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BNS

The Bank of Nova Scotia

BNS

The Bank of Nova Scotia • NYSE
$69.29 ▲ 0.46% (+0.32)
Market Cap $86.15 B
52w High $69.43
52w Low $44.09
Dividend Yield 3.07%
P/E 18.58
Volume 688.25K
Outstanding Shares 1.24B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.956B ▲ $4.932B ▼ $2.447B ▲ 13.628% ▲ $1.84 ▲ $3.761B ▲
Q2-2025 $17.947B ▼ $4.96B ▼ $1.976B ▲ 11.01% ▲ $1.48 ▲ $2.965B ▲
Q1-2025 $19.066B ▲ $9.259B ▲ $1.147B ▼ 6.016% ▼ $0.67 ▼ $1.745B ▼
Q4-2024 $18.887B ▼ $8.485B ▲ $1.642B ▼ 8.694% ▼ $1.23 ▼ $2.701B ▼
Q3-2024 $19.274B $8.453B $1.876B 9.733% $1.43 $2.791B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $191.812B ▲ $1.415T ▼ $1.329T ▲ $83.802B ▼
Q2-2025 $189.431B ▼ $1.415T ▼ $1.329T ▼ $84.918B ▲
Q1-2025 $192.62B ▲ $1.439T ▲ $1.353T ▲ $84.795B ▲
Q4-2024 $108.165B ▼ $1.412T ▲ $1.328T ▲ $82.369B ▲
Q3-2024 $176.902B $1.402T $1.319T $81.504B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.527B ▲ $4.383B ▲ $168M ▼ $-3.677B ▼ $912M ▲ $4.314B ▲
Q2-2025 $2.032B ▲ $2.479B ▼ $852M ▲ $-2.108B ▼ $911M ▲ $2.359B ▼
Q1-2025 $1.147B ▼ $4.734B ▼ $-4.112B ▲ $-406M ▲ $491M ▲ $4.726B ▼
Q4-2024 $1.689B ▼ $7.192B ▲ $-6.218B ▼ $-784M ▲ $153M ▲ $7.071B ▲
Q3-2024 $1.912B $7.113B $-5.456B $-2.162B $-516M $6.979B

Five-Year Company Overview

Income Statement

Income Statement Earnings have been fairly resilient, but not on a straight line. Revenue has hovered in a relatively tight range over the last few years, suggesting a mature franchise rather than a high‑growth story. Net income was stronger earlier in the period, dipped, and has more recently improved again, pointing to pressure from credit costs, margins, or one‑time items in the middle of the cycle. Operating results also look quite volatile year to year, which likely reflects changing conditions in international markets and capital markets activity. Overall, profitability remains solid, but the trend shows more of a “manage through cycles” profile than steady upward momentum.

Balance Sheet

Balance Sheet The balance sheet is large, diversified, and has been gradually expanding, which fits a major global bank. Assets have grown steadily, and equity has inched higher over time, suggesting ongoing retention of earnings and a thicker capital base. Debt levels have risen but not in a way that looks disproportionate to the size of the bank, which is normal as the business and funding needs expand. Cash balances move around from year to year, which is typical for a bank actively managing liquidity across multiple regions and currencies. Overall, it looks like a scale player with a generally stable capital position, though always subject to regulatory and credit‑cycle scrutiny.

Cash Flow

Cash Flow Cash generation from the core business has been quite strong in most recent years, with one earlier period showing a meaningful outflow – something that can happen in banking when lending or balance‑sheet mix shifts sharply. Free cash flow closely tracks operating cash flow, because the bank’s capital spending needs are relatively modest compared with the size of the business. This means most of the cash from operations is available for strengthening the balance sheet, absorbing credit losses, or returning capital. The pattern suggests a franchise that can generate substantial cash in normal conditions, but that cash flows can still swing when credit or funding conditions change.

Competitive Edge

Competitive Edge Scotiabank holds a strong position as one of Canada’s major banks, reinforced by a long history, trusted brand, and strict domestic regulation that limits new large‑scale entrants. Its key differentiator versus peers is its heavier international footprint, especially in Latin America, which offers growth potential but also adds political, regulatory, and credit risk compared with a purely domestic bank. The business mix across Canadian retail, international banking, capital markets, and wealth management provides diversification and cross‑selling opportunities. Tangerine gives Scotiabank a recognized digital‑only brand, helping it appeal to fee‑sensitive and mobile‑first customers and defend against fintechs. The main strategic challenge is balancing the benefits of international growth and digital expansion with the added complexity and risk that come with them.

Innovation and R&D

Innovation and R&D Innovation at Scotiabank is less about traditional “R&D spend” and more about large‑scale digital transformation. The bank is leaning heavily into cloud computing, AI, and data analytics, with Tangerine acting as a test bed for new digital features and customer experiences. Its global AI platform is designed to personalize advice, speed up decision‑making, and improve risk management, which—if executed well—could lower costs and deepen customer relationships. Partnerships with big tech and fintech firms, plus API initiatives, show a willingness to collaborate rather than build everything in‑house. The opportunity is to turn these projects into measurable gains in efficiency and customer growth; the risk is execution fatigue, rising tech costs, or failing to keep pace with other digitally advanced banks.

Summary

The Bank of Nova Scotia appears to be a mature, diversified bank with solid but cyclical earnings, a large and generally stable balance sheet, and strong cash‑generation in normal environments. Its distinctive edge is a combination of international exposure and a credible digital presence through Tangerine and broader technology investments. These strengths come with trade‑offs: more exposure to emerging‑market volatility and the ongoing costs and risks of large technology programs. Looking ahead, the key things to watch are credit quality across its international portfolio, how effectively it converts digital and AI initiatives into better efficiency and client engagement, and its ability to maintain capital strength through economic cycles. Overall, it looks like a scale financial institution focused on modernizing its franchise while managing the complexities of a multi‑country footprint.

NEWS

November 20, 2025 · 5:15 PM UTC

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November 6, 2025 · 8:45 AM UTC

BANK OF NEW YORK MELLON INVESTOR ALERT: Scott+Scott Attorneys at Law LLP Investigates The Bank of New York Mellon Corporation's Directors and Officers for Breach of Fiduciary Duties – BK

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October 31, 2025 · 9:03 AM UTC

Scotiabank launches modern U.S. Cash Management platform, strengthening North American corridor capabilities

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