Bank of Nova Scotia (BNS)
Market Price (7/11/2026): $86.94 | Market Cap: $106.9 BilSector: Financials | Industry: Diversified Banks
Bank of Nova Scotia (BNS)
Market Price (7/11/2026): $86.94Market Cap: $106.9 BilSector: FinancialsIndustry: Diversified Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.1%, FCF Yield is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 72%, CFO LTM is 28 Bil, FCF LTM is 28 Bil Stock buyback supportStock Buyback 3Y Total is 4.0 Bil Low stock price volatilityVol 12M is 17% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Digital & Alternative Assets. Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% Key risksBNS key risks include [1] deteriorating credit quality, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.1%, FCF Yield is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 73%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 72%, CFO LTM is 28 Bil, FCF LTM is 28 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.0 Bil |
| Low stock price volatilityVol 12M is 17% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, AI in Financial Services, Sustainable Finance, and Digital & Alternative Assets. Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 80% |
| Key risksBNS key risks include [1] deteriorating credit quality, Show more. |
Qualitative Assessment
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Bank of Nova Scotia (BNS) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Bank of Nova Scotia's fiscal Q2 2026 earnings significantly surpassed analyst expectations, driven by strong revenue growth.
The bank, whose fiscal Q2 2026 ended April 30, 2026, reported adjusted diluted earnings per share (EPS) of C$2.02, exceeding the Street's estimate of C$1.94 by approximately 4%. This represented a substantial increase from the diluted EPS of $1.48 reported in the same period last year. Total revenue reached C$9.84 billion, marking an 8% increase compared to fiscal Q2 2025 and surpassing the consensus estimate. Net interest income alone saw a year-over-year rise of approximately 5%.
2. Robust performance across key business segments, particularly Canadian Banking and Global Wealth Management, fueled the overall positive trend.
Canadian Banking generated earnings of $935 million, representing a 53% increase year-over-year, attributed to double-digit pre-tax, pre-provision earnings growth and reduced provisions for credit losses on performing loans. This segment also achieved its fourth consecutive quarter of net interest margin expansion. Global Wealth Management earnings surged 19% year-over-year to $476 million, propelled by strong revenue from higher mutual fund fees, brokerage revenues, and net interest income, with net sales reaching C$4.7 billion. International Banking also contributed positively with earnings of $736 million, up 3% year-over-year, marked by continued margin expansion, notably strong performance in Mexico which saw 25% earnings growth.
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Bank of Nova Scotia (BNS) stock has gained about 30% since 3/31/2026 because of the following key factors:
1. Bank of Nova Scotia's fiscal Q2 2026 earnings significantly surpassed analyst expectations, driven by strong revenue growth.
The bank, whose fiscal Q2 2026 ended April 30, 2026, reported adjusted diluted earnings per share (EPS) of C$2.02, exceeding the Street's estimate of C$1.94 by approximately 4%. This represented a substantial increase from the diluted EPS of $1.48 reported in the same period last year. Total revenue reached C$9.84 billion, marking an 8% increase compared to fiscal Q2 2025 and surpassing the consensus estimate. Net interest income alone saw a year-over-year rise of approximately 5%.
2. Robust performance across key business segments, particularly Canadian Banking and Global Wealth Management, fueled the overall positive trend.
Canadian Banking generated earnings of $935 million, representing a 53% increase year-over-year, attributed to double-digit pre-tax, pre-provision earnings growth and reduced provisions for credit losses on performing loans. This segment also achieved its fourth consecutive quarter of net interest margin expansion. Global Wealth Management earnings surged 19% year-over-year to $476 million, propelled by strong revenue from higher mutual fund fees, brokerage revenues, and net interest income, with net sales reaching C$4.7 billion. International Banking also contributed positively with earnings of $736 million, up 3% year-over-year, marked by continued margin expansion, notably strong performance in Mexico which saw 25% earnings growth.
3. Enhanced shareholder returns through a dividend increase and significant share repurchases demonstrated management's confidence in future earnings.
Bank of Nova Scotia raised its quarterly dividend by C$0.04 to C$1.14 per share, signaling strong management confidence in the bank's earnings trajectory. Additionally, the bank repurchased 6.4 million shares during the quarter under its 2026 program. These actions contributed to a total of C$7.5 billion in capital returned to shareholders over the preceding 12 months through buybacks and dividends.
