	$	148,828
Non-Investment grade		121,999		7,169		–		129,168		124,749		8,800		–		133,549
Watch list		7		4,468		–		4,475		10		4,819		–		4,829
Loans not graded (2)		2,485		36		–		2,521		2,190		25		–		2,215
Default		–		–		3,270		3,270		–		–		3,250		3,250
Total		263,280		13,155		3,270		279,705		273,948		15,473		3,250		292,671
Allowance for credit losses		713		606		897		2,216		586		475		788		1,849
Carrying value	$	262,567	$	12,549	$	2,373	$	277,489	$	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 October 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
Investment grade	$	242,637	$	1,101	$	–	$	243,738	$	243,635	$	1,124	$	–	$	244,759
Non-investment grade		60,136		1,841		–		61,977		59,572		2,894		–		62,466
Watch list		–		1,007		–		1,007		–		1,142		–		1,142
Loans not graded (2)		4,593		1		–		4,594		3,921		–		–		3,921
Default		–		–		31		31		–		–		32		32
Total		307,366		3,950		31		311,347		307,128		5,160		32		312,320
Allowance for credit losses		141		34		–		175		153		33		–		186
Carrying value	$	307,225	$	3,916	$	31	$	311,172	$	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 October 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
Investment grade	$	381,426	$	2,583	$	–	$	384,009	$	390,634	$	2,953	$	–	$	393,587
Non-investment grade		182,135		9,010		–		191,145		184,321		11,694		–		196,015
Watch list		7		5,475		–		5,482		10		5,961		–		5,971
Loans not graded (2)		7,078		37		–		7,115		6,111		25		–		6,136
Default		–		–		3,301		3,301		–		–		3,282		3,282
Total		570,646		17,105		3,301		591,052		581,076		20,633		3,282		604,991
Allowance for credit losses		854		640		897		2,391		739		508		788		2,035
Carrying value	$	569,792	$	16,465	$	2,404	$	588,661	$	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.

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(g)	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.


	2025 (2)								2024 (2)
As at October 31 ($ millions)	31 - 60 days		61 - 90 days		91 days and greater (3)		Total		31 - 60 days		61 - 90 days		91 days and greater (3)		Total
Residential mortgages	$	1,603	$	767	$	–	$	2,370	$	1,418	$	718	$	–	$	2,136
Personal loans		691		353		–		1,044		647		343		–		990
Credit cards		289		189		430		908		242		172		398		812
Business and government		238		104		–		342		192		48		–		240
Total	$	2,821	$	1,413	$	430	$	4,664	$	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)	For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular aging of the loans resumes, after the end of the deferral period.

(3)	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.

(h)	Purchased credit-impaired loans

Certain financial assets including loans are credit-impaired on initial recognition either through acquisition or origination. The following table provides details of such assets:


As at October 31 ($ millions)	2025			2024
Unpaid principal balance (1)	$	224		$	243
Credit-related fair value adjustments		(24	)		(29	)
Carrying value		200			214
Stage 3 allowance		(1	)		(1	)
Carrying value net of related allowance	$	199		$	213

(1)	Represents principal amount owed net of write-offs.

13	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 primarily sold to Canada Housing Trust (the Trust), a government sponsored entity, under the Canada Mortgage Bond (CMB) program, and/or third-party investors. The Trust issues securities to third-party investors.

Under the mortgage sale programs described above, certain transactions did not meet the derecognition requirements, as the Bank retains the

pre-payment

and interest rate risk associated with the mortgages. These risks represent substantially all of the risks and rewards associated with the transferred assets, and accordingly, the mortgages continue to be recognized on the Bank’s balance sheet.

However, certain mortgage transactions qualified for derecognition, as substantially all risks and rewards of ownership were transferred to third parties. During the year ended October 31, 2025, the Bank sold and derecognized $4,550 million (2024 – $8,486 million) of these mortgages. The Bank retains residual interests in the derecognized mortgages, representing its continuing involvement. As at October 31, 2025, the carrying value of these retained interests was $365 million (2024 – $491 million).

The transferred mortgages continue to be recognized on the Consolidated Statement of Financial Position as residential mortgage loans. Cash proceeds received from the transfer are treated as secured borrowings and included in Deposits – Business and government on the Consolidated Statement of Financial Position.

The following table provides the carrying amount of transferred assets that do not qualify for derecognition and the associated liabilities:


As at October 31 ($ millions)	2025 (1)		2024 (1)
Assets
Carrying value of residential mortgage loans	$	8,759	$	11,190
Other related assets (2)		6,868		7,202
Liabilities
Carrying value of associated liabilities		15,531		17,923

(1)	The fair value of the transferred assets is $15,298 (2024 – $18,092) and the fair value of the associated liabilities is $15,593 (2024 – $17,692), for a net position of $(295) (2024 – $400).

(2)	These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs.

Securitization of credit card receivables 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 credit card loans and personal loans. For further details, refer to Note 14.

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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 assets 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 October 31 ($ millions)	2025 (1)		2024 (1)
Carrying value of assets associated with:
Repurchase agreements (2)	$	174,010	$	174,334
Securities lending agreements		78,548		58,477
Total		252,558		232,811
Carrying value of associated liabilities (3)	$	189,144	$	190,449

(1)	The fair value of transferred assets is $252,558 (2024 – $232,811) and the fair value of the associated liabilities is $189,144 (2024 – $190,449), for a net position of $63,414 (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. For securities received as collateral, refer to Note 34(a)(iv).

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. For further details, refer to Note 14.

14	Structured Entities

(a)	Consolidated structured entities

U.S. multi-seller conduit

The Bank-sponsored U.S. multi-seller conduit purchases high-quality financial assets from independent third parties (the sellers) funded by the issuance of highly rated asset-backed commercial paper. The sellers continue to service the financial assets and provide credit enhancements through overcollateralization protection and cash reserves.

Each asset purchased by the conduit has a deal-specific liquidity facility provided by the Bank in the form of a Liquidity Asset Purchase Agreement (LAPA). The primary purpose of the LAPA is to provide an alternative source of financing in the event the conduit is unable to access the asset-backed commercial paper market. The administration agent can require the Bank in its capacity as liquidity provider to purchase an interest in the related assets owned by the conduit. The Bank is not obligated to perform under the LAPA agreements in the event the conduit itself is insolvent.

The Bank’s liquidity agreements with the conduit call for the Bank to fund full par value of the assets, including defaulted assets, if any, of the conduit. This facility is available to absorb the losses on defaulted assets, if any, in excess of losses absorbed by deal-specific seller credit enhancements. Further, the Bank holds the subordinated note issued by the conduit.

The Bank’s exposure from the U.S. conduit through the LAPA, including the obligation to purchase defaulted assets and investment in the conduit’s subordinated note, give the Bank the obligation to absorb losses that could potentially be significant to the conduit, which in conjunction with power to direct the conduit’s activities, result in the Bank consolidating the U.S. multi-seller conduit.

The conduit’s assets of $14 billion (2024 – $11 billion) are primarily included in Business and government loans on the Bank’s Consolidated Statement of Financial Position.

There are contractual restrictions on the ability of the Bank’s consolidated U.S. multi-seller conduit to transfer funds to the Bank. The Bank is restricted from accessing the conduit’s assets under the relevant arrangements. The Bank has no rights to the assets owned by the conduit. In the normal course of business, the assets of the conduit can only be used to settle the obligations of the conduit.

Bank funding vehicles and capital vehicles

The Bank uses funding and capital vehicles to facilitate cost-efficient financing of its own operations, including the issuance of covered bonds and notes. Activities of funding structured entities are generally limited to holding an interest in a pool of assets or receivables generated by the Bank. Capital vehicles include Scotiabank LRCN Trust which was established in connection with the Bank’s issuance of qualifying regulatory capital instruments. These structured entities are consolidated due to the Bank’s decision-making power and ability to use that power to affect the returns.

Covered bonds

The Bank has a registered covered bond program through which it issues debt that is guaranteed by Scotiabank Covered Bond Guarantor Limited Partnership (the “LP”). Under this program, the LP purchases uninsured residential mortgages from the Bank, which it acquires with funding provided by the Bank.

As at October 31, 2025, $46.7 billion (2024 – $47.0 billion) covered bonds were outstanding and included in Deposits – Business and government on the Consolidated Statement of Financial Position. The Bank’s outstanding covered bonds are denominated in U.S. dollars, British pounds, Swiss francs, Euros, Canadian Dollars, and Norwegian Kroner. As at October 31, 2025, assets pledged in relation to these covered bonds were uninsured residential mortgages denominated in Canadian dollars of $44.8 billion (2024 – $48.0 billion). These figures exclude activities in connection with covered bonds held by the Bank and that are eliminated upon consolidation.

Credit card receivables securitization trust

The Bank securitizes a portion of its Canadian credit card receivables through a Bank-sponsored structured entity. This entity issues senior and subordinated notes to third-party investors and the proceeds of such issuance are used to purchase

co-ownership

interests in credit card receivables originated by the Bank. Recourse of the note holders is limited to the purchased interest.

The Bank is responsible for servicing the transferred credit card receivables as well as performing administrative functions for this entity. As at October 31, 2025, U.S.$2.3 billion ($3.2 billion Canadian dollar equivalent) (2024 – U.S.$2.4 billion, $3.3 billion Canadian dollar equivalent) Class A notes; and U.S.$196 million ($274 million Canadian dollar equivalent) (2024 – U.S.$209 million, $291 million Canadian dollar equivalent) subordinated Class B and Class C notes were outstanding and included in Deposits – Business and government on the Consolidated Statement of Financial Position.

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As at October 31, 2025, assets pledged in relation to the offered and retained notes were credit card receivables, denominated in Canadian dollars, of $ 3.6 billion (2024 – $3.8 billion).

Auto loan receivables securitization trusts

The Bank securitizes a portion of its Canadian auto loan receivables through its Securitized Term Auto Receivables Trust program (SSTRT) and Securitized Term Auto Loan Receivables Trust

2025-A

(START

2025-

A), Bank sponsored consolidated structured entities. The structured entities issue 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.

As at October 31, 2025, U.S. $301 million ($423 million Canadian dollar equivalent) (

October 31, 2024 – nil)

offered notes that were issued to third party investors were outstanding and included in Deposits – Business and government on the Consolidated Statement of Financial Position.

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 at October 31, 2025, assets pledged in relation to the offered and retained notes were Canadian auto loan receivables, denominated in Canadian dollars of $

4,488 million (2024 – nil).

Scotiabank LRCN Trust

The Bank sponsors the Scotiabank LRCN Trust established in connection with the issuance of limited recourse capital notes. As at October 31, 2025, $8.4 billion (2024 – $5.5 billion)

of externally-issued limited recourse capital notes were outstanding and included in Preferred shares and other equity instruments on the Consolidated Statement of Financial Position. Refer to Note 23(b) – Preferred shares and other equity instruments for further information.

Other

Assets of other consolidated structured entities are comprised of securities, deposits with banks and other assets to meet the Bank’s and customer needs.

(b)	Unconsolidated structured entities

The following table provides information about other structured entities which the Bank does not control and therefore does not consolidate.


	As at October 31, 2025
($ millions)	Canadian multi-seller conduits that the Bank administers			Structured finance entities		Other funding vehicles		Total
Total assets on structured entity’s financial statements	$	6,971		$	22,746	$	2,575	$	32,292
Assets recognized on the Bank’s financial statements:
Trading assets		26			709		–		735
Investment securities		–			786		–		786
Loans (1)		–			8,546		–		8,546
Other		–			52		99		151
		26			10,093		99		10,218
Liabilities recognized on the Bank’s financial statements:
Deposits – Business and government		–			–		2,533		2,533
Other		–			–		43		43
		–			–		2,576		2,576
Bank’s maximum exposure to loss	$	6,997	(2)	$	22,670	$	71	$	29,738

	As at October 31, 2024
($ millions)	Canadian multi-seller conduits that the Bank administers			Structured finance entities		Other funding vehicles		Total
Total assets (on structured entity’s financial statements)	$	6,299		$	13,695	$	1,870	$	21,864
Assets recognized on the Bank’s financial statements:
Trading assets		8			306		–		314
Investment securities		–			842		–		842
Loans (1)		–			4,757		–		4,757
Other		–			35		93		128
		8			5,940		93		6,041
Liabilities recognized on the Bank’s financial statements:
Deposits – Business and government		–			–		1,842		1,842
Derivative financial instruments		–			–		28		28
		–			–		1,870		1,870
Bank’s maximum exposure to loss	$	6,307	(2)	$	11,469	$	76	$	17,852

(1)	Loan balances are presented net of allowance for credit losses.

(2)	Excludes up to a maximum amount of $1.6 billion (2024 – $1.4 billion) relating to backstop liquidity facilities provided by the Bank to these multi-seller conduits based on future asset purchases by these conduits.

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The Bank’s maximum exposure to loss represents the notional amounts of guarantees, liquidity facilities, and other credit support relationships with the structured entities, the credit risk amount for certain derivative contracts with the entities and the amount invested where the Bank holds an ownership interest in the structured entities. Of the aggregate amount of maximum exposure to loss as at October 31, 2025, the Bank has recorded $10.2 billion (2024 – $6.1 billion), primarily loans issued to structured entities, on the Consolidated Statement of Financial Position.

Canadian multi-seller conduits that the Bank administers

In 2025, the Bank established Temperance Street Funding Trust, a Canadian multi-seller conduit. The Bank sponsors a total of three Canadian multi-seller conduits. The conduits purchase assets from independent third parties (the sellers) funded by the issuance of asset-backed commercial paper. The sellers continue to service the assets and provide credit enhancements through overcollateralization protection and cash reserves. The Bank has no rights to these assets as they are available to support the obligations of the respective programs but manages the commercial paper selling programs for a fee. To ensure timely repayment of the commercial paper, each asset pool financed by the multi-seller conduits has a deal-specific LAPA or liquidity agreement (LA) with the Bank. Pursuant to the terms of the LAPA or LA, the Bank as the liquidity provider is obligated to purchase

non-defaulted

assets, transferred by the conduit at the conduit’s original cost as reflected in the table above. In most cases, the liquidity agreements do not require the Bank to purchase defaulted assets. Additionally, the Bank has not provided any program-wide credit enhancement to these conduits.

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.

Structured finance entities

The Bank has interests in structured entities used to assist corporate clients in accessing cost-efficient financing through their securitization structures. The Bank may act as an administrator, an investor or a combination of both in these types of structures.

The Bank provides senior credit facilities to unaffiliated structured entities that are established by third parties to acquire and/or originate loans for the purposes of issuing collateralized loan obligations (CLOs). These credit facilities benefit from subordinated capital provided by either the collateral manager or third-party investors via subordinated financing, capital injection or asset contribution. Subordinated capital represents the first loss tranche which absorbs losses prior to the Bank’s senior exposure. The Bank’s broker-dealer affiliate acts as the arranger and placement agent for the CLOs. Proceeds from the sale of the CLOs are used to repay the senior credit facilities. The Bank does not consolidate these entities as it does not have decision making power over their relevant activities, which include the acquisition and/or origination of loans and overall management of the underlying portfolio. As at October 31, 2025, the Bank has funded $8,114 million of the credit facilities provided to these structured entities (October 31, 2024 – $4,243 million).

Other

off-balance

sheet arrangements

Although the Bank has power over the relevant activities of these vehicles, it has limited exposure to variability in returns, which results in the Bank not consolidating these vehicles.

(c)	Other unconsolidated Bank-sponsored entities

The Bank sponsors unconsolidated structured entities including mutual funds, in which it has insignificant or no interest at the reporting date. The Bank is a sponsor when it is significantly involved in the design and formation at inception of the structured entities, and the Bank’s name is used by the structured entities to create an awareness of the instruments being backed by the Bank’s reputation and obligation. The Bank also considers other factors, such as its continuing involvement and obligations to determine if, in substance, the Bank is a sponsor.

As at October 31, 2025, the Bank earned $2,851 million (2024 – $2,547 million) in revenue from unconsolidated Bank-sponsored mutual fund entities.

