The Bank of Nova Scotia reported third-quarter 2026 net income of C$2.953 billion, up from C$2.527 billion in the same period a year earlier, as revenue climbed roughly 10% to C$10.5 billion, according to the bank's quarterly disclosures.
Diluted earnings per share rose to C$2.27 from C$1.84 in the prior-year quarter, with adjusted EPS coming in at C$2.28. Reported return on equity for the quarter stood at 14.1%, a level the Toronto-based lender highlighted as evidence of improving profitability across its international footprint.
REVENUE CLIMBS TO C$10.5 BILLION
Top-line growth was the standout feature of the quarter, with revenue advancing to C$10.5 billion from C$9.5 billion a year earlier. That represents an increase of about 10% and reflects contributions from Scotiabank's Canadian retail bank, its international division spanning Latin America and the Caribbean, and its global banking and markets business.
Diluted EPS of C$2.27 compares with C$1.84 in the year-earlier quarter, a jump of 23%. The narrow gap between reported diluted EPS of C$2.27 and adjusted EPS of C$2.28 indicates that non-recurring items had a limited impact on the quarter, giving investors a cleaner read on underlying performance.
Scotiabank is one of Canada's Big Six banks and stands out from its domestic peers for the scale of its international operations, particularly across the Pacific Alliance economies of Mexico, Peru, Chile and Colombia. That geographic mix means the group's results are sensitive to both the North American rate environment and macroeconomic conditions across Latin America.
PROFITABILITY MEASURED AT 14.1% ROE
The bank pointed to a reported return on equity of 14.1% for the quarter, a headline profitability measure that sits comfortably in the mid-teens range that Canadian investors typically expect from the country's large lenders. The ROE outturn is consistent with the earnings uplift delivered on the bottom line.
Net income of C$2.953 billion, compared with C$2.527 billion a year earlier, translates into growth of about 17% at the profit line. Combined with the double-digit revenue advance, the numbers point to positive operating leverage during the three-month period.
Adjusted EPS of C$2.28 came in fractionally ahead of the diluted reported figure, suggesting that operating trends across the group's segments were broadly aligned with the headline result rather than being flattered by one-off gains.
The third-quarter release forms part of Scotiabank's ongoing effort to demonstrate progress against the multi-year strategic plan set out under chief executive Scott Thomson, which is focused on deepening client primacy in core markets, allocating capital to higher-returning businesses and improving connectivity across the North American corridor.
Management said the results reflected disciplined execution across the franchise, with contributions from multiple business lines supporting the year-on-year improvement in earnings and return on equity. The bank is expected to provide further colour on segment performance and forward-looking priorities in its investor presentation accompanying the release.
The C$10.5 billion revenue print, C$2.953 billion net income and 14.1% return on equity together sketch a quarter in which Scotiabank generated meaningful year-on-year improvement across each of the key headline measures that investors typically use to compare Canadian banks. That combination reinforces the underlying message from management that the multi-year plan is delivering measurable financial results across the group's Canadian and international operations.