4. The bank's improved adjusted return on equity (ROE) and positive outlook, alongside favorable analyst re-ratings, provided further upward momentum.
The adjusted ROE for fiscal Q2 2026 improved to 13.2%, up from 10.4% in the prior year. Management affirmed that the bank remains on track to achieve its financial objectives for fiscal 2026 and its target of a 14%+ ROE in fiscal 2027. Following the strong results, RBC Capital maintained a "Buy Now" rating and increased its price target for BNS from $98 to $117 on May 28, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 29.0% change in BNS stock from 3/31/2026 to 7/10/2026 was primarily driven by a 20.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.90 | 87.59 | 29.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37,718 | 38,403 | 1.8% |
| Net Income Margin (%) | 23.7% | 24.9% | 5.0% |
| P/E Multiple | 9.4 | 11.3 | 20.2% |
| Shares Outstanding (Mil) | 1,235 | 1,230 | 0.4% |
| Cumulative Contribution | 29.0% |
Market Drivers
3/31/2026 to 7/10/2026| Return | Correlation | |
|---|---|---|
| BNS | 29.0% | |
| Market (SPY) | 16.1% | 47.9% |
| Sector (XLF) | 12.8% | 43.5% |
Fundamental Drivers
The 22.6% change in BNS stock from 12/31/2025 to 7/10/2026 was primarily driven by a 18.4% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.42 | 87.59 | 22.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37,097 | 38,403 | 3.5% |
| Net Income Margin (%) | 21.0% | 24.9% | 18.4% |
| P/E Multiple | 11.4 | 11.3 | -0.8% |
| Shares Outstanding (Mil) | 1,241 | 1,230 | 0.9% |
| Cumulative Contribution | 22.6% |
Market Drivers
12/31/2025 to 7/10/2026| Return | Correlation | |
|---|---|---|
| BNS | 22.6% | |
| Market (SPY) | 11.0% | 54.4% |
| Sector (XLF) | 2.2% | 46.4% |
Fundamental Drivers
The 67.9% change in BNS stock from 6/30/2025 to 7/10/2026 was primarily driven by a 31.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.15 | 87.59 | 67.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,127 | 38,403 | 9.3% |
| Net Income Margin (%) | 18.9% | 24.9% | 31.5% |
| P/E Multiple | 9.8 | 11.3 | 15.3% |
| Shares Outstanding (Mil) | 1,246 | 1,230 | 1.3% |
| Cumulative Contribution | 67.9% |
Market Drivers
6/30/2025 to 7/10/2026| Return | Correlation | |
|---|---|---|
| BNS | 67.9% | |
| Market (SPY) | 23.2% | 47.1% |
| Sector (XLF) | 7.7% | 43.2% |
Fundamental Drivers
The 110.5% change in BNS stock from 6/30/2023 to 7/10/2026 was primarily driven by a 91.9% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.62 | 87.59 | 110.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31,127 | 38,403 | 23.4% |
| Net Income Margin (%) | 27.1% | 24.9% | -8.3% |
| P/E Multiple | 5.9 | 11.3 | 91.9% |
| Shares Outstanding (Mil) | 1,192 | 1,230 | -3.1% |
| Cumulative Contribution | 110.5% |
Market Drivers
6/30/2023 to 7/10/2026| Return | Correlation | |
|---|---|---|
| BNS | 110.5% | |
| Market (SPY) | 76.3% | 47.5% |
| Sector (XLF) | 72.7% | 49.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNS Return | 39% | -28% | 6% | 18% | 45% | 21% | 118% |
| Peers Return | 38% | -14% | 18% | 19% | 51% | 25% | 215% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BNS Win Rate | 50% | 50% | 58% | 58% | 75% | 86% | |
| Peers Win Rate | 65% | 45% | 52% | 55% | 82% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| BNS Max Drawdown | -11% | -35% | -25% | -12% | -15% | -13% | |
| Peers Max Drawdown | -11% | -32% | -20% | -12% | -15% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RY, TD, BMO, CM, JPM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)
How Low Can It Go
| Event | BNS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.0% | -18.8% |
| % Gain to Breakeven | 12.4% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.1% | -9.5% |
| % Gain to Breakeven | 22.1% | 10.5% |
| Time to Breakeven | 73 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.7% | -6.7% |
| % Gain to Breakeven | 17.2% | 7.1% |
| Time to Breakeven | 539 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.5% | -24.5% |
| % Gain to Breakeven | 48.2% | 32.4% |
| Time to Breakeven | 1049 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.0% | -33.7% |
| % Gain to Breakeven | 75.4% | 50.9% |
| Time to Breakeven | 263 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.4% | -19.2% |
| % Gain to Breakeven | 19.6% | 23.8% |
| Time to Breakeven | 262 days | 105 days |
In The Past
Bank of Nova Scotia's stock fell -11.0% during the 2025 US Tariff Shock. Such a loss loss requires a 12.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BNS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.5% | -24.5% |
| % Gain to Breakeven | 48.2% | 32.4% |
| Time to Breakeven | 1049 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.0% | -33.7% |