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15	Property and Equipment


($ millions)	Land & Building			Equipment			Technology Assets			Leasehold Improvements			Right-of-use Assets			Total
Cost
Balance as at October 31, 2023	$	1,813		$	1,809		$	705		$	1,854		$	4,336		$	10,517
Additions		120			232			73			134			125			684
Disposals/Retirements		(149	)		(183	)		(155	)		(67	)		(77	)		(631	)
Foreign currency adjustments and other		(48	)		(78	)		10			(44	)		(43	)		(203	)
Balance as at October 31, 2024	$	1,736		$	1,780		$	633		$	1,877		$	4,341		$	10,367
Additions		194			144			88			117			210			753
Disposals/Retirements (1)		(481	)		(82	)		(25	)		(92	)		(118	)		(798	)
Foreign currency adjustments and other		(129	)		44			126			112			80			233
Balance as at October 31, 2025	$	1,320		$	1,886		$	822		$	2,014		$	4,513		$	10,555

Accumulated depreciation
Balance as at October 31, 2023	$	686		$	1,268		$	381		$	1,152		$	1,388		$	4,875
Depreciation		49			94			140			116			331			730
Disposals/Retirements		(50	)		(75	)		(145	)		(40	)		(62	)		(372	)
Foreign currency adjustments and other		(22	)		(26	)		(14	)		(40	)		(16	)		(118	)
Balance as at October 31, 2024	$	663		$	1,261		$	362		$	1,188		$	1,641		$	5,115
Depreciation		36			83			133			113			318			683
Disposals/Retirements		(44	)		(67	)		(17	)		(71	)		(107	)		(306	)
Foreign currency adjustments and other		28			1			77			40			36			182
Balance as at October 31, 2025	$	683		$	1,278		$	555		$	1,270		$	1,888		$	5,674

Net book value
Balance as at October 31, 2024	$	1,073		$	519		$	271		$	689		$	2,700		$	5,252	(2)
Balance as at October 31, 2025	$	637		$	608		$	267		$	744		$	2,625		$	4,881	(2)

(1)	Includes a net impairment loss recorded in Q1 2025 related to the agreement to sell the banking operations in Colombia, Costa Rica and Panama. Refer to Note 35 for details.

(2)	Includes $39 (2024 – $36) of investment property.

16	Investments in Associates

The Bank had significant investments in the following associates:


					2025							2024
As at October 31 ($ millions)	Country of incorporation		Nature of business		Ownership percentage			Date of financial statements (1)		Carrying value		Carrying value
KeyCorp (2)		United States		Banking		14.9	%		September 30, 2025	$	4,379	$	–
Bank of Xi’an Co. Ltd. (3)		China		Banking		18.1	%		September 30, 2025		729		658
Maduro & Curiel’s Bank N.V. (4)		Curacao		Banking		48.1	%		September 30, 2025		570		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 35 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 $

4,018

as at Oct 31, 2025. During the year, dividends received from KeyCorp of $140 were recognized as a reduction in the carrying value of the investment in associate.

(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 $617 (October 31, 2024 – $570). 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 October 31, 2025

these reserves amounted to $76 (2024 – $74).

Impairment testing of Bank of Xi’an Co. Ltd.

As at October 31, 2025, the market value of the Bank’s investment in Bank of Xi’an Co. Ltd. based on the quoted price on the Shanghai Stock Exchange continues to be below its carrying value. The Bank has been performing quarterly impairment testing on this investment due to the prolonged period in which its market value has remained below the carrying amount. The impairment test involves comparing the carrying value of the investment to its recoverable amount based on value in use (VIU). In estimating VIU, the Bank uses a discounted cash flows valuation model which incorporates key assumptions, including a

5-year

forecast of

after-tax

cash flows for the underlying entity, the estimated terminal growth rate beyond 5 years, and the applicable discount rate. As at October 31, 2025, the estimate of VIU was determined using a terminal growth rate of 2% (2024 – 2%) and an

after-tax

discount rate of 11% (2024 –12%).

Based on impairment testing performed using the VIU methodology, no impairment was determined to exist as at October 31, 2025. In the prior year, an impairment charge of $343 million ($309 million after-tax) was recorded in non-interest expenses – other in the Other operating segment, driven primarily by the continued weakening of the economic outlook in China.

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Summarized financial information

Summarized financial information of the Bank’s significant associates are as follows.


	For the twelve months ended (1)				As at October 31, 2025
($ millions)	Revenue		Net income		Total assets		Total liabilities
KeyCorp	$	8,873	$	1,305	$	262,850	$	234,656
Bank of Xi’an Co. Ltd.		2,009		517		108,567		100,773
Maduro & Curiel’s Bank N.V.		487		183		8,598		7,430

	For the twelve months ended (1)				As at October 31, 2024
($ millions)	Revenue		Net income		Total assets		Total liabilities
Bank of Xi’an Co. Ltd.	$	1,457	$	471	$	87,974	$	81,577
Maduro & Curiel’s Bank N.V.		457		170		8,057		6,959

(1)	Based on the most recent available financial statements.

17	Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amounts of goodwill by groups of cash-generating units (CGU) are as follows:


($ millions)	Canadian Banking		Global Wealth Management		Global Banking and Markets		Latin America			Caribbean and Central America			Total
Balance as at October 31, 2023	$	1,690	$	3,610	$	246	$	2,630		$	1,005		$	9,181
Acquisitions		–		–		–		–			–			–
Dispositions (1)		–		–		–		(92	)		–			(92	)
Foreign currency adjustments and other		–		4		–		(138	)		6			(128	)
Balance as at October 31, 2024		1,690		3,614		246		2,400			1,011			8,961
Acquisitions		–		–		–		–			–			–
Dispositions (2)		–		–		–		(195	)		(394	)		(589	)
Foreign currency adjustments and other		–		27		1		180			5			213
Balance as at October 31, 2025	$	1,690	$	3,641	$	247	$	2,385		$	622		$	8,585

(1)	In fiscal 2024, the Bank recorded a goodwill write-down of $92 million pre-tax within the Latin America CGU in relation to its agreement to sell CrediScotia Financiera, a subsidiary in Peru. Refer to Note 35 for details.

(2)	In the current year, the Bank recorded a goodwill write-down of $589 million pre-tax within the Latin America and Caribbean & Central America CGUs in relation to its agreement to sell banking operations in Colombia, Costa Rica and Panama. Refer to Note 35 for details.

Impairment testing of goodwill

Goodwill acquired in business combinations is allocated to each of the Bank’s groups of CGUs that are expected to benefit from the synergies of the particular acquisition. Goodwill is assessed for impairment annually or more frequently if events or circumstances occur that may indicate impairment.

The Bank determines the carrying values of its CGUs using a regulatory capital approach based on credit, market, operational risks and leverage, consistent with the Bank’s capital attribution for business line performance measurement. Corporate capital that is not directly attributable is allocated to each CGU on a proportional basis, based on the relative attributed capital prior to the corporate capital allocation. The resulting carrying amount determined for the CGU is then compared to its respective recoverable amount to identify any impairment.

Annual impairment testing for goodwill was performed as at July 31, 2025 and 2024, and no impairment was determined to exist. As of October 31, 2025 and 2024, there were no significant changes to this assessment.

Fair value less costs of disposal

For all CGUs, the recoverable amount was determined using the fair value less costs of disposal (FVLCD) method. In arriving at FVLCD, the Bank estimates the fair value of the CGU using price earnings (P/E) multiples applied to normalized net income for the last four quarters as of the test date, applies a control premium based on a weighted average of acquisition premiums paid globally in the banking industry over the past five years for comparable companies, and deducts the estimated costs of disposal. The fair value measurement is categorized as Level 3 due to significant inputs being unobservable. For the 2025 annual impairment test, P/E multiples ranging from 9.5 to 13 times (2024 – 11 to 11.5 times) were used.

The Bank has performed sensitivity analysis on the key assumptions used in estimating FVLCD. The estimate of reasonably possible changes to the key assumptions are based on available evidence in respect of each input, such as risks associated with the normalized net income projections, and range of P/E multiples observed externally. Reasonable negative changes in the net income outlook (decrease of 5%) or P/E multiples (decrease of 1x), each in isolation, holding other factors constant, would not result in impairment for all CGUs using the FVLCD method.

Value in use

In the prior year, the Latin America CGU’s recoverable amount was determined using the value in use (VIU) method. In estimating VIU, the Bank used a discounted cash flow valuation model based on a

5-year

forecast of

after-tax

cash flows, the estimated terminal growth rate beyond 5 years, and the applicable discount rate. The

5-year

cash flow forecast was based on management approved budgets and plans which consider market trends, macroeconomic conditions, forecasted earnings and the business strategy for the CGU. The terminal growth rate was based on long-term growth expectations in Latin America, and the discount rate was based on the cost of capital of comparable companies. For the 2024 annual impairment test, a terminal growth rate of 3% and a discount rate of 12% were used.

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The Bank performed sensitivity analysis on the key assumptions used in estimating the Latin America CGU’s VIU in the prior year. The estimate of reasonably possible changes to the key assumptions was based on available evidence in respect of each input such as historical performance against forecasts, risks associated with the underlying cash flow projections, and range of discount rates observed externally. Reasonable negative changes in any one key assumption, holding other factors constant, would not result in impairment for the Latin America CGU.

Intangible assets

Intangible assets consist of assets with indefinite and finite useful lives. Indefinite life intangible assets consist substantially of fund management contracts. The fund management contracts are for the management of open-ended funds. Finite life intangible assets include assets such as computer software, customer relationships and core deposit intangibles.


	Finite life						Indefinite life
($ millions)	Computer software			Other intangibles			Fund management contracts (1)		Other intangibles		Total
Cost
Balance as at October 31, 2023	$	5,639		$	1,815		$	4,415	$	163	$	12,032
Acquisitions		–			–			–		–		–
Additions		840			1			–		–		841
Impairment		(188	)		–			–		–		(188	)
Disposals/Retirements		(538	)		–			–		–		(538	)
Foreign currency adjustments and other		24			(22	)		–		–		2
Balance as at October 31, 2024	$	5,777		$	1,794		$	4,415	$	163	$	12,149
Acquisitions		–			–			–		–		–
Additions		637			–			–		–		637
Impairment (2)		(199	)		–			–		–		(199	)
Disposals/Retirements		(170	)		(36	)		–		–		(206	)
Foreign currency adjustments and other		390			20			–		–		410
Balance as at October 31, 2025	$	6,435		$	1,778		$	4,415	$	163	$	12,791
Accumulated amortization
Balance as at October 31, 2023	$	2,566		$	1,454		$	–	$	–	$	4,020
Amortization		958			72			–		–		1,030
Impairment		(91	)		–			–		–		(91	)
Disposals/Retirements		(614	)		–			–		–		(614	)
Foreign currency adjustments and other		(75	)		(13	)		–		–		(88	)
Balance as at October 31, 2024	$	2,744		$	1,513		$	–	$	–	$	4,257
Amortization		828			68			–		–		896
Impairment (2)		(9	)		–			–		–		(9	)
Disposals/Retirements		(32	)		(36	)		–		–		(68	)
Foreign currency adjustments and other		113			18			–		–		131
Balance as at October 31, 2025	$	3,644		$	1,563		$	–	$	–	$	5,207
Net book value
As at October 31, 2024	$	3,033	(3)	$	281		$	4,415	$	163	$	7,892
As at October 31, 2025	$	2,791	(3)	$	215		$	4,415	$	163	$	7,584

(1)	Fund management contracts are attributable to the previously acquired Dynamic Funds business (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited.

(2)	In the current year, the Bank recognized an impairment loss of $ 165 million pre-tax in relation to its agreement to sell banking operations in Colombia, Costa Rica and Panama. Refer to Note 35 for details.

(3)	Computer software comprises purchased software of $262 (2024 – $194), internally generated software of $1,633 (2024 – $1,939), and in process software not subject to amortization of $896 (2024 – $900).

Impairment testing of intangible assets

Indefinite life intangible assets are not amortized and are assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Impairment is assessed by comparing the carrying value of the indefinite life intangible asset to its recoverable amount. The recoverable amount of fund management contracts is based on a VIU approach using the multi-period excess earnings method. This approach uses cash flow projections from management-approved financial budgets, which include key assumptions related to market appreciation, net sales of funds, and operating margins, taking into consideration past experience and market expectations. The forecast cash flows cover a

5-year

period, with a terminal growth rate of 4.5% (2024 – 4.5%) applied thereafter. These cash flows have been discounted at 10% (2024 – 10%). Fund management contracts were assessed for annual impairment using data as at July 31, 2025 and 2024, and no impairment was determined to exist. As of October 31, 2025 and 2024, there were no significant changes to this assessment. In addition, reasonable negative changes in any one key assumption, holding other factors constant, would not result in impairment.

Finite life intangible assets are only assessed for impairment if events or circumstances indicate that the asset may be impaired. When required, impairment is assessed by comparing the carrying value of the finite life intangible asset to its recoverable amount, which is generally determined using a VIU approach. In fiscal 2024, computer software with a net book value of $97 million was assessed as impaired.

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18	Other Assets


As at October 31 ($ millions)	2025		2024
Accrued interest	$	4,969	$	5,352
Accounts receivable and prepaids		2,750		2,118
Current tax assets		2,649		2,374
Margin deposits on derivatives		13,304		9,976
Segregated fund assets		1,006		1,231
Pension assets (Note 27)		1,036		684
Receivable from brokers, dealers and clients		4,597		3,244
Other		5,056		5,322
Total	$	35,367	$	30,301

Deposits


	2025										2024
	Payable on demand (1)
As at October 31 ($ millions)	Interest- bearing		Non-interest- bearing		Payable after notice (2)		Payable on a fixed date (3)		Total
Personal	$	38,089	$	10,892	$	124,057	$	128,680	$	301,718	$	298,821
Business and government		197,177		33,094		68,673		328,723		627,667		600,114
Financial institutions		10,754		967		4,068		21,105		36,894		44,914
Total	$	246,020	$	44,953	$	196,798	$	478,508	$	966,279	$	943,849
Recorded in:
Canada	$	160,504	$	23,892	$	180,349	$	327,855	$	692,600	$	686,817
United States		47,431		101		4,563		49,400		101,495		90,442
United Kingdom		–		–		367		33,679		34,046		27,091
Mexico		13,893		7,339		–		17,859		39,091		36,751
Peru		11,159		7		1,908		6,843		19,917		17,710
Chile		1,310		5,347		142		16,336		23,135		23,232
Colombia		3,140		552		548		6,168		10,408		8,102
Other International		8,583		7,715		8,921		20,368		45,587		53,704
Total (4)	$	246,020	$	44,953	$	196,798	$	478,508	$	966,279	$	943,849

(1)	Deposits payable on demand include deposits for which the Bank may not have the right to notice of withdrawal, generally chequing accounts.

(2)	Deposits payable after notice include deposits for which the Bank may require 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)

Deposits denominated in U.S. dollars amount to $297,065 (2024 – $295,316), deposits denominated in Chilean pesos amount to $20,053 (2024 – $19,271), deposits denominated in Mexican pesos amount to $35,941 (2024 – $34,416) and deposits denominated in other foreign currencies amount to $117,530 (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 October 31, 2025	$	54,287	$	37,607	$	57,519	$	109,573	$	15,165	$	274,151
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.

20	Subordinated Debentures

These debentures are direct, unsecured obligations of the Bank and are subordinate to the claims of the Bank’s depositors and other creditors. The Bank, where appropriate, enters into interest rate and cross-currency swaps to hedge the related risks.


