The Bank of Nova Scotia (BNS) 23rd NBF Annual Financial Service Conference summary

Key learnings and organizational focus

• Branches remain central to the Canadian banking model, but digital opportunities are significant and underexploited.

• The bank is shifting from vertical, product-based organization to a more horizontal, customer journey-focused approach.

• Emphasis on transforming branches into high-value, specialized centers while leveraging digital and mobile channels for routine transactions.

• Ongoing efforts to improve client experience across all channels, including contact centers.

Strategic priorities and business model evolution

• Focus on value over volume, with $54 billion in new deposits and a lower loan-to-deposit ratio.

• Mortgage origination now emphasizes multi-product sales, with 99% of broker-originated mortgages bundled with additional products.

• Commercial banking prioritizes deposit gathering and higher returns over lending growth.

• Savings and quality deposit growth are prioritized over promotional rate chasing.

Mortgage and deposit trends

• Mortgage growth has shifted to a disciplined, return-focused approach, with 90% renewal rates and a move toward variable-rate products.

• Expectation of mid-single-digit mortgage growth for the year, with renewals forming the majority of new business.

• Deposit repricing, especially GIC renewals, is a margin headwind, but retention rates are high and savings growth is a key focus.