| % Gain to Breakeven | 75.4% | 50.9% |
| Time to Breakeven | 263 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.5% | -12.2% |
| % Gain to Breakeven | 27.4% | 13.9% |
| Time to Breakeven | 47 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.3% | -6.8% |
| % Gain to Breakeven | 73.3% | 7.3% |
| Time to Breakeven | 371 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.4% | -17.9% |
| % Gain to Breakeven | 25.6% | 21.8% |
| Time to Breakeven | 433 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.3% | -53.4% |
| % Gain to Breakeven | 151.9% | 114.4% |
| Time to Breakeven | 275 days | 1085 days |
In The Past
Bank of Nova Scotia's stock fell -11.0% during the 2025 US Tariff Shock. Such a loss loss requires a 12.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bank of Nova Scotia (BNS)
The Bank of Nova Scotia (BNS) is a major Canadian-headquartered financial institution providing a wide array of banking products and services. With a history dating back to 1832, it operates globally across Canada, the United States, Mexico, Peru, Chile, Colombia, and throughout the Caribbean and Central America. Its operations are structured into segments like Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets, reflecting its diverse client base and service offerings.
BNS serves a comprehensive range of customers, from individuals to large corporations. For retail customers, it offers everyday banking solutions including debit and credit cards, chequing and savings accounts, mortgages, loans, investments, and insurance. Businesses, from small to large, utilize its lending, deposit, cash management, and trade finance solutions, including specialized automotive financing. Furthermore, the bank provides sophisticated wealth management advice, brokerage services, private banking, and a variety of investment funds. Its Global Banking and Markets segment caters to corporate clients with lending, transaction services, investment banking advisory, and access to capital markets.
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The Canadian equivalent of Citigroup, with a strong international presence, especially in Latin America and the Caribbean.
Like a JPMorgan Chase headquartered in Canada, offering a full range of banking services with a distinct focus on Latin American markets.
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- Day-to-day Banking: Offers debit and credit cards, chequing and saving accounts, and digital banking services.
- Lending Solutions: Provides mortgages, personal loans, business loans, and specialized automotive financing.
- Retail Investments: Supplies various investment products including mutual funds, exchange-traded funds, and individual investment advice.
- Insurance Products: Delivers financial protection solutions to individuals and businesses.
- Wealth Management: Offers comprehensive services such as online and full-service brokerage, private banking, trust, and private investment counsel.
- Business Banking Solutions: Provides lending, deposit, cash management, and trade finance solutions to businesses.
- Capital Markets Services: Delivers investment banking advisory and capital markets access for corporate clients.
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The Bank of Nova Scotia (BNS) serves a diverse customer base across various segments, rather than relying on a few major named customers. Its services cater to both individuals and businesses of different sizes. Based on the company description, its major customer categories are:
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Individuals/Retail Clients: This category includes individual consumers who utilize a wide range of personal banking products such as debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and insurance. This also encompasses wealth management services like online and full-service brokerage, trust services, and private banking for individual clients.
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Small, Medium, and Commercial Businesses: Bank of Nova Scotia provides business banking solutions to a broad spectrum of enterprises, from small and medium-sized businesses to larger commercial clients. Services for this category include lending, deposit accounts, cash management solutions, trade finance, and automotive financing for dealers and their customers.
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Large Corporations and Institutional Clients: Through its Global Banking and Markets segment, BNS serves large corporate customers with services such as lending, transaction banking, investment banking advisory, and capital markets access. Its Global Wealth Management segment also caters to institutional funds.
