7 <65% Operating Leverage. Bank Of Nova Scotia annual net income for 2021 was . Secure and increase the performance of your investments with our team of experts at your side. Therefore, these unaudited consolidated financial statements should be read in conjunction with the Bank's audited consolidated financial statements for the year ended October 31, 2022 which will be available today at www.scotiabank.com. Return on equity is a profitability measure that presents the net income attributable to common shareholders as a percentage of average common shareholders' equity. The adjustments in the prior year were $157 million after-tax ($213 million pre-tax) which included restructuring and other provisions of $139 million after-tax ($188 million pre-tax), and amortization of acquisition-related intangible assets of $18 million ($25 million pre-tax). Revenues were $3,134 million, up $303 million or 11%, due to higher net interest income and non-interest income. Scotiabank reported third-quarter net income of $2.59 billion, up from $2.54 billion in the . Non-interest income was $3,004 million, down $466 million or 13% including adjusting items of $361 million this quarter (refer to Non-GAAP Measures starting on page 22). Includes net income from investments in associated corporations for the three months ended October 31, 2022 - $23 (July 31, 2022 - $15; October 31, 2021 - $18) and for the year ended October 31, 2022 - $64 (October 31, 2021 - $87). The total portfolio of residential retail mortgages rose to $272 billion in Q2, up from $235 billion a year ago. The bank reported fourth-quarter net income of $2.09 billion, down from $2.56 billion in the same quarter last year as it made several adjustments, including a $340 million loss from the sale of . 14 Q3/22 AUM . International Banking business segment results are analyzed on a constant dollar basis. Scotiabank reported third-quarter net income of $2.59 billion, up from $2.54 billion in the same quarter last year. The Bank uses a number of financial measures to assess its performance, as well as the performance of its operating segments. 10% 20% . Non-interest expenses increased $41 million or 6% due mainly to higher personnel costs and the negative impact of foreign currency translation. 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. The decline was due primarily to higher provision for credit losses. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Includes provision for credit losses on certain financial assets - loans, acceptances, and off-balance sheet exposures. Copyright 2023 Surperformance. Positive . 5%+ Productivity Ratio: 7 <44% : Operating Leverage; 7: Positive : Business Mix : Q2/22 Revenue : $2.9Bn : 75% Retail 25% Business . Diluted earnings per share (EPS) were $8.02, compared to $7.70 in the previous year. 5,15. Non-interest income increased by $58 million or 9%, driven by net fees and commissions and capital markets revenues. Refile: Canada's Banking Regulator Raises The Capital Buffer Required for The Cou.. Canada Banks Brief: New Buffer Effective From November 1, 2023, Canada Banks Brief: OFSI Raising Domestic Stability Buffer To 3.5%, Scotia Global Asset Management announces June 2023 cash distributions for Scotia ETFs, BMO Capital on Credit Risk and Reserve Levels at the "Big 6", Scotiabank Announces Global Inclusive Standards of Care for Employee Benefits, Bank of Nova Scotia Files for Singapore Listing of Bonds, Canada Housing Starts Drop 23% in May From April to Lowest Level in Over 3 Years, RBC Changes Price Target on Four Canadian Banks, Credit Suisse Reviews Scotiabank's Q2, Trims Ests, Maintains $70 Target, Neutral Rating, Scotiabank Price Target Lowered to $71 at CIBC, INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, President, Chief Executive Officer & Director. $320Bn . This is a non-GAAP ratio. Shareholders are invited to attend the 191st Annual Meeting of Holders of Common Shares, to be held on April 4, 2023, at Scotiabank Centre, Scotia Plaza, 40 King Street West, 2nd Floor, Toronto, Ontario beginning at 9:00 a.m. Eastern. Scotiabank's 2022 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis (MD&A) are available at www.scotiabank.com along with the supplementary financial information and regulatory capital disclosure reports, which include fourth quarter financial information. Net income attributable to equity holders increased $34 million or 3%. The provision for credit losses was $11 million, compared to a net reversal of $50 million. Net income attributable to equity holders increased by $27 million or 5% from $598 million. 2022 Scotiabank Annual Report. 15 <50%. Non-interest income of $771 million increased $22 million or 3%. Adjusted non-interest income was up $242 million or 8%, due primarily to higher trading revenues, banking revenues, other fees and commission revenues, as well as underwriting and advisory fees, partly offset by lower wealth management revenues. Reported results on a constant dollar basis, Adjusted results on a constant dollar basis. I have received an offer from Tiger Analytics and Scotiabank Canada. 8%+ Productivity Ratio. 