The Bank of Nova Scotia (0UKI) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, this conference is being recorded. Good morning and welcome to Scotiabank's Q1 2026 results presentation. My name is Manny Grumman and I'm Head of Investor Relations. Presenting to you this morning are Scott Thompson, Scotiabank's President and Chief Executive Officer, Raj Viswanathan, our Chief Financial Officer, and Shannon McGinnis, our Chief Risk Officer. Following our comments, we'll be glad to take your questions. Also present to take questions are the following Scotiabank executives. Erisbov Daenerys from Canadian Banking, Jackie Allard from Global Wealth Management, Francisco Aristeguieta from International Banking, and Travis Manchin from Global Banking and Markets. Before we start, and on behalf of those speaking today, I will refer you to slide two of our presentation, which contains Scotiabank's caution regarding forward-looking statements. All the remarks today will be on an adjusted basis. With that, I will now turn the call over to Scott. Thank you, Manny, and good morning, everyone. Building off a year of strong and consistent financial performance in 2025, we continued our momentum in Q1 as we executed on our strategic priorities despite what remains a challenging operating environment. This quarter, we delivered adjusted earnings of $2.7 billion or $2.05 per share. Earnings per share was up 16% year-over-year as strong revenue growth aided by constructive markets and good expense control offset the expected increase in our impaired PCL ratio that Shannon will discuss shortly. Our steady-one ratio was 13.3% even after repurchasing 4.9 million shares in the first quarter under our current NCIV. Our capital deployment priorities remain investing in organic growth opportunities followed by share buybacks. Return on equity was 13%, ...