Bank Of Nova Scotia 6-K, filed Nov 28, 2023

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Bank Of Nova Scotia (BNS)

6-K 2023-11-28 For: 2023-11-28

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January 29, 2024

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April 26, 2024

July 3, 2024

July 29, 2024

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October 29, 2024

Bank Of Nova Scotia filed this 6-K on November 28, 2023.

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		THE BANK OF NOVA SCOTIA


		By:	/s/ Roula Kataras
Date:	November 28, 2023		Name: Roula Kataras
			Title: Senior Vice-President and Chief Accountant


Exhibit		Description of Exhibit

99.1		Press Release dated November 28^th, 2023 – Scotiabank reports fourth quarter results


Medium-Term Objectives	Fiscal 2023 Results
	Reported	Adjusted⁽²⁾
Diluted earnings per share growth of 7%+	(27.9)%	(23.1)%
Return on equity of 14%+	10.4%	11.7%
Achieve positive operating leverage	Negative 9.0%	Negative 8.3%
Maintain strong capital ratios	CET1 capital ratio⁽⁴⁾of 13.0%	N/A


	As at and for the three months ended						As at and for the year ended
(Unaudited)	October 31 2023		July 31 2023		October 31 2022		October 31 2023			October 31 2022
Operating results ($ millions)
Net interest income		4,672		4,580		4,622		18,287			18,115
Non-interest income		3,636		3,510		3,004		14,020			13,301
Total revenue		8,308		8,090		7,626		32,307			31,416
Provision for credit losses		1,256		819		529		3,422			1,382
Non-interest expenses		5,529		4,562		4,529		19,131			17,102
Income tax expense		138		497		475		2,226			2,758
Net income		1,385		2,212		2,093		7,528			10,174
Net income attributable to common shareholders		1,245		2,086		1,949		6,991			9,656

Operating performance
Basic earnings per share ($)		1.03		1.74		1.64		5.84			8.05
Diluted earnings per share ($)		1.02		1.72		1.63		5.78			8.02
Return on equity (%)⁽¹⁾		7.2		12.1		11.9		10.4			14.8
Return on tangible common equity (%)⁽²⁾		9.0		15.1		15.0		13.0			18.6
Productivity ratio (%)⁽¹⁾		66.5		56.4		59.4		59.2			54.4
Operating leverage (%)⁽¹⁾								(9.0	)		(2.4	)
Net interest margin (%)⁽²⁾		2.16		2.10		2.18		2.12			2.20

Financial position information ($ millions)
Cash and deposits with financial institutions		90,312		90,325		65,895
Trading assets		117,868		119,301		113,154
Loans		750,911		752,205		744,987
Total assets		1,410,789		1,396,098		1,349,418
Deposits		952,333		957,225		916,181
Common equity		68,853		67,982		65,150
Preferred shares and other equity instruments		8,075		8,075		8,075
Assets under administration⁽¹⁾		673,550		690,846		641,636
Assets under management⁽¹⁾		316,604		331,340		311,099

Capital and liquidity measures
Common Equity Tier 1 (CET1) capital ratio (%)⁽³⁾		13.0		12.7		11.5
Tier 1 capital ratio (%)⁽³⁾		14.8		14.6		13.2
Total capital ratio (%)⁽³⁾		17.2		16.9		15.3
Total loss absorbing capacity (TLAC) ratio (%)⁽⁴⁾		30.6		30.5		27.4
Leverage ratio (%)⁽⁵⁾		4.2		4.1		4.2
TLAC Leverage ratio (%)⁽⁴⁾		8.6		8.7		8.8
Risk-weighted assets ($ millions)⁽³⁾		440,017		439,814		462,448
Liquidity coverage ratio (LCR) (%)⁽⁶⁾		136		133		119
Net stable funding ratio (NSFR) (%)⁽⁷⁾		116		114		111

