All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended |
Second Quarter 2022 Highlights on a Reported Basis • Net income of • Earnings per share (diluted) of • Return on equity(2) of 16.2%, compared to 14.8% | Second Quarter 2022 Highlights on an Adjusted Basis(1) • Net income of • Earnings per share (diluted) of • Return on equity of 16.4%, compared to 14.9% |
Adjusted net income(1) for the second quarter was
"We are pleased with the very strong EPS growth of 15% and a return on equity of 16.4%. Continued loan growth of 13%, an improving net interest margin, strong customer balance sheets, combined with prudent expense management, positions the Bank well to grow its earnings," said
Canadian Banking earnings grew 27% compared to the prior year. Results were underpinned by higher revenues, driven by robust mortgage and commercial loan growth, strong fee income, lower provision for credit losses, and the sixth consecutive quarter of positive operating leverage.
International Banking earnings continued its strong recovery exceeding
Global Wealth Management earnings grew 9% driven by higher brokerage revenues, mutual fund fees, and net interest income supported by strong loan and deposit growth.
Global Banking and Markets delivered earnings of
The Bank remains well capitalized with a Common Equity Tier 1 capital ratio(3) of 11.6%. Strong internal capital generation positions the Bank to continue to grow in line with its strategic objectives, while returning capital to shareholders. The Bank announced a quarterly dividend increase of
"I am proud of the many recognitions Scotiabank received this quarter, most notably, the award for Best Use of Technology for Customer Experience Overall in The Digital Banker's 2022 Global Digital CX Banking Awards. This award reinforces the Bank's momentum in innovating, digitizing and modernizing our organization to meet our customers' evolving needs," said
_____________________________________________ |
(1) Refer to Non-GAAP Measures section on page 6. |
Financial Highlights
Reported Results | For the three months ended | For the six months ended | |||||||||
April 30 | January 31 | April 30 | April 30 | April 30 | |||||||
(Unaudited)($ millions) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||
Net interest income | $ | 4,473 | $ | 4,344 | $ | 4,176 | $ | 8,817 | $ | 8,527 | |
Non-interest income | 3,469 | 3,705 | 3,560 | 7,174 | 7,281 | ||||||
Total revenue | 7,942 | 8,049 | 7,736 | 15,991 | 15,808 | ||||||
Provision for credit losses | 219 | 222 | 496 | 441 | 1,260 | ||||||
Non-interest expenses | 4,159 | 4,223 | 4,042 | 8,382 | 8,250 | ||||||
Income tax expense | 817 | 864 | 742 | 1,681 | 1,444 | ||||||
Net income | $ | 2,747 | $ | 2,740 | $ | 2,456 | $ | 5,487 | $ | 4,854 | |
Net income attributable to non-controlling interests in | |||||||||||
subsidiaries | 78 | 88 | 90 | 166 | 180 | ||||||
Net income attributable to equity holders of the Bank | $ | 2,669 | $ | 2,652 | $ | 2,366 | $ | 5,321 | $ | 4,674 | |
Preferred shareholders and other equity instrument holders | 74 | 44 | 77 | 118 | 120 | ||||||
Common shareholders | $ | 2,595 | $ | 2,608 | $ | 2,289 | $ | 5,203 | $ | 4,554 | |
Earnings per common share (in dollars) | |||||||||||
Basic | $ | 2.16 | $ | 2.15 | $ | 1.89 | $ | 4.32 | $ | 3.76 | |
Diluted | $ | 2.16 | $ | 2.14 | $ | 1.88 | $ | 4.30 | $ | 3.74 |
Business Segment Review
Canadian Banking
Q2 2022 vs Q2 2021
Net income attributable to equity holders was
Q2 2022 vs Q1 2022
Net income attributable to equity holders decreased
Year-to-date Q2 2022 vs Year-to-date Q2 2021
Net income attributable to equity holders was
International Banking
Q2 2022 vs Q2 2021
Net income attributable to equity holders was
Q2 2022 vs Q1 2022
Net income attributable to equity holders increased
Year-to-date Q2 2022 vs Year-to-date Q2 2021
Net income attributable to equity holders was
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. Constant dollar basis excludes the impact of foreign currency translation, which is a non-GAAP financial measure (refer to Non-GAAP measures section on page 6). The Bank believes that reporting in constant dollar is useful for readers to understand business performance without the impact of foreign currency.
