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Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.8%.The Philadelphia Housing Index added 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.7%.Bitcoin (BTC-USD) was decreasing 0.2% to $73,361, and the yield for 10-year US Treasuries decreased 1 basis point to 4.445%.In economic news, the Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.In corporate news, Blackstone (BX) is selling the US Bank Center in Seattle to office landlord Spear Street Capital for about $280 million, 54% less than what it paid for the building seven years ago, Bloomberg reported. Blackstone shares were up 0.8%.Apollo Global Management (APO) has received the European Commission's approval for its funds under Apollo Capital Management to buy Nippon Sheet Glass, according to a statement. Separately, Apollo-backed Shutterfly is marketing about $1.9 billion in loans and bonds, including $1.15 billion in junk notes, to refinance upcoming maturities, Bloomberg reported. Apollo shares rose 1.4%.UBS (UBS) cut several hundred jobs across its Europe, Middle East and Africa operations in its latest round of reductions linked to the 2023 Credit Suisse takeover, Bloomberg reported. The cuts mainly affected support roles, with some client-facing bankers also impacted, the report said, adding that some employees were offered internal redeployment as UBS works to limit redundancies. UBS shares added 0.8%.Bank of Nova Scotia (BNS) said Friday it has agreed to acquire Maple Financial, the parent company of MapleMark Bank, a US commercial bank with operations mainly in Dallas, Texas. Bank of Nova Scotia shares were up 0.1%.

$APO$BNS$BX$UBS
Sectors

Sector Update: Financial Stocks Rise Friday Afternoon

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.9%.The Philadelphia Housing Index was climbing 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.8%.Bitcoin (BTC-USD) was increasing 0.7% to $74,012, and the yield for 10-year US Treasuries was decreasing one basis points to 4.45%.In economic news, the Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.In corporate news, Apollo Global Management (APO) has received the European Commission's approval for its funds under Apollo Capital Management to buy Nippon Sheet Glass, according to a statement. Separately, Apollo-backed Shutterfly is marketing about $1.9 billion in loans and bonds, including $1.15 billion in junk notes, to refinance upcoming maturities, Bloomberg reported. Apollo shares rose 2.5%.UBS (UBS) cut several hundred jobs across its Europe, Middle East and Africa operations in its latest round of reductions linked to the 2023 Credit Suisse takeover, Bloomberg reported. The cuts mainly affected support roles, with some client-facing bankers also impacted, the report said, adding that some employees were offered internal redeployment as UBS works to limit redundancies. UBS shares added 0.7%.Bank of Nova Scotia (BNS) said Friday it has agreed to acquire Maple Financial, the parent company of MapleMark Bank, a US commercial bank with operations mainly in Dallas, Texas. Bank of Nova Scotia shares were down 0.6%.

$APO$BNS$UBS
Wire

Bank of Nova Scotia Posts Solid Q2 as Canadian Banking Leads, RBC Says

Bank of Nova Scotia's (BNS) fiscal Q2 results were broadly in line with expectations and showed sequential net interest margin improvement in Canadian banking, RBC Capital Markets said Thursday in a report.RBC said Canadian banking delivered the strongest performance relative to its estimates.Credit quality in Canada showed modest improvement, and the bank now expects impaired loan losses to settle in the mid-50-basis-point range for the remainder of 2026, slightly elevated versus its initial outlook while still easing from H1, the report said.While Bank of Nova Scotia's valuation appears relatively attractive, its return-on-equity outlook remains below that of other Canadian banks in RBC's coverage, the report said.RBC raised its fiscal 2026 core EPS estimate to 8.35 Canadian dollars ($6.05) from CA$8.09 and increased its fiscal 2027 estimate to CA$9.29 from CA$9.02. It lifted its price target on Bank of Nova Scotia's stock to CA$117 from CA$98 and maintained its sector-perform rating.Price: $79.71, Change: $-0.97, Percent Change: -1.20%

$BNS
Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of The Bank Of Nova Scotia

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by CAD5 to CAD79, 8.7x our FY 27 (Oct.) EPS view, a discount to the peer average of 14.7x given inconsistent execution. We raise our FY 26 EPS view to CAD8.41 from CAD8.21 and increase FY 27's to CAD9.12 from CAD9.06. Our revenue projections are CAD39.8 billion for 2026 and CAD41.7 billion for 2027. Despite optimistic comments from management regarding balance sheet growth, we continue to be disappointed. In the Apr-Q, loans were flat year-over-year, and we don't believe the recent uptick in commercial balances will be sufficient to bring BNS's growth rate in line with its peers. Deposits are equally concerning, declining 1% year-over-year. Furthermore, despite management's confidence in earnings growth, the bank raised its quarterly dividend by only 3.6% to CAD1.14, a modest increase. On a positive note, BNS has improved its efficiency metrics alongside other Canadian banks, with meaningful gains in both ROE and productivity ratio in recent quarters.