Credit quality
Net impaired loans ($ millions)		3,845		3,667		3,151
Allowance for credit losses ($ millions)⁽⁸⁾		6,629		6,094		5,499
Gross impaired loans as a % of loans and acceptances⁽¹⁾		0.74		0.70		0.62
Net impaired loans as a % of loans and acceptances⁽¹⁾		0.50		0.47		0.41
Provision for credit losses as a % of average net loans and acceptances (annualized)⁽¹⁾⁽⁹⁾		0.65		0.42		0.28		0.44			0.19
Provision for credit losses on impaired loans as a % of average net loans and acceptances (annualized)⁽¹⁾⁽⁹⁾		0.42		0.38		0.26		0.35			0.24
Net write-offs as a % of average net loans and acceptances (annualized)⁽¹⁾		0.35		0.34		0.24		0.32			0.24

Adjusted results⁽²⁾
Adjusted net income ($ millions)		1,674		2,227		2,615		8,441			10,749
Adjusted diluted earnings per share ($)		1.26		1.73		2.06		6.54			8.50
Adjusted return on equity (%)⁽¹⁰⁾		8.9		12.2		15.0		11.7			15.7
Adjusted return on tangible common equity (%)⁽¹⁰⁾		11.0		15.1		18.8		14.5			19.6
Adjusted productivity ratio (%)		59.5		56.1		53.7		57.2			52.8
Adjusted operating leverage (%)								(8.3	)		(1.1	)

Common share information
Closing share price ($)(TSX)		56.15		66.40		65.85
Shares outstanding (millions)
Average – Basic		1,206		1,199		1,192		1,197			1,199
Average – Diluted		1,211		1,214		1,199		1,204			1,208
End of period		1,214		1,205		1,191
Dividends paid per share ($)		1.06		1.06		1.03		4.18			4.06
Dividend yield (%)⁽¹⁾		7.0		6.5		5.7		6.5			5.1
Market capitalization ($ millions) (TSX)		68,169		80,034		78,452
Book value per common share ($)⁽¹⁾		56.71		56.40		54.68
Market value to book value multiple⁽¹⁾		1.0		1.2		1.2
Price to earnings multiple (trailing 4 quarters)⁽¹⁾		9.6		10.3		8.2

Other information
Employees (full-time equivalent)		89,483		91,013		90,979
Branches and offices⁽¹¹⁾		2,379		2,398		2,439


	Average exchange rate						% Change
For the three months ended	October 31 2023		July 31 2023		October 31 2022		October 31, 2023 vs. July 31, 2023			October 31, 2023 vs. October 31, 2022
U.S. dollar/Canadian dollar		0.736		0.750		0.752		(1.8	)%		(2.0	)%
Mexican Peso/Canadian dollar		12.850		12.959		15.072		(0.8	)%		(14.7	)%
Peruvian Sol/Canadian dollar		2.766		2.733		2.942		1.2	%		(6.0	)%
Colombian Peso/Canadian dollar		3,017.319		3,190.607		3,381.348		(5.4	)%		(10.8	)%
Chilean Peso/Canadian dollar		655.072		602.809		696.481		8.7	%		(5.9	)%


For the month of: November, 2023		Commission File Number: 002-09048


	Average exchange rate				% Change
For the year ended	October 31 2023		October 31 2022		October 31, 2023 vs. October 31, 2022
U.S. dollar/Canadian dollar		0.742		0.777		(4.5	)%
Mexican Peso/Canadian dollar		13.424		15.799		(15.0	)%
Peruvian Sol/Canadian dollar		2.788		3.002		(7.1	)%
Colombian Peso/Canadian dollar		3,309.943		3,187.149		3.9	%
Chilean Peso/Canadian dollar		624.816		669.905		(6.7	)%


	For the three months ended						For the year ended
Impact on net income⁽¹⁾($ millions except EPS)	October 31, 2023 vs. October 31, 2022			October 31, 2023 vs. July 31, 2023			October 31, 2023 vs. October 31, 2022
Net interest income	$	165		$	(21	)	$	665
Non-interest income⁽²⁾		63			19			60

Total revenue		228			(2	)		725
Non-interest expenses		(141	)		(2	)		(517	)
Other items (net of tax)⁽²⁾		(56	)		2			(158	)

