Scotiabank Reports First Quarter Earnings and Increases Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/03/15 -- Scotiabank (TSX: BNS) (NYSE: BNS)
First Quarter Highlights (versus Q1, 2014)
Scotiabank today reported first quarter net income of $1,726 million compared with net income of $1,709 million in the same period last year and $1,438 million last quarter. Diluted earnings per share were $1.35 compared to $1.32 in the same period a year ago and $1.10 last quarter. Return on equity was 14.2% compared to 15.4% last year and 11.9% last quarter. Net income grew by 1% and diluted earnings per share grew by 2%.
"All three business lines contributed to a solid start to the year," said Brian Porter, Scotiabank President and CEO. "Despite some challenging market conditions, we will continue to grow by focusing on our customers and deepening our relationships with them.
"Canadian Banking had a good quarter, with net income of $815 million. There was a 4 basis point improvement in the net interest margin and solid asset and deposit growth. Wealth management earnings were strong.
"International Banking had earnings of $417 million. Growth in both assets and deposits was strong across all key markets, particularly in Latin America.
"Global Banking & Markets had first quarter earnings of $404 million, growth of 4%. Strong revenue growth in the equities and foreign exchange businesses, along with lower expenses, were partially offset by softer performance in investment banking. Credit quality remains high.
"Our capital position continues to be strong with a Common Equity Tier 1 ratio of 10.3%. The Bank's high quality capital levels and earnings allowed the Bank to increase its quarterly dividend by 2 cents to 68 cents per share.
"Around the world, various industries are managing through volatility. Part of our role as a bank is to act as a shock absorber for our customers as they experience the ebb and flow of these cycles by looking at the big picture and taking the long-term view.
"We continue to build our business and deepen our relationships with our customers. Our asset and deposit volumes are growing and we will continue to make acquisitions in key areas and invest in new technologies to help us better serve our customers."
Financial Highlights
Forward-looking statements Our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the United States Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2014 Annual Report under the headings "Overview - Outlook", for Group Financial Performance "Outlook", for each business segment "Outlook" and in other statements regarding the Bank's objectives, strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for the Bank's businesses and for the Canadian, United States and global economies. Such statements are typically identified by words or phrases such as "believe", "expect", "anticipate", "intent", "estimate", "plan", "may increase", "may fluctuate", and similar expressions of future or conditional verbs, such as "will", "should", "would" and "could".
By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond our control, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity; significant market volatility and interruptions; the failure of third parties to comply with their obligations to us and our affiliates; the effect of changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes in tax laws; the effect of changes to our credit ratings; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; operational and reputational risks; the risk that the Bank's risk management models may not take into account all relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services in receptive markets; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; changes in accounting policies and methods the Bank uses to report its financial condition and financial performance, including uncertainties associated with critical accounting assumptions and estimates
(see "Controls and Accounting Policies - Critical accounting estimates" in the Bank's 2014 Annual Report, as updated by quarterly reports); the effect of applying future accounting changes (see "Controls and Accounting Policies - Future accounting developments" in the Bank's 2014 Annual Report, as updated by quarterly reports); global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers; increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information or operational disruption; consolidation in the Canadian financial services sector; competition, both from new entrants and established competitors; judicial and regulatory proceedings; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments, including terrorist acts and war on terrorism; the effects of disease or illness on local, national or international economies; disruptions to public infrastructure, including transportation, communication, power and water; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the "Risk Management" section starting on page 65 of the Bank's 2014 Annual Report.
Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Bank's 2014 Annual Report under the headings "Overview - Outlook", as updated by quarterly reports; and for each business segment "Outlook". The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections.
The preceding list of important factors is not exhaustive. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.
Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at and on the EDGAR section of the SEC's website at .
Q1 2015 Notable Business Highlights
Serving Customers
Recognized for success
Scotiabank in the community
Non-GAAP Measures
The Bank uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS), are not defined by GAAP and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. These non-GAAP measures are used throughout this report and defined below.
Assets under administration (AUA)
AUA are assets administered by the Bank which are beneficially owned by clients and therefore not reported on the Bank's Consolidated Statement of Financial Position. Services provided for AUA are of an administrative nature, such as trusteeship, custodial, safekeeping, income collection and distribution, securities trade settlements, customer reporting, and other similar services.
Assets under management (AUM)
AUM are assets managed by the Bank on a discretionary basis and in respect of which the Bank earns investment management fees. AUM are beneficially owned by clients and are therefore not reported on the Bank's Consolidated Statement of Financial Position. Some AUM are also administered assets and are therefore included in assets under administration.
