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Scotiabank Results: Solid Laterals From US Peers

FINANCIALS

Bank of Nova Scotia (BNS: A2/A-/AA-) 2Q24 (3M to Apr-24) results are out later this morning with the laterals from the last set of US banking reporting appearing pretty solid, in our view.


  • Results last time (27-Feb) were good with a marginal revenue beat with credit losses lower than the prior quarter and, importantly, no meaningful signs of issues arising in US CRE exposures. Recent US bank reporting was relatively solid, too so the outlook solid, too.
  • Spreads are 2bp tighter in the last month and c.20bp better YTD (€IG banks: -12bp and -49bp) and the equity is up 2% YTD (S&P Canadian banks: +1%).
  • Revenue estimates are broadly unchanged so far this year, with only very small earnings upgrades coming through.

Results are due at 1100 (London time) with a conf call at 1300 at: https://www.scotiabank.com/ca/en/about/investors-shareholders.html

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