Net income	$	31		$	(2	)	$	50

Earnings per share (diluted)	$	0.03		$	—		$	0.04

Impact by business line ($ millions)
Canadian Banking $		—		$	1		$	3
International Banking⁽²⁾		52			18			71
Global Wealth Management		5			3			23
Global Banking and Markets		5			6			62
Other⁽²⁾		(31	)		(30	)		(109	)

Net income	$	31		$	(2	)	$	50


	For the three months ended									For the year ended
(Unaudited) ($ millions) (Taxable equivalent basis)⁽¹⁾	October 31 2023			July 31 2023			October 31 2022			October 31 2023			October 31 2022
Reported Results
Net interest income	$	2,562		$	2,468		$	2,363		$	9,756		$	9,001
Non-interest income⁽²⁾		767			748			771			3,087			3,029

Total revenue		3,329			3,216			3,134			12,843			12,030
Provision for credit losses		700			307			163			1,443			209
Non-interest expenses		1,513			1,448			1,397			5,867			5,388
Income tax expense		306			399			404			1,514			1,670

Net income	$	810		$	1,062		$	1,170		$	4,019		$	4,763

Net income attributable to equity holders of the Bank	$	810		$	1,062		$	1,170		$	4,019		$	4,763

Other financial data and measures
Return on equity⁽³⁾		17.0	%		22.5	%		24.7	%		21.3	%		26.3	%
Net interest margin⁽³⁾		2.47	%		2.35	%		2.26	%		2.34	%		2.24	%
Average assets ($ billions)	$	447		$	450		$	446		$	450		$	430
Average liabilities ($ billions)	$	386		$	376		$	347		$	372		$	332


	For the three months ended						For the year ended
(Unaudited) ($ millions) (Taxable equivalent basis)	October 31 2023		July 31 2023		October 31 2022		October 31 2023		October 31 2022
Adjusted Results⁽¹⁾
Net interest income	$	2,562	$	2,468	$	2,363	$	9,756	$	9,001
Non-interest income		767		748		771		3,087		3,029

Total revenue		3,329		3,216		3,134		12,843		12,030
Provision for credit losses		700		307		163		1,443		209
Non-interest expenses⁽²⁾		1,513		1,447		1,391		5,863		5,366
Income tax expense		306		399		406		1,515		1,676

Net income	$	810	$	1,063	$	1,174	$	4,022	$	4,779


	As at
	October 31			July 31			October 31
(Unaudited) ($ millions)	2023			2023			2022
Assets
Cash and deposits with financial institutions	$	90,312		$	90,325		$	65,895
Precious metals		937			1,009			543
Trading assets
Securities		107,612			108,310			103,547
Loans		7,544			8,420			7,811
Other		2,712			2,571			1,796

		117,868			119,301			113,154
Securities purchased under resale agreements and securities borrowed		199,325			198,358			175,313
Derivative financial instruments		51,340			44,655			55,699
Investment securities		118,237			110,195			110,008
Loans
Residential mortgages		344,182			347,707			349,279
Personal loans		104,170			103,733			99,431
Credit cards		17,109			16,607			14,518
Business and government		291,822			290,051			287,107

		757,283			758,098			750,335
Allowance for credit losses		6,372			5,893			5,348

		750,911			752,205			744,987
Other
Customers’ liability under acceptances, net of allowance		18,628			20,425			19,494
Property and equipment		5,642			5,685			5,700
Investments in associates		1,925			2,607			2,633
Goodwill and other intangible assets		17,193			17,262			16,833
Deferred tax assets		3,530			3,159			1,903
Other assets		34,941			30,912			37,256

		81,859			80,050			83,819

Total assets	$	1,410,789		$	1,396,098		$	1,349,418

Liabilities
Deposits
Personal	$	288,617		$	284,738		$	265,892
Business and government		612,267			615,431			597,617
Financial institutions		51,449			57,056			52,672

		952,333			957,225			916,181
Financial instruments designated at fair value through profit or loss		26,779			28,893			22,421
Other
Acceptances		18,718			20,478			19,525
Obligations related to securities sold short		36,403			37,522			40,449
Derivative financial instruments		58,660			50,848			65,900
Obligations related to securities sold under repurchase agreements and securities lent		160,007			147,432			139,025
Subordinated debentures		9,693			9,566			8,469
Other liabilities		69,529			66,416			62,699

