EQB (EQB) Scotiabank’s 27th Annual Financials Summit summary

Leadership and organizational transformation

• Leadership team and board significantly refreshed, with key executives recognized for excellence.

• Millions of new customers added, expanding from 750,000 to 4.3 million following a major acquisition.

• New products launched, including a card book and expanded home and auto brokerage business.

• Efficiency ratio improved from 54-55% to 50.1%, even after integrating a higher-efficiency business.

• Focus remains on reigniting the core, completing the product shelf, and driving efficiency.

Integration and growth following acquisition

• Integration of PC Financial described as smooth, with immediate onboarding of employees and high engagement.

• Partnership with Loblaw progressing well, with new board members and brand convergence initiatives.

• Achieved 50% of targeted CAD 30 million cost synergies in the first month.

• Record insurance sales and increased credit card activations post-acquisition.

• Integration focus will continue over the next 12-18 months.

Credit quality and portfolio management

• Early signs of improvement in credit formations and delinquencies, with proactive provisioning.

• Credit card portfolio is 70% super prime, with loss rates around 4.5-5%.

• Legacy portfolios are normalizing, with strategic shift away from higher-loss segments.

• Optimism for further tailwinds as housing market stabilizes.