All amounts are in
Canadian dollars and are based on our unaudited Interim Condensed
Consolidated Financial Statements for the quarter ended January 31,
2021 and related notes prepared in accordance with International
Financial Reporting Standards (IFRS), unless otherwise noted. Our
complete First Quarter 2021 Report to Shareholders, including our
unaudited interim financial statements for the period ended January
31, 2021, can also be found on the SEDAR website at www.sedar.com
and on the EDGAR section of the SEC's website at www.sec.gov. In
addition, Supplementary Financial Information is also available,
together with the First Quarter 2021 Report on the Investor
Relations page of www.scotiabank.com.
|
First Quarter
Highlights on a Reported basis (versus Q1 2020)
|
First Quarter
Highlights on an Adjusted basis(1) (versus Q1
2020)
|
|
|
•
|
Net income of $2,398
million, compared to $2,326 million
|
•
|
Net income of $2,418
million, compared to $2,344 million
|
•
|
Earnings per share
(diluted) of $1.86, compared to $1.84
|
•
|
Earnings per share
(diluted) of $1.88, compared to $1.83
|
•
|
Return on equity of
14.2%, unchanged from the previous year
|
•
|
Return on equity of
14.4%, compared to 13.9%
|
TORONTO, Feb. 23, 2021 /CNW/ - Scotiabank reported first
quarter net income of $2,398 million
compared to $2,326 million in the
same period last year. Diluted earnings per share (EPS) was
$1.86, up 1% from $1.84 in the previous year. Return on equity was
14.2%, unchanged from the previous year.
Adjusted net income(1) of $2,418 million and EPS of $1.88, increased 3% compared to the prior year.
Return on equity was 14.4% compared to 13.9% a year ago.
"The Bank's performance this quarter reflects the strength of
our diversified business platform with all four business lines
making a strong contribution to earnings. We demonstrated positive
revenue growth and solid expense discipline to produce high quality
earnings and generate positive operating leverage in all our
businesses. Our CET1 ratio of 12.2% provides us with additional
flexibility for capital deployment in the future. We also witnessed
continued strength in digital adoption across all our core markets.
As we emerge from the pandemic, I am confident of continued strong
performance across the Bank" said Brian
Porter, President and CEO of Scotiabank.
Canadian Banking generated adjusted earnings of $915 million. Earnings recovered to pre-COVID
levels driven by solid asset and deposit growth, strong fee income,
stable margins and improving credit trends.
International Banking generated adjusted earnings of
$398 million, driven by good
performance in the Pacific Alliance countries and stable
margins.
Global Wealth Management reported adjusted earnings of
$425 million, up 34% from the prior
year. The results were supported by seasonally higher performance
fees and strong contributions from iTRADE, market appreciation,
solid sales momentum and double-digit growth across our Canadian
businesses. AUM and AUA increased 5% and 10% from the prior year,
respectively.
Global Banking and Markets had a strong start to the year with
earnings of $543 million, up 20%
compared to the prior year. The results were driven by strong
performance across our capital markets and investment banking
businesses.
The Bank reported a strong Common Equity Tier 1 capital ratio of
12.2%, a strong position from which to continue to support its
customers and drive future growth.
____________________________________
|
(1) Refer
to Non-GAAP Measures section on page 2.
