TORONTO, Jan. 28,
2025 /CNW/ - Scotiabank has released an abridged
Supplementary Financial Information package with unaudited
quarterly and annual financial information for fiscal years 2024
and 2023, reflecting changes in business segment presentation that
are effective November 1, 2024. There
is no impact to the Bank's consolidated financial results.
These voluntary changes represent an important step in executing
the Bank's strategy and reflect an updated approach to business
segment presentation to be consistent with management's evaluation
of the financial performance of the business segments. The changes
support better decision making within the business segments around
pricing and capital allocation to help the Bank achieve its
financial and strategic medium-term objectives.
The updated disclosures primarily relate to the impact of
methodology changes in the Bank's funds transfer pricing, which
will result in substantially all liquidity costs allocated to the
business segments, and reflect the Bank's strategic objective to
maintain higher liquidity ratios.
To be consistent with the reporting of Scotiabank's recent
minority investment in KeyCorp, the Bank has also made changes to
the reporting of certain minority investments in International
Banking (Bank of Xi'an) and Global
Wealth Management (Bank of Beijing Scotia Asset Management), which
will now be reported in the Other segment.
For better comparability of results across periods, prior period
segmented results have been revised, resulting in an increase in
the Other segment earnings of $998
million in 2024 and $774
million in 2023, with a corresponding decrease in the
combined net income of the four business segments.
The changes do not impact the Bank's consolidated 2024 and 2023
reported and adjusted financial results. They also do not result in
a revision to any of the Bank's or business segments' 2025
financial outlook detailed in the 2024 Annual Report, medium-term
financial and strategic objectives, or financial growth objectives
presented at the Bank's December 13,
2023 Investor Day.
The abridged Supplementary Financial Information package
reflecting these changes is available at
www.scotiabank.com/ca/en/about/investors-shareholders/financial-result.html.
Scotiabank's first quarter earnings, which will be reported on
February 25, 2025, will reflect these
changes.
About Scotiabank
Scotiabank's vision is to be our
clients' most trusted financial partner and deliver sustainable,
profitable growth. Guided by our purpose: "for every future," we
help our clients, their families and their communities achieve
success through a broad range of advice, products and services,
including personal and commercial banking, wealth management and
private banking, corporate and investment banking, and capital
markets. With assets of approximately $1.4
trillion (as at October 31,
2024), Scotiabank is one of the largest banks in
North America by assets, and
trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock
Exchange (NYSE: BNS). For more information, please visit
www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Scotiabank
