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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Bank of Nova Scotia    BNS   CA0641491075

THE BANK OF NOVA SCOTIA

(BNS)
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Bank of Nova Scotia : Scotiabank provides update on COVID-19-related customer assistance programs

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09/15/2020 | 09:14am EDT

TORONTO, Sept. 15, 2020 /CNW/ - Scotiabank today is updating the amounts outstanding under its COVID-19-related customer assistance programs, as at August 31, 2020.

"Our customer assistance programs are working effectively across all of our markets," said Brian Porter, Scotiabank's President and Chief Executive Officer. "Our total deferral balances continue to decline while our customers continue to make their payments on time after their deferrals have expired. We expect the vast majority of the remaining balances to expire this quarter. Today, we are seeing signs for optimism as household spending continues to return to more normal levels and economic output continues to regain lost ground, even though the pandemic is having an uneven impact on economic recoveries."

The updated disclosure is available on the Bank's Investor Relations website.

Key highlights (as at August 31, 2020):

  • Canadian Retail: $39 billion of active deferral exposure, down from $41.5 billion as of July 31, 2020. Active deferral exposure includes: mortgages of $37.3 billion, auto loans of $1.3 billion, credit cards of $0.1 billion, and other personal loans of $0.3 billion. Of deferrals which have expired, 96.8% of customers remain current on their payments.
  • For customers whose mortgage deferrals have expired, 99% are current on their payments. For customers with active mortgage deferrals, approximately 40% are insured while the balance of uninsured mortgages have FICO scores on average greater than 750.
  • 77% of Canadian Personal Loan deferrals were for auto loans, reflecting Scotiabank's leading market share in automotive lending, and 94% of customers whose personal loan deferrals have expired remain current on their payments.
  • International Retail: $12 billion of active deferral exposure, down from $18.1 billion as of July 31, 2020. 92% of international retail customers remain current on their payments on deferrals that have expired.
  • Commercial and Small Business:

    The following figures relate to active deferral exposure and exclude amounts related to covenant relief requests. This differs from previous disclosures but is in line with industry practice.
    • Canada: $1.6 billion of active deferral exposure, down from $1.9 billion as of July 31, 2020.
    • International: $7.5 billion of active deferral exposure, down from $8.3 billion as of July 31, 2020.

Throughout the pandemic, Scotiabank has strived to support its customers with assistance programs for individuals and businesses that have helped to alleviate some of the challenges brought on by COVID-19.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, 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. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

© Canada Newswire, source Canada Newswire English


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Financials
Sales 2020 31 460 M 23 991 M 23 991 M
Net income 2020 6 360 M 4 850 M 4 850 M
Net Debt 2020 - - -
P/E ratio 2020 10,6x
Yield 2020 6,26%
Capitalization 67 331 M 51 301 M 51 345 M
Capi. / Sales 2020 2,14x
Capi. / Sales 2021 2,17x
Nbr of Employees 95 369
Free-Float 100,0%
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Mean consensus HOLD
Number of Analysts 14
Average target price 60,75 CAD
Last Close Price 55,58 CAD
Spread / Highest target 25,9%
Spread / Average Target 9,31%
Spread / Lowest Target -11,8%
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Managers
NameTitle
Brian Johnston Porter President, CEO & Non-Independent Director
Aaron William Regent Chairman
Loretta Marcoccia Chief Operating Officer, EVP-Global Banking
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Michael Zerbs Chief Technology Officer & Group Head
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