		353,010			332,262			336,067

Total liabilities		1,332,122			1,318,380			1,274,669

Equity
Common equity
Common shares		20,109			19,627			18,707
Retained earnings		55,746			55,783			53,761
Accumulated other comprehensive income (loss)		(6,918	)		(7,340	)		(7,166	)
Other reserves		(84	)		(88	)		(152	)

Total common equity		68,853			67,982			65,150
Preferred shares and other equity instruments		8,075			8,075			8,075

Total equity attributable to equity holders of the Bank		76,928			76,057			73,225
Non-controlling interests in subsidiaries		1,739			1,661			1,524

Total equity		78,667			77,718			74,749

Total liabilities and equity	$	1,410,789		$	1,396,098		$	1,349,418


							Accumulated other comprehensive income (loss)
(Unaudited) ($ millions)	Common shares			Retained earnings⁽¹⁾			Foreign currency translation			Debt instruments FVOCI			Equity instruments FVOCI			Cash flow hedges			Other⁽²⁾			Other reserves			Total common equity			Preferred shares and other equity instruments			Total attributable to equity holders			Non- controlling interests in subsidiaries			Total
Balance as at October 31, 2022	$	18,707		$	53,761		$	(2,478	)	$	(1,482	)	$	216		$	(4,786	)	$	1,364		$	(152	)	$	65,150		$	8,075		$	73,225		$	1,524		$	74,749
Net income		—			6,991			—			—			—			—			—			—			6,991			419			7,410			118			7,528
Other comprehensive income (loss)		—			—			766			378			(201	)		240			(892	)		—			291			—			291			209			500

Total comprehensive income	$	—		$	6,991		$	766		$	378		$	(201	)	$	240		$	(892	)	$	—		$	7,282		$	419		$	7,701		$	327		$	8,028
Shares/instruments issued		1,402			—			—			—			—			—			—			(3	)		1,399			—			1,399			—			1,399
Shares repurchased/redeemed		—			—			—			—			—			—			—			—			—			—			—			—			—
Dividends and distributions paid to equity holders		—			(5,003	)		—			—			—			—			—			—			(5,003	)		(419	)		(5,422	)		(101	)		(5,523	)
Share-based payments⁽³⁾		—			—			—			—			—			—			—			14			14			—			14			—			14
Other		—			(3	)		(43	)		—			(1	)		1			—			57			11			—			11			(11	)		—

Balance as at October 31, 2023	$	20,109		$	55,746		$	(1,755	)	$	(1,104	)	$	14		$	(4,545	)	$	472		$	(84	)	$	68,853		$	8,075		$	76,928		$	1,739		$	78,667

Balance as at October 31, 2021	$	18,507		$	51,354		$	(4,709	)	$	(270	)	$	291		$	(214	)	$	(431	)	$	222		$	64,750		$	6,052		$	70,802		$	2,090		$	72,892
Net income		—			9,656			—			—			—			—			—			—			9,656			260			9,916			258			10,174
Other comprehensive income (loss)		—			—			2,411			(1,212	)		(35	)		(4,523	)		1,795			—			(1,564	)		—			(1,564	)		(25	)		(1,589	)

Total comprehensive income	$	—		$	9,656		$	2,411		$	(1,212	)	$	(35	)	$	(4,523	)	$	1,795		$	—		$	8,092		$	260		$	8,352		$	233		$	8,585
Shares/instruments issued		706			—			—			—			—			—			—			(18	)		688			2,523			3,211			—			3,211
Shares repurchased/redeemed		(506	)		(2,367	)		—			—			—			—			—			—			(2,873	)		(500	)		(3,373	)		—			(3,373	)
Dividends and distributions paid to equity holders		—			(4,858	)		—			—			—			—			—			—			(4,858	)		(260	)		(5,118	)		(115	)		(5,233	)
Share-based payments⁽³⁾		—			—			—			—			—			—			—			10			10			—			10			—			10
Other		—			(24	)		(180	)		—			(40	)		(49	)		—			(366	)⁽⁴⁾		(659	)		—			(659	)		(684	)⁽⁴⁾		(1,343	)

