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Bank of Nova Scotia

BNS: XTSE (CAN)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 95.00	Svgpk	Bmnbcbrq

Bank of Nova Scotia Earnings: Results Starting To Improve

Aug 29, 2023

Narrow-moat-rated Bank of Nova Scotia reported improving fiscal third-quarter results. Expenses were roughly flat sequentially, better than the previous trend of increases, and revenue managed to grow sequentially, driven by fees and net interest income. Not all Canadian banks have increased their NII in the current quarter, so we view this as a positive sign. With results coming in as we expected, we will maintain our CAD 72/$54 fair value estimate. We await an updated strategy refresh for the bank, which will likely result in additional repositioning charges and new operational targets, so the next chapter for Scotiabank is still in its early stages.

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