As at October 31 ($ millions)				2025		2024
Maturity date	Interest rate (%)		Terms (1)	Carrying value (2)		Carrying value (2)
June 2025		8.900	On June 20, 2025, all $250 million of outstanding 8.900% subordinated debentures matured. The principal plus accrued interest were paid to noteholders on the maturity date.	$	–	$	251
December 2025 (3)		4.500	U.S.$1,250 million. Interest will be payable semi-annually in arrears on June 16 and December 16 of each year, until maturity in December 2025 .		1,753		1,740
May 2032 (3)		3.934	Redeemable on or after May 3, 2027. After May 3, 2027, interest will be payable quarterly at the then prevailing three-month bankers’ acceptance rate plus 1.520 % subject to applicable benchmark fallback considerations.		1,744		1,713
December 2032 (3)		1.800	JPY 33,000 million. Redeemable on December 20, 2027. After December 20, 2027, interest will be payable semi-annually at the reference Japanese Government Bond rate plus 1.681% on the reset date.		300		301
August 2033 (3)		5.679	Redeemable on or after August 2, 2028. After August 2, 2028, interest will be payable at an annual rate equal to Daily Compounded CORRA plus 2.100%.		1,026		1,016
December 2033 (3)		1.830	JPY 12,000 million. Redeemable on December 1, 2028. After December 1, 2028, interest rate on the debentures will be reset to the prevailing yield of Japanese Government Bond rate plus 1.477% on the reset date.		109		110
August 2034 (3)		4.959	Redeemable on or after August 1, 2029. After August 1, 2029, interest will be payable at Daily Compounded CORRA plus 1.550%.		1,034		998
May 2037 (3)		4.588	U.S.$1,250 million. Redeemable between April 12, 2027, and May 4, 2032. On May 4, 2032, interest will reset at the then prevailing 5-year U.S. treasury rate plus 2.050%.		1,726		1,704
				$	7,692	$	7,833

(1)	In accordance with the provisions of the Capital Adequacy Guideline of the Superintendent, all redemptions are subject to regulatory approval and subject to the terms in the relevant prospectus.

(2)	The carrying value of subordinated debentures may differ from par value due to the impact of fair value hedges used for managing interest rate risk and subordinated debentures held for market-making purposes.

(3)

These debentures contain

non-viability

contingent capital (NVCC) provisions. Under such NVCC provisions, outstanding debentures are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be

non-viable.

If such a conversion were to occur, the debentures would be converted into common shares pursuant to an automatic conversion formula defined as 150% of the par value plus accrued and unpaid interest divided by the conversion price and, where applicable, subject to translation at foreign exchange rates in effect at the time of conversion. The conversion price is based on the greater of: (i) a floor price of $5.00 (subject to adjustments in certain events as set out in the respective prospectus supplements), and (ii) the current market price of the Bank’s common shares at the time of the trigger event

(10-day

weighted average).

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21	Other Liabilities


As at October 31 ($ millions)	2025		2024
Accrued interest	$	6,856	$	7,840
Lease liabilities (1)		2,955		2,982
Accounts payable and accrued expenses		9,151		8,133
Current tax liabilities		942		1,070
Deferred tax liabilities (Note 26)		1,414		1,397
Gold and silver certificates and bullion		757		578
Margin and collateral accounts		8,883		8,186
Segregated fund liabilities		1,007		1,231
Payables to brokers, dealers and clients		1,843		798
Provisions (Note 22)		668		411
Allowance for credit losses on off-balance sheet exposures (Note 12)		175		186
Pension liabilities (Note 27)		535		523
Other liabilities of subsidiaries and structured entities		22,665		22,104
Other		9,011		7,589
Total	$	66,862	$	63,028

(1)	Represents discounted value of lease liabilities.

The table below sets out a maturity analysis of undiscounted lease liabilities showing the lease payments to be made after the reporting date:


As at October 31 ($ millions)	2025		2024
Within 1 year	$	393	$	410
1 to 2 years		405		404
2 to 3 years		390		401
3 to 4 years		387		381
4 to 5 years		376		358
After 5 years		2,023		1,677
Total	$	3,974	$	3,631

22	Provisions


($ millions)
As at November 1, 2023	$	573
Provisions made during the year		203
Provisions utilized / released during the year		(365	)
Balance as at October 31, 2024	$	411
Provisions made during the year		422
Provisions utilized / released during the year		(165	)
Balance as at October 31, 2025	$	668

Restructuring Charge

In Q4 2025, the Bank recorded a restructuring charge and severance provisions as well as other related charges of $

373 million ($270 million after-tax) primarily related to workforce reductions across its global operations. These amounts reflect actions taken by the Bank to simplify its organizational structure in Canadian Banking, restructure and right-size Asia operations in Global Banking and Markets and regionalize activities across its international footprint. Of these amounts, which were all recorded in the Other operating segment, $272 million was included in other liabilities – provisions as at October 31, 2025.

Legal

In the ordinary course of business, the Bank and its subsidiaries are and have been subject to a variety of pending and threatened legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits, and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulatory enforcement or criminal penalties. The Bank reviews the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as the Bank believes to be in its best interest. In view of the inherent difficulty of predicting the outcome of such matters, the Bank cannot state what the eventual outcome of such matters will be. However, based on current knowledge, management does not believe that liabilities, if any, arising from pending litigation or regulatory proceedings will have a material adverse effect on the consolidated financial statements for the year ended October 31, 2025 or results of operations of the Bank.

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As such, there is a possibility that the ultimate resolution of those legal actions may be material to the Bank’s consolidated results of operations for any particular reporting period.

non-interest

23	Common shares, preferred shares and other equity instruments

(a)	Common shares

Authorized:

An unlimited number of common shares without nominal or par value.

Issued and fully paid:


	2025						2024
As at October 31 ($ millions)	Number of shares			Amount			Number of shares			Amount
Outstanding at beginning of year		1,244,435,686		$	22,054			1,214,044,420		$	20,109
Issued in relation to share-based payments, net (Note 25)		2,709,942			210			497,930			37
Issued in relation to the Shareholder Dividend and Share Purchase Plan (1)		–			–			29,893,336			1,908
Repurchased for cancellation under the Normal Course Issuer Bid		(10,839,890	)		(197	)		–			–
Outstanding at end of year		1,236,305,738	(2)	$	22,067			1,244,435,686	(2)	$	22,054

(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.

(2)

In the normal course of business, the Bank’s regulated Dealer subsidiary purchases and sells the Bank’s common shares to facilitate trading/institutional client activity. During fiscal 2025, the number of such shares bought was 30,855,084 and sold was 30,855,333 (2024 – 26,564,849 bought and 26,566,901 sold).

Dividend

The dividends paid on common shares in fiscal 2025 and 2024 were $5,369 million ($4.32 per share) and $5,198 million ($4.24 per share), respectively. The Board of Directors approved a quarterly dividend of $1.10 per common share at its meeting on December 1, 2025. This quarterly dividend applies to shareholders of record at the close of business on January 6, 2026, and is payable January 28, 2026. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.

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.

During the year ended October 31, 2025, the

ank repurchased and cancelled approximately 10.8 million common shares at an average price of $82.57 per share for a total amount of $913 million, including

ax.

Non-viability

Contingent Capital

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, and NVCC preferred shares as at October 31, 2025 would be 4,863 million common shares (2024 – 4,582 million common shares) based on the floor price and excluding the impact of any accrued and unpaid interest and any declared but unpaid dividends (refer to Note 20 – Subordinated debentures and Note 23(b) – Preferred shares and other equity instruments for further details).

(b)	Preferred shares and other equity instruments

Preferred shares

Authorized:

An unlimited number of preferred shares without nominal or par value. There are currently no preferred shares outstanding.

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Other equity instruments

Other equity instruments are comprised of NVCC additional Tier 1 qualifying regulatory capital notes:


															2025				2024
First issue date/ Series number	Notional Amount (millions)		Next reset date		Interest rate			Interest rate after reset			Next redemption date		Redemption frequency after reset (1)		Amount (millions)		Distributions paid per Note (2)		Amount (millions)		Distributions paid per Note (2)
Subordinated Additional Tier 1 Capital Notes (3)(4)
October 12, 2017 (5)	U.S.$	1,250		January 12, 202 6		6.821	%		SOFR +2.90961	(5) %		January 12, 202 6		Quarterly	$	1,560	U.S.$	73.88	$	1,560	U.S.$	83.86
June 4, 2020 (6)		–				4.900	%								$	–	U.S.$	36.75	$	1,689	U.S.$	49.00

Limited Recourse Capital Notes (3)(7)
Series 1 (8)	$	1,250		July 27, 2026		3.700	%		GOC +2.761	(9) %		June 27, 2026		Every five years	$	1,250	$	37.00	$	1,250	$	37.00
Series 2 (10)	U.S.$	600		October 27, 2026		3.625	%		UST +2.613	(11) %		October 27, 2026		Quarterly	$	753	U.S.$	36.25	$	753	U.S.$	36.25
Series 3 (12)	$	1,500		July 27, 2027		7.023	%		GOC +3.950	(9) %		June 27, 2027		Every five years	$	1,500	$	70.23	$	1,500	$	70.23
Series 4 (13)	U.S.$	750		October 27, 2027		8.625	%		UST +4.389	(11) %		October 27, 2027		Quarterly	$	1,023	U.S.$	86.25	$	1,023	U.S.$	86.25
Series 5 (14)	U.S.$	750		January 27, 2029		8.000	%		UST +4.017	(11) %		January 27, 2029		Quarterly	$	1,004	U.S.$	80.00	$	1,004	U.S.$	63.33
Series 6 (15)	U.S.$	1,000		April 27, 2030		7.350	%		UST +2.903	(11) %		April 27, 2030		Quarterly	$	1,453	U.S.$	54.51	$	–	$	–
Series 7 (16)	U.S.$	1,000		October 27, 2035		6.875	%		UST +2.734	(11) %		October 27, 2035		Quarterly	$	1,396	U.S.$	–	$	–	$	–
Total other equity instruments															$	9,939			$	8,779

(1)

Each security is redeemable at the sole discretion of the Bank on the first reset date and every quarter or five years, as applicable, thereafter. Limited Recourse Capital Notes (LRCN) Series 1 and Series 3 are also redeemable in the one month period preceding each reset date. The securities are also redeemable following a regulatory or tax event, as described in the offering documents. All redemptions are subject to regulatory consent and occur at a redemption price of par plus accrued and unpaid interest (unless canceled, where applicable).

(2)	Distributions paid from November 1 to October 31 in the relevant fiscal year per face amount of $1,000 or U.S.$1,000, as applicable.

(3)	The securities rank pari passu to each other and are the Bank’s direct unsecured obligations, ranking subordinate to Bank’s other subordinated indebtedness.

(4)	While interest is payable on the securities when it becomes due, the Bank may, at its sole discretion and with notice, cancel interest payments. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.

(5)	CME 3-month Term SOFR.

(6)

On June 4, 2025, the Bank redeemed US $1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital 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 million recorded in Retained Earnings.

(7)

Interest on LRCN is

non-deferrable,

however,

non-payment

of interest that is not cured within

five business days

results in a Recourse Event. A Recourse Event of the respective Series occurs if (a) there is

non-payment

in cash by the Bank of the principal amount, together with any accrued and unpaid interest, on the maturity date, (b) there is

non-payment

in cash of interest which is not cured within 5 business days, (c) there is

non-payment

in cash of the redemption price in connection with the redemption of the LRCNs, (d) an event of default occurs (i.e. bankruptcy, insolvency, or liquidation of the Bank), or (e) there is an NVCC Trigger Event. Upon the occurrence of a Recourse Event, the noteholder’s sole recourse will be limited to their proportionate share of the Series’ respective assets held in Scotiabank LRCN Trust, a consolidated entity, which consist initially of the respective AT1 Notes or, following an NVCC Trigger Event, common shares. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.

(8)

On June 15, 2021, the Bank issued $1,250 million 3.70% Fixed Rate Resetting Limited Recourse Capital Notes Series 1 (NVCC) (“LRCN Series 1”). In connection with the issuance of LRCN Series 1, the Bank issued $1,250 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 1 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(9)	The then-prevailing five-year Government of Canada yield.

(10)

On October 7, 2021, the Bank issued U.S.$600 million 3.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 2 (NVCC) (“LRCN Series 2”). In connection with the issuance of LRCN Series 2, the Bank issued U.S.$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(11)	The then-prevailing five-year U.S. Treasury Rate.

(12)

On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(13)

On October 25, 2022, the Bank issued U.S.$750 million 8.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 4 (NVCC) (“LRCN Series 4”). In connection with the issuance of LRCN Series 4, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 4 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(14)

On January 12, 2024, the Bank issued U.S.$750 million 8.000% Fixed Rate Resetting Limited Recourse Capital Notes Series 5 (NVCC) (“LRCN Series 5”). In connection with the issuance of LRCN Series 5, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 5 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(15)

On January 31, 2025, the Bank issued USD$1,000 million of 7.350% Fixed Rate Resetting Limited Recourse Capital Notes Series

6 (NVCC) (“LRCN Series 6”).

In connection with the issuance of LRCN Series 6, the Bank issued U.S.$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC)

(“the Series 6 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(16)

On September 29, 2025, the Bank issued USD$1,000 million of 6.875% Fixed Rate Resetting Limited Recourse Capital Notes Series

7 (NVCC) (“LRCN Series 7”).

In connection with the issuance of LRCN Series 7, the Bank issued U.S.$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC)

(“the Series 7 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

Contractual NVCC provisions contained in the Bank’s Subordinated Additional Tier 1 Capital Notes, including those issued to Scotiabank LRCN Trust as recourse assets in respect of the LRCNs, trigger conversion of these securities into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be

non-viable.

If such a conversion were to occur, outstanding Subordinated Additional Tier 1 Capital Notes (NVCC), would be converted into common shares pursuant to an automatic conversion formula defined as 125% of the par value plus accrued and unpaid interest divided by the conversion price. The conversion price is based on the greater of: (i) $5.00 (subject to adjustments in certain events and converted to U.S. dollar-equivalent, where applicable, each as set out in their respective prospectus supplements), and (ii) the current market price of the Bank’s common shares at the time of the trigger event

(10-day

weighted average and converted to U.S. dollar-equivalent, where applicable). U.S. dollar equivalents of the floor price and the current market price, where applicable, are based on the CAD/USD exchange rate on the day prior to the trigger event.

The notes above have been determined to be compound instruments that have both equity and liability features. At inception, the fair value of the liability component is initially measured with any residual amount assigned to the equity component. On the respective dates of issuance, the Bank has assigned an insignificant value to each liability component of the notes and, as a result, the proceeds received upon issuance of the notes have been presented as equity.

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The Bank will continue to monitor events that could impact the value of the liability component.

During the year ended October 31, 2025, the Bank paid aggregate distributions on these notes of $506 million (2024 – $469 million), net of income taxes of $120 million (2024 – $93 million), based on exchange rates in effect on the payment dates, where applicable.

(c)	Restrictions on payment of dividends and retirement of shares

Under the Bank Act, the Bank is prohibited from declaring or paying any dividends on its common or preferred shares or redeeming, purchasing or otherwise retiring such shares when the Bank is, or would be placed by such a declaration or retirement, in contravention of the capital adequacy, liquidity or any other regulatory directives issued under the Bank Act.

In the event that applicable cash distributions on any of the Scotiabank Trust Securities are not paid on a regular distribution date, the Bank has undertaken not to pay dividends of any kind on its preferred or common shares until such distributions are made in full or the twelfth month following the

non-payment

of such distributions. Similarly, should the Bank fail to declare regular dividends on any of its directly issued and outstanding preferred or common shares, cash distributions will also not be made on any of the Scotiabank Trust Securities.

In the event that distributions are not paid in full on the Bank’s Subordinated Additional Tier 1 Capital Notes (NVCC), including those issued as recourse assets in respect of LRCNs to Scotiabank LRCN Trust where the trustee has not waived such distributions or no longer holds the respective AT1 Notes, the Bank has undertaken not to declare dividends on its common or preferred shares or redeem, purchase or otherwise retire such shares until the month commencing after such distributions have been made in full.

In the event that dividends to which preferred shareholders are then entitled have not been paid or sufficient funds have not been set aside to do so, the Bank has undertaken not to declare dividends on its common shares or redeem, purchase or otherwise retire its common shares.

Currently, the above limitations do not restrict the payment of dividends on or retirement of preferred or common shares.

24	Capital Management

The primary regulator over the Bank’s consolidated capital adequacy is the Office of the Superintendent of Financial Institutions, Canada (OSFI). The capital adequacy regulations in Canada are largely consistent with international standards set by the Basel Committee on Banking Supervision (BCBS). OSFI requires Canadian deposit-taking institutions to fully implement the Basel III reforms and achieve minimums of 7%, 8.5% and 10.5% for CET1, Tier 1 and Total Capital, respectively. OSFI has also designated the Bank as a domestic systemically important bank

(D-SIB),

increasing its minimum capital ratio requirements by 1% across all tiers of capital, in line with the requirements for global systemically important banks.