Adjusted diluted earnings per share
The adjusted diluted earnings per share is calculated by adjusting the diluted earnings per share to add back the non-cash, after-tax amortization of intangible assets related to acquisitions (excluding software).
Core banking assets
Core banking assets are average earning assets excluding bankers' acceptances and average trading assets within Global Banking & Markets.
Core banking margin (TEB)
This ratio represents net interest income (on a taxable equivalent basis) divided by average core banking assets. This is consistent with the Bank's Consolidated Statement of Income presentation where net interest income from trading operations is recorded in trading revenues included in non-interest income.
Economic equity and return on economic equity
For internal reporting purposes, the Bank attributes capital to its business segments based on their risk profile and uses a methodology that considers credit, market, operational and other risks inherent in each business segment. The amount of risk capital attributed is commonly referred to as economic equity. The economic equity methodology, models and assumptions are updated annually and applied prospectively. Return on economic equity for the business segments is calculated as a ratio of net income attributable to common shareholders of the business segment and the economic equity attributed.
Operating leverage (TEB)
The Bank defines operating leverage as the rate of growth in total revenue (on a taxable equivalent basis), less the rate of growth in non-interest expenses.
Productivity ratio (TEB)
Management uses the productivity ratio as a measure of the Bank's efficiency. This ratio represents non-interest expenses as a percentage of total revenue (on a taxable equivalent basis).
Return on equity
Return on equity is a profitability measure that presents the net income attributable to common shareholders as a percentage of common shareholders' equity. The Bank calculates its return on equity using average common shareholders' equity.
Regulatory capital ratios
Regulatory capital ratios, such as Common Equity Tier 1, Tier 1, Total Capital and Leverage ratios, have standardized meanings as defined by the Office of the Superintendent of Financial Institutions, Canada.
Taxable equivalent basis
The Bank analyzes net interest income, non-interest income, and total revenue on a taxable equivalent basis (TEB). This methodology grosses up tax-exempt income earned on certain securities reported in either net interest income or non-interest income to an equivalent before tax basis. A corresponding increase is made to the provision for income taxes; hence, there is no impact on net income. Management believes that this basis for measurement provides a uniform comparability of net interest income and non-interest income arising from both taxable and non-taxable sources and facilitates a consistent basis of measurement. While other banks also use TEB, their methodology may not be comparable to the Bank's methodology. For purposes of segmented reporting, a segment's revenue and provision for income taxes are grossed up by the taxable equivalent amount. The elimination of the TEB gross up is recorded in the Other segment. The TEB gross up to net interest income, non-interest income, total revenue, and provision for income taxes is presented below:
Tax normalization adjustment of net income from associated corporations
For business line performance assessment and reporting, net income from associated corporations, which is an after-tax number, is adjusted to normalize for income taxes.
The tax normalization adjustment grosses up the amount of net income from associated corporations and normalizes the effective tax rate in the business lines to better present the contribution of the associated corporations to the business line results.
Group Financial Performance and Financial Condition
Financial results
The Bank's net income for the first quarter was $1,726 million compared to $1,709 million in the same period last year and $1,438 million last quarter, or $1,703 million after adjusting for Q4 2014 notable items (refer to the Q4 Notable Items table below). Diluted earnings per share were $1.35, compared to $1.32 in the same period a year ago and $1.10 last quarter, or $1.32 after adjusting for Q4 2014 notable items. Return on equity was at 14.2%, compared to 15.4% last year and 11.9% last quarter, or 14.4% after adjusting for Q4 2014 notable items.
Impact of foreign currency translation
The table below reflects the impact of foreign currency translation on the year-over-year and quarter-over-quarter change in key income statement items.
Financial results commentary
Net income
Q1 2015 vs Q1 2014
The Bank's net income was $1,726 million in the first quarter, an increase of $17 million or 1% from the same period a year ago. Higher net interest income, driven by asset growth and higher interest margin, growth in wealth management revenues, and the positive impact of foreign currency translation was partly offset by increased provision for credit losses, higher non-interest expenses and lower contribution from investments in associates.
Q1 2015 vs Q4 2014
Net income was up $288 million or 20% from the prior quarter. Adjusting for the notable items recorded last quarter, net income increased $23 million. This increase was due primarily to higher net interest income driven by asset growth, stronger trading revenues, lower provision for credit losses, and the positive impact of foreign currency translation, partly offset by a higher effective income tax rate.
Net interest income
Q1 2015 vs Q1 2014
This quarter's net interest income (on a taxable equivalent basis) of $3,174 million was $166 million or 6% higher than the same quarter last year. The increase was attributable to asset growth primarily in business lending and personal loans, and the positive impact of foreign currency translation. As well, the core banking margin was 2.41%, up from 2.35% last year, from higher margins across all businesses.