Q2 2022 vs Q2 2021
Net income attributable to equity holders was
Q2 2022 vs Q1 2022
Net income attributable to equity holders increased by
Year-to-date Q2 2022 vs Year-to-date Q2 2021
Net income attributable to equity holders was
Global Wealth Management
Q2 2022 vs Q2 2021
Net income attributable to equity holders was
Q2 2022 vs Q1 2022
Net income attributable to equity holders decreased
Year-to-date Q2 2022 vs Year-to-date Q2 2021
Net income attributable to equity holders was
Global Banking and Markets
Q2 2022 vs Q2 2021
Net income attributable to equity holders was
Q2 2022 vs Q1 2022
Net income attributable to equity holders decreased by
Year-to-date Q2 2022 vs Year-to-date Q2 2021
Net income attributable to equity holders was
Other
Q2 2022 vs Q2 2021
Net income attributable to equity holders was a net loss of
Q2 2022 vs Q1 2022
Net income attributable to equity holders increased
Year-to-date Q2 2022 vs Year-to-date Q2 2021
Net income attributable to equity holders was a net loss of
Credit risk
Provision for credit losses
Q2 2022 vs Q2 2021
The provision for credit losses was
Provision for credit losses on performing loans was a net reversal of
Provision for credit losses on impaired loans was
Q2 2022 vs Q1 2022
The provision for credit losses was
Provision for credit losses on performing loans was a net reversal of
Provision for credit losses on impaired loans was
Year-to-date Q2 2022 vs Year-to-date Q2 2021
The provision for credit losses was
Provision for credit losses on performing loans was a net reversal of
Provision for credit losses on impaired loans was
Allowance for credit losses
The total allowance for credit losses as at
The allowance on performing loans was lower at
The allowance on impaired loans decreased to
Impaired loans
Gross impaired loans decreased to
Net impaired loans in Canadian Banking were
Capital Ratios
The Bank's Common Equity Tier 1 (CET1) capital ratio(1) was 11.6% as at
The Bank's Tier 1 capital ratio(1) was 12.8% as at
The Bank's Total capital ratio(1) was 15.0% as at
The Leverage ratio(2) was 4.2% as at
The TLAC ratio(3) was 30.1% as at
The TLAC Leverage ratio(3) was 9.8%, an increase of approximately 40 basis points, due primarily to net TLAC issuances during the quarter.
As at
______________________________________ |
(1) This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018). |
(2) This measure has been disclosed in this document in accordance with OSFI Guideline – Leverage Requirements (November 2018). |
(3) This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018). |
Non-GAAP Measures
The Bank uses a number of financial measures to assess its performance, as well as the performance of its operating segments. Some of these measures are presented on a non-GAAP basis and are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the
Adjusted results and diluted earnings per share
The following tables present a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results. The financial results have been adjusted for the following:
Amortization of acquisition-related intangible assets:
These costs relate to the amortization of intangibles recognized upon the acquisition of businesses, excluding software, and are recorded in the Canadian Banking, International Banking and Global Wealth Management operating segments.
Reconciliation of reported and adjusted results and diluted earnings per share | |||||||||||
For the three months ended | For the year ended | ||||||||||
($ millions) | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||
Reported Results | |||||||||||
Net interest income | $ | 4,473 | $ | 4,344 | $ | 4,176 | $ | 8,817 | $ | 8,527 | |
Non-interest income | 3,469 | 3,705 | 3,560 | 7,174 | 7,281 | ||||||
