CA - The Bank of Nova Scotia (BNS) Q2 2024 Earnings Call Transcript
2024-05-28 11:41:09 ET
The Bank of Nova Scotia (BNS)
Q2 2024 Earnings Conference Call
May 28, 2024, 08:00 AM ET
Company Participants
John McCartney - Head of IR
Scott Thomson - President and CEO
Raj Viswanathan - CFO
Phil Thomas - Chief Risk Officer
Francisco Aristeguieta - Group Head of International Banking
Aris Bogdaneris - Group Head of Canadian Banking
Conference Call Participants
Ebrahim Poonawala - Bank of America
Doug Young - Desjardins Capital Markets
Paul Holden - CIBC
Matthew Lee - Canaccord Genuity
John Aiken - Jefferies
Gabriel Dechaine - National Bank Financial
Mario Mendonca - TD Securities
Lemar Persaud - Cormark Securities
Mike Rizvanovic - KBW Research
Nigel D'Souza - Veritas Investment Research
Darko Mihelic - RBC Capital Markets
Sohrab Movahedi - BMO Capital Markets
Presentation
John McCartney
Good morning, and welcome to Scotiabank's 2024 Second Quarter Results Presentation. My name is John McCartney, and I'm Head of Investor Relations here at Scotiabank.
Presenting to you this morning are Scott Thomson, Scotiabank's President and Chief Executive Officer; Raj Viswanathan, our Chief Financial Officer; and Phil Thomas, our Chief Risk Officer. Following our comments, we will be glad to take your questions.
Also present to take questions are the following Scotiabank's executives: Aris Bogdaneris from Canadian Banking; Jackie Allard from Global Wealth Management; Francisco Aristeguieta from International Banking and Travis MacHen from Global Banking and Markets.
Before we start and on behalf of those speaking today, I'll refer you to Slide 2 of our presentation, which contains Scotiabank's caution regarding forward-looking statements.
With that, I will now turn the call over to Scott.
Scott Thomson
Thank you, John and good morning, everyone.
We are pleased to share our Q2 results, which reflect solid earnings from each of our four business lines. This is our second quarter since we shared our enterprise-wide strategy, and I'm encouraged by our continued progress against our plan. I want to take a few moments to recap a few key enterprise initiatives.
First, disciplined capital allocation to higher-return client segments and geographies and as virtually all of our incremental capital deployed in fiscal 2024 has been to identify priority businesses. Second, deposit growth remains fundamental to our business prioritization and client selection decisions.
Our focus on building primacy through deeper relationships has resulted in continued growth with P&C deposits up 7% year-to-date. Third, cost and process efficiencies, which both drive profitability and ensure frontline teams have the tools and capacity to deliver an excellent client experience.
Well managed expenses and productivity gains are driving positive year-to-date operating leverage. And finally, a strong balance sheet, which will allow us to support clients through the cycle while maintaining optionality to invest in our businesses as evidenced by strong liquidity and our 13.2% CET1 capital ratio.
In terms of results, the bank reported adjusted earnings of $2.1 billion or $1.58 per share in the quarter. We saw solid revenue growth from both net interest income and fee income, coupled with disciplined expense management....
The Bank of Nova Scotia (BNS) Q2 2024 Earnings Call Transcript