Bank of Nova Scotia

BNS: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 52.00	Bcrqysm	Jqhqknz

Higher Funding Costs Bite Scotiabank's Q1 Earnings; Sounds Like Multiyear Initiatives Are Coming

Eric Compton

Feb 28, 2023

Narrow-moat-rated Bank of Nova Scotia reported weaker fiscal first-quarter results. Revenue came in at CAD 7.98 billion, down 1% year over year, while expenses came in at CAD 4.46 billion, up 6% year over year. On an adjusted basis, pretax preprovision profits, or PTPP, were down 8% year over year as expenses rose, fees dropped, and net interest income is now stalling out.

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