Total Revenue | 7,942 | 8,049 | 7,736 | 15,991 | 15,808 | ||||||
Provision for credit losses | 219 | 222 | 496 | 441 | 1,260 | ||||||
Non-interest expenses | 4,159 | 4,223 | 4,042 | 8,382 | 8,250 | ||||||
Income before taxes | 3,564 | 3,604 | 3,198 | 7,168 | 6,298 | ||||||
Income tax expense | 817 | 864 | 742 | 1,681 | 1,444 | ||||||
Net income | $ | 2,747 | $ | 2,740 | $ | 2,456 | $ | 5,487 | $ | 4,854 | |
Net income attributable to non-controlling interests in subsidiaries (NCI) | 78 | 88 | 90 | 166 | 180 | ||||||
Net income attributable to equity holders | $ | 2,669 | $ | 2,652 | $ | 2,366 | $ | 5,321 | $ | 4,674 | |
Preferred shareholders and other equity instrument holders | 74 | 44 | 77 | 118 | 120 | ||||||
Net income attributable to common shareholders | $ | 2,595 | $ | 2,608 | $ | 2,289 | $ | 5,203 | $ | 4,554 | |
Diluted earnings per share (in dollars) | $ | 2.16 | $ | 2.14 | $ | 1.88 | $ | 4.30 | $ | 3.74 | |
Adjustments | |||||||||||
Amortization of acquisition-related intangible assets(1) | $ | 24 | $ | 25 | $ | 26 | $ | 49 | $ | 54 | |
Adjustments (Pre-tax) | 24 | 25 | 26 | 49 | 54 | ||||||
Income tax expense/(benefit) | (6) | (7) | (7) | (13) | (15) | ||||||
Adjustments (After tax) | 18 | 18 | 19 | 36 | 39 | ||||||
Adjustment attributable to NCI | - | - | - | - | - | ||||||
Adjustments (After tax and NCI) | $ | 18 | $ | 18 | $ | 19 | $ | 36 | $ | 39 | |
Adjusted Results | |||||||||||
Net interest income | $ | 4,473 | $ | 4,344 | $ | 4,176 | $ | 8,817 | $ | 8,527 | |
Non-interest income | 3,469 | 3,705 | 3,560 | 7,174 | 7,281 | ||||||
Total revenue | 7,942 | 8,049 | 7,736 | 15,991 | 15,808 | ||||||
Provision for credit losses | 219 | 222 | 496 | 441 | 1,260 | ||||||
Non-interest expenses | 4,135 | 4,198 | 4,016 | 8,333 | 8,196 | ||||||
Income before taxes | 3,588 | 3,629 | 3,224 | 7,217 | 6,352 | ||||||
Income tax expense | 823 | 871 | 749 | 1,694 | 1,459 | ||||||
Net income | $ | 2,765 | $ | 2,758 | $ | 2,475 | $ | 5,523 | $ | 4,893 | |
Net income attributable to NCI | 78 | 88 | 90 | 166 | 180 | ||||||
Net income attributable to equity holders | $ | 2,687 | $ | 2,670 | $ | 2,385 | $ | 5,357 | $ | 4,713 | |
Preferred shareholders and other equity instrument holders | 74 | 44 | 77 | 118 | 120 | ||||||
Net income attributable to common shareholders | $ | 2,613 | $ | 2,626 | $ | 2,308 | $ | 5,239 | $ | 4,593 | |
Adjusted diluted earnings per share | |||||||||||
Adjusted net income attributable to common shareholders | 2,613 | 2,626 | 2,308 | 5,239 | 4,593 | ||||||
Dilutive impact of share-based payment options and others | - | 24 | 13 | 67 | 119 | ||||||
Adjusted net income attributable to common shareholders (diluted) | $ | 2,613 | $ | 2,650 | $ | 2,321 | $ | 5,306 | $ | 4,712 | |
Weighted average number of basic common shares outstanding (millions) | 1,199 | 1,211 | 1,213 | 1,205 | 1,213 | ||||||
Dilutive impact of share-based payment options and others (millions) | 2 | 19 | 10 | 20 | 35 | ||||||
Adjusted weighted average number of diluted common shares outstanding (millions) | 1,201 | 1,230 | 1,223 | 1,225 | 1,248 | ||||||
Adjusted diluted earnings per share (in dollars)(2) | $ | 2.18 | $ | 2.15 | $ | 1.90 | $ | 4.33 | $ | 3.78 | |
Impact of adjustments on diluted earnings per share (in dollars) | $ | 0.02 | $ | 0.01 | $ | 0.02 | $ | 0.03 | $ | 0.04 |
(1) Recorded in non-interest expenses. |
(2) Earnings per share calculations are based on full dollar and share amounts. |
Reconciliation of reported and adjusted results by business line(1) | |||||||||||||
Global | Global | ||||||||||||
Canadian | International | Wealth | Banking | ||||||||||
($ millions) | Banking | Banking | Management | and Markets | Other | Total | |||||||
For the three months ended | |||||||||||||