In addition, OSFI expects

D-SIBs

to hold a Domestic Stability Buffer (DSB). In December 2022

OSFI announced that the DSB will increase to 3.0% of total risk-weighted assets (RWA), effective February 1, 2023, and has increased the DSB’s range from 0% to 4.0%. In June 2023, OSFI announced that the DSB will increase to 3.5% of total RWA, effective November 1, 2023. In addition, in June 2025, OSFI maintained the DSB at 3.5% of RWA. OSFI’s minimum regulatory capital ratio requirements, including the

D-SIB

In addition to risk-based capital requirements, the Basel III reforms introduced a simpler, non risk-based Leverage ratio requirement to act as a supplementary measure to its risk-based capital requirements. Institutions are expected to maintain an operating buffer above the 3.5% minimum, including the

D-SIB

surcharge of 0.5%, effective Q2 2023.

The Bank’s regulatory capital ratios were as follows:


As at October 31 ($ millions)	2025			2024
Capital (1)
Common Equity Tier 1 capital	$	62,752		$	60,631
Net Tier 1 capital		72,790			69,499
Total regulatory capital		80,908			77,708
Total loss absorbing capacity (TLAC) (2)		138,049			137,752
Risk-weighted assets/exposures used in calculation of capital ratios
Risk-weighted assets (1)	$	474,453		$	463,992
Leverage exposures (3)		1,622,415			1,563,140
Regulatory ratios (1)
Common Equity Tier 1 capital ratio		13.2	%		13.1	%
Tier 1 capital ratio		15.3	%		15.0	%
Total capital ratio		17.1	%		16.7	%
Total loss absorbing capacity ratio (2)		29.1	%		29.7	%
Leverage ratio (3)		4.5	%		4.4	%
Total loss absorbing capacity leverage ratio (2)		8.5	%		8.8	%

(1)	The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2023).

(2)	This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).

(3)	The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023).

The Bank exceeded the OSFI regulatory minimum capital ratios as at October 31, 2025.

25	Share-Based Payments

(a)	Stock option plans

The Bank grants stock options as part of the Employee Stock Option Plan as well as stand-alone stock appreciation rights (SARs). Options to purchase common shares and/or to receive an equivalent cash payment, as applicable, may be granted to select employees at an exercise price of the higher of the closing price of the Bank’s common shares on the TSX on the trading day prior to the grant date or the volume weighted average trading price for the five trading days immediately preceding the grant date.

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Stock options granted vest 50% at the end of the third year and 50% at the end of the fourth year. Stock options are exercisable no later than 10 years after the grant date. In the event that the expiry date falls within an insider trading blackout period, the expiry date will be extended for 10 business days after the end of the blackout period. There is a total of 141 million common shares which have been reserved for issuance under the Bank’s Employee Stock Option Plan of which 120 million common shares have been issued as a result of the exercise of options and 11 million common shares are committed under outstanding options, leaving 11 million common shares available for issuance as options. Outstanding options expire on dates ranging from December 3, 2025 to December 12, 2034.

The cost of these options is recognized on a graded vesting basis except where the employee is eligible to retire prior to a tranche’s vesting date, in which case the cost is recognized between the grant date and the date the employee is eligible to retire.

The Stock Option Plan includes:

•	Stock options

Employee stock options granted are equity-classified stock options which call for settlement in shares.

The amount recorded in equity – other reserves for vested stock options as at October 31, 2025 was $124 million (2024 – $124 million).

In 2025, an expense of $15 million (2024 – $13 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income. As at October 31, 2025, future unrecognized compensation cost for

non-vested

stock options was $8 million (2024 – $10 million) which is to be recognized over a weighted-average period of 1.84 years (2024 – 2.03 years).

•	Stock appreciation rights

Stand-alone SARs are granted instead of stock options to select employees in countries where local laws may restrict the Bank from issuing shares. When a SAR is exercised, the Bank pays the appreciation amount in cash equal to the rise in the market price of the Bank’s common shares since the grant date.

During fiscal 2025, 119,316 SARs were granted (2024 – 81,414) and as at October 31, 2025, 485,684 SARs were outstanding (2024 – 570,156), of which 481,880 SARs were vested (2024 – 566,349).

The impact to the Bank’s consolidated financial statements of vested and outstanding SARs was not material.

Determination of fair values

The share-based payment expense for stock options was quantified using the Black-Scholes option pricing model on the date of grant. The fiscal 2025 and 2024 stock option grants were fair valued using the following weighted-average assumptions and resulting fair value per award:


	2025 Grant		2024 Grant
Assumptions
Risk-free interest rate %		2.77%		3.26%
Expected dividend yield		4.88%		4.47%
Expected price volatility		19.33%		19.76%
Expected life of option		6.84 Years		6.90 Years
Fair value
Weighted-average fair value	$	8.07	$	7.68

The risk-free rate is based on Canadian treasury bond rates interpolated for the maturity equal to the expected life until exercise of the options. Expected dividend yield is based on historical dividend payout. Expected price volatility is determined based on the historical volatility for compensation. For accounting purposes, an average of the market consensus implied volatility for traded options on our common shares and the historical volatility is used.

Details of the Bank’s Employee Stock Option Plan are as follows

(1)


	2025					2024
As at October 31	Number of stock options (000’s)			Weighted average exercise price		Number of stock options (000’s)			Weighted average exercise price
Outstanding at beginning of year		11,456		$	70.75		11,558		$	72.74
Granted		1,587			79.13		2,676			59.99
Exercised as options		(2,710	)		72.21		(498	)		66.04
Forfeited		(85	)		70.66		(600	)		70.34
Expired		(161	)		72.62		(1,680	)		68.84
Outstanding at end of year		10,087		$	71.65		11,456		$	70.75
Exercisable at end of year		3,333		$	75.39		4,737		$	73.10
Available for grant		10,562					11,902


	Options Outstanding						Options Exercisable
As at October 31, 2025	Number of stock options (000’s)		Weighted average remaining contractual life (years)		Weighted average exercise price		Number of stock options (000’s)		Weighted average exercise price
Range of exercise prices
$55.63 to $68.32		2,363		8.02	$	59.99		–	$	–
$68.33 to $74.34		4,423		5.43	$	70.17		2,313	$	71.62
$74.35 to $85.46		3,301		6.96	$	81.98		1,020	$	83.95
		10,087		6.54	$	71.65		3,333	$	75.39

(1)	Excludes SARs.

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(b)	Employee share ownership plans

Eligible employees can contribute up to a specified percentage of salary towards the purchase of common shares of the Bank. In general, the Bank matches

50-60%

of eligible contributions, depending on the region, up to a maximum dollar amount, which is expensed in salaries and employee benefits. During 2025, the Bank’s contributions totalled $94 million (2024 – $94 million). Contributions, which are used to purchase common shares in the open market, do not result in a subsequent expense to the Bank from share price appreciation.

As at October 31, 2025, an aggregate of 21 million common shares were held under the employee share ownership plans (2024 – 21 million). The shares in the employee share ownership plans are considered outstanding for computing the Bank’s basic and diluted earnings per share.

(c)	Other share-based payment plans

Other share-based payment plans use notional units that are valued based on the Bank’s common share price on the TSX. Most grants of units accumulate dividend equivalents in the form of additional units based on the dividends paid on the Bank’s common shares. These plans are settled in cash and, as a result, are liability-classified. Fluctuations in the Bank’s share price change the value of the units, which affects the Bank’s share-based payment expense. As described below, the value of the Performance Share Units also varies based on Bank performance. Upon exercise or redemption, payments are made to the employees with a corresponding reduction in the accrued liability.

In 2025, an aggregate expense of $394 million (2024 – $357 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income for these plans. This expense includes gains from derivatives used to manage the volatility of share-based payments of $345 million (2024 – $196 million

gains

As at October 31, 2025, the share-based payment liability recognized for vested awards under these plans was $1,446 million (2024 – $1,010 million).

Details of these other share-based payment plans are as follows:

Deferred Stock Unit Plan (DSU)

Under the DSU Plan, senior executives may elect to receive all or a portion of their cash bonus under the Annual Incentive Plan (which is expensed for the year awarded in salaries and employee benefits in the Consolidated Statement of Income) in the form of deferred stock units which vest immediately. In addition the DSU plan allows for eligible executives of the Bank to participate in grants that are not allocated from the Annual Incentive Plan election. These grants are subject to specific vesting schedules. Units are redeemable in cash only when an executive ceases to be a Bank employee, and must be redeemed by December 31 of the year following that event. As at October 31, 2025, there were 3,040,333 units (2024 – 2,732,877) awarded and outstanding of which 2,179,058 units were vested (2024 – 1,893,903).

Directors’ Deferred Stock Unit Plan (DDSU)

Under the DDSU Plan,

non-officer

directors of the Bank may elect to receive all or a portion of their fee for that fiscal year (which is expensed by the Bank in other expenses in the Consolidated Statement of Income) in the form of deferred stock units which vest immediately. Units are redeemable in cash, only following resignation or retirement, and must be redeemed by December 31 of the year following that event. As at October 31, 2025, there were 436,880 units outstanding (2024 – 420,889).

Restricted Share Unit Plan (RSU)

Under the RSU Plan, select employees receive an award of restricted share units which, for the majority of grants, vest at the end of three years. There are certain grants that provide for a graduated vesting schedule. Upon vesting, all RSU units are paid in cash to the employee. The share-based payment expense is recognized evenly over the vesting period except where the employee is eligible to retire prior to the vesting date in which case, the expense is recognized between the grant date and the date the employee is eligible to retire. As at October 31, 2025, there were 9,438,970 units (2024 – 8,478,453) awarded and outstanding of which 6,888,296 units were vested (2024 – 5,665,778).

Performance Share Unit Plan (PSU)

Eligible executives receive an award of performance share units which, for the majority of grants, vest at the end of three years. Certain grants provide for a graduated vesting schedule which includes a specific performance factor calculation. PSU awards are subject to performance criteria measured over a three-year period whereby a multiplier factor is applied which impacts the incremental number of units due to employees. The three-year performance measures include return on equity compared to target and total shareholder return relative to a comparator group selected prior to the granting of the award. The Bank uses a probability-weighted-average of potential outcomes to estimate the multiplier impact. The share-based payment expense is recognized over the vesting period except where the employee is eligible to retire prior to the vesting date; in which case, the expense is recognized between the grant date and the date the employee is eligible to retire. This expense varies based on changes in the Bank’s share price and the Bank’s performance compared to the performance measures. Upon vesting, the units are paid in cash to the employee. As at October 31, 2025, there were 7,026,302 units (2024 – 6,766,501) outstanding subject to performance criteria, of which 6,010,837 units were vested (2024 – 4,843,892).

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26	Corporate Income Taxes

Corporate income taxes recorded in the Bank’s consolidated financial statements for the years ended October 31 are as follows:

(a)	Components of income tax provision


For the year ended October 31 ($ millions)	2025			2024
Provision for income taxes in the Consolidated Statement of Income:

Current income taxes:
Domestic:
Federal	$	1,088		$	138
Provincial		786			275
Adjustments related to prior periods		23			(40	)
Foreign		1,418			1,219
Adjustments related to prior periods		(15	)		2
		3,300			1,594
Deferred income taxes:
Domestic:
Federal		(261	)		388
Provincial		(154	)		181
Foreign		(134	)		(131	)
		(549	)		438
Total provision for income taxes in the Consolidated Statement of Income	$	2,751		$	2,032
Provision for income taxes in the Consolidated Statement of Changes in Equity:
Current income taxes	$	(162	)	$	1,019
Deferred income taxes		224			41
		62			1,060
Reported in:
Other Comprehensive Income		187			1,156
Retained earnings		(125	)		(96	)
Other reserves		–			–
Total provision for income taxes in the Consolidated Statement of Changes in Equity		62			1,060
Total provision for income taxes	$	2,813		$	3,092
Provision for income taxes in the Consolidated Statement of Income includes:
Deferred tax expense (benefit) relating to origination/reversal of temporary differences	$	(549	)	$	438
Deferred tax expense (benefit) of tax rate changes		–			–
	$	(549	)	$	438

(b)	Reconciliation to statutory rate

Income taxes in the Consolidated Statement of Income vary from the amounts that would be computed by applying the composite federal and provincial statutory income tax rate for the following reasons:


	2025						2024
For the year ended October 31 ($ millions)	Amount			Percent of pre-tax income			Amount			Percent of pre-tax income
Income taxes at Canadian statutory rate	$	2,919			27.8	%	$	2,755			27.8	%
Increase (decrease) in income taxes resulting from:
Lower average tax rate applicable to subsidiaries and foreign branches (1)		(177	)		(1.7	)		(746	)		(7.5	)
Tax-exempt income from securities		–			–			(28	)		(0.3	)
Other, net		9			0.1			51			0.5
Total income taxes and effective tax rate	$	2,751			26.2	%	$	2,032			20.5	%

(1)	Lower average tax rate applicable to subsidiaries and foreign branches includes the impact of the GMT which increased the effective tax rate by 0.8%.

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(c)	Deferred taxes

Significant components of the Bank’s deferred tax assets and liabilities are as follows:


	Statement of Income						Statement of Financial Position
	For the year ended						As at
October 31 ($ millions)	2025			2024			2025		2024
Deferred tax assets:
Loss carryforwards	$	60		$	29		$	623	$	930
Allowance for credit losses		(272	)		54			1,357		1,076
Deferred compensation		(109	)		(100	)		388		317
Deferred income		(150	)		(137	)		404		255
Property and equipment		(101	)		(10	)		422		262
Pension and other post-retirement benefits		(22	)		(48	)		314		387
Securities		(26	)		(17	)		284		260
Lease liabilities		3			28			910		891
Own credit risk		–			–			447		250
Other		(22	)		(57	)		757		673
Total deferred tax assets	$	(639	)	$	(258	)	$	5,906	$	5,301
Deferred tax liabilities:
Cash flow hedges	$	–		$	–		$	39	$	57
Deferred compensation		(11	)		(24	)		209		187
Deferred income		(14	)		(20	)		65		50
Property and equipment		(39	)		(243	)		805		684
Pension and other post-retirement benefits		(1	)		1			73		82
Securities		34			(14	)		398		354
Investment in subsidiaries and associates		(26	)		52			86		29
Intangible assets		57			(344	)		1,746		1,809
Other		(90	)		(104	)		646		504
Total deferred tax liabilities	$	(90	)	$	(696	)	$	4,067	$	3,756
Net deferred tax assets (liabilities) (1)	$	(549	)	$	438		$	1,839	$	1,545

(1)

For Consolidated Statement of Financial Position presentation, deferred tax assets and liabilities are assessed by legal entity. As a result, the net deferred tax assets of $1,839 (2024 – $1,545) are represented by deferred tax assets of $3,253 (2024 – $2,942), and deferred tax liabilities of $1,414 (2024 – $1,397) on the Consolidated Statement of Financial Position.

The major changes to net deferred taxes were as follows:


For the year ended October 31 ($ millions)	2025			2024
Balance at beginning of year	$	1,545		$	2,095
Deferred tax benefit (expense) for the year recorded in income		549			(438	)
Deferred tax benefit (expense) for the year recorded in equity		(224	)		(41	)
Disposed in divestitures		(35	)		–
Other		4			(71	)
Balance at end of year	$	1,839		$	1,545

The tax related to temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized in the Consolidated Statement of Financial Position amounts to $10 million (October 31, 2024 – $18 million). The amount related to unrecognized losses is $10 million, which have no expiry.

Included in the net deferred tax asset are tax benefits of $56 million (2024 – $73 million) that have been recognized in the Canadian bank and certain Canadian and foreign subsidiaries that have incurred losses in either the current or the preceding year. In determining if it is appropriate to recognize these tax benefits, the Bank relied on projections of future taxable profits which are expected to generate sufficient taxable income to utilize the deferred tax assets.

The amount of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures for which deferred tax liabilities have not been recognized at October 31, 2025 is approximately $59 billion (2024 – $57 billion).