Q1 2015 vs Q4 2014
Net interest income (on a taxable equivalent basis) was up $69 million or 2% from the previous quarter. About half the increase was due to asset growth across all businesses, including the positive benefit of foreign currency translation. The balance of the increase was due to a slightly higher margin.
Non-interest income
Q1 2015 vs Q1 2014
Non-interest income (on a taxable equivalent basis) was $2,781 million, up $64 million or 2% from the same period last year. The growth was mainly in wealth management revenues, net gains on investment securities, insurance underwriting income, along with the positive impact of foreign currency translation. These increases were partly offset by lower contribution from investments in associates due to the disposition of the Bank's investment in CI Financial Corp. ("CI") in the third quarter of last year and losses on financial instrument hedges, including foreign exchange hedges.
Q1 2015 vs Q4 2014
Compared to the previous quarter, non-interest income (on a taxable equivalent basis) was up $38 million or 1%. Adjusting for the notable items last quarter, non-interest income decreased $39 million or 1%. The underlying decrease was mostly due to decreases in underwriting and advisory revenues, net gains on investment securities, and losses on financial instrument hedges, including foreign currency hedges. This was partly offset by higher trading revenues, foreign exchange revenues, impact of the full quarter contribution of the Bank's investment in Canadian Tire's Financial Services business, as well as the positive impact of foreign currency translation.
Provision for credit losses
Q1 2015 vs Q1 2014
The provision for credit losses was $463 million this quarter, up $107 million from the same period last year. The year-over-year increase was due to higher provisions in Canadian Banking mostly from growth in relatively higher spread products. International Banking provisions were up mostly from the unwind of the credit mark on the acquired portfolio of Banco Colpatria, with underlying provisions for credit losses increasing in line with asset growth.
Q1 2015 vs Q4 2014
The provision for credit losses was down $111 million from the prior quarter. Adjusting for the notable item of $62 million in the fourth quarter (refer to the Q4 Notable Items table below), the provision for credit losses decreased $49 million due primarily to lower losses in the Caribbean commercial portfolio.
Non-interest expenses
Q1 2015 vs Q1 2014
Non-interest expenses were $3,197 million this quarter, up from $3,105 million or 3% from the same quarter last year. Expense growth was well-contained with most of the increase from technology costs and software amortization increases. As well, volume-related expenses increased primarily from wealth management businesses and loyalty program costs.
The productivity ratio was 53.7% this quarter, compared to 54.2% for the same quarter last year, reflecting a positive operating leverage of 1.0%.
Q1 2015 vs Q4 2014
Compared to the fourth quarter, non-interest expenses decreased $164 million or 5%. Adjusting for the Q4 2014 notable items (refer to the Q4 Notable Items table below), expenses grew by 1%. The increase was due primarily to the seasonal impact of share-based compensation and payroll taxes. These increases were partly offset by lower expenses in almost all of the other expense categories.
The productivity ratio was 53.7%, compared to 57.5% in the previous quarter or 53.3% after adjusting for Q4 2014 notable items (refer to the Q4 Notable Items table below).
Taxes
The effective tax rate for this quarter was 21.7%, the same as in the first quarter last year and up from 20.6% in the prior quarter. The increase quarter-over-quarter was mainly due to lower tax-exempt income and higher income in higher tax jurisdictions in the current quarter.
Financial position
The Bank's total assets at January 31, 2015 were $852 billion, up $46 billion or 6% from October 31, 2014. Adjusting for the impact of foreign currency translation, total assets were up $8 billion or 1%.
Cash and deposits with financial institutions increased $9 billion or $3 billion after adjusting for the impact of foreign currency translation, due mainly to higher interest bearing deposits with banks in Canada and Latin America. Precious metals increased $2 billion or $1 billion after adjusting for the impact of foreign currency translation, due to higher prices and inventory. Securities purchased under resale agreements and securities borrowed decreased $7 billion or $12 billion after adjusting for the impact of foreign currency translation.
Trading assets decreased $4 billion from October 31, 2014. Adjusting for the impact of foreign currency translation, trading assets decreased $9 billion due primarily to a decrease in trading securities of $12 billion from lower holdings of Canadian and U.S. government debt.
Investment securities grew by $2 billion. As at January 31, 2015, the unrealized gain on available-for-sale securities, after the impact of qualifying hedges, was $747 million, a decrease of $100 million from October 31, 2014. The decrease was due mainly to realized gains on sales and an overall decrease in the market value of equities.
