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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

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