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- Alphabet Inc. (GOOGL)
- Visa Inc. (V)
- Mastercard Inc. (MA)
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L. Scott Thomson, President and Chief Executive Officer
Scott Thomson assumed the role of President of Scotiabank on December 1, 2022, and became President and Chief Executive Officer on February 1, 2023. He has been a member of the Scotiabank Board of Directors since 2016. Prior to joining Scotiabank, Mr. Thomson served as the President and CEO of Finning International Inc., the world's largest dealer of Caterpillar equipment, from 2013 to 2022. He also held senior executive positions, including Chief Financial Officer of Talisman Energy Inc. from 2008 to 2013, and Executive Vice President, Corporate Development at Bell Canada Enterprises (BCE) from 2003 to 2008. Before his tenure at BCE, he was a Vice President at Goldman Sachs.
Rajagopal Viswanathan, Group Head and Chief Financial Officer
Rajagopal Viswanathan was appointed Group Head and Chief Financial Officer at Scotiabank in December 2019, having been Executive Vice President and Chief Financial Officer since November 2018. He oversees the bank’s Finance Department, including investor relations, taxation, economics, and strategic transactions. Mr. Viswanathan joined Scotiabank in 2002 and has held progressively senior positions in Internal Audit and Finance. In 2014, he was appointed Senior Vice President and Chief Accountant, responsible for capital management, accounting policies and procedures, and financial analysis and reporting, and also led the bank's multi-year Finance Transformation project. Earlier in his career, he worked for KPMG and British Bank of the Middle East (HSBC).
Phil Thomas, Group Head and Chief Strategy and Operating Officer
Phil Thomas was appointed Group Head and Chief Strategy and Operating Officer at Scotiabank in December 2025. In this role, he leads enterprise functions such as AI & Innovation, Data & Analytics, Enterprise Strategy, Global Corporate Affairs, Global Marketing, Global Operations, Procurement, and Real Estate. Prior to this, he served as Group Head & Chief Risk Officer since October 2021, overseeing global risk management during periods of rapid change. Mr. Thomas joined Scotiabank in 1997 and has held various senior leadership positions across Canadian Banking, International Banking, and Global Risk Management.
Aris Bogdaneris, Group Head, Canadian Banking
Aris Bogdaneris was appointed Group Head, Canadian Banking, effective November 3, 2023. In this role, he is responsible for Scotiabank's Canadian personal and commercial banking sectors, digital transformation, Tangerine business, marketing, and analytics. Mr. Bogdaneris joined Scotiabank in 2023 after 30 years working abroad in diverse operating roles across 25 countries. Previously, he was a senior executive at ING, headquartered in the Netherlands, where he was a Member of the Management Board as the Global Head of Retail Banking and Head of Challenger & Growth Markets. He has extensive experience in retail banking, operations, digital banking, and has held leadership roles at Raiffeisen Bank International AG and GE Capital.
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The most significant risk to Bank of Nova Scotia is its **credit quality and exposure to economic uncertainties**. Deteriorating economic conditions, both in Canada and globally, could lead to an increase in loan defaults and higher provisions for credit losses (PCLs), impacting the bank's profitability. Analysts have noted a cautious outlook due to higher year-over-year PCLs, particularly in international markets where economic volatility can be more pronounced. Concerns have also been raised regarding mounting late payments on short-term retail obligations (such as auto loans and credit card debt), exposure to commercial real estate debt, and the significant portion of uninsured mortgages in its Canadian portfolio.
Secondly, the bank faces considerable risks from **international market volatility and geopolitical instability**. Given its substantial presence in Latin America and the Caribbean, BNS is exposed to political and economic instability, currency fluctuations, and complex regulatory environments in these regions. Although the bank has strategically focused its international operations on key Latin American markets and has undertaken divestitures to reduce geographic complexity, these markets inherently carry higher cyclical risks. Any significant economic downturn or political upheaval in countries like Peru, Mexico, Chile, or Colombia could negatively affect BNS’s loan portfolio and overall profitability.