Loans increased $16 billion or 4% from October 31, 2014. Adjusting for the impact of foreign currency translation, loans increased $3 billion or 1%. Residential mortgages increased $1 billion, mainly in Latin America as underlying growth in Canadian residential mortgages was largely offset by the planned run-off of a component of Tangerine's mortgage portfolio. Personal and credit card loans rose $1 billion, due mainly to growth in Canada. Business and government loans were up $2 billion mainly in Canada and the U.S.
Total liabilities were $801 billion as at January 31, 2015, up $44 billion or 6% from October 31, 2014. Adjusting for the impact of foreign currency translation, total liabilities increased $6 billion or 1%.
Total deposits increased $31 billion or $2 billion after adjusting for the impact of foreign currency translation. Personal deposits grew by $3 billion due primarily to growth in Canada and Latin America.
Obligations related to securities sold under repurchase agreements and securities lent decreased by $10 billion, or $16 billion after adjusting for the impact of foreign currency translation, due in part to the decrease in securities purchased under resale agreements and securities borrowed. Obligations related to securities sold short decreased by $4 billion or $5 billion after adjusting for the impact of foreign currency translation. Derivative instrument liabilities increased $21 billion, $17 billion after adjusting for the impact of foreign currency translation, due primarily to the impact of significant changes in interest rate and foreign currency translation on derivative instrument values. There was a similar increase in derivative instrument assets.
Total shareholders' equity increased $1,970 million from October 31, 2014. This increase was driven by current quarter earnings less dividends paid of $894 million that was partly offset by the repurchase and cancellation of 7 million common shares or $445 million under the Normal Course Issuer Bid program. Accumulated other comprehensive income increased $1,487 million due primarily to unrealized foreign exchange translation gains on the Bank's investments in its foreign operations.
Capital ratios
The Bank's various regulatory capital measures consist of the following:
The Bank's Common Equity Tier 1 ratio declined by approximately 50 basis points this quarter primarily due to:
The Bank continues to maintain a strong capital position. As at January 31, 2015, the CET1, Tier 1, Total Capital and Leverage ratios are well above Basel III all-in minimum requirements.
Changes in regulatory capital
The Bank's Common Equity Tier 1 capital was $34.4 billion as at January 31, 2015 (October 31, 2014 - $33.7 billion), an increase of approximately $0.7 billion during the quarter, mainly due to:
Partly offset by:
The Bank's Tier 1 and Total Capital ratios were also impacted by the above changes.
Normal Course Issuer Bid
On May 27, 2014, the Bank announced that OSFI and the Toronto Stock Exchange (TSX) approved its Normal Course Issuer Bid (the 'bid') pursuant to which it may repurchase for cancellation up to 12 million of the Bank's common shares. The bid will end on the earlier of May 29, 2015, or the date on which the Bank completes its purchases. On March 3, 2015, the Bank announced that OSFI and the TSX approved an increase in the bid up to 16 million shares.
During the quarter ended January 31, 2015, the Bank repurchased and cancelled approximately 7 million common shares under this bid at an average price of $63.29 per share for a total amount of approximately $445 million. Under the bid the Bank has repurchased and cancelled 11.5 million common shares at an average price of $66.31.
Common dividend
The Board of Directors, at its meeting on March 2, 2015, approved a dividend of 68 cents per share, an increase of 2 cents per share. This quarterly dividend applies to shareholders of record as of April 7, 2015 and is payable April 28, 2015.
Q4 2014 Notable Items
In the fourth quarter of last year, the Bank recorded a charge for certain notable items of $342 million pre-tax and $265 million after-tax. The table below provides a summary of these notable items which will be referenced in the following commentary. For further discussion on these notable items, please refer to the Bank's 2014 Annual Report, page 20. The Bank does not have any notable items this quarter.
Business Segment Review
Changes to operating segments effective November 1, 2014
Effective November 1, 2014, the Canadian and International businesses previously reported in Global Wealth & Insurance are included in Canadian Banking and International Banking's results, respectively. As well, certain Asia business activity previously reported in International Banking is now included in Global Banking & Markets. Prior period comparative results have been restated.
Scotiabank's results, and average assets and liabilities, allocated by these operating segments, are as follows:
Canadian Banking
Q1 2015 vs Q1 2014
Canadian Banking reported net income attributable to equity holders of $815 million, a decrease of $14 million or 2% compared to the same period last year. Adjusting for the prior contribution from CI Financial Corp. (CI) and a change in this year's effective tax rate, net income attributable to equity holders increased $47 million or 6% compared to the same period last year. Good growth in assets and deposits, an increase in the margin and an increase in non-interest income were partially offset by a higher provision for credit losses and non-interest expenses.
