The Bank of Nova Scotia (BNS): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de la Banque de Nouvelle-Écosse (BNS), une puissance financière qui a magistralement conçu son modèle commercial pour naviguer dans le paysage complexe de la banque moderne. Des plateformes numériques innovantes aux partenariats mondiaux robustes, BNS montre comment une banque traditionnelle peut se transformer en une institution financière dynamique et centrée sur le client qui mélange de manière transparente les prouesses technologiques avec des solutions financières personnalisées à travers divers segments de marché.

The Bank of Nova Scotia (BNS) - Modèle commercial: partenariats clés

Alliances stratégiques avec les entreprises mondiales de technologie financière

La Banque de Nouvelle-Écosse a établi des partenariats avec les principales sociétés de technologie financière suivantes:

Partenaire	Focus de partenariat	Année établie
Visa Inc.	Traitement des paiements et réseaux de cartes de crédit	2018
MasterCard Incorporated	Infrastructure de paiement mondial	2017
Association interac	Services de réseau de débit canadien	2015

Partenariats avec les fournisseurs d'assurance canadiens et internationaux

BNS maintient des partenariats d'assurance stratégique:

• Manurife Financial Corporation
• Sun Life Financial Inc.
• Canada Life Limited
• Corporation financière intacte

Collaboration avec les startups fintech pour l'innovation bancaire numérique

Investissement BNS dans les partenariats fintech:

Startup fintech	Montant d'investissement	Focus technologique
NUVEI CORPORATION	25 millions de dollars	Technologies de traitement des paiements
Clearbanc	15 millions de dollars	Plateformes de prêt numérique

Relations avec les principaux réseaux de cartes de crédit et processeurs de paiement

Les partenariats BNS Payment Network comprennent:

• Réseaux de paiement mondiaux: Visa, MasterCard, American Express
• Réseaux de paiement canadiens: Interac, Apple Pay, Google Pay
• Processeurs de paiement internationaux: Paypal, carré, bande

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: Activités clés

Services bancaires commerciaux et personnels

Total des actifs bancaires commerciaux: 388 milliards de CAD au 423. Le portefeuille bancaire personnel comprend 10,3 millions de clients canadiens. Valeur du portefeuille de prêts moyens: 272 milliards de CAD.

Service bancaire	Volume de transaction annuel	Part de marché
Prêts commerciaux	CAD 124,6 milliards	18.3%
Prêts hypothécaires	213,4 milliards de CAD	15.7%
Cartes de crédit personnelles	8,2 milliards de CAD	22.1%

Investissement et gestion de la patrimoine

Total des actifs sous gestion: 453 milliards de CAD. Produits d'investissement gérés: 127 Fonds distincts.

• Clients de gestion de la patrimoine: 1,2 million
• Valeur moyenne du portefeuille: 375 000 CAD
• Équipe de conseil en investissement: 2 400 professionnels

Développement de la plate-forme bancaire numérique

Transactions bancaires numériques: 2,1 milliards de transactions annuelles. Utilisateurs de la banque mobile: 4,7 millions.

Canal numérique	Utilisateurs actifs mensuels	Volume de transaction
Application bancaire mobile	3,6 millions	1,4 milliard
Banque en ligne	4,2 millions	680 millions

Gestion des risques et avis financier

Budget de gestion des risques: 172 millions de CAD. Équipe de conformité: 1 100 professionnels.

• Systèmes de surveillance des risques de crédit
• Mécanismes de détection de fraude
• Suivi de la conformité réglementaire

Opérations internationales de financement bancaire et commercial

Présence bancaire internationale: 32 pays. Volume de financement commercial: CAD 87,6 milliards.

Région	Nombre de branches	Valeur de transaction annuelle
l'Amérique latine	287	CAD 42,3 milliards
Caraïbes	134	22,7 milliards de CAD
Asie-Pacifique	56	22,6 milliards de CAD

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: Ressources clés

Réseau de succursale étendue

En 2023, la Banque de Nouvelle-Écosse opère:

Emplacement	Nombre de branches
Canada	900
Marchés internationaux	2,500
Présence mondiale totale	3,400

Infrastructure de technologie bancaire numérique

Détails de l'investissement technologique:

• Dépenses technologiques annuelles: 1,2 milliard de dollars
• Plateforme bancaire numérique: infrastructure basée sur le cloud
• Budget de cybersécurité: 350 millions de dollars par an

Capital financier et liquidité

Métrique financière	Montant (2023)
Actif total	1,04 billion de dollars
Ratio de capital de niveau 1	14.2%
Actifs liquides	250 milliards de dollars

Composition de la main-d'œuvre

Ressources humaines Profile:

Catégorie	Nombre
Total des employés	92,000
Employés titulaires d'un diplôme financier avancé	67%
Professionnels de la technologie	15,000

Données et analyses clients

• Comptes clients totaux: 25 millions
• Investissement d'analyse des données: 275 millions de dollars par an
• Modèles d'apprentissage automatique: 140 modèles prédictifs actifs

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour divers segments de clients

La Banque de Nouvelle-Écosse fournit des solutions financières sur plusieurs segments de clients avec les mesures clés suivantes:

Segment de clientèle	Total des clients	Pénétration du marché
Banque personnelle	9,4 millions	37.2%
Banque commerciale	375 000 entreprises	22.6%
Gestion de la richesse	2,1 millions d'investisseurs	16.8%

