Scotiabank First Quarter Press Release 2023
Reconciliation of reported and adjusted results and diluted earnings per share
For the three months ended
January 31
October 31
January 31
($ millions)
Reported Results
Net interest income
Non-interest income
Total Revenue
Provision for credit losses
Non-interest expenses
Income before taxes
2023
2022
2022
$
4,569
3,411
$
4,622 $
4,344
3,004
3,705
7,980
7,626
8,049
638
529
222
4,464
4,529
4,223
2,878
2,568
Income tax expense
1,106
475
Net income
1,772
+A
$
2,093
+A
Net income attributable to non-controlling interests in subsidiaries (NCI)
40
38
3,604
864
2,740
88
Net income attributable to equity holders
1,732
2,055
2,652
Net income attributable to preferred shareholders and other equity instrument holders
Net income attributable to common shareholders
101
106
44
$
1,631
Diluted earnings per share (in dollars)
Adjustments
Adjusting items impacting non-interest income and total revenue (Pre-tax)
Net loss on divestitures and wind-down of operations
Adjusting items impacting non-interest expenses (Pre-tax)
Amortization of acquisition-related intangible assets
Restructuring provision
$
1.36
Weighted average number of diluted common shares outstanding (millions)
1,199
+A
A A
+A
$
$
1,949
$
1.63 $
SALA
$
2,608
2.14
1,199
1,230
Support costs for the Scene+ loyalty program
Total non-interest expense adjusting items (Pre-tax)
Total impact of adjusting items on net income before taxes
Impact of adjusting items on income tax expense
Canada recovery dividend
579
21
24
85
133
21
242
25
21
603
25
361
$
25
Net loss on divestitures and wind-down of operations
Amortization of acquisition-related intangible assets
Restructuring provision
Support costs for the Scene+ loyalty program
Total impact of adjusting items on income tax expense
(6)
191
(21)
(6)
(19)
(35)
573
(81)
Total impact of adjusting items on net income
$
594
522
A
Impact of adjusting items on NCI relating to restructuring and other provisions
Total impact of adjusting items on net income attributable to equity holders
and common shareholders
(1)
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(7)
594
$
521
+A
18
Adjusted Results
Net interest income
$
4,569
$
4,622
+A
$
4,344
Non-interest income
Total revenue
Provision for credit losses
Non-interest expenses
Income before taxes
Income tax expense
Net income
Net income attributable to NCI
3,411
3,365
3,705
7,980
7,987
8,049
638
529
222
4,443
4,287
4,198
2,899
3,171
3,629
533
556
871
$
2,366 $
2,615
$
2,758
40
Net income attributable to equity holders
2,326
Net income attributable to preferred shareholders and other equity instrument holders
Net income attributable to common shareholders
101
39
2,576
106
88
2,670
$
2,225 $
Diluted earnings per share (in dollars)
$
1.85
Impact of adjustments on diluted earnings per share (in dollars)
$
0.49
AAA
2,470
$
2.06
$
0.43
SASA SA
$
44
2,626
$
2.15
$
0.01
Weighted average number of diluted common shares outstanding (millions)
1,210
1,199
1,230
Scotiabank First Quarter Press Release 2023 7View entire presentation