$BNS
Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of The Bank Of Nova Scotia

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by USD3 to USD57, 8.7x our FY 27 (Oct.) EPS view of CAD9.12 (USD6.60), a discount to the peer average of 14.7x given inconsistent execution. We raise our FY 26 EPS view to CAD8.41 from CAD8.21 and increase FY 27's to CAD9.12 from CAD9.06. Our revenue projections are CAD39.8 billion for 2026 and CAD41.7 billion for 2027. Despite optimistic comments from management regarding balance sheet growth, we continue to be disappointed. In the Apr-Q, loans were flat year-over-year, and we don't believe the recent uptick in commercial balances will be sufficient to bring BNS's growth rate in line with its peers. Deposits are equally concerning, declining 1% year-over-year. Furthermore, despite management's confidence in its earnings growth, the bank raised its quarterly dividend by only 3.6% to CAD1.14, a modest increase. On a positive note, BNS has improved its efficiency metrics alongside other Canadian banks, with meaningful gains in both ROE and productivity ratio in recent quarters.

$BNS
Research

Research Alert: Bank Of Nova Scotia: Q2 Fy 26 Earnings Beat As Roe Improves

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BNS reported a solid Apr-Q earnings beat with operating EPS of CAD2.02 vs CAD1.52 the prior year and CAD0.08 above consensus, while adjusted ROE improved 270 bps to 13.2%, the highest since early 2023. Revenue of CAD9.84B rose 8% due to continued net interest margin expansion to 2.49% (+18 bps) and 13% growth in non-interest income to CAD4.32B. The bank demonstrated effective expense management with the productivity ratio improving significantly to 52.5% from 55.7%, capturing the full benefit of revenue growth while controlling costs at CAD5.19B. However, credit challenges persist as gross impaired loans reached a cyclical high of 0.99% from 0.90%, marking the 14th consecutive quarter of deterioration due to Canadian Banking and International corporate portfolios. The Business segment's performance was broad-based with Canadian Banking leading at CAD935M (+53%), International Banking generating CAD736M (+3%), and strong contributions from Global Wealth Management and Global Banking and Markets.

$BNS
Research

Research Alert: Bank Of Nova Scotia: Q2 Fy 26 Earnings Beat As Roe Improves

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BNS reported a solid Apr-Q earnings beat with operating EPS of CAD2.02 vs CAD1.52 the prior year and CAD0.08 above consensus, while adjusted ROE improved 270 bps to 13.2%, the highest since early 2023. Revenue of CAD9.84B rose 8% due to continued net interest margin expansion to 2.49% (+18 bps) and 13% growth in non-interest income to CAD4.32B. The bank demonstrated effective expense management with the productivity ratio improving significantly to 52.5% from 55.7%, capturing the full benefit of revenue growth while controlling costs at CAD5.19B. However, credit challenges persist as gross impaired loans reached a cyclical high of 0.99% from 0.90%, marking the 14th consecutive quarter of deterioration due to Canadian Banking and International corporate portfolios. The Business segment's performance was broad-based with Canadian Banking leading at CAD935M (+53%), International Banking generating CAD736M (+3%), and strong contributions from Global Wealth Management and Global Banking and Markets.

$BNS
Mining & Metals

Update: Scotiabank Turns Negative Premarket Despite Q2 Earnings Beat; Highlights Include Dividend Hike; Lower Credit Losses

