Bank of Nova Scotia's Q3 2024 Report:
Rising PCL, ACL, loan write-offs, and a decline in earnings! $BNS offers the highest dividend yield among Canada's big banks.
Key Highlights:
- Scotiabank is expanding into the U.S. with a US$2.8B investment in Cleveland-based KeyCorp, committing not to acquire the rest of KeyCorp for 5 years.
- Net write-offs increased 28% Year-over-Year to $1,026M, the highest since Q3 2021.
- Adjusted earnings slightly beat expectations: $1.63/share vs. $1.62 expected.
- Net quarterly income dropped 13% Year-over-Year to $1.91B.
- PCL surged 28% Year-over-Year to $1.05B.
Other Info about $BNS (August 26, 2024 Closing):
- Dividend yield: 6.5%
- P/E: 10.9
- Market Cap: $80.7B
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