Tax Assessments

The Bank received reassessments totaling $1,808

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 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.

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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

€

For the

welve

months ended October 31, 2025, the impact of the GMT on the Bank’s effective tax rate was approximately 0.8%, and was primarily related to its operations in certain Caribbean jurisdictions and Ireland.

27	Employee Benefits

The Bank sponsors a number of employee benefit plans, including pensions (defined benefit and defined contribution) and other benefit plans (post-retirement benefits and other long-term employee benefits) for most of its employees globally. The information presented below relates to the Bank’s principal plans; other plans operated by certain subsidiaries of the Bank are not considered material and are not included in these disclosures.

Global pension plans

The principal pension plans include plans in Canada, U.S., Mexico, UK, Ireland, Jamaica, Trinidad & Tobago and other countries in the Caribbean in which the Bank operates. The most significant pension plans provided by the Bank are in Canada. The Bank has a strong and well-defined governance structure to manage these global obligations. The investment policy for each principal plan is reviewed periodically and all plans are in good standing with respect to legislation and local regulations.

Actuarial valuations for funding purposes for the Bank’s funded pension plans are conducted as required by applicable legislation. The purpose of the actuarial valuation is to determine the funded status of the plans on a going-concern and statutory basis and to determine the required contributions. The plans are funded in accordance with applicable pension legislation and the Bank’s funding policies such that future benefit promises based on plan provisions are well secured. The assumptions used for the funding valuations are set by independent plan actuaries on the basis of the requirements of the local actuarial standards of practice and statutes.

Scotiabank Pension Plan (Canada)

The most significant pension plan is the Scotiabank Pension Plan (SPP), which includes a closed defined benefit (DB) component. Employees hired in Canada on or after May 1, 2018, participate in a defined contribution (DC) component only. As the administrator of the SPP, the Bank has established a well-defined governance structure and policies to maintain compliance with legislative and regulatory requirements under OSFI and the Canada Revenue Agency. The Bank appoints a number of committees to oversee and make decisions related to the administration of the SPP. Certain committees are also responsible for the investment of the assets of the SPP Fund and for monitoring the investment managers and performance.

•

The Human Capital and Compensation Committee (HCOB) of the Board approves the charter of the Pension Administration and Investment Committee (PAIC), reviews reports, and approves the investment policy. The HCOB also reviews and recommends any amendments to the SPP to the Board of Directors.

•

PAIC is responsible for recommending the investment policy to the HCOB, for appointing and monitoring investment managers, and for reviewing auditor and actuary reports. PAIC also monitors the administration of member pension benefits.

•

The Scotiabank Master Trust Committee (MTC) invests assets in accordance with the investment policy and all applicable legislation. The MTC assigns specific mandates to investment managers.

•

The Capital Accumulation Plans (CAP) Committee is responsible for the administration and investment of the DC component of the SPP including the selection and monitoring of investment options available to DC participants.

Actuarial valuations for funding purposes for the SPP are conducted on an annual basis. The most recent funding valuation was conducted as of November 1, 2024. Contributions are being made to the SPP in accordance with this valuation and are shown in the table in b) below. The assumptions used for the funding valuation are set by independent plan actuaries on the basis of the requirements of the Canadian Institute of Actuaries and applicable regulation.

Other benefit plans

The principal other benefit plans include plans in Canada, U.S., Mexico, Uruguay, UK, Jamaica, Trinidad & Tobago, Colombia and other countries in the Caribbean in which the Bank operates. The most significant other benefit plans provided by the Bank are in Canada.

Key assumptions

The financial information reported below in respect of pension and other benefit plans is based on a number of assumptions. The most significant assumption is the discount rate used to determine the defined benefit obligation, which is set by reference to the yields on high quality corporate bonds that have durations that match the terms of the Bank’s obligations. Separate discount rates are used to determine the annual benefit expense in Canada and the U.S. These rates are determined with reference to the yields on high quality corporate bonds with durations that match the various components of the annual benefit expense. The discount rate used to determine the annual benefit expense for all other plans continues to be the same as the rate used to determine the defined benefit obligation. Other assumptions set by management are determined in reference to market conditions, plan-level experience, best practices and future expectations. The key weighted-average assumptions used by the Bank for the measurement of the benefit obligation and benefit expense for all of the Bank’s principal plans are summarized in the table in f) below.

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Risk management

The Bank’s defined benefit pension plans and other benefit plans expose the Bank to a number of risks. Some of the more significant risks include interest rate risk, investment risk, longevity risk and health care cost increases, among others. These risks could result in higher defined benefit expense and a higher defined benefit obligation to the extent that:

•

there is a decline in discount rates; and/or

•

plan assets returns are less than expected; and/or

•

plan members live longer than expected; and/or

•

health care costs are higher than assumed.

In addition to the governance structure and policies in place, the Bank manages risks by regularly monitoring market developments and asset investment performance. The Bank also monitors regulatory and legislative changes along with demographic trends and revisits the investment strategy and/or plan design as warranted.

a)	Relative size of plan obligations and assets


	Pension plans									Other benefit plans
	Canada
For the year ended October 31, 2025	SPP			Other			International			Canada			International
Percentage of total benefit obligations		72	%		16	%		12	%		50	%		50	%
Percentage of total plan assets		74	%		11	%		15	%		–			100	%
Percentage of total benefit expense (1)		74	%		23	%		3	%		42	%		58	%


	Pension plans									Other benefit plans
	Canada
For the year ended October 31, 2024	SPP			Other			International			Canada			International
Percentage of total benefit obligations		72	%		15	%		13	%		50	%		50	%
Percentage of total plan assets		74	%		11	%		15	%		–			100	%
Percentage of total benefit expense (1)		73	%		27	%		–			46	%		54	%

(1)	Excludes non-routine benefit expense items such as past service costs, curtailment charges and settlement charges.

b)	Cash contributions and payments

The table below shows the cash contributions and payments made by the Bank to its principal plans in 2025, and the prior year.

Contributions to the principal plans for the year ended October 31 ($ millions)	2025		2024
Defined benefit pension plans (cash contributions to fund the plans, including paying beneficiaries under the unfunded pension arrangements)
SPP (excluding defined contribution provision)	$	158	$	69
All other plans		64		47
Other benefit plans (cash contributions mainly in the form of benefit payments to beneficiaries)		61		62
Defined contribution pension and other benefit plans (cash contributions)		206		184
Defined contribution pension contributions funded from pension plan surplus		–		(54	)
Total contributions (1)	$	489	$	308

(1)

Based on preliminary estimates, the Bank expects to make contributions of $158 million to the SPP (excluding the

defined contribution

provision), $79 million to all other defined benefit pension plans, $66 million to other benefit plans and $217 million to all defined contribution plans for the year ending October 31, 2026.

c)	Funded and unfunded plans

The excess (deficit) of the fair value of assets over the benefit obligation at the end of the year includes the following amounts for plans that are wholly unfunded and plans that are wholly or partly funded.


	Pension plans						Other benefit plans
As at October 31 ($ millions)	2025			2024			2025			2024
Benefit obligation
Benefit obligation of plans that are wholly unfunded	$	346		$	362		$	890		$	930
Benefit obligation of plans that are wholly or partly funded		8,886			8,529			264			217

Funded status
Benefit obligation of plans that are wholly or partly funded	$	8,886		$	8,529		$	264		$	217
Fair value of assets		9,956			9,260			63			84
Excess (deficit) of fair value of assets over benefit obligation of wholly or partly funded plans	$	1,070		$	731		$	(201	)	$	(133	)
Benefit obligation of plans that are wholly unfunded		346			362			890			930
Excess (deficit) of fair value of assets over total benefit obligation	$	724		$	369		$	(1,091	)	$	(1,063	)
Effect of asset limitation and minimum funding requirement		(223	)		(208	)		–			–
Net asset (liability) at end of year	$	501		$	161		$	(1,091	)	$	(1,063	)

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d)	Financial information

The following tables present financial information related to the Bank’s principal plans.


	Pension plans						Other benefit plans
For the year ended October 31 ($ millions)	2025			2024			2025			2024
Change in benefit obligation
Benefit obligation at beginning of year	$	8,891		$	7,669		$	1,147		$	1,114
Current service cost		244			205			22			20
Interest cost on benefit obligation		432			456			70			77
Employee contributions		26			27			–			–
Benefits paid		(438	)		(404	)		(94	)		(101	)
Actuarial loss (gain)		8			959			55			59
Past service cost (1)		32			–			(63	)		(1	)
Business acquisition		–			–			(2	)		–
Settlements		–			(2	)		–			–
Foreign exchange		37			(19	)		19			(21	)
Benefit obligation at end of year	$	9,232		$	8,891		$	1,154		$	1,147

Change in fair value of assets
Fair value of assets at beginning of year		9,260			8,139			84			113
Interest income on fair value of assets		467			494			8			9
Return on plan assets in excess of (less than) interest income on fair value of assets		421			955			(1	)		8
Employer contributions		222			62			61			62
Employee contributions		26			27			–			–
Benefits paid		(438	)		(404	)		(94	)		(101	)
Administrative expenses		(12	)		(13	)		–			–
Business acquisition		–			–			–			–
Settlements		–			(3	)		–			–
Foreign exchange		10			3			5			(7	)
Fair value of assets at end of year	$	9,956		$	9,260		$	63		$	84

Funded status
Excess (deficit) of fair value of assets over benefit obligation at end of year		724			369			(1,091	)		(1,063	)
Effect of asset limitation and minimum funding requirement (2)		(223	)		(208	)		–			–
Net asset (liability) at end of year	$	501		$	161		$	(1,091	)	$	(1,063	)
Recorded in:
Other assets in the Bank’s Consolidated Statement of Financial Position		1,036			684			1			1
Other liabilities in the Bank’s Consolidated Statement of Financial Position		(535	)		(523	)		(1,092	)		(1,064	)
Net asset (liability) at end of year	$	501		$	161		$	(1,091	)	$	(1,063	)

Annual benefit expense
Current service cost		244			205			22			20
Net interest expense (income)		(13	)		(32	)		62			68
Administrative expenses		12			12			–			–
Past service costs (1)		32			–			(63	)		(1	)
Amount of settlement (gain) loss recognized		–			1			–			–
Remeasurement of other long-term benefits		–			–			2			6
Benefit expense (income) recorded in the Consolidated Statement of Income (A)	$	275		$	186		$	23		$	93
Defined contribution benefit expense (B)	$	205		$	183		$	1		$	1

Remeasurements
Return on plan assets in excess of interest income on fair value of assets		421			955			(1	)		8
Actuarial (loss) gain on benefit obligation		(8	)		(959	)		(53	)		(53	)
Change in the asset limitation		6			(146	)		–			–
Gains (losses) recorded in OCI (C)	$	419		$	(150	)	$	(54	)	$	(45	)
Total benefit cost (A + B - C)	$	61		$	519		$	78		$	139
Additional details on actual return on assets and actuarial gains and (losses)
Actual (return) on assets (net of administrative expenses)	$	(876	)	$	(1,436	)	$	(7	)	$	(19	)
Actuarial gains and (losses) from changes in demographic assumptions		4			7			(11	)		–
Actuarial gains and (losses) from changes in financial assumptions		(16	)		(952	)		(47	)		(53	)
Actuarial gains and (losses) from changes in experience		4			(14	)		3			(6	)

Additional details on fair value of pension plan assets invested
In Scotiabank securities (stock, bonds)		54			67			–			–
In property occupied by Scotiabank		3			4			–			–

Change in asset ceiling/(onerous liability)
Asset ceiling /onerous liability at end of prior year		208			55			–			–
Interest expense		22			6			–			–
Remeasurements		(6	)		146			–			–
Foreign exchange		(1	)		1			–			–
Asset ceiling /onerous liability at end of year	$	223		$	208		$	–		$	–

(1)	Other benefit plans past service costs relate to certain post-retirement plan amendments.

(2)	The recognized asset is limited by the present value of economic benefits available from a reduction in future contributions to a plan and from the ability to pay plan expenses from the fund.

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e)	Maturity profile of the defined benefit obligation

The weighted average duration of the total benefit obligation at October 31, 2025 is 13.4 years (2024 – 13.6 years).


	Pension plans						Other benefit plans
For the year ended October 31	2025			2024			2025			2024
Disaggregation of the benefit obligation (%)
Canada
Active members		51	%		51	%		3	%		3	%
Inactive and retired members		49	%		49	%		97	%		97	%
Total		100	%		100	%		100	%		100	%
Mexico
Active members		28	%		28	%		28	%		32	%
Inactive and retired members		72	%		72	%		72	%		68	%
Total		100	%		100	%		100	%		100	%
United States
Active members		28	%		31	%		32	%		43	%
Inactive and retired members		72	%		69	%		68	%		57	%
Total		100	%		100	%		100	%		100	%

f)	Key assumptions (%)

The key weighted-average assumptions used by the Bank for the measurement of the benefit obligation and benefit expense for all of the Bank’s principal plans are summarized as follows:


	Pension plans						Other benefit plans
For the year ended October 31	2025			2024			2025			2024
Benefit obligation at end of year
Discount rate – all plans		5.17	%		5.22	%		6.34	%		6.51	%
Discount rate – Canadian plans only		4.80	%		4.80	%		4.49	%		4.69	%
Rate of increase in future compensation (1)		3.85	%		3.85	%		4.48	%		4.37	%
Benefit expense (income) for the year
Discount rate – All plans
Discount rate for defined benefit obligations		5.22	%		6.13	%		6.51	%		7.36	%
Discount rate for net interest cost		4.96	%		6.13	%		6.35	%		7.36	%
Discount rate for service cost		5.28	%		6.06	%		6.62	%		7.31	%
Discount rate for interest on service cost		5.10	%		6.07	%		6.53	%		7.27	%
Discount rate – Canadian plans only
Discount rate for defined benefit obligations		4.80	%		5.70	%		4.69	%		5.80	%
Discount rate for net interest cost		4.51	%		5.70	%		4.42	%		5.80	%
Discount rate for service cost		4.90	%		5.60	%		4.87	%		5.62	%
Discount rate for interest on service cost		4.70	%		5.61	%		4.69	%		5.53	%
Rate of increase in future compensation (1)		3.85	%		3.96	%		4.37	%		4.61	%
Health care cost trend rates at end of year
Initial rate		n/a			n/a			5.62	%		5.72	%
Ultimate rate		n/a			n/a			4.76	%		4.71	%
Year ultimate rate reached		n/a			n/a			2041			2041
Assumed life expectancy in Canada (years)
Life expectancy at 65 for current pensioners – male		23.6			23.6			23.6			23.6
Life expectancy at 65 for current pensioners – female		24.7			24.7			24.7			24.7
Life expectancy at 65, for future pensioners currently aged 45 – male		24.5			24.5			24.5			24.5
Life expectancy at 65, for future pensioners currently aged 45 – female		25.6			25.6			25.6			25.6
Assumed life expectancy in Mexico (years)
Life expectancy at 65 for current pensioners – male		21.6			21.6			21.6			21.6
Life expectancy at 65 for current pensioners – female		24.0			24.0			24.0			24.0
Life expectancy at 65, for future pensioners currently aged 45 – male		21.7			21.7			21.7			21.7
Life expectancy at 65, for future pensioners currently aged 45 – female		24.0			24.0			24.0			24.0
Assumed life expectancy in United States (years)
Life expectancy at 65 for current pensioners – male		22.1			22.0			22.1			22.0
Life expectancy at 65 for current pensioners – female		23.5			23.5			23.5			23.5
Life expectancy at 65, for future pensioners currently aged 45 – male		23.5			23.4			23.5			23.4
Life expectancy at 65, for future pensioners currently aged 45 – female		24.9			24.8			24.9			24.8

(1)	The weighted-average rates of increase in future compensation shown for other benefit plans do not include Canadian flexible post-retirement benefits plans established in fiscal 2005, as they are not impacted by future compensation increases.

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g)	Sensitivity analysis

The sensitivity analysis represents the impact of a change in a single assumption with other assumptions left unchanged. For purposes of the sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation recognized in the statement of financial position.