(Adds share price move in second paragraph and includes updates on the performance of different banking units from paragraph eleven)The Bank of Nova Scotia (BNS.TO, BNS) has turned negative in New York premarket trading Wednesday although it kicked off the second-quarter earnings season for Canada's big banks by posting an earnings beat, supported by growth across all of its business lines, with credit losses edging lower and management saying the bank "remains on track to achieve its financial objectives for fiscal 2026", prompting it to increase the dividend.Shares in BNS were last seen down near 0.7% in US premarket trade, having been slightly higher immediately after the release of its result. But the stock did strike 52 week highs on the NYSE yesterday.On a reported basis, the bank posted net income of $2,632 million in Q2, up 29.5% on an annual basis from $2,032 million a year earlier. Diluted earnings per share were $2.00, compared with $1.48 in the prior-year period.On an adjusted basis, net income rose 28% year over year to $2,652 million, from $2,072 million a year ago. Adjusted diluted earnings per share climbed to $2.02, from $1.52 last year, surpassing $1.93 estimates compiled by FactSet.Revenue for the three months ended April 30 increased 8.1% to $9,837 million, from $9,098 million, exceeding the C$9,696.5 million consensus estimate from FactSet.Adjusted return on equity was 13.2% compared to 10.4% a year ago. The bank reported a Common Equity Tier 1 (CET1) capital ratio of 13.3%.Among other highlights, the provision for credit losses was $1,217 million compared to $1,398 million, a decrease of $181 million. The provision for credit losses ratio decreased by nine basis point to 66 basis points. The provision for credit losses on performing loans was $88 million compared to $346 million, a decrease of $258 million.The bank said, the "provision this quarter was due primarily to the impact of the unfavourable macroeconomic outlook impacting the Canadian Banking portfolios, as well as credit migration in the International commercial portfolio".The bank also declared a dividend of $1.14 per share, an increase of $0.04 per share on the outstanding common shares This dividend is payable on July 29, 2026, to shareholders of record at the close of business on July 7, 2026."The Bank delivered another strong quarter as we continue to execute on our strategy, with strong revenue growth coupled with expanding margins and another quarter of positive operating leverage," said Scott Thomson, CEO of Scotiabank."The Bank remains on track to achieve its financial objectives for fiscal 2026 and its 14%+ ROE objective in fiscal 2027. Our focus on evolving our business mix drove strong fee income and wealth management revenues, along with sequential Canadian commercial and small business loan growth," he added.Among units, Canadian Banking delivered earnings of $935 million, up 53% year-over-year, primarily driven by higher revenues and lower provision for credit losses on performing loans, partly offset by higher non-interest expenses. "The business grew day-to-day and savings deposits and delivered another quarter of solid positive operating leverage, in line with its strategic objectives," Scotiabank said.International Banking generated earnings of $701 million, up 4% year-over-year on the back of lower non-interest expenses, lower income taxes and the positive impact of foreign currency translation, the bank said, adding it was "was partly offset by lower net interest income, lower non-interest income and higher provision for credit losses".Global Wealth Management segment delivered adjusted earnings of $474 million, up 19% year-over-year driven by higher mutual fund fees, brokerage revenues and net interest income across the Canadian wealth business. This was partly offset by higher volume-related non-interest expenses, the lender noted.Shares closed up C$0.02 up at C$111.00 in Toronto on Tuesday.

$BNS$BNS.TO
Mining & Metals

Scotiabank Edges Higher Premarket After Q2 Earnings Beat; Highlights Include Dividend Hike; Lower Credit Losses

The Bank of Nova Scotia (BNS.TO, BNS) was last seen up 0.01% in New York premarket trading Wednesday after kicking off the first-quarter earnings season for Canada's big banks by posting an earnings beat, supported by growth across all of its business lines, with credit losses edging lower and management saying the bank "remains on track to achieve its financial objectives for fiscal 2026", prompting it to increase the dividend.On a reported basis, the bank posted net income of $2,632 million in Q2, up 29.5% on an annual basis from $2,032 million a year earlier. Diluted earnings per share were $2.00, compared with $1.48 in the prior-year period.On an adjusted basis, net income rose 28% year over year to $2,652 million, from $2,072 million a year ago. Adjusted diluted earnings per share climbed to $2.02, from $1.52 last year, surpassing $1.93 estimates compiled by FactSet.Revenue for the three months ended April 30 increased 8.1% to $9,837 million, from $9,098 million, exceeding the C$9,696.5 million consensus estimate from FactSet.Adjusted return on equity was 13.2% compared to 10.4% a year ago.Among other highlights, the provision for credit losses was $1,217 million compared to $1,398 million, a decrease of $181 million. The provision for credit losses ratio decreased by nine basis point to 66 basis points. The provision for credit losses on performing loans was $88 million compared to $346 million, a decrease of $258 million.The bank said, the "provision this quarter was due primarily to the impact of the unfavourable macroeconomic outlook impacting the Canadian Banking portfolios, as well as credit migration in the International commercial portfolio".The bank also declared a dividend of $1.14 per share, an increase of $0.04 per share on the outstanding common shares This dividend is payable on July 29, 2026, to shareholders of record at the close of business on July 7, 2026."The Bank delivered another strong quarter as we continue to execute on our strategy, with strong revenue growth coupled with expanding margins and another quarter of positive operating leverage," said Scott Thomson, CEO of Scotiabank."The Bank remains on track to achieve its financial objectives for fiscal 2026 and its 14%+ ROE objective in fiscal 2027. Our focus on evolving our business mix drove strong fee income and wealth management revenues, along with sequential Canadian commercial and small business loan growth," he added.Shares closed up C$0.02 up at C$111.0 in Toronto on Tuesday.

$BNS$BNS.TO
Sectors

Sector Update: Financial Stocks Higher Pre-Bell Friday

Financial stocks were higher pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) gained by 1%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1% lower.Ally Financial (ALLY) shares rose 3.1% premarket after the company reported higher Q1 adjusted earnings and revenue.Scotiabank (BNS) said it expects its stake in KeyCorp to contribute 77 million Canadian dollars ($56.4 million) in net income in Q2. Shares of Scotiabank were up 0.7% higher pre-bell.Fifth Third Bancorp (FITB) shares rose more than 1% before the opening bell after the company posted a surprise Q1 profit on Friday.

$ALLY$BNS$FAS$FAZ$FITB$XLF
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