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 2022 Annual Report, as may be updated by quarterly reports. Includes adjustment for Amortization of acquisition-related intangible assets, excluding software for the three months ended October 31, 2022 $6 (July 31, 2022 $5; October 31, 2021 $6) and for the year ended October 31, 2022 $22 (October 31, 2021 $22). This morning, we announced our second quarter earnings of $2.8 billion, or $2.18 per share, representing a very strong 15% year-over-year increase in earnings per share. Adjusted net income attributable to equity holders increased by $26 million or 5%, compared to $605 million last quarter. Provision for credit losses on impaired loans was $320 million compared to $266 million, an increase of $54 million or 21% due primarily to higher retail provisions driven by higher formations across markets. This was due largely to higher net interest income and lower provision for income taxes, partly offset by lower non-interest income, higher provision for credit losses and higher non-interest expenses. Net income attributable to equity holders was a net loss of $52 million, compared to a net loss of $7 million in the prior year. In the 2022 fiscal year, the Marseille-based shipping company CMA CGM generated a net income of 24.88 billion U.S. dollars. Net interest margin increased by 30 basis points to 4.08%, due mainly to higher central bank rates, and inflationary adjustments, partly offset by higher funding costs and changes in deposits mix. (2) Refer to Non-GAAP Measures section starting on page 22. . Core net interest income is defined as net interest income earned from core earning assets. Diluted earnings per share were $1.63, compared to $1.97 in the same period a year ago. At 190 years old, Scotiabank is older than the country of Canada itself and as we look ahead to 2023, I have every confidence that the Bank's best days are yet to come. The Bank believes that constant dollar is usefulfor readers to understand business performance without the impact of foreign currency translation and is used by management to assess theperformance of the business segment. . Toronto Dominion Bank net income for the twelve months ending April 30, 2023 was $10.943B, a 6.18% decline year-over-year. Net interest margin is a non-GAAP ratio. The gross impaired loan ratio was 58 basis points as at July 31, 2022, a decrease of two basis points from last quarter. 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 2021 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. Net interest income of $2,363 million increased $281 million or 13%, due primarily to strong loan and deposit growth, as well as margin expansion. The provision this period was driven by portfolio growth and the less favourable macroeconomic forecast, partly offset by improved credit quality expectations mainly in Canadian retail and improved credit quality in Global Banking and Markets. Net income attributable to equity holders decreased $31 million or 8%. Net income attributable to common shareholders of the Bank, Financial position information($ millions), Cash and deposits with financial institutions, Preferred shares and other equity instruments, Common Equity Tier 1 (CET1) capital ratio (%)(3), Total loss absorbing capacity (TLAC) ratio (%)(4), Allowance for credit losses ($ millions)(8), Gross impaired loans as a % of loans and acceptances(1), Net impaired loans as a % of loans and acceptances(1), Provision for credit losses as a % of average net loans and acceptances(1)(9), Provision for credit losses on impaired loans as a % of average net loans and acceptances(1)(9), Net write-offs as a % of average net loans and acceptances(1), Adjusted return on tangible common equity(%), Price to earnings multiple (trailing 4 quarters)(1). Average assets were $461 billion, an increase of $52 billion or 13% due mainly to increases in loans and securities purchased under resale agreements, and the impact of foreign currency translation, partly offset by lower trading securities. Return on equity was 14.8%, compared to 14.7% in the previous year. (2) Refer to Non-GAAP Measures section starting on page 22. Loan growth across all business lines was more than offset by lower net interest margins. Adjusted earnings of $2,446 million represented a 32% increase compared to the prior year. The following table presents the reconciliationbetween reported, adjusted and constant dollar results for International Banking for prior periods. Management uses the productivity ratio as a measure of the Bank's efficiency. This was partly offset by higher non-interest expenses and higher provision for credit losses. Reconciliation of average total assets, core earning assets and core net interest income. Net interest margin was up 1 basis point to 2.18%, driven primarily by higher margins across all business lines, which benefited from central bank rate increases, partly offset by a lower contribution from asset/liability management activities related to higher funding costs and increased levels of high quality, lower-margin liquid assets. This quarter's net income included adjusting items of $504 million after tax. Management uses operating leverage as a way to assess the degree to which the Bank can increase operating income by increasing revenue. Adjusted earnings of $2,446 million represented a 32% increase compared to the prior year. 