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The Bank of Nova Scotia (BNS) investor relations material
The Bank of Nova Scotia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Dec, 2025
Executive summary
Fiscal 2025 adjusted net income rose to $9,510 million from $8,627 million year-over-year, with adjusted diluted EPS up to $7.09 from $6.47 and adjusted ROE at 11.8% versus 11.3%.
Q4 2025 adjusted net income was $2,558 million, up 21% year-over-year, with all business lines reporting earnings growth, especially in Global Wealth Management and Global Banking and Markets.
Reported results were impacted by $352 million in after-tax adjusting items, including restructuring and legal provisions.
Strategic divestitures in Colombia, Costa Rica, Panama, and Peru completed, impacting International Banking and Global Wealth Management earnings.
CET1 ratio at 13.2%, with 10.8 million shares repurchased in FY25.
Financial highlights
Q4 2025 total revenue was $9,803 million, up 15% year-over-year; net interest income rose 13% and non-interest income rose 17%.
Q4 2025 provision for credit losses was $1,113 million, up from $1,030 million a year ago; ratio increased to 58 bps from 54 bps.
Q4 2025 non-interest expenses increased 10% year-over-year to $5,828 million, mainly due to higher personnel and technology costs.
CET1 capital ratio at year-end was 13.2%, up from 13.1% last year.
Adjusted operating leverage for the year was positive 3.0%.
Outlook and guidance
Management remains focused on achieving medium-term objectives: 7%+ EPS growth, 14%+ ROE, positive operating leverage, and strong capital ratios.
Entering 2026 with momentum, prioritizing disciplined capital allocation and value over volume.
Interest rate sensitivity analysis shows a 100 bps parallel shift would impact NII by ~$236M over 12 months.
Macroeconomic scenarios anticipate moderate GDP growth in core markets, with Canada at 1.4% and the US at 1.6% for 2026.
Positive operating leverage anticipated for 2026.
What long-term benefits from Q4 strategic actions?
How will Canadian Banking offset margin pressure?
What is the strategy for TLAC ratio improvement?
Update on capital deployment in priority businesses
Drivers of Q/Q GIL increase in Canadian Retail
LatAm policy rate forecast changes and NII impact
Bridge adjusted ROE to medium-term target
Q4 restructuring charge: strategic drivers
Q1 2025 allocation changes: segment impact
Private credit exposure and stress test results
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Next The Bank of Nova Scotia earnings date
Q1 202624 Feb, 2026
Next The Bank of Nova Scotia earnings date
Q1 202624 Feb, 2026
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Frequently asked questions
Bank of Nova Scotia, operating as Scotiabank, provides various banking products and services in North America, Latin America, the Caribbean and Central America, and internationally. The company offers financial advice and solutions, including transactional accounts, chequing accounts, savings accounts and term deposits.
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