Finally, **intense competition and the rise of fintech companies** present a continuous challenge to BNS. The Canadian banking sector is highly competitive, with major domestic rivals vying for market share across various segments, including mortgages, consumer loans, and wealth management. Internationally, the bank faces strong competition from significant regional banks and other global financial institutions. Furthermore, the persistent growth of fintech companies and the potential for new market entrants intensify competition for traditional banking services, which can pressure margins and limit growth opportunities for BNS, requiring continuous adaptation and digital transformation.
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- Competition from Digital-Only Banks (Neobanks): These agile, technology-first banks operate with significantly lower overheads due to their lack of physical branches, often offering superior digital user experiences, lower fees, and innovative features. This directly competes with Bank of Nova Scotia's Canadian and International Banking segments for day-to-day banking, savings, and consumer loans, particularly among younger, digitally-native customer segments.
- Expansion of Big Tech and Payment Platforms into Financial Services: Companies such as Apple, Google, Amazon, and Square (Block) are increasingly leveraging their vast customer bases, data, and technological capabilities to offer a growing array of financial products. This includes digital wallets, payment processing services, and even lending, which directly threatens Bank of Nova Scotia's role in payment infrastructure, cash management services, and potentially small and medium-sized business lending.
- Rise of Low-Cost Robo-Advisors and Digital Investment Platforms: Automated investment services provide portfolio management solutions at significantly lower fees compared to traditional human advisors or full-service brokerages. This trend directly challenges Bank of Nova Scotia's Global Wealth Management segment, attracting clients who seek cost-effective, convenient, and algorithm-driven investment solutions.
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Canadian Banking
- Retail Banking: The retail banking market in Canada generated a revenue of USD 102.1 billion in 2024 and is projected to reach USD 174.1 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.1% from 2025 to 2033. Another estimate places the Canadian retail banking market at USD 123.0 billion in 2025, with an expected growth to USD 161.5 billion in 2033 at a CAGR of 3.5%.
- Mortgages: The total outstanding residential mortgage debt in Canada reached approximately CAD 2.3 trillion (equivalent to about USD 1.7 trillion) as of August 2025.
- Credit Cards: The total value of credit card transactions in Canada is estimated at CAD 605 billion (approximately USD 448 billion) in 2025, with a projected annual growth rate (CAGR) of 5.3% through 2030. The market size for Canadian credit cards is estimated at USD 891.18 billion in 2026 and is projected to reach USD 1,351.2 billion by 2031, growing at an 8.68% CAGR over 2026-2031.
- Business Banking: The Commercial Banking market in Canada is estimated to be USD 490.3 billion in 2025.
- Wealth Management: The total financial wealth being invested in the Canadian market is approximately CAD 6.5 trillion (about USD 4.8 trillion) in 2024, with projections to increase to CAD 10 trillion (about USD 7.4 trillion) by 2030.
International Banking
- Latin America (Overall Banking): The Latin American banking market is projected to grow from USD 457.3 billion in 2025 to USD 660.8 billion by 2033, at a CAGR of 4.7% during this period. The total assets across 18 Latin American countries reached approximately USD 6.33 trillion as of December 2025.
- Latin America (Retail Banking): The Latin America retail banking market generated a revenue of USD 221.1 billion in 2024 and is expected to grow at a CAGR of 5.4% from 2025 to 2033.
- Mexico (Retail Banking): The retail banking market in Mexico generated a revenue of USD 42.0 billion in 2024 and is anticipated to reach USD 70.4 billion by 2033, growing at a CAGR of 5.9% from 2025 to 2033.
- Mexico (Overall Banking): The Mexico Banking Market is estimated at USD 136.1 billion in 2025 and is projected to reach USD 200.0 billion by 2033, reflecting a CAGR of 4.9%.
- Chile (Banking Sector Revenue): The banking market in Chile is projected to grow from USD 43.4 billion in 2025 to USD 69.4 billion by 2033, representing a CAGR of 6.0%.
Global Wealth Management
- The global wealth management market was valued at USD 1.83 trillion in 2024 and is poised to grow from USD 2.09 trillion in 2025 to USD 5.95 trillion by 2033, exhibiting a CAGR of 14% during this forecast period. Another source estimates the global wealth management market size at USD 1636.83 billion in 2024, with a projection to surpass USD 4893.17 billion by 2034, at a CAGR of 10.6% from 2025 to 2034.