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. The decrease was due primarily to the impact of foreign currency translation and provision releases due to improved portfolio credit quality. In 2022, Citigroup's net income amounted to 14.85 billion U.S. dollars, down from 21.95 . All such statements are made pursuant to the "safe harbor" provisions of the U.S. Provision for credit losses on performing loans was $35 million, compared to a net reversal of $97 million. Provision for credit losses rose this year due to lower reversals, and expenses grew to support continued business investment. Under the constant dollarbasis, prior period amounts are recalculated using current period average foreign currency rates. Lower fee income resulting from a market driven decline in assets under management was partly offset by higher net interest income from robust loan growth and lower volume-related expenses. This is a non-GAAP measure. Scotiabank's 2022 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis (MD&A) are available at www.scotiabank.com along with the supplementary financial information and regulatory capital disclosure reports, which include fourth quarter financial information. 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 . Net Income Growth. This was partly offset by the less favorable macroeconomic forecast and portfolio growth. Our Business . These committed costs relate to operational support, transition marketing and technology initiatives and were recognized as an expense in Q4 2022 in the Other operating segment. TORONTO, Aug. 23, 2022 /CNW/ - Scotiabank reported third quarter net income of $2,594 million compared to $2,542 million in the same period last year. The provision for credit losses ratio increased 18 basis points to 28 basis points. Average balances represent the average of daily balances for the period. At 190 years old, Scotiabank is older than the country of Canada itself and as we look ahead to 2023, I have every confidence that the Bank's best days are yet to come. "I am exceedingly proud of what our team of 90,000 Scotiabankers has accomplished over the past 10 years. Net income attributable to equity holders was a net loss of $129 million compared to net income of $170 million in the prior year. Every effort is made to avoid duplication; however, if you are registered with different names and/or addresses, multiple mailings may result. Includes allowance for credit losses on all financial assets - loans, acceptances, off-balance sheet exposures, debt securities, and deposits with financial institutions. Net income attributable to equity holders increased by $22 million or 4% from $621 million. Shareholders may obtain a hard copy of Scotiabank's 2022 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis on request and without charge by contacting theInvestor Relations Department at (416) 775-0798 or investor.relations@scotiabank.com. Average assets increased $48 billion or 12% to $446 billion. The provision for credit losses was $355 million, compared to $328 million, an increase of $27 million or 8%. Provision for credit losses on impaired loans was $389 million, compared to $406 million, a decrease of $17 million or 4% driven primarily by lower retail formations in International Banking, mainly Peru, Mexico and Central America, partly offset by higher formations in the Canadian retail portfolio. From time to time, our public communications often include oral or written forward-looking statements. 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. Adjusted net income (1) for the first quarter was $2,758 million and EPS was $2.15, up from $1.88 last year. Other adjusting items in the current quarter included amortization of acquisition-related intangible assets of $18 million ($24 million pre-tax). The TLAC Leverage ratio(3) was 9.3%, a decrease of approximately 50 basis points, due primarily to lower TLAC instruments and higher leverage exposures. TORONTO, Nov. 29, 2022/CNW/ - Scotiabank reported net income of $10,174 millionfor the fiscal year 2022, compared with net income of $9,955 millionin 2021. This increase was due largely to lower provision for credit losses, non-interest expenses and higher net interest income, partly offset by lower non-interest income, and the negative impact of foreign currency translation. . 10% 20% . This measure has been disclosed in this document in accordance with OSFI Guideline - Total Loss Absorbing Capacity (September 2018). 2021 Annual Report. Revenues were down $23 million or 2% due primarily to lower fee income driven by lower AUM reflecting current market conditions. Non-interest expenses were $1,364 million, up 7%. Net Income Growth. Analysts estimated C$2.04, on average. Strong loan and deposit growth were offset by margin compression. Non-interest expenses were $4,529 million, up $258 million or 6%, including adjusting items of $242 million versus $213 million in the prior year (refer to Non-GAAP Measures starting on page 22). Net interest income decreased $54 million or 1%. Non-interest expenses were $1,397 million, up $146 million or 12%, due primarily to higher technology and personnel costs to support business growth. Diluted earnings per share were $1.63, compared to $1.97 in the same period a year ago. This is a non-GAAP ratio. Q3/22 AUA . For Scotiabank, net income rose 14% to C$2.74 billion, or C$2.14 a share. Such statements are typically identified by words or phrases such as "believe," "expect," "foresee," "forecast," "anticipate," "intend," "estimate," "plan," "goal," "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. Q3. TORONTO, May 25, 2022 - Scotiabank reported second quarter net income of $2,747 million compared to $2,456 million in the same period last year. In 2022, the Bank released its inaugural ScotiaRISE Impact Report, which highlights the program's first-year results, from the Bank's $500 million, 10-year community investment commitment. As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. . This was due mainly to lower retail provisions driven by lower formations primarily in Peru and Colombia. $581Bn . 