6-K
false2022-07-31Q30000009631--10-31Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $8,624 for the three months ended July 31, 2022 (April 30, 2022 – $6,915; July 31, 2021 – $5,989) and for the nine months ended July 31, 2022 – $21,870 (July 31, 2021 – $18,467).Includes undistributed retained earnings of $63 (July 31, 2021 – $59) related to a foreign associated corporation, which is subject to local regulatory restriction.Represents amounts on account of share-based payments (refer to Note 14).Includes Share from associates, Employee benefits and Own credit risk.Excludes debt investment securities measured at amortized cost of $18,157. Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 6).Net of allowances of $3 (April 30, 2022 – $2; October 31, 2021 – $1).Includes changes to non-controlling interests arising from business combinations and related transactions (refer to Note 21 for significant transactions).The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.Excludes debt investment securities measured at amortized cost of $21,548 (April 30, 2022 – $16,699)Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income. Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.Balances are net of allowances, which are $1.Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position.Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.Excludes allowance for credit losses of $105 for other financial assets including acceptances, investment securities, deposits with banks and off-balance sheet credit risks.Interest income on impaired loans for residential mortgages, personal and credit cards, and business and government loans for the three months ended July 31, 2022 totaled $0 (July 31, 2021 – $61) and for the nine months ended July 31, 2022 totaled $0 (July 31, 2021 – $212).Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.Excludes allowance for credit losses of $0 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Excludes allowance for credit losses of $153 for other financial assets including acceptances, investment securities, deposits with banks and off-balance sheet credit risks.Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.Stage 3 includes purchased or originated credit-impaired loans.Stage 3 includes purchased or originated credit impaired loans.For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period.All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.Represents principal amount owed net of write-offs.This measure has been disclosed in this document in accordance with OSFI Guideline – Leverage Requirements (November 2018).The interest income/expense on financial assets/liabilities are calculated using the effective interest method.Earnings per share calculations are based on full dollar and share amounts.Certain options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive.Includes dividend income on equity securities.Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. In the absence of legislated changes, all other assumptions are updated annually.This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018).This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018). Results for October 31, 2021 are shown for comparative purposes and were not a regulatory requirement.As at July 31, 2022, April 30, 2022 and October 31, 2021, the Bank did not have a regulatory capital floor add-on for CET1, Tier 1, Total capital and TLAC RWA.Includes interest on lease liabilities for the three months ended July 31, 2022 – $27 (April 30, 2022 – $26; July 31, 2021 – $26) and for the nine months ended July 31, 2022 – $80 (July 31, 2021 – $80).Includes exposure to one-month, two-month and three-month tenors for CDOR and Bankers’ Acceptance (BA) rates.Non-derivative financial assets include carrying amounts of debt securities, loans, and customers’ liability under acceptances (debt securities, loans and customers’ liability under acceptances measured at amortized cost are gross of allowance for credit losses). Non-derivative financial liabilities include carrying amounts of deposits, acceptances, obligations related to securities sold short and subordinated debentures. Excludes Series 2006-1 Bank Deposit Note of $750 million that is currently at a fixed rate and will subsequently reset to a six-month CDOR-based rate after December 31, 2036.Includes exposure to one-month, two-month, and three-month CDOR tenors.For single currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. 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SECURITIES AND EXCHANGE COMMISSION
Report of Foreign Private Issuer
Pursuant to Rule
13a-16
or
15d-16
of
the Securities Exchange Act of 1934
For the month of: August, 2022
Commission File Number:
002-09048
44 King Street West, Scotia Plaza, Toronto, Ontario, M5H 1H1
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(7): ☐
This report on Form
6-K
shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form
S-8
(File
No. 333-199099)
and Form
F-3
(File
No. 333-261476)
and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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/s/ Roula Kataras |
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Title: Senior Vice-President and Chief Accountant |
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| 99.1 |
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2022 Third Quarter Report to Shareholders |
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| 101 |
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Interactive Data File (formatted as Inline XBRL) |
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| 104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |