MNI BRIEF: Trudeau Says Canada Tax Holiday Won't Boost CPI

TRUDEAU: CAN'T GUARNATEE MEXICO WILL REMAIN IN USMCA

TRUDEAU SAYS TAX BREAK WON'T STIMULATE INFLATION

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

EZ/UK Bond Supply Calendar: UK Synd; EU-Bond Auction on Monday

US EIA:NAT GAS STORAGE -3 BCF TO 3,969 BCF NOV 15 WK

MNI: US NAR: OCT EXISTING HOME SALES 3.96M SAAR

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Scotiabank: Credit Neutral Results, Few Fears for Canadian Peers

FINANCIALS

Bank of Nova Scotia (BNS: A2/A-/AA-) 2Q24 (3M to Apr-24) results are credit neutral. Results are very close to consensus, aside from in the markets business (weak for RBC) but otherwise a solid lateral for the other Canadian banks, in our view.


  • Key credit stats: CET1 is 16bp above consensus (at 13.2%) and loan losses were c.1% better than consensus (at 54bp), up 4bp from the prior quarter, driven by Canadian retail, but down on 4Q23. Gross non-performers are up 3bp, to 83bp. These are solid figures and a good lateral for the other Canadian businesses.
  • Revenues were in line with consensus (+5.5% y/y) and costs were c.1% better (+3% y/y). Canada, Wealth and international revenues were all ahead with a weaker performance in Global Banking & Markets, perhaps a weaker lateral for RBC. Pre-tax was c.1% better than consensus.
  • There appear few reasons to see consensus move meaningfully on these results and there are no updates to any guidance or targets in the published documents.

Conf call is at 1300 at: https://www.gowebcasting.com/13344

Credit BulletsHomepagemarkets-real-timeCanadaCredit Bank of Canada Market NewsBullet
Credit BulletsHomepagemarkets-real-timeCanadaCredit Bank of Canada Market NewsBullet

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.