Global Banking and Markets
- Investment Banking: The global investment banking market size was valued at USD 111.0 billion in 2024 and is expected to grow from USD 119.88 billion in 2025 to USD 221.89 billion by 2033, at a CAGR of 8.0% during the forecast period (2026-2033). North America alone dominated this market with a valuation of USD 44.72 billion in 2025.
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- Growth in Canadian Banking: The bank anticipates revenue growth in its Canadian Banking segment, supported by sequential margin expansion and heightened fee income. This includes leveraging multi-product strategies like "Mortgage+" to deepen client relationships and emphasizing domestic deposit growth to strengthen its funding base and support lending activities.
- Targeted Expansion and Optimization in International Banking: Scotiabank is focusing on profitable growth in its International Banking operations, particularly in regions like Latin America, with Mexico being a strong contributor. This strategic approach involves margin expansion and disciplined expense management, along with the optimization of its international portfolio, including strategic divestitures, to enhance overall profitability.
- Expansion of Global Wealth Management: Future revenue growth is expected from the Global Wealth Management segment, driven by increases in mutual fund fees, brokerage revenues, and net interest income across both Canadian and International wealth businesses. The bank is seeing momentum in its private banking offerings and is actively adding advisors to its full-service Scotia McLeod brokerage unit.
- Strategic Investments in Digital Transformation and Technology: Scotiabank is prioritizing investments in digital transformation and advanced technologies, including cloud infrastructure, cybersecurity, and artificial intelligence (AI). These investments are aimed at enhancing customer and employee experiences, improving operational efficiency, and speeding up the adoption of new, revenue-generating banking solutions.
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Capital Allocation Decisions (2021-2026)
Share Repurchases
- In May 2025, Bank of Nova Scotia announced its intention to repurchase up to 20 million common shares, representing approximately 1.6% of its outstanding shares, with the program expected to run until May 29, 2026.
- Management indicated plans for continued share buybacks in fiscal year 2026 and reported repurchasing 11 million shares in 2025.
- In November 2021, the company received approval to repurchase up to 24 million common shares, approximately 2% of outstanding shares, under a normal course issuer bid that commenced in December 2021 and concluded by December 2022.
Share Issuance
- As of February 2026, Scotiabank has discontinued issuing common shares from treasury for its Shareholder Dividend and Share Purchase Plan, with an agent now purchasing required shares in the secondary market.
- Outstanding shares increased by 1.3% in 2025 to 1.248 billion from 1.232 billion in 2024, following a 2.33% increase in 2024 from 2023.
Inbound Investments
- Bank of New York Mellon Corp increased its stake in Bank of Nova Scotia by 3.8% in Q2 2025, holding 1,200,107 shares valued at approximately $66.33 million.
- Vanguard Group Inc. boosted its stake by 3.5% in Q1 2025, holding 53,184,171 shares worth approximately $2.52 billion.
- Goldman Sachs Group Inc. significantly grew its position by 255.9% in Q1 2025, acquiring 10,174,780 shares valued at about $482.59 million.
Outbound Investments
- In December 2024, Bank of Nova Scotia completed the acquisition of an approximately 14.9% equity interest in KeyCorp for about US$2.8 billion (CAD $4.1 billion), which is expected to contribute approximately $61 million to the bank's income in Q3 2025.
- In October 2023, the bank completed the sale of its 20% equity interest in Canadian Tire's Financial Services business to Canadian Tire Corporation.
- In Q1 2025, Scotiabank announced the sale of its banking operations in Colombia, Costa Rica, and Panama, receiving an approximate 20% ownership stake in a Colombian banking group in return.
Capital Expenditures
- The bank plans to increase technology spending to CAD 5.8 billion in fiscal 2026.