	Pension plans				Other benefit plans
For the year ended October 31, 2025 ($ millions)	Benefit obligation		Benefit expense		Benefit obligation			Benefit expense
Impact of the following changes:
1% decrease in discount rate	$	1,382	$	88	$	124		$	5
0.25% increase in rate of increase in future compensation		73		5		–			–
1% increase in health care cost trend rate		n/a		n/a		97			13
1% decrease in health care cost trend rate		n/a		n/a		(81	)		(10	)
1 year increase in Canadian life expectancy		160		10		18			1
1 year increase in Mexican life expectancy		3		–		3			–
1 year increase in the United States life expectancy		2		–		1			–

Assets

The Bank’s principal pension plans’ assets are generally invested with the long-term objective of maximizing overall expected returns, at an acceptable level of risk relative to the benefit obligation. A key factor in managing long-term investment risk is asset mix. Investing the pension assets across different asset classes and geographic regions helps to mitigate risk and to minimize the impact of declines in any single asset class, particular region or type of investment. Investment managers – including related-party managers – are typically hired and assigned specific mandates within each asset class.

Pension plan asset mix guidelines are set for the long term and are documented in each plan’s investment policy. Asset mix policy typically also reflects the nature of the plan’s benefit obligations. Legislation places certain restrictions on asset mix – for example, there are usually limits on concentration in any one investment. Other concentration and quality limits are also set forth in the investment policies. Derivatives cannot be used without specific authorization; currently, the main uses of derivatives are for duration management and currency hedging. Asset mix guidelines are reviewed at least once each year, and adjusted, where appropriate, based on market conditions and opportunities. However, large asset class shifts are not common, and typically reflect a change in the pension plan’s situation (e.g. plan amendments) and/or in the investment strategy. Actual asset mix is reviewed regularly and rebalancing back to target asset mix is considered – as needed – generally on a quarterly basis. The Bank’s other benefit plans are generally not funded, with the exception of certain programs in Mexico.

The tables below show the weighted-average actual and target asset allocations for the Bank’s principal plans at October 31, by asset category.


	Pension plans						Other benefit plans
Asset category %	Actual 2025			Actual 2024			Actual 2025			Actual 2024
Cash and cash equivalents		1	%		2	%		–	%		–	%
Equity investments
Quoted in an active market		44	%		43	%		15	%		12	%
Non quoted		5	%		5	%		–	%		–	%
		49	%		48	%		15	%		12	%
Fixed income investments
Quoted in an active market		6	%		10	%		83	%		87	%
Non quoted		33	%		29	%		–	%		–	%
		39	%		39	%		83	%		87	%
Property
Quoted in an active market		–	%		–	%		2	%		1	%
Non quoted		1	%		1	%		–	%		–	%
		1	%		1	%		2	%		1	%
Other
Quoted in an active market		–	%		–	%		–	%		–	%
Non quoted		10	%		10	%		–	%		–	%
		10	%		10	%		–	%		–	%
Total		100	%		100	%		100	%		100	%


Target asset allocation at October 31, 2025 Asset category %	Pension plans			Other benefit plans
Cash and cash equivalents		–	%		–	%
Equity investments		41	%		15	%
Fixed income investments		44	%		83	%
Property		1	%		2	%
Other		14	%		–	%
Total		100	%		100	%

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28	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.

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.

Effective January 1, 2024, in line with the provisions of Bill C-59, the Bank no longer claims the dividend received deduction on Canadian shares that are mark-to-market property, which resulted in a lower TEB gross-up.

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.

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

are

now reported in the Other segment.

Scotiabank’s results, and average assets and liabilities, allocated by these operating segments, are as follows:


For the year ended October 31, 2025
Taxable equivalent basis ($ millions)	Canadian Banking		International Banking		Global Wealth Management		Global Banking and Markets			Other (1)			Total
Net interest income ( 2 )	$	10,484	$	8,866	$	1,025	$	1,400		$	(253	)	$	21,522
Non-interest income ( 3 )( 4 )		2,941		3,177		5,403		4,766			(68	)		16,219
Total revenues		13,425		12,043		6,428		6,166			(321	)		37,741
Provision for credit losses		2,293		2,309		14		97			1			4,714
Depreciation and amortization		552		483		189		259			121			1,604
Other non-interest expenses		5,853		5,681		3,955		3,304			2,121			20,914
Income tax expense		1,302		781		590		585			(507	)		2,751
Net income	$	3,425	$	2,789	$	1,680	$	1,921		$	(2,057	)	$	7,758
Net income attributable to non-controlling interests in subsidiaries		–		158		10		(1	)		(198	)		(31	)
Net income attributable to equity holders of the Bank	$	3,425	$	2,631	$	1,670	$	1,922		$	(1,859	)	$	7,789
Average assets ($ billions)		463		227		38		509			228			1,465
Average liabilities ($ billions)		382		175		48		520			254			1,379

(1)	Includes all other smaller operating segments and corporate adjustments.

(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 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 net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $19; International Banking – $152; Global Banking and Markets – $1; and Other – $436.

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For the year ended October 31, 2024
Taxable equivalent basis ($ millions)	Canadian Banking (1)		International Banking (1)		Global Wealth Management (1)		Global Banking and Markets (1)		Other (1)(2)			Total
Net interest income (3)	$	10,185	$	8,867	$	786	$	1,102	$	(1,688	)	$	19,252
Non-interest income (4)(5)		2,848		2,999		4,803		3,959		(191	)		14,418
Total revenues		13,033		11,866		5,589		5,061		(1,879	)		33,670
Provision for credit losses		1,691		2,285		27		47		1			4,051
Depreciation and amortization (6)		568		568		187		258		179			1,760
Other non-interest expenses		5,557		5,602		3,468		2,864		444			17,935
Income tax expense		1,440		705		479		414		(1,006	)		2,032
Net income	$	3,777	$	2,706	$	1,428	$	1,478	$	(1,497	)	$	7,892
Net income attributable to non-controlling interests in subsidiaries		–		125		10		–		(1	)		134
Net income attributable to equity holders of the Bank	$	3,777	$	2,581	$	1,418	$	1,478	$	(1,496	)	$	7,758
Average assets ($ billions)		449		231		35		495		209			1,419
Average liabilities ($ billions)		389		179		41		475		254			1,338

(1)	Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology.

(2)

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 and

non-interest

income and provision for income taxes for the year ended October 31, 2024 amounting to $55 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments.

(

)

Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.

(

)

(

)

Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $(9); International Banking – $130; and Other – $77.

(

)

Includes impairment charge on software and other intangible assets in the Other segment.

Geographical segmentation

The following table summarizes the Bank’s financial results by geographic region.


For the year ended October 31, 2025 ($ millions)	Canada			United States		Mexico		Peru		Chile		Colombia		Caribbean and Central America		Other International		Total
Net interest income	$	11,378		$	799	$	2,405	$	1,334	$	1,993	$	717	$	1,931	$	965	$	21,522
Non-interest income (1)		9,352			2,165		1,014		588		571		479		1,295		755		16,219
Total revenues (2)		20,730			2,964		3,419		1,922		2,564		1,196		3,226		1,720		37,741
Provision for credit losses		2,338			67		552		368		748		378		196		67		4,714
Non-interest expenses		13,660			1,591		1,822		885		1,168		750		1,508		1,134		22,518
Income tax expense		1,532			189		264		126		79		38		450		73		2,751
Net income		3,200			1,117		781		543		569		30		1,072		446		7,758
Net income attributable to non-controlling interests in subsidiaries		(200	)		–		23		7		7		9		123		–		(31	)
Net income attributable to equity holders of the Bank	$	3,400		$	1,117	$	758	$	536	$	562	$	21	$	949	$	446	$	7,789
Total average assets ($ billions)	$	899		$	237	$	60	$	29	$	55	$	14	$	38	$	133	$	1,465
Total average liabilities ($billions)	$	889		$	187	$	55	$	22	$	50	$	14	$	35	$	127	$	1,379

(1)	Includes net income from investments in associated corporations for Canada – $(12), United States – $362, Mexico – $9, Peru – $4, Chile – $7, Caribbean and Central America – $132, and Other International – $106.

(2)	Revenues are attributed to countries based on where services are performed or assets are recorded.

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For the year ended October 31, 2024 (1) ($ millions)	Canada		United States		Mexico		Peru		Chile		Colombia			Caribbean and Central America		Other International		Total
Net interest income	$	9,207	$	664	$	2,397	$	1,422	$	2,020	$	690		$	1,842	$	1,010	$	19,252
Non-interest income (2)		8,535		1,578		1,032		546		455		486			1,180		606		14,418
Total revenues (3)		17,742		2,242		3,429		1,968		2,475		1,176			3,022		1,616		33,670
Provision for credit losses		1,701		28		380		501		626		561			150		104		4,051
Non-interest expenses		11,207		1,309		1,867		869		1,143		794			1,454		1,052		19,695
Income tax expense		1,002		146		280		140		119		(49	)		303		91		2,032
Net income		3,832		759		902		458		587		(130	)		1,115		369		7,892
Net income attributable to non-controlling interests in subsidiaries		–		–		24		3		42		(50	)		115		–		134
Net income attributable to equity holders of the Bank	$	3,832	$	759	$	878	$	455	$	545	$	(80	)	$	1,000	$	369	$	7,758
Total average assets ($ billions)	$	874	$	218	$	64	$	27	$	56	$	14		$	35	$	131	$	1,419
Total average liabilities ($billions)	$	854	$	189	$	59	$	21	$	53	$	14		$	32	$	116	$	1,338

(1)	Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology.

(2)	Includes net income from investments in associated corporations for Canada – $(68), Mexico – $11, Peru – $4, Chile – $6, Caribbean and Central America – $109, and Other International – $136.

(3)	Revenues are attributed to countries based on where services are performed or assets are recorded.

29	Related Party Transactions

Compensation of key management personnel of the Bank


For the year ended October 31 ($ millions)	2025		2024
Salaries and cash incentives (1)	$	28	$	25
Equity-based payment (2)		36		29
Pension and other benefits (1)		2		2
Total	$	66	$	56

(1)	Represents amounts expensed during the year.

(2)	Represents equity-based awards granted during the year.

Directors can use some or all of their director fees earned to buy common shares of the Bank at market rates through the Director’s Share Purchase Plan.

Non-officer

directors may elect to receive all or a portion of their fees in the form of deferred stock units which vest immediately. Refer to Note 25 for further details of these plans.

Loans and deposits of key management personnel

Loans are currently granted to key management personnel at market terms and conditions.


As at October 31 ($ millions)	2025		2024
Loans	$	7	$	10
Deposits		2		5

The Bank’s committed credit exposure to companies controlled by directors totaled $263 million as at October 31, 2025 (October 31, 2024 – $267 million), while actual utilized amounts were $186 million (October 31, 2024 – $199 million).

Transactions with associates and joint ventures

In the ordinary course of business, the Bank provides normal banking services and enters into transactions with its associated and other related corporations on terms similar to those offered to

non-related


As at and for the year ended October 31 ($ millions)	2025			2024
Net income / (loss)	$	(21	)	$	(15	)
Loans		140			209
Deposits		282			253
Guarantees and commitments		57			46

Scotiabank principal pension plan

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30	Principal Subsidiaries and Non-Controlling Interests in Subsidiaries

(a)	Principal subsidiaries (1)

The following table presents certain operating subsidiaries the Bank owns, directly or indirectly. All of these subsidiaries are included in the Bank’s consolidated financial statements.


		Carrying value of shares
As at October 31 ($ millions)	Principal office	2025		2024
Canadian

Scotia Capital Inc.	Toronto, Ontario	$	4,694	$	4,160
BNS Investments Inc.	Toronto, Ontario		22,545		23,860
1832 Asset Management L.P.	Toronto, Ontario
Montreal Trust Company of Canada	Montreal, Quebec
MD Financial Management Inc.	Ottawa, Ontario		2,939		2,826
Jarislowsky, Fraser Limited	Montreal, Quebec		974		956
Scotia Securities Inc.	Toronto, Ontario		69		73
Tangerine Bank	Toronto, Ontario		3,711		4,154
The Bank of Nova Scotia Trust Company	Toronto, Ontario		764		704
Scotia Mortgage Corporation	Toronto, Ontario		606		843
National Trust Company	Stratford, Ontario		499		408
Roynat Inc.	Calgary, Alberta		785		741
Scotia Dealer Advantage Inc.	Hamilton, Ontario		977		924

International
Scotia Holdings (USA) LLC	New York, New York		7,698		7,654
Scotia Capital (USA) Inc.	New York, New York
Scotia Financing (USA) LLC	New York, New York
Nova Scotia Inversiones Limitada	Santiago, Chile		7,370		7,489
Scotiabank Chile S.A. (99.79%)	Santiago, Chile
Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.39%)	Mexico City, Mexico		8,821		6,966
Scotiabank Inverlat, S.A.	Mexico City, Mexico
Scotia Peru Holdings S.A.	Lima, Peru		6,920		5,779
Scotiabank Peru S.A.A. (99.31%)	Lima, Peru
Multiacciones S.A.S. (2)	Bogota, Colombia		424		973
Scotiabank Colpatria, S.A. (56.00%) (2)(3)	Bogota, Colombia
Scotiabank Brasil S.A. Banco Multiplo	Sao Paulo, Brazil		1,142		796
Scotia Uruguay Holdings S.A.	Montevideo, Uruguay		757		681
Scotiabank Uruguay S.A.	Montevideo, Uruguay
Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%)	Santo Domingo, Dominican Republic		823		943
Scotiabank Caribbean Holdings Ltd.	Bridgetown, Barbados		1,966		1,608
Scotia Group Jamaica Limited (71.78%)	Kingston, Jamaica
Scotiabank Trinidad and Tobago Limited (50.90%)	Port of Spain, Trinidad and Tobago
Scotiabank (Barbados) Limited	Bridgetown, Barbados		286		237
BNS International (Bahamas) Limited	Nassau, Bahamas		10,612		11,180
The Bank of Nova Scotia Trust Company (Bahamas) Limited	Nassau, Bahamas
Scotiabank (Bahamas) Limited	Nassau, Bahamas
Scotiabank & Trust (Cayman) Ltd.	Grand Cayman, Cayman Islands
Grupo BNS de Costa Rica, S.A. (2)	San Jose, Costa Rica
Scotiabank (Ireland) Designated Activity Company	Dublin, Ireland

(1)	The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted.

(2)	In Q1 2025, the Bank entered into an agreement to sell its banking operations in Colombia, Costa Rica and Panama to Davivienda. The transaction was completed on December 1, 2025. Refer to Note 35 for details.

(3)	The Bank made a capital contribution to Scotiabank Colpatria S.A. in May 2025 which increased its ownership interest to 56.00% following the subsequent issuance of additional shares.

Subsidiaries may have a different reporting date from that of the Bank of October 31. Dates may differ for a variety of reasons including local reporting requirements or tax laws. In accordance with the Bank’s accounting policies, for the purpose of inclusion in the consolidated financial statements of the Bank, adjustments are made where significant for subsidiaries with different reporting dates.

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(b)	Non-controlling interests in subsidiaries

The Bank’s significant

non-controlling

interests in subsidiaries are comprised of the following entities:


	As at and for the year ended
				2025				2024
	Non-controlling interest %			Non-controlling interests in subsidiaries		Dividends paid to non-controlling interest		Non-controlling interests in subsidiaries		Dividends paid to non-controlling interest
Scotiabank Chile S.A.		0.20% – 49.10	%	$	262	$	8	$	256	$	24
Scotiabank Colpatria S.A. (1)		44.00% – 47.00	%		323		–		405		–
Scotia Group Jamaica Limited		28.22	%		379		14		350		13
Scotiabank Trinidad and Tobago Limited		49.10	%		491		51		464		49
Other		0.0005% – 49.35	% (2)		266		9		232		2
Total				$	1,721	$	82	$	1,707	$	88

(1)

Non-controlling

interest holders for Scotiabank Colpatria S.A. have a right to sell their holding to the Bank after the end of the 7th anniversary (January 17, 2019) and at subsequent

pre-agreed

intervals, into the future, at fair market value that can be settled at the Bank’s discretion, by issuance of common shares or cash.

(2)	Range of non-controlling interest % for other subsidiaries.