Balance as at October 31, 2022	$	18,707		$	53,761		$	(2,478	)	$	(1,482	)	$	216		$	(4,786	)	$	1,364		$	(152	)	$	65,150		$	8,075		$	73,225		$	1,524		$	74,749


	For the three months ended									For the year ended
	October 31, 2023						October 31, 2023						October 31, 2022
($ millions)	Pre-tax			After-tax			Pre-tax			After-tax			Pre-tax		After-tax
Divestitures and wind-down of operations	$	(367	)	$	(319	)	$	(367	)	$	(319	)	$	361	$	340
Restructuring charge and severance provisions		354			258			354			258			85		66
Consolidation of real estate and contract termination costs		87			63			87			63			—		—
Impairment of non-financial assets
Investment in associates		185			159			185			159			—		—
Intangible assets including software		161			114			161			114			—		—
Canada recovery dividend		—			—			—			579			—		—
Amortization of acquisition-related intangible assets		19			14			81			59			97		71
Support costs for the Scene+ loyalty program		—			—			—			—			133		98

Total	$	439		$	289		$	501		$	913		$	676	$	575

Diluted EPS Impact				$	0.24					$	0.76				$	0.48

CET1 Impact⁽¹⁾					6 bps						(6 bps	)				(2 bps	)


	For the three months ended October 31, 2023⁽¹⁾
($ millions)	Canadian Banking		International Banking			Global Wealth Management			Global Banking and Markets		Other			Total
Reported net income (loss)	$	810	$	594		$	329		$	414	$	(762	)	$	1,385
Net income attributable to non-controlling interests in subsidiaries (NCI)		—		32			2			—		(3	)		31

Reported net income attributable to equity holders		810		562			327			414		(759	)		1,354

Reported net income attributable to preferred shareholders and other equity instrument holders		—		1			1			—		107			109

Reported net income attributable to common shareholders	$	810	$	561		$	326		$	414	$	(866	)	$	1,245

Adjustments:
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations		—		—			—			—		(367	)		(367	)
Adjusting items impacting non-interest expenses (Pre-tax)
Restructuring charge and severance provisions		—		—			—			—		354			354
Consolidation of real estate and contract termination costs		—		—			—			—		87			87
Impairment of non-financial assets		—		—			—			—		346			346
Amortization of acquisition-related intangible assets		—		10			9			—		—			19

Total non-interest expenses adjustments (Pre-tax)		—		10			9			—		787			806

Total impact of adjusting items on net income before taxes		—		10			9			—		420			439
Total impact of adjusting items on income tax expense		—		(2	)		(3	)		—		(145	)		(150	)

Total impact of adjusting items on net income		—		8			6			—		275			289
Impact of adjusting items on NCI		—		—			—			—		(3	)		(3	)

Total impact of adjusting items on net income attributable to equity holders and common shareholders		—		8			6			—		272			286

Adjusted net income (loss)	$	810	$	602		$	335		$	414	$	(487	)	$	1,674

Adjusted net income attributable to equity holders	$	810	$	570		$	333		$	414	$	(487	)	$	1,640

Adjusted net income attributable to common shareholders	$	810	$	569		$	332		$	414	$	(594	)	$	1,531

(1) Refer to Business Segment Review section of the Bank’s 2023 Annual Report to Shareholders.