|
Financial Highlights
Reported
Results
|
|
For the three months ended
|
|
|
January
31
|
|
October 31
|
|
January 31
|
(Unaudited)($
millions)
|
|
2021
|
|
2020
|
|
2020
|
Net interest
income
|
$
|
4,351
|
$
|
4,258
|
$
|
4,392
|
Non-interest
income
|
|
3,721
|
|
3,247
|
|
3,749
|
Total
revenue
|
|
8,072
|
|
7,505
|
|
8,141
|
Provision for credit
losses
|
|
764
|
|
1,131
|
|
926
|
Non-interest
expenses
|
|
4,208
|
|
4,057
|
|
4,418
|
Income tax
expense
|
|
702
|
|
418
|
|
471
|
Net
income
|
$
|
2,398
|
$
|
1,899
|
$
|
2,326
|
Net income
attributable to non-controlling interests in
|
|
|
|
|
|
|
subsidiaries
|
|
90
|
|
72
|
|
39
|
Net income
attributable to equity holders of the Bank
|
$
|
2,308
|
$
|
1,827
|
$
|
2,287
|
|
Preferred
shareholders and other equity instrument
|
|
|
|
|
|
|
|
holders
|
|
43
|
|
82
|
|
25
|
|
Common
shareholders
|
$
|
2,265
|
$
|
1,745
|
$
|
2,262
|
Earnings per
common share (in dollars)
|
|
|
|
|
|
|
|
Basic
|
$
|
1.87
|
$
|
1.44
|
$
|
1.86
|
|
Diluted
|
$
|
1.86
|
$
|
1.42
|
$
|
1.84
|
Non-GAAP Measures
The Bank uses a number of financial measures to assess its
performance. Some of these measures are not calculated in
accordance with Generally Accepted Accounting Principles (GAAP),
which are based on International Financial Reporting Standards
(IFRS), are not defined by GAAP and do not have standardized
meanings that would ensure consistency and comparability among
companies using these or similar measures. The Bank believes that
certain non-GAAP measures are useful in assessing ongoing business
performance and provide readers with a better understanding of how
management assesses performance. These non-GAAP measures are used
throughout this press release and are defined in the "Non-GAAP
Measures" section in the First Quarter 2021 Report to
Shareholders.
Adjusted results and diluted earnings per share
The following table presents reconciliations of GAAP reported
financial results to non-GAAP adjusted financial results. The
adjustments summarized below are consistent with those described in
the Bank's 2020 Annual Report. For a complete description of the
adjustments, refer to the Non-GAAP measures section in the Bank's
2020 Annual Report:
Adjustment impacting current and prior periods:
- Amortization of acquisition-related intangible assets,
excluding software.
Adjustments impacting prior periods only:
- Acquisition and divestiture-related costs – Include costs
related to integrating acquired operations and net (gain)/loss on
divestitures.
- Valuation-related adjustments, recorded in Q1 2020 – Relate to
the inclusion of an additional scenario in the measurement of
allowance for credit losses, fair value methodology change relating
to uncollateralized OTC derivatives, and a software-related
impairment loss.
Reconciliation of reported and adjusted results
|
|
For the three months
ended
|
|
|
January
31
|
|
October 31
|
|
January 31
|
(Unaudited)($
millions)
|
2021
|
2020
|
2020
|
Reported
Results
|
|
|
|
|
|
|
Net interest
income
|
$
|
4,351
|
$
|
4,258
|
$
|
4,392
|
Non-interest
income
|
|
3,721
|
|
3,247
|
|
3,749
|
Total
revenue
|
|
8,072
|
|
7,505
|
|
8,141
|
Provision for credit
losses
|
|
764
|
|
1,131
|
|
926
|
Non-interest
expenses
|
|
4,208
|
|
4,057
|
|
4,418
|
Income before
taxes
|
|
3,100
|
|
2,317
|
|
2,797
|
Income tax
expense
|
|
702
|
|
418
|
|
471
|
Net
income
|
$
|
2,398
|
$
|
1,899
|
$
|
2,326
|
Net income
attributable to non-controlling interests in subsidiaries
(NCI)
|
|
90
|
|
72
|
|
39
|
Net income
attributable to equity holders
|
|
2,308
|
|
1,827
|
|
2,287
|
Net income
attributable to common shareholders
|
|
2,265
|
|
1,745
|
|
2,262
|
Diluted earnings
per share (in dollars)
|
$
|
1.86
|
$
|
1.42
