The Bank of Nova Scotia (BNS) Barclays 24th Annual Global Financial Services Conference summary

Macro environment and strategic progress

• Clients have shown resilience amid tariff and trade policy uncertainty, with a robust commercial deal pipeline and vigilant risk management on the retail side.

• Recent GDP figures and investment summits have contributed to a positive economic outlook.

• A CAD 100 billion commitment to Canadian industry, especially in oil, gas, and defense, aims to strengthen presence in Western Canada.

• The strategy focuses on building foundational capabilities and driving client primacy, with strong progress across all dimensions.

Financial performance and ROE drivers

• ROE expansion is driven by business mix diversification, liability diversification, risk-adjusted margin (RAM) improvement, fee income growth, and productivity gains.

• Mortgage repricing and disciplined pricing are expected to uplift ROE, especially in F2027.

• Fee income has grown above 20% in recent quarters, led by card, mutual fund, and insurance fees.

• Operating leverage and NIM have improved for multiple consecutive quarters.

Primacy and product bundling

• Primacy is built through bundled product offerings, especially in mortgages, where 95% of inflows now come with three or more products.

• Mortgage clients are more affluent, with higher balances and stickier relationships.

• Incentives and measurement systems are aligned to deepen primary relationships and drive higher NIM and revenues.