Reported net income (loss) | $ | 1,179 | $ | 681 | $ | 409 | $ | 488 | $ | (10) | $ | 2,747 | |
Net income attributable to non-controlling interests in | |||||||||||||
subsidiaries (NCI) | - | 76 | 2 | - | - | 78 | |||||||
Reported net income attributable to equity holders | $ | 1,179 | $ | 605 | $ | 407 | $ | 488 | $ | (10) | $ | 2,669 | |
Adjustments: | |||||||||||||
Amortization of acquisition-related intangible assets(2) | 4 | 8 | 6 | - | - | 18 | |||||||
Adjusted net income (loss) | $ | 1,183 | $ | 689 | $ | 415 | $ | 488 | $ | (10) | $ | 2,765 | |
Adjusted net income attributable to equity holders | $ | 1,183 | $ | 613 | $ | 413 | $ | 488 | $ | (10) | $ | 2,687 | |
For the three months ended | |||||||||||||
Reported net income (loss) | $ | 1,201 | $ | 630 | $ | 415 | $ | 561 | $ | (67) | $ | 2,740 | |
Net income attributable to NCI | - | 85 | 3 | - | - | 88 | |||||||
Reported net income attributable to equity holders | $ | 1,201 | $ | 545 | $ | 412 | $ | 561 | $ | (67) | $ | 2,652 | |
Adjustments: | |||||||||||||
Amortization of acquisition-related intangible assets(2) | 4 | 7 | 7 | - | - | 18 | |||||||
Adjusted net income (loss) | $ | 1,205 | $ | 637 | $ | 422 | $ | 561 | $ | (67) | $ | 2,758 | |
Adjusted net income attributable to equity holders | $ | 1,205 | $ | 552 | $ | 419 | $ | 561 | $ | (67) | $ | 2,670 | |
For the three months ended | |||||||||||||
Reported net income (loss) | $ | 927 | $ | 507 | $ | 374 | $ | 517 | $ | 131 | $ | 2,456 | |
Net income attributable to NCI | - | 87 | 2 | - | 1 | 90 | |||||||
Reported net income attributable to equity holders | $ | 927 | $ | 420 | $ | 372 | $ | 517 | $ | 130 | $ | 2,366 | |
Adjustments: | |||||||||||||
Amortization of acquisition-related intangible assets(2) | 4 | 9 | 6 | - | - | 19 | |||||||
Adjusted net income (loss) | $ | 931 | $ | 516 | $ | 380 | $ | 517 | $ | 131 | $ | 2,475 | |
Adjusted net income attributable to equity holders | $ | 931 | $ | 429 | $ | 378 | $ | 517 | $ | 130 | $ | 2,385 | |
For the six months ended | |||||||||||||
Reported net income (loss) | $ | 2,380 | $ | 1,311 | $ | 824 | $ | 1,049 | $ | (77) | $ | 5,487 | |
Net income attributable to NCI | - | 161 | 5 | - | - | 166 | |||||||
Reported net income attributable to equity holders | $ | 2,380 | $ | 1,150 | $ | 819 | $ | 1,049 | $ | (77) | $ | 5,321 | |
Adjustments: | |||||||||||||
Amortization of acquisition-related intangible assets(2) | 8 | 15 | 13 | - | - | 36 | |||||||
Adjusted net income (loss) | $ | 2,388 | $ | 1,326 | $ | 837 | $ | 1,049 | $ | (77) | $ | 5,523 | |
Adjusted net income attributable to equity holders | $ | 2,388 | $ | 1,165 | $ | 832 | $ | 1,049 | $ | (77) | $ | 5,357 | |
For the six months ended | |||||||||||||
Reported net income (loss) | $ | 1,838 | $ | 984 | $ | 795 | $ | 1,060 | $ | 177 | $ | 4,854 | |
Net income attributable to NCI | - | 175 | 5 | - | - | 180 | |||||||
Reported net income attributable to equity holders | $ | 1,838 | $ | 809 | $ | 790 | $ | 1,060 | $ | 177 | $ | 4,674 | |
Adjustments: | |||||||||||||
Amortization of acquisition-related intangible assets(2) | 8 | 18 | 13 | - | - | 39 | |||||||
Adjusted net income (loss) | $ | 1,846 | $ | 1,002 | $ | 808 | $ | 1,060 | $ | 177 | $ | 4,893 | |
Adjusted net income attributable to equity holders | $ | 1,846 | $ | 827 | $ | 803 | $ | 1,060 | $ | 177 | $ | 4,713 | |
(1) | Refer to Business Segment Review section of the Bank's Q2, 2022 Quarterly Report to Shareholders. | ||||||||||||
(2) | Recorded in non-interest expenses. |
Reconciliation of International Banking's reported, adjusted and constant dollar results
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. 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.