|
$
|
1.84
|
Adjustments
|
|
|
|
|
|
|
Acquisition-related
costs
|
|
|
|
|
|
|
Integration
costs(1)
|
$
|
-
|
$
|
20
|
$
|
76
|
Amortization of
Acquisition-related intangible assets, excluding
software(1)
|
|
28
|
|
26
|
|
27
|
|
|
28
|
|
46
|
|
103
|
Allowance for credit
losses - Additional scenario(2)
|
|
-
|
|
-
|
|
155
|
Derivatives valuation
adjustment(3)
|
|
-
|
|
-
|
|
116
|
Net (gain)/loss on
divestitures(4)
|
|
-
|
|
8
|
|
(262)
|
Impairment charge on
software asset(1)
|
|
-
|
|
-
|
|
44
|
Adjustments
(Pre-tax)
|
$
|
28
|
$
|
54
|
$
|
156
|
Income tax
expense/(benefit)
|
|
(8)
|
|
(15)
|
|
(138)
|
Adjustments (After
tax)
|
$
|
20
|
$
|
39
|
$
|
18
|
Adjustment
attributable to NCI
|
|
-
|
|
-
|
|
(48)
|
Adjustments (After
tax and NCI)
|
$
|
20
|
$
|
39
|
$
|
(30)
|
Adjusted
Results
|
|
|
|
|
|
|
Net interest
income
|
$
|
4,351
|
$
|
4,258
|
$
|
4,392
|
Non-interest
income
|
|
3,721
|
|
3,247
|
|
3,597
|
Total
revenue
|
|
8,072
|
|
7,505
|
|
7,989
|
Provision for credit
losses
|
|
764
|
|
1,131
|
|
771
|
Non-interest
expenses
|
|
4,180
|
|
4,003
|
|
4,265
|
Income before
taxes
|
|
3,128
|
|
2,371
|
|
2,953
|
Income tax
expense
|
|
710
|
|
433
|
|
609
|
Net
income
|
$
|
2,418
|
$
|
1,938
|
$
|
2,344
|
Net income
attributable to NCI
|
|
90
|
|
72
|
|
87
|
Net income
attributable to equity holders
|
|
2,328
|
|
1,866
|
|
2,257
|
Net income
attributable to common shareholders
|
$
|
2,285
|
$
|
1,784
|
$
|
2,232
|
Adjusted diluted
earnings per share (in dollars)
|
$
|
1.88
|
$
|
1.45
|
$
|
1.83
|
(1)
|
Recorded in
non-interest expenses.
|
(2)
|
Recorded in
provision for credit losses.
|
(3)
|
Recorded in
non-interest income.
|
(4)
|
Recorded in
non-interest income; costs related to divestitures are recorded in
non-interest expenses.
|
Reconciliation of reported and adjusted results by business
line(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)($
millions)
|
Canadian
Banking
|
International
Banking
|
Global Wealth
Management
|
Global Banking
and Markets
|
Other
|
Total
|
|
|
For the three
months ended January 31, 2021
|
Reported net
income
|
$
|
911
|
$
|
477
|
$
|
421
|
$
|
543
|
$
|
46
|
$
|
2,398
|
Total adjustments
(after tax)
|
|
4
|
|
9
|
|
7
|
|
-
|
|
-
|
|
20
|
Adjusted net
income
|
$
|
915
|
$
|
486
|
$
|
428
|
$
|
543
|
$
|
46
|
$
|
2,418
|
Adjusted net
income attributable to equity holders
|
$
|
915
|
$
|
398
|
$
|
425
|
$
|
543
|
$
|
47
|
$
|
2,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended October 31, 2020
|
Reported net
income
|
$
|
778
|
$
|
333
|
$
|
325
|
$
|
460
|
$
|
3
|
$
|
1,899
|
Total adjustments
(after tax)
|
|
4
|
|
20
|
|
10
|
|
-
|
|
5
|
|
39
|
Adjusted net
income
|
$
|
782
|
$
|
353
|
$
|
335
|
$
|
460
|
$
|
8
|
$
|
1,938
|
Adjusted net income
attributable to equity holders
|
$
|
782
|
$
|
283
|
$
|
333
|
$
|
460
|
$
|
8
|
$
|
1,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended January 31, 2020
|
Reported net
income
|
$
|
852
|
$
|
582
|
$
|
309
|
$
|
372
|
$
|
211
|
$
|
2,326
|
Total adjustments
(after tax)
|
|
56
|
|
117
|
|
12
|
|
79
|
|
(246)
|
|
18
|
Adjusted net
income
|
$
|
908
|
$
|
699
|
$
|
321
|
$
|
451
|
$
|
(35)
|
$
|
2,344
|
Adjusted net income
attributable to equity holders
|
$
|
908
|
$
|
615
|
$
|
318
|
$
|
451
|
$
|
(35)
|
$
|
2,257
|
(1)
|
Refer to Business
Line Overview in the First Quarter 2021 Report to
Shareholders.
|
Business Segment Review
Canadian Banking
Q1 2021 vs Q1
2020
Net income attributable to equity holders was
$911 million, an increase of
$59 million or 7%. Adjusted net
income was $915 million, an increase
of $7 million or 1%. Lower provision
for credit losses and non-interest expenses, were partly offset by
lower non-interest income and net interest income.
