Loading…
Canada's most internationally focused big bank, with retail and commercial banking across Canada, Mexico, Peru, Chile and Colombia.
Canada's most internationally focused big bank, with retail and commercial banking across Canada, Mexico, Peru, Chile and Colombia.
Earns mostly from lending spreads and fees in Canada and in Latin America, where Mexico, Peru and Chile are the main markets. It has been pulling back from smaller Latin American and Caribbean markets, including Colombia and Central America, to concentrate on Canada, the US and Mexico, and took a stake in the US bank KeyCorp in 2024.
In one line: A Canadian bank with Latin American retail reach..
Moat: narrow (scale, regulatory licence, distribution). One of Canada's protected Big Six banks; branch network and licences across Latin America hard to replicate.
Headquarters: Toronto, Canada · Founded: 1832 · Employees: 86,431
Size Bank of Nova Scotia (BNS.TO) is a Canada Financials company (Major Banks) with a market value of $114B, the 5th largest of 420 Canada companies the cockpit tracks. Shares closed at C$129.54 on 6 Nov 2026.
Performance Over six months the shares gained 21.5%, against +8.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 3.3% over the last twelve months (peer median +3.6%); the operating margin is 31.1% (peer median 38.3%).
Valuation It trades at 1.99× book value against a peer median of 1.74× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 16.3%; Bank of Nova Scotia delivers 11.6%, so the price asks more than the business earns today.
Credit Bank of Nova Scotia has 24 bonds outstanding ($26.8B), rated A- by the agencies and trading like A- at a weighted spread of 72 bp.
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$70.5B | C$72.2B | C$74.9B | C$69.7B | C$45.7B |
| Revenue growth | — | -4% | +8% | +52% | — |
| Net income | C$10.0B | C$7.77B | C$7.76B | C$7.34B | C$9.92B |
| Free cash flow | C$22.6B | C$10.1B | C$12.0B | C$11.0B | C$10.6B |
| Capital expenditure | C$633M | C$347M | C$489M | C$442M | C$571M |
| Total debt | C$272B | C$237B | C$246B | C$224B | C$203B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bank of Nova Scotia BNS.TO | $114B | +21% | -3% | 12% | 1.99× | 16.3% |
| Royal Bank of Canada RY.TO | $281B | +15% | +5% | 16% | 2.94× | 18.4% |
| Toronto-Dominion Bank TD.TO | $208B | +18% | -11% | 13% | 2.48× | 15.3% |
| Bank of Montreal BMO.TO | $120B | +16% | -2% | 11% | 2.14× | 16.4% |
| Canadian Imperial Bank of Commerce CM.TO | $105B | +8% | 0% | 16% | 2.50× | 20.1% |
| Banco Santander SAN.MC | $174B | +4% | +15% | 13% | 1.40× | 17.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BNS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | +2.7% | 9th highest of 21 |
| 6-month return | +21.5% | +8.2% | 3rd highest of 21 |
| Return on equity | 11.6% | 12.9% | 9th lowest of 21 |
| Price / book | 1.99× | 1.74× | 7th most expensive of 21 |
| Trailing P/E | 16.9× | 12.2× | 6th most expensive of 20 |
| ROE the price implies | 16.3% | 14.2% | 9th most demanding of 21 |
| ROE delivered | 11.6% | 12.9% | 9th lowest of 21 |
| Bond spread | 72 bp | 68 bp | 7th tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Bank of Communications 3328.HK | Hong Kong | $107B | +19% | +3% | 8% | 0.55× | 4.8% | 8.3% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
Bank of Nova Scotia has 24 bonds outstanding with $26.8B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 3.77%, a spread of 72 bp over government bonds.