Reported Results | For the three months ended | For the six months ended | |||||||||||||||||||
($ millions) | |||||||||||||||||||||
(Taxable equivalent basis) | Reported | Foreign | Constant | Reported | Foreign | Constant | Reported | Foreign | Constant | ||||||||||||
Net interest income | $ | 1,648 | $ | (40) | $ | 1,688 | $ | 1,662 | $ | 44 | $ | 1,618 | $ | 3,450 | $ | 178 | $ | 3,272 | |||
Non-interest income | 749 | (4) | 753 | 716 | 24 | 692 | 1,489 | 77 | 1,412 | ||||||||||||
Total revenue | 2,397 | (44) | 2,441 | 2,378 | 68 | 2,310 | 4,939 | 255 | 4,684 | ||||||||||||
Provision for credit losses | 274 | (9) | 283 | 396 | 10 | 386 | 921 | 54 | 867 | ||||||||||||
Non-interest expenses | 1,285 | (28) | 1,313 | 1,294 | 30 | 1,264 | 2,696 | 122 | 2,574 | ||||||||||||
Income tax expense | 208 | (2) | 210 | 181 | 5 | 176 | 338 | 18 | 320 | ||||||||||||
Net income | $ | 630 | $ | (5) | $ | 635 | $ | 507 | $ | 23 | $ | 484 | $ | 984 | $ | 61 | $ | 923 | |||
Net income attributable to non-controlling interest | |||||||||||||||||||||
in subsidiaries | $ | 85 | $ | (3) | $ | 88 | $ | 87 | $ | 6 | $ | 81 | $ | 175 | $ | 15 | $ | 160 | |||
Net income attributable to equity holders of the Bank | $ | 545 | $ | (2) | $ | 547 | $ | 420 | $ | 17 | $ | 403 | $ | 809 | $ | 46 | $ | 763 | |||
Other measures | |||||||||||||||||||||
Average assets ($ billions) | $ | 196 | $ | (3) | $ | 199 | $ | 194 | $ | 5 | $ | 189 | $ | 197 | $ | 9 | $ | 188 | |||
Average liabilities ($ billions) | $ | 144 | $ | (3) | $ | 147 | $ | 149 | $ | 5 | $ | 144 | $ | 151 | $ | 8 | $ | 143 | |||
Adjusted Results | For the three months ended | For the six months ended | |||||||||||||||||||
($ millions) | |||||||||||||||||||||
(Taxable equivalent basis) | Adjusted | Foreign | Constant | Adjusted | Foreign | Constant | Adjusted | Foreign | Constant | ||||||||||||
Net interest income | $ | 1,648 | $ | (40) | $ | 1,688 | $ | 1,662 | $ | 44 | $ | 1,618 | $ | 3,450 | $ | 178 | $ | 3,272 | |||
Non-interest income | 749 | (4) | 753 | 716 | 24 | 692 | 1,489 | 77 | 1,412 | ||||||||||||
Total revenue | 2,397 | (44) | 2,441 | 2,378 | 68 | 2,310 | 4,939 | 255 | 4,684 | ||||||||||||
Provision for credit losses | 274 | (9) | 283 | 396 | 10 | 386 | 921 | 54 | 867 | ||||||||||||
Non-interest expenses | 1,275 | (27) | 1,302 | 1,283 | 29 | 1,254 | 2,672 | 121 | 2,551 | ||||||||||||
Income tax expense | 211 | (3) | 214 | 183 | 5 | 178 | 344 | 17 | 327 | ||||||||||||
Net income | $ | 637 | $ | (5) | $ | 642 | $ | 516 | $ | 24 | $ | 492 | $ | 1,002 | $ | 63 | $ | 939 | |||
Net income attributable to non-controlling interest | |||||||||||||||||||||
in subsidiaries | $ | 85 | $ | (2) | $ | 87 | $ | 87 | $ | 6 | $ | 81 | $ | 175 | $ | 15 | $ | 160 | |||
Net income attributable to equity holders of the Bank | $ | 552 | $ | (3) | $ | 555 | $ | 429 | $ | 18 | $ | 411 | $ | 827 | $ | 48 | $ | 779 |
Return on equity
Return on equity is a profitability measure that presents the net income attributable to common shareholders (annualized) as a percentage of average common shareholders' equity.
The Bank attributes capital to its business lines on a basis that approximates 10.5% of Basel III common equity capital requirements which includes credit, market and operational risks and leverage inherent within each business segment.
Return on equity for the business segments is calculated as a ratio of net income attributable to common shareholders (annualized) of the business segment and the capital attributed.
Adjusted return on equity represents adjusted net income attributable to common shareholders (annualized) as a percentage of adjusted average common shareholders' equity.
Forward-looking statements
From time to time, our public communications often 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
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; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; changes to our credit ratings; 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; disruptions in or attacks (including cyber-attacks) on the Bank's information technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and in business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; climate change and other environmental and social risks, including sustainability that may arise, including from the Bank's business activities; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2021 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 2021 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events.
Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.
Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the
Shareholders Information
Dividend and Share Purchase Plan
Scotiabank's dividend reinvestment and share purchase plan allows common and preferred shareholders to purchase additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees. As well, eligible shareholders may invest up to
Website
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The quarterly results conference call will take place on
Following discussion of the results by Scotiabank executives, there will be a question and answer session. A telephone replay of the conference call will be available from
Additional Information
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