Q1 2021 vs Q4 2020
Net income attributable to equity
holders increased $133 million or
17%. The increase was due primarily to lower provision for credit
losses, higher non-interest income and net interest income, partly
offset by higher non-interest expenses.
International Banking
Financial
Performance on a Reported Basis
Q1 2021 vs Q1
2020
Net income attributable to equity holders was
$389 million, a decrease of
$129 million or 25%. Adjusted net
income attributable to equity holders was $398 million, a decrease of $217 million or 35%. The impact of divested
operations represents 7% of this decrease with the remaining
decline primarily related to lower net interest income,
non-interest income, higher provision for credit losses and the
benefit of one additional month of earnings from the Alignment of
the reporting period of Mexico
with the Bank ("Alignment of reporting period") in the prior year,
partially offset by lower non-interest expenses.
Q1 2021 vs Q4 2020
Net income attributable to equity
holders increased by $126 million or
48%. Adjusted net income attributable to equity holders increased
$115 million or 41%. The increase was
due primarily to lower provision for credit losses and non-interest
expenses, and higher non-interest income, partially offset by
higher income taxes.
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 in the First Quarter 2021 Report to Shareholders). The Bank
believes that reporting in constant dollar is useful for readers in
assessing ongoing business performance.
Q1 2021 vs Q1 2020
Net income attributable to equity
holders was $389 million, a decrease
of $101 million or 21%. Adjusted net
income attributable to equity holders was $398 million, a decrease of $186 million or 32%. The impact of divested
operations represents 8% of this decrease with the remaining
decline primarily related to lower net interest income,
non-interest income, higher provision for credit losses and the
benefit of the Alignment of the reporting period in the prior year,
partially offset by lower non-interest expenses.
Q1 2021 vs Q4 2020
Net income attributable to equity
holders increased by $137 million or
54%. Adjusted net income attributable to equity holders increased
$127 million or 47%. The increase was
primarily related to lower provision for credit losses and
non-interest expenses, and higher non-interest income, partially
offset by higher income taxes.
Global Wealth Management
Q1 2021 vs Q1 2020
Net income attributable to equity
holders was $418 million, an increase
of $112 million or 37%. Adjusted net
income was $425 million, up 34%. This
increase is due primarily to higher mutual fund fees, brokerage
revenues, and elevated performance fees, partially offset by higher
non-interest expenses. The Bank earns a performance fee on certain
Dynamic Funds that represent less than 3% of total AUM.
Performance fees earned are recorded in the first quarter of each
year. The Bank recognized $62
million in net performance fees this quarter, as a result of
outperforming the funds' benchmark in 2020.
Q1 2021 vs Q4 2020
Net income attributable to equity
holders increased $95 million or 29%.
Adjusted net income increased $92
million or 28% due primarily to higher mutual fund fees,
brokerage revenues and elevated performance fees, partially offset
by higher non-interest expenses.
Global Banking and Markets
Q1 2021 vs Q1 2020
Net income attributable to equity
holders was $543 million, an increase
of $171 million or 46%. Adjusted net
income attributable to equity holders increased by $92 million or 20%. This was due to higher net
interest income and non-interest income, and lower non-interest
expenses, partly offset by higher provision for credit losses.
Q1 2021 vs Q4 2020
Net income attributable to equity
holders increased by $83 million or
18%. This was due mainly to higher net interest income and
non-interest income, lower provision for credit losses, partly
offset by higher non-interest expenses.
Other
Q1 2021 vs Q1 2020
Net income attributable to equity
holders was $47 million, a decrease
of $192 million. Adjusted net income
attributable to equity holders was $47
million, compared to a net loss of $35 million in the prior year. The increase of
$82 million was related to higher
contributions from asset/liability management activities and higher
investment gains, partly offset by the increased investment in the
SCENE loyalty program.
Q1 2021 vs Q4 2020
Net income attributable to equity
holders increased $44 million, or
$39 million on an adjusted basis. The
improvement was due mainly to higher contributions from
asset/liability management activities, partly offset by the
increased investment in the SCENE loyalty program.
