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Bank of Nova Scotia Fiscal 2020 Earnings & Price Target Update

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Scotiabank (BNS) is Canada's international bank and a financial services provider in North America, Latin America, Central America, and Asia-Pacific. Canadian Commercial and Personal Banking comprise 39% of net income, International Commercial and Personal banking – 36%. Canadian Wealth Management – 16%, Global Banking -15%. Canada contributes 50% of earnings, Peru -10%, Caribbean-9%, the US at 8% with the balance split between Chile, Columbia, Europe and South East Asia. Total assets as of July-31-2020 were $1.17T compared to the Oct-31-2019 year-end at $1.09T, an increase of 7.3%. They are Canada's third largest bank measured by assets.

Financial

Adjusted net income for fiscal 2020 ending Oct-31-2020 was $6.63B(5.33 per share) compared to $8.77B(7.18 per share) for the same period last year. Dividends were $3.60 compared to $3.44 representing payout ratios of 68% and 49%. The reduction of $1.85 per share compared to last year was comprised of an increase in the allowance for uncollectable loans of $2.40 per share(after tax) caused by the pandemic, the disposition or closure of operations in the Caribbean at $0.10 per share, decreases in the core lending and banking business partially offset by capital markets revenues. Adjusted net income for Q4-2020 was $1.40 per share compared to $1.80 per share for Q4-2019. The decrease was for the same reasons at the full year variances. Divesting of international banking operations reduced exposure to currency exchange risks.

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