Summarized financial information of the Bank’s subsidiaries with significant

non-controlling

interests are as follows:


	As at and for the year ended October 31, 2025								As at and for the year ended October 31, 2024
($ millions)	Revenue		Total comprehensive income (loss)		Total assets		Total liabilities		Revenue		Total comprehensive income (loss)		Total assets		Total liabilities
Total	$	4,522	$	602	$	95,993	$	84,493	$	4,455	$	226	$	93,051	$	82,223

31	Interest Income and Expense


For the year ended October 31 ($ millions)	2025						2024
	Interest income			Interest expense			Interest income			Interest expense
Measured at amortized cost (1)	$	50,819		$	35,831		$	53,966		$	42,177
Measured at FVOCI (1)		5,585			–			5,905			–
		56,404			35,831			59,871			42,177
Other		1,198	(2)		249	(3)		1,788	(2)		230	(3)
Total	$	57,602		$	36,080		$	61,659		$	42,407

(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 of $125 (2024 – $119) and insurance finance expense of $33 (2024 – $30).

32	Earnings Per Share


For the year ended October 31 ($ millions)	2025			2024
Basic earnings per common share
Net income attributable to common shareholders	$	7,283		$	7,286
Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Notes (1)		(22	)		–
Net income attributable to common shareholders used to calculate basic earnings per common share		7,261			7,286
Weighted average number of common shares outstanding (millions)		1,244			1,226
Basic earnings per common share (2) (in dollars)	$	5.84		$	5.94
Diluted earnings per common share
Net income attributable to common shareholders used to calculate basic earnings per common share	$	7,261		$	7,286
Dilutive impact of share-based payment options and others (3)		(181	)		(49	)
Net income attributable to common shareholders (diluted)	$	7,080		$	7,237
Weighted average number of common shares outstanding (millions)		1,244			1,226
Dilutive impact of share-based payment options and others (3) (millions)		4			6
Weighted average number of diluted common shares outstanding (millions)		1,248			1,232
Diluted earnings per common share (2) (in dollars)	$	5.67		$	5.87

(1)	Refer to Note 23 (b) 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.

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33	Guarantees, Commitments and Pledged Assets

(a)	Guarantees

The Bank enters into various types of guarantees and indemnifications in the normal course of business. Guarantees represent an undertaking to another party to make a payment to that party when certain specified events occur. The various guarantees and indemnifications that the Bank provides with respect to its customers and other third parties are presented below:


	2025		2024
As at October 31 ($ millions)	Maximum potential amount of future payments (1)		Maximum potential amount of future payments (1)
Standby letters of credit and letters of guarantee	$	86,016	$	62,966
Liquidity facilities		8,611		7,665
Indemnifications		95		791

(1)

The maximum potential amount of future payments represents those guarantees that can be quantified and excludes other guarantees that cannot be quantified. As many of these guarantees will not be drawn upon and the maximum potential amount of future payments listed above does not consider the possibility of recovery under recourse or collateral provisions, the above amounts are not indicative of future cash requirements, credit risk, or the Bank’s expected losses from these arrangements.

(i)	Standby letters of credit and letters of guarantee

Standby letters of credit and letters of guarantee are irrevocable undertakings by the Bank on behalf of a customer, to make payments to a third party in the event that the customer is unable to meet its obligations to the third party. Generally, the term of these guarantees does not exceed four years. The types and amounts of collateral security held by the Bank for these guarantees are generally the same as for loans.

(ii)	Liquidity facilities

The Bank’s backstop liquidity facilities are committed liquidity and provided to asset-backed commercial paper conduits, administered by the Bank. These facilities generally provide an alternative source of financing in the event market disruption prevents the conduit from issuing commercial paper or, in some cases, when certain specified conditions or performance measures are not met. These facilities generally have a term of up to three years.

(iii)

Indemnifications

In the ordinary course of business, the Bank enters into many contracts which contain indemnification provisions, such as purchase contracts, service agreements, trademark licensing agreements, director / officer contracts, escrow arrangements, sales of assets or businesses, outsourcing agreements, leasing arrangements, clearing system arrangements, securities lending agency agreements and structured transactions. The Bank cannot estimate the maximum potential future amount that may be payable. The Bank has not made any significant payments under such indemnifications.

(b)	Other indirect commitments

In the normal course of business, various other indirect commitments are outstanding which are not reflected on the Consolidated Statement of Financial Position. These may include:

•

Commercial letters of credit which require the Bank to honour drafts presented by a third-party when specific activities are completed;

•

Commitments to extend credit which represent undertakings to make credit available in the form of loans or other financings for specific amounts and maturities, subject to specific conditions;

•

Securities lending transactions under which the Bank, acting as principal or agent, agrees to lend securities to a borrower. The borrower must fully collateralize the security loan at all times. The market value of the collateral is monitored relative to the amounts due under the agreements, and where necessary, additional collateral is obtained; and

•

Security purchase commitments which require the Bank to fund future investments.

These financial instruments are subject to normal credit standards, financial controls and monitoring procedures.

The table below provides a detailed breakdown of the Bank’s other indirect commitments expressed in terms of the contractual amounts of the related commitment or contract which are not reflected on the Consolidated Statement of Financial Position.


As at October 31 ($ millions)	2025		2024
Commercial letters of credit	$	836	$	1,049
Commitments to extend credit (1)		275,504		272,793
Securities lending		78,548		58,477
Securities purchase and other commitments		821		844
Total	$	355,709	$	333,163

(1)	Includes liquidity facilities, and excludes commitments which are unconditionally cancellable at the Bank’s discretion at any time.

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(c)	Assets pledged and repurchase agreements

In the ordinary course of business, securities and other assets are pledged against liabilities. As well, securities are sold under repurchase agreements. The carrying value of pledged assets and details of related activities are shown below.


As at October 31 ($ millions)	2025		2024
Assets pledged to:
Bank of Canada (1)	$	274	$	229
Foreign governments and central banks (1)		2,066		2,020
Clearing systems, payment systems and depositories (1)		2,200		2,460
Assets pledged in relation to exchange-traded derivative transactions		5,715		5,334
Assets pledged in relation to over-the-counter derivative transactions		33,785		25,487
Assets pledged as collateral related to securities borrowing and lending		195,208		149,669
Assets pledged in relation to covered bond program (Note 14) (2)		44,832		47,560
Assets pledged in relation to other securitization programs (Note 14)		8,045		4,022
Assets pledged under CMHC programs (Note 13)		15,627		18,392
Other		424		228
Total assets pledged	$	308,176	$	255,401
Obligations related to securities sold under repurchase agreements		174,010		174,335
Total (3)	$	482,186	$	429,736

(1)	Includes assets pledged in order to participate in clearing and payment systems and depositories, or pledged to have access to the facilities of central banks in foreign jurisdictions.

(2)	Excludes mortgages related to covered bonds held by the Bank or used for securities lending transactions.

(3)	Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions.

(d)	Other executory contracts

Effective July 2018, the Bank has entered into an $800 million contract for naming rights of an arena for 20 years.

The Bank and its subsidiaries have also entered into other long-term executory contracts, relating to outsourced services. The significant outsourcing arrangements have variable pricing based on utilization and are cancellable with notice.

34	Financial Instruments – Risk Management

The Bank’s risk management framework to monitor, evaluate, measure and manage risks is disclosed in Management’s Discussion and Analysis (MD&A). These disclosures are incorporated by cross-reference in the Consolidated Financial Statements as permitted under IFRS 7, Financial Instruments: Disclosures. The grey shaded text and tables marked with an asterisk (*) in the “Group Financial Condition” and “Risk Management” sections of the MD&A form an integral part of the 2025 Consolidated Financial Statements.

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, 2025:

•

extensive risk management policies define the Bank’s risk appetite, set the limits and controls within which the Bank and its subsidiaries can operate, and reflect the requirements of regulatory authorities. Risk appetite is approved by the Bank’s Board of Directors, either directly or through the Risk Committee of the Board (the Board);

•

guidelines are developed to clarify risk limits and conditions under which the Bank’s risk policies are implemented;

•

processes are implemented to identify, evaluate, document, report and control risk. Standards define the breadth and quality of information required to make a decision; and

•

compliance with risk policies, limits and guidelines is measured, monitored and reported to ensure consistency against defined goals.

Further details on the fair value of financial instruments and how these amounts were determined are provided in Note 6. Note 9 provides details on the terms and conditions of the Bank’s derivative financial instruments including notional amounts, remaining term to maturity, credit risk, and fair values of derivatives used in trading and hedging activities.

(a)	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. The Bank’s Credit Risk Appetite and Credit Risk Policy are developed by its Global Risk Management (GRM) department and limits are reviewed and approved by the Board on an annual and biennial basis, respectively. The Credit Risk Appetite defines target markets and risk tolerances that are developed at an

all-Bank

level, and then further refined at the business line level. The objectives of the Credit Risk Appetite are to ensure that, for the Bank, including the individual business lines:

•

target markets and product offerings are well defined;

•

the risk parameters for new underwritings and for the portfolios as a whole are clearly specified; and

•

transactions, including origination, syndication, loan sales and hedging, are managed in a manner to ensure the goals for the overall portfolio are met.

The Credit Risk Policy sets out, among other things, the credit risk rating systems and associated parameter estimates, the delegation of authority for granting credit, and the calculation of allowance for credit losses. It forms an integral part of enterprise-wide policies and procedures that encompass governance, risk management and control structure.

The Bank’s credit risk rating systems are designed to support the determination of key credit risk parameter estimates which measure credit and transaction risk. For

non-retail

exposures, parameters are associated with each credit facility through the assignment of borrower and facility ratings. Borrower risk is evaluated using methodologies that are specific to particular industry sectors and/or business lines. The risk associated with facilities of a given borrower is assessed by considering the facilities’ structural and collateral-related elements. For retail portfolios, product specific models assign accounts into homogeneous segments using internal and external borrower/facility-level credit experience. This process provides for a meaningful differentiation of risk and allows for appropriate and consistent estimation of loss characteristics at the model and segment level. Further details on credit risk relating to derivatives are provided in Note 9(c).

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(i)	Credit risk exposures

Credit risk exposures disclosed below are presented based on the Basel framework utilized by the Bank i.e., exposures subject to credit risk capital. The Bank uses the Internal Ratings Based approach (IRB) for all material Canadian, U.S., European portfolios, and for a significant portion of all international corporate and commercial portfolios. Under the Advanced Internal Ratings Based (AIRB) approach, the Bank uses internal risk parameter estimates, based on historical experience and appropriate margin of conservatism, for probability of default (PD), loss given default (LGD) and exposure at default (EAD). Under Basel III rules, there are IRB requirements for internally developed model parameters under AIRB, including scope restrictions which limit certain asset classes to only the Foundation Internal Ratings Based (FIRB) approach. For those asset classes (e.g. Large Corporates, Banks, etc.) the FIRB approach utilizes the Bank’s internally modeled PD parameters combined with internationally prescribed LGD and EAD parameters. The remaining portfolios, including other individual portfolios, are treated under the standardized approach.

Under the standardized approach, credit risk is estimated using the risk weights as prescribed by the Basel framework either based on credit assessments by external rating agencies or based on the counterparty/exposure type for

non-retail

exposures and product type for retail exposures. The external ratings the Bank uses are issued by S&P, Fitch and/or DBRS specifically for the Bank’s exposures (i.e. issue specific ratings) if available, otherwise issuer ratings are used following OSFI’s CAR guidelines requirements. Standardized risk weights also take into account other factors such as specific provisions for defaulted exposures, eligible collateral, and

loan-to-value

for real estate secured retail exposures.


As at October 31 ($ millions)	2025								2024
	Exposure at default (1)
Category	Drawn (2)		Undrawn commitments		Other exposures (3)		Total		Total
By counterparty type
Non-retail
IRB portfolio
Corporate	$	189,918	$	71,341	$	113,508	$	374,767	$	357,600
Bank		12,924		12,253		23,194		48,371		56,648
Sovereign		240,416		3,487		11,086		254,989		258,858
		443,258		87,081		147,788		678,127		673,106
Standardized portfolio
Corporate		49,395		4,901		23,786		78,082		65,375
Bank		1,609		69		141		1,819		3,213
Sovereign		24,372		523		243		25,138		24,320
		75,376		5,493		24,170		105,039		92,908
Total non-retail	$	518,634	$	92,574	$	171,958	$	783,166	$	766,014
Retail
IRB portfolio
Real estate secured	$	267,856	$	60,485	$	–	$	328,341	$	306,395
Qualifying revolving		18,710		63,595		–		82,305		67,585
Other retail		27,670		4,624		–		32,294		38,665
		314,236		128,704		–		442,940		412,645
Standardized portfolio
Real estate secured		67,179		102		–		67,281		63,572
Other retail		52,552		10,313		76		62,941		63,214
		119,731		10,415		76		130,222		126,786
Total retail	$	433,967	$	139,119	$	76	$	573,162	$	539,431
Total	$	952,601	$	231,693	$	172,034	$	1,356,328	$	1,305,445
By geography (4)
Canada	$	587,309	$	175,314	$	49,503	$	812,126	$	783,178
United States		137,005		31,646		83,209		251,860		238,201
Chile		54,340		4,645		3,588		62,573		60,179
Mexico		52,283		3,901		3,183		59,367		58,439
Peru		29,386		2,187		2,194		33,767		32,609
Colombia		15,435		1,777		941		18,153		15,015
Other International
Europe		17,423		6,241		22,195		45,859		38,776
Caribbean		32,841		2,152		1,250		36,243		36,170
Latin America (other)		15,218		948		1,080		17,246		17,742
All other		11,361		2,882		4,891		19,134		25,136
Total	$	952,601	$	231,693	$	172,034	$	1,356,328	$	1,305,445

(1)	Exposure at default is presented after credit risk mitigation. Exposures exclude equity securities and other assets. Portfolios under the Standardized Approach are reported net of specific allowances for credit losses and net of collateral amounts treated under the Comprehensive Approach.

(2)	Non-retail drawn includes loans, acceptances, deposits with financial institutions and FVOCI debt securities. Retail drawn includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail.

(3)	Other exposures include off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations, derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements, securities lending and securities borrowing), net of related collateral.

(4)	Geographic segmentation is based upon the location of the ultimate risk of the credit exposure.

2025 Scotiabank Annual Report

225

Table of Contents

Consolidated Financial Statements

Consolidated Statement of Financial Position asset categories cross-referenced to credit risk exposures

The table below provides mapping of

on-balance

sheet asset categories that are included in the various Basel III exposure categories as presented in the credit ris

exposure summary table of these consolidated financial statements. In addition, it also provides other exposures which are subject to market risk and/or other assets which are not subject to market and credit risk with a reconciliation to the Consolidated Statement of Financial Position. The Bank calculates market risk capital based on the Standardized Approach under the Fundamental Review of the Trading Book (FRTB) framework, including its Trading vs. Banking boundary requirements. The credit risk exposures on certain assets such as cash, precious metals, investment securities (equities) and other assets are not included in the credit risk exposure summary table. Also excluded from the credit risk exposures are certain trading assets and all assets of the Bank’s insurance subsidiaries.

Credit Risk Exposures

Other Exposures

Drawn

Other Exposures

Market Risk Exposures

As at October 31, 2025 ($ millions)

Non-retail

Retail

Securitization

Repo-style
Transactions

Derivative
Financial
Instruments

Equity

Also
subject to
Credit Risk

All Other

(1)

Total

Cash and deposits with financial institutions

62,171

–

3,796

65,967

Precious metals

–

5,156

–

5,156

Trading assets

Securities

103

–

140,741

–

140,844

Loans

1,641

–

744

6,846

–

8,487

Other

–

2,892

–

2,892

Financial assets designated at fair value through profit or loss

–

Securities purchased under resale agreements and securities borrowed

–

203,008

–

203,008

Derivative financial instruments

–

46,531

–

42,120

–

46,531

Investment securities

146,457

–

2,258

–

1,233

149,948

Loans:

Residential mortgages

(2)

58,663

311,413

–

115

370,191

Personal loans

5,940

95,171

9,456

–

110,567

Credit cards

–

14,585

313

–

3,147

18,045

Business & government

239,898

13,170

25,846

–

791

279,705

Allowances for credit losses

(3)

(465

)

(1,234

)

–

(5,764

)

(7,463

)

Customers’ liability under acceptances

177

–

177

Property and equipment

–

4,881

Investment in associates

–

6,252

6,317

Goodwill and other intangibles assets

–

16,169

Other (including Deferred tax assets)

6,210

1,154

–

436

–

403

30,417

38,620

Total

520,795

434,259

35,615

203,444

46,531

2,323

42,864

156,038

61,037

1,460,042

(1)	Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks.