Q1 2015 vs Q4 2014
Adjusting for the notable items in the previous quarter (refer to the Q4 Notable Items table above), the contribution from CI and a change in the effective tax rate, net income attributable to equity holders increased $56 million or 7% from last quarter, mainly due to increased net interest income and non-interest income, lower provision for credit losses and non-interest expenses.
International Banking
Q1 2015 vs Q1 2014
Net income attributable to equity holders was $417 million, a decrease of $8 million or 2% from the same period last year. The quarter's results reflected strong loan growth, particularly in Latin America. However, offsetting were higher provisions for credit losses in part due to lower benefits from the credit mark on the acquired portfolio in Banco Colpatria and negative changes in the fair value of financial instruments used for foreign currency hedging.
Q1 2015 vs Q4 2014
Quarter over quarter, net income attributable to equity holders increased $113 million or 37%. Adjusting for the impact of certain Q4 2014 notable items (refer to the Q4 Notable Items table above), net income was up $39 million or 10% from last quarter, primarily due to a significant reduction in provisions for credit losses from the previous quarter, when provisions were booked on a small number of accounts in the Caribbean mainly related to the hospitality portfolio.
Global Banking & Markets
Q1 2015 vs Q1 2014
Net income attributable to equity holders was $404 million, an increase of $16 million or 4% from the same period last year, largely driven by the positive impact of foreign currency translation and by the strong results in the equities and foreign exchange businesses. This was partly offset by softer performance in investment banking.
Q1 2015 vs Q4 2014
Quarter-over-quarter net income attributable to equity holders increased $25 million or 7%. Adjusting for the impact of notable items in the prior quarter (refer to the Q4 Notable Items table above), underlying net income was lower by $23 million or 5%, as the positive impact of foreign currency translation and stronger results in equities, fixed income, and foreign exchange were more than offset by market driven declines in investment banking, a reduction in U.S. lending, and lower securities gains in Asia.
Other
The Other segment includes Group Treasury, smaller operating segments and other corporate items which are not allocated to a business line.
Net interest income, non-interest income, and the provision for income taxes in each period include the elimination of tax-exempt income gross-up. This amount is included in the operating segments, which are reported on a taxable equivalent basis. The elimination was $92 million in the first quarter, compared to $80 million in the same period last year and $101 million last quarter.
Q1 2015 vs Q1 2014
Net income attributable to equity holders was $43 million in the quarter, compared to $13 million in the same period last year. The increase was mainly due to higher net gains on investment securities and lower taxes partly offset by higher expenses this quarter.
Q1 2015 vs Q4 2014
Net income attributable to equity holders was $43 million in the first quarter, compared to a net loss of $15 million in the prior quarter. Adjusting for notable items last quarter (refer to the Q4 Notable Items table above), net income decreased slightly by $4 million reflecting higher expenses, partly offset by higher net gains on investment securities.
Shareholder Information
Direct deposit service
Shareholders may have dividends deposited directly into accounts held at financial institutions which are members of the Canadian Payments Association. To arrange direct deposit service, please write to the transfer agent.
Dividend and Share Purchase Plan
Scotiabank's dividend reinvestment and share purchase plan allows common and preferred shareholders to purchase additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees.
As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. All administrative costs of the plan are paid by the Bank.
For more information on participation in the plan, please contact the transfer agent.
Dividend dates for 2015
Record and payment dates for common and preferred shares, subject to approval by the Board of Directors.
Annual meeting
The Annual and Special meeting for the fiscal year 2014 is scheduled for April 9, 2015 in Ottawa, Ontario, Canada.
Duplicated communication
If your shareholdings are registered under more than one name or address, multiple mailings will result. To eliminate this duplication, please write to the transfer agent to combine the accounts.
Normal Course Issuer Bid
A copy of the Notice of Intention to commence the Normal Course Issuer Bid is available without charge by contacting the Secretary's Department at 416-866-3672.
Website
For information relating to Scotiabank and its services, visit us at our website: .
Conference call and Web broadcast
The quarterly results conference call will take place on March 3, 2015, at 8.00 am EST and is expected to last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone, toll-free, at (416) 849-1847 or 1-866-530-1554 (please call five to 15 minutes in advance). In addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations page of . Following discussion of the results by Scotiabank executives, there will be a question and answer session.
A telephone replay of the conference call will be available from March 3, 2015, to March 18, 2015, by calling (647) 436-0148 or 1-888-203-1112 (North America toll free) and entering the identification code 5289765#. The archived audio webcast will be available on the Bank's website for three months.
Contacts:
Jake Lawrence
Scotiabank Investor Relations
(416) 866-5712
Sheena Findlay
Scotiabank Corporate Communications
(416) 866-6806
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