- Continued investment in digital banking technologies is a key future growth opportunity for the bank.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Bank of Nova Scotia Stock If It Fell 30%? | 10/17/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 149.75 |
| Mkt Cap | 163.5 |
| Rev LTM | 51,090 |
| Op Inc LTM | - |
| FCF LTM | 9,920 |
| FCF 3Y Avg | 10,806 |
| CFO LTM | 11,401 |
| CFO 3Y Avg | 12,185 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 11.4% |
| Rev Chg Q | 8.8% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 34.9% |
| CFO/Rev 3Y Avg | 40.5% |
| FCF/Rev LTM | 30.6% |
| FCF/Rev 3Y Avg | 36.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Canadian Banking | 13,425 | 13,033 | 12,807 | 12,030 | 10,898 |
| International Banking | 12,043 | 11,866 | 11,041 | 9,727 | 9,618 |
| Global Wealth Management | 6,428 | 5,589 | 5,291 | 5,381 | 5,380 |
| Global Banking and Markets | 6,166 | 5,061 | 5,552 | 5,172 | 5,023 |
| Other | -321 | -1,879 | -2,477 | -894 | 333 |
| Total | 37,741 | 33,670 | 32,214 | 31,416 | 31,252 |
| $ Mil | 2015 | 2014 | 2013 |
|---|---|---|---|
| Canadian Banking | 4,546 | 2,965 | 3,120 |
| International Banking | 2,620 | 2,162 | 2,539 |
| Global Banking and Markets | 2,111 | 2,075 | 2,014 |
| Other | -211 | -219 | -883 |
| Global Wealth Management | 2,317 | 1,670 | |
| Total | 9,066 | 9,300 | 8,460 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Canadian Banking | 3,425 | 3,777 | 3,984 | 4,763 | 4,155 |
| International Banking | 2,631 | 2,581 | 2,449 | 2,418 | 1,823 |
| Global Banking and Markets | 1,922 | 1,478 | 1,768 | 1,911 | 2,075 |
| Global Wealth Management | 1,670 | 1,418 | 1,431 | 1,556 | 1,565 |
| Other | -1,859 | -1,496 | -2,294 | -732 | 6 |
| Total | 7,789 | 7,758 | 7,338 | 9,916 | 9,624 |
| $ Mil | 2023 | 2022 |
|---|---|---|
| Global Banking and Markets | 490,000 | 445,000 |
| Canadian Banking | 450,000 | 430,000 |
| International Banking | 237,000 | 207,000 |
| Other | 185,000 | 167,000 |
| Global Wealth Management | 34,000 | 33,000 |
| Total | 1,396,000 | 1,282,000 |
Price Behavior
| Market Price | $87.59 | |
| Market Cap ($ Bil) | 107.7 | |
| First Trading Date | 09/13/1999 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $80.97 | $72.00 |
| DMA Trend | up | up |
| Distance from DMA | 8.2% | 21.6% |
| 3M | 1YR | |
| Volatility | 18.1% | 17.3% |
| Downside Capture | 53.58 | 53.94 |
| Upside Capture | 106.50 | 101.19 |
| Correlation (SPY) | 45.3% | 47.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.39 | 0.44 | 0.68 | 0.74 | 0.65 | 0.56 |
| Up Beta | -0.04 | 0.50 | 0.97 | 0.88 | 0.65 | 0.50 |
| Down Beta | 0.26 | 0.19 | 0.19 | 0.50 | 0.43 | 0.36 |
| Up Capture | 111% | 83% | 98% | 90% | 96% | 52% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 26 | 41 | 73 | 150 | 420 |
| Down Capture | 11% | 23% | 28% | 68% | 57% | 85% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 15 | 22 | 52 | 100 | 324 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNS | |
|---|---|---|---|---|
| BNS | 67.3% | 17.3% | 2.81 | - |
| Sector ETF (XLF) | 7.6% | 14.8% | 0.28 | 43.0% |
| Equity (SPY) | 22.1% | 12.5% | 1.31 | 47.0% |
| Gold (GLD) | 23.5% | 27.8% | 0.75 | 26.9% |
| Commodities (DBC) | 23.6% | 18.7% | 0.99 | -20.2% |
| Real Estate (VNQ) | 13.4% | 13.9% | 0.67 | 30.3% |
| Bitcoin (BTCUSD) | -43.4% | 42.8% | -1.21 | 25.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNS | |
|---|---|---|---|---|
| BNS | 12.3% | 19.6% | 0.50 | - |
| Sector ETF (XLF) | 10.4% | 18.6% | 0.43 | 62.1% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 57.7% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 19.7% |