	For the three months ended July 31, 2023⁽¹⁾
($ millions)	Canadian Banking		International Banking			Global Wealth Management			Global Banking and Markets		Other			Total
Reported net income (loss)	$	1,062	$	647		$	368		$	434	$	(299	)	$	2,212
Net income attributable to non-controlling interests in subsidiaries (NCI)		—		19			2			—		—			21

Reported net income attributable to equity holders		1,062		628			366			434		(299	)		2,191
Reported net income attributable to preferred shareholders and other equity instrument holders		2		1			—			1		101			105

Reported net income attributable to common shareholders	$	1,060	$	627		$	366		$	433	$	(400	)	$	2,086

Adjustments:
Adjusting items impacting non-interest expenses (Pre-tax)
Amortization of acquisition-related intangible assets		1		10			9			—		—			20

Total non-interest expenses adjustments (Pre-tax)		1		10			9			—		—			20

Total impact of adjusting items on net income before taxes		1		10			9			—		—			20
Total impact of adjusting items on income tax expense		—		(3	)		(2	)		—		—			(5	)

Total impact of adjusting items on net income		1		7			7			—		—			15

Total impact of adjusting items on net income attributable to equity holders and common shareholders		1		7			7			—		—			15

Adjusted net income (loss)	$	1,063	$	654		$	375		$	434	$	(299	)	$	2,227

Adjusted net income attributable to equity holders	$	1,063	$	635		$	373		$	434	$	(299	)	$	2,206

Adjusted net income attributable to common shareholders	$	1,061	$	634		$	373		$	433	$	(400	)	$	2,101


	For the three months ended October 31, 2022⁽¹⁾
($ millions)	Canadian Banking			International Banking			Global Wealth Management			Global Banking and Markets		Other			Total
Reported net income (loss)	$	1,170		$	679		$	363		$	484	$	(603	)	$	2,093
Net income attributable to non-controlling interests in subsidiaries (NCI)		—			36			2			—		—			38

Reported net income attributable to equity holders		1,170			643			361			484		(603	)		2,055
Reported net income attributable to preferred shareholders and other equity instrument holders		1			1			—			—		104			106

Reported net income attributable to common shareholders	$	1,169		$	642		$	361		$	484	$	(707	)	$	1,949

Adjustments:
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations		—			—			—			—		361			361
Adjusting items impacting non-interest expenses (Pre-tax)
Restructuring charge and severance provisions		—			—			—			—		85			85
Support costs for the Scene+ loyalty program		—			—			—			—		133			133
Amortization of acquisition-related intangible assets		6			9			9			—		—			24

Total non-interest expenses adjustments (Pre-tax)		6			9			9			—		218			242

Total impact of adjusting items on net income before taxes		6			9			9			—		579			603
Total impact of adjusting items on income tax expense		(2	)		(2	)		(2	)		—		(75	)		(81	)

Total impact of adjusting items on net income		4			7			7			—		504			522
Impact of adjusting items on NCI		—			—			—			—		(1	)		(1	)

Total impact of adjusting items on net income attributable to equity holders and common shareholders		4			7			7			—		503			521

Adjusted net income (loss)	$	1,174		$	686		$	370		$	484	$	(99	)	$	2,615

Adjusted net income attributable to equity holders	$	1,174		$	650		$	368		$	484	$	(100	)	$	2,576

Adjusted net income attributable to common shareholders	$	1,173		$	649		$	368		$	484	$	(204	)	$	2,470

(1) Refer to Business Segment Review section of the Bank’s 2023 Annual Report to Shareholders.

	For the year ended October 31, 2023⁽¹⁾
($ millions)	Canadian Banking			International Banking			Global Wealth Management			Global Banking and Markets		Other			Total
Reported net income (loss)	$	4,019		$	2,598		$	1,440		$	1,768	$	(2,297	)	$	7,528
Net income attributable to non-controlling interests in subsidiaries (NCI)		—			112			9			—		(3	)		118

Reported net income attributable to equity holders		4,019			2,486			1,431			1,768		(2,294	)		7,410

Reported net income attributable to preferred shareholders and other equity instrument holders		3			5			3			3		405			419

Reported net income attributable to common shareholders	$	4,016		$	2,481		$	1,428		$	1,765	$	(2,699	)	$	6,991

Adjustments:
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations		—			—			—			—		(367	)		(367	)
Adjusting items impacting non-interest expenses (Pre-tax)
Restructuring charge and severance provisions		—			—			—			—		354			354
Consolidation of real estate and contract termination costs		—			—			—			—		87			87
Impairment of non-financial assets		—			—			—			—		346			346
Amortization of acquisition-related intangible assets		4			41			36			—		—			81

