Scotiabank First Quarter Press Release 2023
Business Segment Review
Canadian Banking
Q1 2023 vs Q1 2022
Net income attributable to equity holders was $1,087 million, compared to $1,201 million. Adjusted net income attributable to
equity holders was $1,088 million, down $117 million or 10%. The decline was due primarily to higher provision for credit losses
and non-interest expenses, partly offset by higher revenue.
Q1 2023 vs Q4 2022
Net income attributable to equity holders declined $83 million or 7%. Adjusted net income attributable to equity holders
declined $86 million or 7%. The decline was due primarily to higher provision for credit losses and non-interest expenses,
partly offset by higher revenue.
International Banking
Q1 2023 vs Q1 2022
Net income attributable to equity holders was $654 million, an increase from $545 million. Adjusted net income attributable to
equity holders was $661 million, an increase from $552 million. The increase was driven by higher net interest income and
non-interest income and lower provision for income taxes, partly offset by higher non-interest expenses and provision for
credit losses.
Q1 2023 vs Q4 2022
Net income attributable to equity holders increased by $11 million or 2% from $643 million. Adjusted net income attributable
to equity holders increased by $11 million or 2%, from $650 million. This increase was driven by higher non-interest income
and net interest income, partly offset by higher non-interest expenses, provision for income taxes, and provision for credit
losses.
Financial Performance on a Constant Dollar Basis
The discussion below on the results of operations is on a constant dollar basis. Under the constant dollar basis, prior period
amounts are recalculated using current period average foreign currency rates, which is a non-GAAP financial measure (refer to
Non-GAAP Measures on page 6). The Bank believes that constant dollar is useful for readers in assessing ongoing business
performance without the impact of foreign currency translation and is used by management to assess the performance of the
business segment.
Q1 2023 vs Q1 2022
Net income attributable to equity holders was $654 million, an increase from $555 million. Adjusted net income attributable to
equity holders was $661 million, an increase of $99 million or 18%. This increase was driven by higher net interest income and
non-interest income, and lower provision for income taxes, partly offset by higher provision for credit losses and non-interest
expenses.
Q1 2023 vs Q4 2022
Net income attributable to equity holders decreased by $1 million to $654 million as higher non-interest income and net
interest income were offset by higher provision for income taxes, non-interest expenses and provision for credit losses.
Global Wealth Management
Q1 2023 vs Q1 2022
Net income attributable to equity holders was $385 million, a decrease of $27 million or 7%, due primarily to lower fee income
and the impact of elevated seasonal performance fees in the prior year, partly offset by higher net interest income and lower
non-interest expenses.
Q1 2023 vs Q4 2022
Net income attributable to equity holders increased $24 million or 6%. The increase was due primarily to higher fee revenue
and net interest income, partly offset by volume-driven expense growth.
Global Banking and Markets
Q1 2023 vs Q1 2022
Net income attributable to equity holders was $519 million, a decrease of $42 million or 7%, due mainly to higher non-interest
expenses and provision for credit losses, partly offset by higher net interest income, non-interest income, and the positive
impact of foreign currency translation.
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