| Commodities (DBC) | 7.3% | 19.5% | 0.27 | 17.2% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 53.3% |
| Bitcoin (BTCUSD) | 13.5% | 53.4% | 0.44 | 25.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BNS | |
|---|---|---|---|---|
| BNS | 11.7% | 21.9% | 0.49 | - |
| Sector ETF (XLF) | 13.9% | 22.1% | 0.57 | 71.1% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 64.8% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 11.4% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 29.7% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 59.5% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 18.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2021 | 06/01/2021 | 6-K |
| 01/31/2021 | 02/23/2021 | 6-K |
| 07/31/2020 | 08/25/2020 | 6-K |
| 04/30/2020 | 05/26/2020 | 6-K |
| 01/31/2020 | 02/25/2020 | 6-K |
| 07/31/2019 | 08/27/2019 | 6-K |
| 04/30/2019 | 05/28/2019 | 6-K |
| 01/31/2019 | 02/26/2019 | 6-K |
| 07/31/2018 | 08/28/2018 | 6-K |
| 04/30/2018 | 05/29/2018 | 6-K |
| 01/31/2018 | 02/27/2018 | 6-K |
| 07/31/2017 | 08/29/2017 | 6-K |
| 04/30/2017 | 05/30/2017 | 6-K |
| 01/31/2017 | 02/28/2017 | 6-K |
| 07/31/2016 | 08/30/2016 | 6-K |
| 04/30/2016 | 05/31/2016 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2021 | 06/01/2021 | 6-K |
| 01/31/2021 | 02/23/2021 | 6-K |
| 07/31/2020 | 08/25/2020 | 6-K |
| 04/30/2020 | 05/26/2020 | 6-K |
| 01/31/2020 | 02/25/2020 | 6-K |
| 07/31/2019 | 08/27/2019 | 6-K |
| 04/30/2019 | 05/28/2019 | 6-K |
| 01/31/2019 | 02/26/2019 | 6-K |
| 07/31/2018 | 08/28/2018 | 6-K |
| 04/30/2018 | 05/29/2018 | 6-K |
| 01/31/2018 | 02/27/2018 | 6-K |
| 07/31/2017 | 08/29/2017 | 6-K |
| 04/30/2017 | 05/30/2017 | 6-K |
| 01/31/2017 | 02/28/2017 | 6-K |
| 07/31/2016 | 08/30/2016 | 6-K |
| 04/30/2016 | 05/31/2016 | 6-K |
| 01/31/2016 | 03/01/2016 | 6-K |
| 07/31/2015 | 08/28/2015 | 6-K |
| 04/30/2015 | 05/29/2015 | 6-K |
| 01/31/2015 | 03/03/2015 | 6-K |
| 07/31/2014 | 08/26/2014 | 6-K |
| 04/30/2014 | 05/27/2014 | 6-K |
| 01/31/2014 | 03/04/2014 | 6-K |
| 07/31/2013 | 08/27/2013 | 6-K |
| 04/30/2013 | 05/28/2013 | 6-K |
| 01/31/2013 | 03/05/2013 | 6-K |
| 07/31/2012 | 08/28/2012 | 6-K |
| 04/30/2012 | 05/29/2012 | 6-K |
Investor Activity (13F)
Updated Jul 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SIG North Trading, ULC | $66.9 Mil | 13.4% | 81 | ADD +26.0% | 13F |
| Eldred Rock Partners, LLC | $14.2 Mil | 3.6% | 31 | Hold | 13F |
| Coleford Investment Management Ltd. | $14.2 Mil | 3.5% | 24 | Hold | 13F |
| Keystone Financial Planning, Inc. | $9.6 Mil | 2.6% | 40 | Hold | 13F |
| Fairfax Financial Holdings LTD/ Can | $24.8 Mil | 1.3% | 29 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SIG North Trading, ULC | $66.9 Mil | 13.4% | 81 | ADD +26.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Scheer, Rowlett & Associates Investment Management Ltd. | $69.4 Mil | 4.8% | 32 | Exited | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SIG North Trading, ULC | $66.9 Mil | 13.4% | 81 | ADD +26.0% | 13F |
| Fairfax Financial Holdings LTD/ Can | $24.8 Mil | 1.3% | 29 | Hold | 13F |
| Eldred Rock Partners, LLC | $14.2 Mil | 3.6% | 31 | Hold | 13F |
| Coleford Investment Management Ltd. | $14.2 Mil | 3.5% | 24 | Hold | 13F |
| Keystone Financial Planning, Inc. | $9.6 Mil | 2.6% | 40 | Hold | 13F |
Bank of Nova Scotia — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Banks Resources |
| Retail Banker International |
| International Banker |
| Global Finance Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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