14 Q3/22 AUM . The provision for credit losses was $853 million compared to $1,640 million, a decrease of $787 million or 48%. Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The discussion below on the results of operations is on an adjusted and constant dollar basis. The decrease was primarily related to the International Banking Retail portfolio driven by lower formations, and higher write-offs in the International commercial portfolio. (March 3, 2022). We have made significant progress in achieving our climate-related financing target, having mobilized a Scotiabank has 5 employees across 28 locations and $46.86 b in annual revenue in FY 2022. Adjusted return on equity was 15.0% compared to 15.6% a year ago. Challenging market conditions drove declines in assets under management, impacting fee income, partly offset by strong growth in the advisory business and continued prudent expense management. Diluted earnings per share (EPS) were $8.02, compared to $7.70in the previous year. 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. These were partly offset by higher banking revenues, other fees and commission revenues, and non-trading foreign exchange fees. The Bank also recorded settlement and litigation provisions in the amount of $46 million ($62 million pre-tax) in connection with the Bank's former metals business. The increase was due to higher professional fees, performance-based compensation, advertising and technology-related costs, and the negative impact of foreign currency translation. 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. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. On an adjusted basis, the effective tax rate was 13.6% compared to 18.6%, primarily due to higher inflationary adjustments in Mexico and Chile, and changes in the earnings mix. Scotiabank reported net income of $10,174 million for the fiscal year 2022, compared with net income of $9,955 million in 2021. Net income attributable to equity holders $ 0.4 $ 0.4 $ 0.8 $ 2.1 $ 6.2 $ 9.9 . Simply put, our Bank is a different bank todayone well-placed to deliver consistent long-term growth, and to cultivate our world-class culture, now and into the future," continued Mr. Porter. The provision for credit losses ratio on impaired loans was 26 basis points, an increase of five basis points. Scotiabank Logo (CNW Group/Scotiabank) Reported net income for the fourth quarter ended October 31, 2022 was $2,093 million compared to $2,559 million in the same period last year. 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 provision for credit losses on impaired loans was $494 million, compared to $389 million, an increase of $105 million or 27%, due to higher corporate and commercial provisions and retail formations across markets. Net income was $2,093 million compared to $2,559 million, a decrease of 18%. Results are presented on a taxable equivalent basis. The Bank believes that non-GAAP measures and ratios are useful as they provide readers with a better understanding of how management assesses performance. Refer to Non-GAAP measures starting on page 22. The provision for credit losses ratio on impaired loans increased 13 basis points to 81 basis points. (3) This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018). The effective tax rate for the quarter was 25.2% compared to 21.0% in the prior year. Revenue. Scotiabank reported net income of $10,174 million for the fiscal year 2022, compared with net income of $9,955 million in 2021. Consolidated Statement of Comprehensive Income, Items that will be reclassified subsequently to net income. Net income attributable to equity holders increased by $18 million or 3% from $625 million. Refer to Business Line Overview in the 2022 Annual Report to Shareholders. Global Wealth Management delivered earnings of $383 million. This quarter's net income included adjusting items of $504 million after tax. Total deposits increased by 2%, driven by a 2% increase in non-personal deposits and a 1% increase in personal deposits. The provision was driven by the less favorable macroeconomic forecast and portfolio growth in the retail and commercial portfolios, partly offset by provision reversals in retail due to improved portfolio credit quality. TORONTO, Aug. 23, 2022 /CNW/ - Scotiabank reported third quarter net income of $2,594 million compared to $2,542 million in the same period last year. Refer to page 133 of the Management's Discussion & Analysis in the Bank's 2022 Annual Report, available on www.sedar.com, for an explanation of the composition of the measure. Scotiabank Q2 net income: $2.75 billion (+12% Y/Y) Earnings per share: $2.18. 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