Credit risk
Provision for credit losses
Q1 2021 vs Q1
2020
The provision for credit losses was $764 million, compared to $926 million, a decrease of $162 million or 17%. Adjusted provision for
credit losses decreased $7 million or
1%. The provision for credit losses ratio decreased 12 basis points
to 49 basis points, and by two basis points on an adjusted
basis.
Provision on impaired loans was $762
million, compared to $835
million, a decrease of $73
million or 9%. Adjusted provision on impaired loans
decreased $40 million or 5% due
primarily to lower retail provisions in Canadian Banking driven by
lower delinquencies. The provision for credit losses ratio on
impaired loans decreased six basis points to 49 basis points, and
by four basis points on an adjusted basis.
Provision on performing loans was $2
million, compared to $91
million. Adjusted provision for credit losses on performing
loans increased $33 million, due to
the COVID-19 impact on portfolio credit quality, partially offset
by the more favourable macroeconomic outlook.
Q1 2021 vs Q4 2020
The provision for credit losses was
$764 million, compared to
$1,131 million, a decrease of
$367 million or 32%. The provision
for credit losses ratio decreased 24 basis points to 49 basis
points.
Provision on impaired loans was $762
million, a decrease of $73
million or 9% due to lower formations in commercial and
corporate portfolios partially offset by higher provisions in
International retail driven by credit migration due to expired
payment deferrals. The provision for credit losses ratio on
impaired loans was 49 basis points, a decrease of five basis
points.
Provision on performing loans was $2
million, compared to $296
million, a decrease of $294
million, of which $191 million
is related to retail, mainly in International Banking driven by the
more favourable macroeconomic outlook. Commercial and corporate
performing loan provisions also decreased $103 million, due to the more favourable
macroeconomic outlook.
Allowance for credit losses
The total allowance
for credit losses as at January 31,
2021 was $7,810 million. The
allowance for credit losses for loans was $7,590 million, down $49
million from the prior quarter. The decrease was due
primarily to lower provision on performing loans driven by the more
favourable macroeconomic outlook.
The allowance on impaired loans increased to $1,994 million from $1,957
million last quarter due primarily to higher provisions in
International retail driven by credit migration due to expiry of
payment deferrals in Peru and
other select markets. The allowance against performing loans was
lower at $5,596 million compared to
$5,682 million as at October 31, 2020. The decrease was due primarily
to lower International retail provisions driven by the more
favourable macroeconomic outlook.
Impaired loans
Gross impaired loans increased
to $5,279 million as at January 31, 2021, from $5,053 million last quarter. This was due
primarily to formations in International retail driven by credit
migration from the expiry of payment deferrals in Peru and other select markets, partially
offset by lower formations in commercial and corporate portfolios.
The gross impaired loan ratio was 84 basis points as at
January 31, 2021, an increase of
three basis points from last quarter.
Net impaired loans in Canadian Banking were $585 million as at January
31, 2021, an increase of $11
million from October 31, 2020.
International Banking's net impaired loans were $2,499 million as at January 31, 2021, an increase of $236 million from October
31, 2020, mainly driven by higher delinquency and credit
migration in Peru and other select
markets, partially offset by lower net formations in commercial
portfolio. In Global Banking and Markets, net impaired loans were
$173 million as at January 31, 2021, a decrease of $68 million from October
31, 2020, due to repayments and write offs net of recoveries
during the quarter. In Global Wealth Management, net impaired loans
were $28 million as at January 31, 2021, an increase of $10 million from October
31, 2020. Net impaired loans as a percentage of loans and
acceptances were 0.52% as at January 31,
2021, an increase of two basis points from 0.50% last
quarter.
Capital Ratios
The Bank's Common Equity Tier 1 (CET1)
capital ratio was 12.2% at January 31,
2021, an increase of approximately 40 basis points from the
prior quarter, due primarily to strong internal capital generation,
lower risk-weighted assets and the impact from employee pension and
post-retirement benefits, partly offset by the transitional
phase-out of OSFI's partial inclusion of Stage 1 and Stage 2
expected credit losses. As at January 31,
2021, the Bank's CET1 ratio included a benefit of 22 basis
points (October 31, 2020 – 30 basis
points) from OSFI's transitional adjustment for the partial
inclusion of increases in Stage 1 and Stage 2 expected credit
losses relative to their pre-crisis baseline levels.