(2)	Includes $52.8 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.

(3)	Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances.

Credit Risk Exposures

Other Exposures

Drawn

Other Exposures

Market Risk Exposures

As at October 31, 2024 ($ millions)

Non-retail

Retail

Securitization

Repo-style
Transactions

Derivative
Financial
Instruments

Equity

Also
subject to
Credit Risk

All Other

(1)

Total

Cash and deposits with financial institutions

60,501

–

3,359

63,860

Precious metals

–

2,540

–

2,540

Trading assets

Securities

331

–

119,581

–

119,912

Loans

933

–

569

6,716

–

7,649

Other

–

2,166

–

2,166

Financial assets designated at fair value through profit or loss

–

Securities purchased under resale agreements and securities borrowed

–

200,543

–

200,543

Derivative financial instruments

–

44,379

–

39,736

–

44,379

Investment securities

147,607

–

5,008

–

217

152,832

Loans:

Residential mortgages

(2)

61,467

289,358

–

116

350,941

Personal loans

711

101,821

3,847

–

106,379

Credit cards

–

13,892

162

–

3,320

17,374

Business & government

261,903

12,904

17,627

–

237

292,671

Allowances for credit losses

(3)

(363

)

(1,170

)

–

(5,003

)

(6,536

)

Customers’ liability under acceptances

149

–

)

148

Property and equipment

–

5,252

Investment in associates

–

1,759

1,821

Goodwill and other intangibles assets

–

16,853

Other (including Deferred tax assets)

5,968

1,220

–

343

–

448

25,264

33,243

Total

539,207

418,025

21,636

200,886

44,379

5,070

40,305

131,451

51,373

1,412,027

(1)	Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks.

(2)	Includes $56.3 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.

(3)	Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances.

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Consolidated Financial Statements

(ii)	Credit quality of non-retail exposures

Credit decisions are made based upon an assessment of the credit risk of the individual borrower or counterparty. Key factors considered in the assessment include: the borrower’s management; the borrower’s current and projected financial results and credit statistics; the industry in which the borrower operates; economic trends; and geopolitical risk. Banking units and Global Risk Management also review the credit quality of the credit portfolio across the organization on a regular basis to assess whether economic trends or specific events may affect the performance of the portfolio.

The Bank’s

non-retail

portfolio is well diversified by industry. As at October 31, 2025, and October 31, 2024, 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.

Internal grades (IG) are used to differentiate the risk of default of a borrower. The following table cross references the Bank’s internal borrower grades with equivalent ratings categories utilized by external rating agencies:

Cross referencing of internal ratings to external ratings

(1)

Equivalent External Rating

S&P and Fitch

Moody’s

Morningstar DBRS

Internal Grade

Internal Grade Code

PD Range

(2)

AAA to AA+

Aaa to Aa1

AAA to AA (high)

–

0.0000

% –

0.0565

AA to A+

Aa2 to A1

AA to A (high)

0.0565

% –

0.0693

A to A-

A2 to A3

A to A (low)

Investment grade

0.0693

% –

0.0833

BBB+

Baa1

BBB (high)

0.0833

% –

0.1243

BBB

Baa2

BBB

0.1243

% –

0.1976

BBB-

Baa3

BBB (low)

0.1976

% –

0.2743

BB+

Ba1

BB (high)

0.2743

% –

0.3806

Ba2

0.3806

% –

0.7061

BB-

Ba3

BB (low)

Non-Investment grade

0.7061

% –

1.4290

B+

B (high)

1.4290

% –

2.4715

B to B-

B2 to B3

B to B (low)

2.4715

% –

6.2065

CCC+

Caa1

–

6.2065

% –

15.9382

CCC

Caa2

–

Watch list

15.9382

% –

28.5499

CCC-

to CC

Caa3 to Ca

–

28.5499

% –

48.3748

–

48.3748

% –

100.0000

Default

100%

(1)	Applies to non-retail portfolio.

(2)	PD Ranges as at October 31, 2025. The Range does not include the upper boundary for the row.

Non-retail

IRB portfolio

The credit quality of the

non-retail

IRB portfolio, expressed in terms of risk categories of borrower internal grades is shown in the table below:


			2025								2024
			Exposure at Default (1)
As at October 31 ($ millions) Category of internal grades	IG Code		Drawn		Undrawn commitments		Other exposures (2)		Total		Total
Investment grade		99 – 98	$	144,086	$	1,557	$	39,788	$	185,431	$	174,122
		95		36,203		13,422		30,882		80,507		71,282
		90		15,314		12,067		28,875		56,256		49,596
		87		26,472		13,771		16,458		56,701		63,699
		85		25,166		10,987		8,758		44,911		49,980
		83		43,384		11,155		5,924		60,463		69,342
Non-Investment grade		80		39,476		10,262		5,810		55,548		54,770
		77		25,637		6,542		4,824		37,003		40,729
		75		20,174		4,373		4,556		29,103		27,324
		73		7,913		1,464		756		10,133		10,140
		70		4,137		1,216		707		6,060		3,791
Watch list		65		907		60		43		1,010		1,592
		60		876		109		171		1,156		986
		40		910		75		134		1,119		889
		30		276		9		2		287		232
Default		21		1,482		12		100		1,594		1,313
Total			$	392,413	$	87,081	$	147,788	$	627,282	$	619,787
Government guaranteed residential mortgages (3)				50,845		–		–		50,845		53,319
Total			$	443,258	$	87,081	$	147,788	$	678,127	$	673,106

(1)	After credit risk mitigation.

(2)	Includes off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations, derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements and securities lending and borrowing), net of related collateral.

(3)	These exposures are classified as sovereign exposures and are included in the non-retail category.

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Consolidated Financial Statements

Non-retail

standardized portfolio

The

non-retail

standardized portfolio relies on external credit ratings (e.g. S&P, Fitch, Morningstar DBRS, etc.) of the borrower, if available, to compute regulatory capital for credit risk. Exposures are risk weighted based on prescribed percentages and a mapping process as defined within OSFI’s Capital Adequacy Requirements Guideline.

Non-retail

standardized portfolio as at October 31, 2025 comprised of drawn, undrawn and other exposures to corporate, bank and sovereign counterparties amounted to $105 billion (October 31, 2024 – $93 billion). Within this portfolio, the majority of Corporate/Commercial exposures are to unrated counterparties, mainly in Canada, U.S., Mexico, Chile, Peru and Colombia.

(iii)

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 October 31, 2025, 23% of the Canadian banking residential mortgage portfolio is insured and the average

loan-to-value

ratio of the uninsured portion of the portfolio is 54%.

Retail AIRB portfolio

The data in the table below provides a distribution of the retail AIRB exposures within each PD range by asset class:


As at October 31 ($ millions)	2025												2024
	Exposure at default (1)
			Real estate secured
Category of (PD) grades	PD range		Mortgages		HELOC		Qualifying revolving		Other retail		Total		Total
Exceptionally Low		0.0000 % – 0.0500 %	$	89,983	$	57,130	$	15,921	$	792	$	163,826	$	145,243
Very Low		0.0501 % – 0.1999 %		95,370		19,900		36,811		5,792		157,873		148,919
Low		0.2000 % – 0.9999 %		43,971		–		14,536		16,932		75,439		79,011
Medium Low		1.0000 % – 2.9999 %		11,436		5,509		9,715		4,803		31,463		25,478
Medium		3.0000 % – 9.9999 %		7		–		2,719		2,683		5,409		7,524
High		10.0000 % – 19.9999 %		3,177		938		1,690		614		6,419		3,232
Extremely High		20.0000 % – 99.9999 %		2		–		785		511		1,298		2,263
Default		100 %		791		127		128		167		1,213		975
Total			$	244,737	$	83,604	$	82,305	$	32,294	$	442,940	$	412,645

(1)	After credit risk mitigation.

Retail standardized portfolio

The retail standardized portfolio of $130 billion as at October 31, 2025 (2024 – $127 billion) was comprised of residential mortgages, personal loans, credit cards and lines of credit to individuals, mainly in the Latin American and Caribbean region. Of the total retail standardized exposures, $67 billion (2024 – $64 billion) was represented by mortgages and loans secured by residential real estate, mostly with a

loan-to-value

ratio of below 80%.

(iv)	Collateral

Collateral held

In the normal course of business, to reduce its exposure to counterparty credit risk, the Bank receives collateral for capital markets related activities. The following are examples of the terms and conditions customary to collateral for these types of transactions:

•

The risks and rewards of the pledged assets reside with the pledgor.

•

Additional collateral is required when the market value of the transaction exceeds thresholds agreed upon with the pledgor.

•

The Bank is normally permitted to sell or repledge the collateral it receives, although this right is specific to each agreement under which the collateral is pledged.

•

Upon satisfaction of the obligation, the Bank must return the pledged assets, unless the Bank has the right to sell or repledge the collateral it receives, in which case the Bank must return comparable collateral to the pledgor.

As at October 31, 2025, the approximate market value of cash and securities collateral accepted that may be sold or repledged by the Bank was $409 billion (2024 – $359 billion). This collateral is held primarily in connection with reverse repurchase agreements, margin loans, securities lending and derivative transactions. The Bank also borrows securities under standard securities borrowing agreements that it is able to

re-pledge.

Including these borrowed securities, the approximate market value of securities collateral accepted that may be sold or

re-pledged

was $350 billion (2024 – $300 billion), of which approximately $67 billion was not sold or

re-pledged

(2024 – $60 billion).

Collateral pledged

In the normal course of business, securities and other assets are pledged to secure an obligation, participate in clearing or settlement systems, or operate in a foreign jurisdiction. Note 33(c) details the nature and extent of the Bank’s asset pledging activities. Asset pledging transactions are conducted under terms that are common and customary to standard derivative, securities financing, and other borrowing activities. Standard risk management controls are applied with respect to asset pledging.

Assets acquired in exchange for loans

The carrying value of assets acquired in exchange for loans as at October 31, 2025 was $221 million (2024 – $312 million) mainly comprised of real estate and was classified as either held for sale or held for use as appropriate.

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Consolidated Financial Statements

(b)	Liquidity risk

Liquidity risk is the risk that the Bank is unable to meet its financial obligations in a timely manner at reasonable prices. Our liquidity risk management framework and key risk measures are disclosed in the gray-shaded text and tables marked with an asterisk (*) in the “Risk Management” section of the MD&A.

(c)	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 between them, and their levels of volatility. Our market risk management framework and

ey risk measures are disclosed in the gray-shaded text and tables marked with an asterisk (*) in the “Risk Management” section of the MD&A.

35	Acquisitions and Divestitures

Acquisitions

Acquisition completed impacting the current year

KeyCorp

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

($4.1 billion). Following completion of the Additional Investment, the Bank designated two individuals to serve on KeyCorp’s Board of Directors.

non-interest

income – other, 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 twelve months ended October 31, 2025, $117 million ($111 million

after-tax)

and $362 million ($338 million

after-tax),

respectively, was recorded in net income from investments in associated corporations, representing the Bank’s share of KeyCorp’s financial results.

Divestitures

Divestiture announced that is 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

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.

after-tax)

was recorded in

non-interest

As of October 31, 2025, the Bank has recognized a total impairment loss of $1,422 million in non-interest expense and a credit of $45 million in non-interest income (collectively $1,342

million after-tax). The loss was recorded in Other operating segment. The held for sale operations included total assets of $

24 billion and total liabilities of $22 billion, consisting primarily of loans and deposits, and the

total

cumulative foreign currency translation losses, net of hedges was $249 million. Upon closing, total assets and liabilities will be derecognized. Any resulting gains/loss and the total cumulative foreign currency translation reserve, net of hedges at the closing date related to these operations will be recorded in the

onsolidated

tatement of

ncome.

The total impact of the transaction to the Bank’s CET1 capital ratio was a decrease of approximately 13 basis points as of October 31, 2025.

Closed divestitures impacting the current fiscal 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 2025 and $90 million was recorded in 2024. The amount recognized in 2025 was recognized in

non-interest

income – other. The closing of the transaction increased the Bank’s CET1 capital ratio by approximately three basis points.

2025 Scotiabank Annual Report

229

Table of Contents

Consolidated Financial Statements

36	Event s after the Consolidated Statement of Financial Position date

Sale of banking operations in Colombia, Costa Rica and Panama

On December 1, 2025, the Bank completed the sale of

s banking operations in Colombia, Costa Rica and Panama to Davivienda Group in exchange for an approximately 20% ownership stake in the newly combined entity of Davivienda, upon receiving all regulatory approvals and satisfying all customary closing conditions.

Following this date, the investment in Davivienda Group will be accounted for as an investment in associate as the Bank has significant influence. Additionally, all assets and liabilities in relation to the Bank’s operations will be

derecognized

and the Bank is expected to record a loss in Q1 2026 of approximately $300 million after-tax in the Other segment, primarily relating to the release of cumulative foreign currency translation losses, net of hedges.

230

2025 Scotiabank Annual Report

EX-99.4 6 d936350dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

LOGO

KPMG LLP

Bay Adelaide Centre

333 Bay Street, Suite 4600

Toronto, ON M5H 2S5

Canada

Tel 416-777-8500

Fax 416-777-8818

www.kpmg.ca

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of The Bank of Nova Scotia (the “Bank”)

We consent to the use of our reports of independent registered public accounting firm dated December 2, 2025 on:

i)	the consolidated financial statements of the Bank, which comprise the consolidated statements of financial position as of October 31, 2025 and 2024, the consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and the related notes; and

ii)	the effectiveness of the Bank’s internal control over financial reporting as of October 31, 2025,

each of which is included in the Annual Report on Form 40-F of the Bank for the fiscal year ended October 31, 2025.

We also consent to the incorporation by reference of such reports in the Registration Statement on Form S-8 (No. 333-199099) of the Bank.

We also consent to the incorporation by reference of such reports and to the reference to our firm under the heading “Experts” in the Registration Statement on Form F-3 (No. 333-282565) of the Bank.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

December 2, 2025

Toronto, Canada

© 2025 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

EX-99.5 7 d936350dex995.htm EX-99.5 EX-99.5

Exhibit 99.5

CERTIFICATIONS

I, L. SCOTT THOMSON, certify that:

1.	I have reviewed the annual report on Form 40-F of The Bank of Nova Scotia;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.	The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: December 2, 2025

/s/ L. Scott Thomson

L. Scott Thomson

President and Chief Executive Officer

CERTIFICATIONS

I, RAJAGOPAL VISWANATHAN, certify that:

1.	I have reviewed the annual report on Form 40-F of The Bank of Nova Scotia;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

5.	The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: December 2, 2025

/s/ Rajagopal Viswanathan

Rajagopal Viswanathan

Group Head and Chief Financial Officer

EX-99.6 8 d936350dex996.htm EX-99.6 EX-99.6

Exhibit 99.6

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ENACTED PURSUANT TO

SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002

In connection with the annual report of The Bank of Nova Scotia (the “Bank”) on Form 40-F for the year ended October 31, 2025 (the “Report”) as filed with the U.S. Securities and Exchange Commission,

I, L. Scott Thomson, President and Chief Executive Officer of the Bank, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that to my knowledge:

(i)

the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and

(ii)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Bank.


December 2, 2025		/s/ L. Scott Thomson
		L. Scott Thomson
		President and Chief Executive Officer

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ENACTED PURSUANT TO

SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002

I, Rajagopal Viswanathan, Group Head and Chief Financial Officer of the Bank, certify, pursuant to 18 U.S.C. section 1350, as enacted pursuant to section 906 of the U.S. Sarbanes-Oxley Act of 2002, that to my knowledge:

(i) the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Bank.


December 2, 2025		/s/ Rajagopal Viswanathan

		Rajagopal Viswanathan
		Group Head and Chief Financial Officer