The following is a summary of the The Bank of Nova Scotia (BNS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Scotiabank reported adjusted earnings of $2.2 billion or $1.63 per share in Q3 2024, representing solid top-line revenue growth driven by higher net interest income and noninterest revenue.

• The bank achieved positive operating leverage with productivity initiatives underway, particularly noting a 210 basis point improvement in productivity ratio in international and Canadian retail businesses.

• Despite higher credit costs attributed to sustained higher rates impacting retail portfolios, adjusted net income and strong revenue momentum were acknowledged across key segments like Canadian Banking and Global Wealth Management.

Business Progress:

• Scotiabank's focus on developing primary client relationships has led to a 7% year-over-year increase in P&C deposit growth across both Canadian and international retail businesses.

• The bank observed a disciplined capital deployment towards priority businesses, which is evidenced by strong revenue and earnings growth in Canadian Banking and Wealth segments.

• Initiatives like ScotiaConnect and an emphasis on partnership synergies across different business units illustrate steps towards enhancing client-centric strategies and operational efficiencies.

Opportunities:

• Expansion and refurbishment of the deposit franchise have shown marked progress, particularly in Canadian Banking, with notable growth in mortgages accompanied by increased retention rates and multi-product offerings.

Risks:

• Sustained higher rates continue to affect retail portfolios, impinging on credit costs. While there are signs of stabilization due to monetary easing in international markets, elevated credit costs persist as a significant factor impacting profitability.

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