Total non-interest expenses adjustments (Pre-tax)		4			41			36			—		787			868

Total impact of adjusting items on net income before taxes		4			41			36			—		420			501
Impact of adjusting items on income tax expense
Canada recovery dividend		—			—			—			—		579			579
Impact of other adjusting items on income tax expense		(1	)		(11	)		(10	)		—		(145	)		(167	)

Total impact of adjusting items on income tax expense		(1	)		(11	)		(10	)		—		434			412

Total impact of adjusting items on net income		3			30			26			—		854			913
Impact of adjusting items on NCI		—			—			—			—		(3	)		(3	)

Total impact of adjusting items on net income attributable to equity holders and common shareholders		3			30			26			—		851			910

Adjusted net income (loss)	$	4,022		$	2,628		$	1,466		$	1,768	$	(1,443	)	$	8,441

Adjusted net income attributable to equity holders	$	4,022		$	2,516		$	1,457		$	1,768	$	(1,443	)	$	8,320

Adjusted net income attributable to common shareholders	$	4,019		$	2,511		$	1,454		$	1,765	$	(1,848	)	$	7,901


	For the year ended October 31, 2022⁽¹⁾
($ millions)	Canadian Banking			International Banking			Global Wealth Management			Global Banking and Markets		Other			Total
Reported net income (loss)	$	4,763		$	2,667		$	1,565		$	1,911	$	(732	)	$	10,174
Net income attributable to non-controlling interests in subsidiaries (NCI)		—			249			9			—		—			258

Reported net income attributable to equity holders		4,763			2,418			1,556			1,911		(732	)		9,916
Reported net income attributable to preferred shareholders and other equity instrument holders		6			6			3			4		241			260

Reported net income attributable to common shareholders	$	4,757		$	2,412		$	1,553		$	1,907	$	(973	)	$	9,656

Adjustments:
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Divestitures and wind-down of operations		—			—			—			—		361			361
Adjusting items impacting non-interest expenses (Pre-tax)
Restructuring charge and severance provisions		—			—			—			—		85			85
Support costs for the Scene+ loyalty program		—			—			—			—		133			133
Amortization of acquisition-related intangible assets		22			39			36			—		—			97

Total non-interest expenses adjustments (Pre-tax)		22			39			36			—		218			315

Total impact of adjusting items on net income before taxes		22			39			36			—		579			676
Total impact of adjusting items on income tax expense		(6	)		(11	)		(9	)		—		(75	)		(101	)

Total impact of adjusting items on net income		16			28			27			—		504			575
Impact of adjusting items on NCI		—			—			—			—		(1	)		(1	)

Total impact of adjusting items on net income attributable to equity holders and common shareholders		16			28			27			—		503			574

Adjusted net income (loss)	$	4,779		$	2,695		$	1,592		$	1,911	$	(228	)	$	10,749

Adjusted net income attributable to equity holders	$	4,779		$	2,446		$	1,583		$	1,911	$	(229	)	$	10,490

Adjusted net income attributable to common shareholders	$	4,773		$	2,440		$	1,580		$	1,907	$	(470	)	$	10,230


Adjusted Results	For the three months ended														For the year ended
($ millions)	July 31, 2023							October 31, 2022							October 31, 2022
(Taxable equivalent basis)	Adjusted		Foreign exchange			Constant dollar adjusted		Adjusted		Foreign exchange			Constant dollar adjusted		Adjusted		Foreign exchange			Constant dollar adjusted
Net interest income	$	2,118	$	19		$	2,099	$	1,806	$	(151	)	$	1,957	$	6,900	$	(581	)	$	7,481
Non-interest income		728		(24	)		752		698		(63	)		761		2,827		(80	)		2,907

Total revenue		2,846		(5	)		2,851		2,504		(214	)		2,718		9,727		(661	)		10,388
Provision for credit losses		516		6			510		355		(31	)		386		1,230		(95	)		1,325
Non-interest expenses		1,481		4			1,477		1,355		(107	)		1,462		5,173		(369	)		5,542
Income tax expense		195		(5	)		200		108		(11	)		119		629		(24	)		653

