The Bank of Nova Scotia (BNS) Q3 2023 Earnings Call Transcript

The Bank of Nova Scotia (NYSE:BNS) Q3 2023 Earnings Conference Call August 29, 2023 8:15 AM ET

Company Participants

John McCartney – Head of Investor Relations

Scott Thomson – President and Chief Executive Officer

Raj Viswanathan – Chief Financial Officer

Phil Thomas – Chief Risk Officer

Dan Rees – Canadian Banking

Glen Gowland – Global Wealth Management

Francisco Aristeguieta – International Banking

Jake Lawrence – Global Banking and Markets

Conference Call Participants

Ebrahim Poonawala – Bank of America

Gabriel Dechaine – National Bank Financial

Mario Mendonca – TD Securities

Doug Young – Desjardins Capital Markets

Paul Holden – CIBC

Mike Rizvanovic – KBW Research

Lemar Persaud – Cormark Securities

Joo Ho Kim – Credit Suisse

Sohrab Movahedi – BMO Capital Markets

John McCartney

Good morning, and welcome to Scotiabank’s 2023 Third Quarter Results Presentation. My name is John McCartney, I’m Head of Investor Relations, here at Scotiabank. Presenting to you this morning are Scott Thomson, Scotiabank’s President, CEO; Raj Viswanathan, our Chief Financial Officer; and Phil Thomas, our Chief Risk Officer. Following our comments, we’ll be glad to take your questions.

Also present to take questions are the following Scotiabank executives: Dan Rees from Canadian Banking; Glen Gowland from Global Wealth Management; Francisco Aristeguieta from International Banking; and Jake Lawrence from Global Banking and Markets.

Before we start, and on behalf of those speaking today, I’ll refer you to slide two of our presentation, which contains Scotiabank’s caution regarding forward-looking statements.

With that, I will now turn the call over to Scott.

Scott Thomson

Thank you, John, and good morning, everyone. We appreciate you joining us today. The bank reported Q3 adjusted earnings of $2.2 billion or $1.73 per share, up 2% sequentially. Pre-tax, pre-provision earnings of $3.5 billion were up 5% compared to the prior quarter. The bank’s Q3 results reflect both the resilient performance of our retail and commercial businesses and modest

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