The Bank's Tier 1 capital ratio increased by approximately 30
basis points from the prior quarter to 13.6%, due primarily to the
above noted impacts to the CET1 ratio, partly offset by the Basel
III phase-out of non-qualifying additional Tier 1 capital. The
Total capital ratio of 15.7% increased by 20 basis points primarily
due to the above noted impacts to the Tier 1 capital ratios, partly
offset by the redemption of $750
million of subordinated debentures.
As at January 31, 2021, the CET1,
Tier 1, Total capital and Leverage ratios were well above OSFI's
minimum capital ratios.
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 U.S. Securities and
Exchange Commission, or in other communications. In addition,
representatives of the Bank may include forward-looking statements
orally to analysts, investors, the media and others. All such
statements are made pursuant to the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. 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 2020 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.
Such statements are typically identified by words or phrases such
as "believe," "expect," "foresee," "forecast," "anticipate,"
"intend," "estimate," "plan," "goal," "project," and similar
expressions of future or conditional verbs, such as "will," "may,"
"should," "would" and "could."
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; 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; 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 and 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 2020 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 2020
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 SEC's website at
www.sec.gov.
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 $20,000 each fiscal year to purchase additional
common shares of the Bank. All administrative costs of the plan are
paid by the Bank. For more information on participation in the
plan, please contact the transfer agent.
Website
For information relating to Scotiabank and its
services, visit us at our website: www.scotiabank.com.
Conference call and Web broadcast
The quarterly
results conference call will take place on February 23, 2021, at 8:15
am EST and is expected to last approximately one hour.
Interested parties are invited to access the call live, in
listen-only mode, by telephone at 416-641-6104 or toll-free, at
1-800-952-5114 using ID 9730782# (please call shortly before
8:15 am EST). In addition, an audio
webcast, with accompanying slide presentation, may be accessed via
the Investor Relations page of www.scotiabank.com.
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 February 23, 2021, to March 25, 2021, by calling 905-694-9451 or
1-800-408-3053 (North America
toll-free) and entering the access code 9946049#. The archived
audio webcast will be available on the Bank's website for three
months.
Additional Information
Investors:
Financial Analysts, Portfolio Managers and
other Institutional Investors requiring financial information,
please contact Investor Relations, Finance Department:
Scotiabank
Scotia Plaza, 44 King Street West
Toronto, Ontario, Canada M5H
1H1
Telephone: (416) 775-0798
E-mail: investor.relations@scotiabank.com
Global Communications:
Scotiabank
44 King Street West, Toronto, Ontario
Canada M5H 1H1
E-mail: corporate.communications@scotiabank.com
Shareholders:
For enquiries related to changes in
share registration or address, dividend information, lost share
certificates, estate transfers, or to advise of duplicate mailings,
please contact the Bank's transfer agent:
Computershare Trust Company of Canada
100 University Avenue, 8th Floor
Toronto, Ontario, Canada M5J
2Y1
Telephone: 1-877-982-8767
Fax: 1-888-453-0330
E-mail: service@computershare.com
Co-Transfer Agent (U.S.A.)
Computershare Trust Company, N.A.
Att: Stock Transfer Department
Overnight Mail Delivery: 462 South 4th Street, Louisville, KY 40202
Regular Mail Delivery: P.O. Box 505005, Louisville, KY 40233-5005
Telephone: (303) 262-0600 or 1-800-962-4284
For other shareholder enquiries, please contact the Corporate
Secretary's Department:
Scotiabank
Scotia Plaza, 44 King Street West
Toronto, Ontario, Canada M5H
1H1
Telephone: (416) 866-3672
E-mail: corporate.secretary@scotiabank.com
Rapport trimestriel disponible en français
Le Rapport
annuel et les états financiers de la Banque sont publiés en
français et en anglais et distribués aux actionnaires dans la
version de leur choix. Si vous préférez que la documentation vous
concernant vous soit adressée en français, veuillez en informer
Relations publiques, Affaires de la société et Affaires
gouvernementales, La Banque de Nouvelle-Écosse, Scotia Plaza,
44, rue King Ouest, Toronto
(Ontario), Canada M5H 1H1, en joignant, si possible,
l'étiquette d'adresse, afin que nous puissions prendre note du
changement.
SOURCE Scotiabank