Net income	$	654	$	(10	)	$	664	$	686	$	(65	)	$	751	$	2,695	$	(173	)	$	2,868

Net income attributable to non-controlling interest in subsidiaries (NCI)	$	19	$	–		$	19	$	36	$	(2	)	$	38	$	249	$	(12	)	$	261
Net income attributable to equity holders of the Bank	$	635	$	(10	)	$	645	$	650	$	(63	)	$	713	$	2,446	$	(161	)	$	2,607


Consolidated Bank	For the three months ended									For the year ended
($ millions)	October 31 2023			July 31 2023			October 31 2022			October 31 2023			October 31 2022
Average total assets – Reported⁽¹⁾	$	1,409,861		$	1,401,515		$	1,332,897		$	1,395,843		$	1,281,708
Less: Non-earning assets		116,190			109,143			126,213			114,126			107,536

Average total earning assets⁽¹⁾	$	1,293,671		$	1,292,372		$	1,206,684		$	1,281,717		$	1,174,172
Less:
Trading assets		126,217			124,939			117,807			121,735			138,390
Securities purchased under resale agreements and securities borrowed		196,039			191,030			157,438			187,927			140,557
Other deductions		75,526			75,717			69,343			73,780			62,531

Average core earning assets⁽¹⁾	$	895,889		$	900,686		$	862,096		$	898,275		$	832,694

Net interest income – Reported	$	4,672		$	4,580		$	4,622		$	18,287		$	18,115
Less: Non-core net interest income		(197	)		(192	)		(122	)		(798	)		(185	)

Core net interest income	$	4,869		$	4,772		$	4,744		$	19,085		$	18,300

Net interest margin		2.16	%		2.10	%		2.18	%		2.12	%		2.20	%

(1) Average balances represent the average of daily balances for the period.
Canadian Banking	For the three months ended									For the year ended
($ millions)	October 31 2023			July 31 2023			October 31 2022			October 31 2023			October 31 2022
Average total assets – Reported⁽¹⁾	$	447,390		$	450,192		$	445,670		$	449,555		$	429,528
Less: Non-earning assets		4,080			4,066			4,112			4,035			4,092

Average total earning assets⁽¹⁾	$	443,310		$	446,126		$	441,558		$	445,520		$	425,436
Less:
Other deductions		31,010			30,123			26,191			29,273			23,482

Average core earning assets⁽¹⁾	$	412,300		$	416,003		$	415,367		$	416,247		$	401,954

Net interest income – Reported	$	2,562		$	2,468		$	2,363		$	9,756		$	9,001
Less: Non-core net interest income		—			—			—			—			—

Core net interest income	$	2,562		$	2,468		$	2,363		$	9,756		$	9,001

Net interest margin		2.47	%		2.35	%		2.26	%		2.34	%		2.24	%

(1) Average balances represent the average of daily balances for the period.
International Banking	For the three months ended									For the year ended
($ millions)	October 31 2023			July 31 2023			October 31 2022			October 31 2023			October 31 2022
Average total assets – Reported⁽¹⁾	$	238,343		$	241,396		$	217,061		$	236,688		$	206,550
Less: Non-earning assets		18,915			19,611			19,358			19,414			17,808

Average total earning assets⁽¹⁾	$	219,428		$	221,785		$	197,703		$	217,274		$	188,742
Less:
Trading assets		6,611			6,271			5,369			6,018			4,978
Securities purchased under resale agreements and securities borrowed		3,467			3,493			2,433			3,218			1,265
Other deductions		8,023			7,890			7,087			7,684			6,781

Average core earning assets⁽¹⁾	$	201,327		$	204,131		$	182,814		$	200,354		$	175,718

Net interest income – Reported	$	2,137		$	2,118		$	1,806		$	8,161		$	6,900
Less: Non-core net interest income		14			8			(73	)		(60	)		(66	)

Core net interest income	$	2,123		$	2,110		$	1,879		$	8,221		$	6,966

Net interest margin		4.18	%		4.10	%		4.08	%		4.10	%		3.96	%