Expériences bancaires personnalisées

Performance des canaux bancaires numériques:

• Utilisateurs des banques mobiles: 4,2 millions
• Transactions bancaires en ligne: 1,3 milliard par an
• Taux de croissance des transactions numériques: 18,6% en glissement annuel

Taux d'intérêt concurrentiels et offres de produits financiers

Produit	Taux d'intérêt	Comparaison du marché
Compte d'épargne	3.75%	+ 0,25% au-dessus de la moyenne de l'industrie
Taux hypothécaires	5.49%	-0,15% inférieur aux taux des concurrents
Prêts personnels	6.25%	Positionnement du marché concurrentiel

Services intégrés de gestion de patrimoine et d'investissement

Performance du portefeuille de gestion de patrimoine:

• Total des actifs sous gestion: 441 milliards de dollars
• Diversité des produits d'investissement: 127 fonds différents
• Retour de portefeuille moyen: 7,3%

Confiance des clients et sécurité financière

Métriques de sécurité et de confiance:

• Investissement en cybersécurité: 187 millions de dollars par an
• Taux de réussite de la prévention de la fraude: 99,2%
• Évaluation de satisfaction du client: 4.6 / 5

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: relations clients

Service client personnalisé via plusieurs points de contact

La Banque de Nouvelle-Écosse maintient 2 200 succursales à travers le Canada et à l'étranger. En 2023, la banque a signalé 25,1 millions de clients bancaires numériques actifs. Les canaux d'interaction client comprennent:

• Réseau de succursale physique
• Plateformes bancaires en ligne
• Applications bancaires mobiles
• Centres bancaires téléphoniques
• Réseau ATM avec 3 700 machines

Plateformes bancaires numériques avec support client 24/7

Service numérique	Utilisateurs actifs	Disponibilité du service
Application bancaire mobile	15,6 millions d'utilisateurs	Accès 24/7
Plateforme bancaire en ligne	18,3 millions d'utilisateurs	Accès 24/7
Centre de support client	Support linguistique multiple	Opération des heures prolongées

Programmes de fidélité et banque basée sur les relations

Le programme Scotia Rewards offre 1% de cashback sur les achats, avec 25 000 participants au programme actif en 2023. Le programme de récompenses de carte de crédit offre plusieurs avantages basés sur des niveaux.

Gestionnaires de relations dédiées aux clients des entreprises et des clients élevés

BNS dessert 4 500 clients d'entreprise avec des équipes de gestion des relations spécialisées. Le segment des clients à haute teneur en naissance comprend des personnes avec 1 million de dollars + actifs investissables, gérés par 780 gestionnaires de relations dédiées.

Services de communication proactive et de conseil financier

Service consultatif	Segment client	Interactions annuelles
Planification financière personnalisée	Individus à haute nette	3-4 revues complètes
Consultation d'investissement	Clients de gestion de la patrimoine	Avis sur le portefeuille trimestriel
Insistance financière numérique	Tous les clients bancaires numériques	Rapports automatisés mensuels

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: canaux

Réseau de succursale physique

En 2023, Bank of Nova Scotia exploite 900 succursales à travers le Canada. La présence internationale des succursales comprend 1 500 emplacements dans 50 pays, principalement en Amérique latine et dans les Caraïbes.

Région	Nombre de branches
Canada	900
International	1,500

Plateformes bancaires en ligne

La plate-forme numérique de Scotiabank dessert 4,3 millions d'utilisateurs bancaires en ligne actifs au Canada à partir de 2023.

• Accessibilité à la plate-forme Web: 24/7
• Volume de transaction numérique: 78% du total des interactions du client
• Taux de croissance des utilisateurs en ligne: 12% d'une année à l'autre

Applications bancaires mobiles

Les téléchargements d'applications bancaires mobiles ont atteint 2,9 millions d'utilisateurs uniques en 2023.

Plate-forme	Utilisateurs actifs mensuels
ios	1,6 million
Androïde	1,3 million

Réseaux ATM

La Banque Scotia maintient 3 400 distributeurs automatiques de billets à travers le Canada et les marchés internationaux.

• Total des transactions ATM en 2023: 127 millions
• Valeur de transaction ATM mensuelle moyenne: 425 millions de dollars

Centres d'appel et services bancaires téléphoniques

Les centres de service à la clientèle traitent environ 6,2 millions d'interactions clients par an.

Canal de service	Volume d'interaction annuel
Banque téléphonique	3,8 millions
Support client	2,4 millions

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: segments de clientèle

Clients bancaires au détail

En 2024, la Banque de Nouvelle-Écosse dessert environ 25 millions de clients bancaires de détail à travers le Canada. La clientèle de détail de la banque comprend:

Catégorie client	Nombre de clients
Banque personnelle	22,3 millions
Utilisateurs de la banque numérique	15,7 millions
Utilisateurs de la banque mobile	12,5 millions

Petites et moyennes entreprises

BNS prend en charge environ 450 000 petites et moyennes entreprises (PME) sur ses marchés opérationnels.

• Portfolio total de prêts aux PME: 78,4 milliards de dollars
• Taille moyenne du prêt: 325 000 $
• Secteurs industriels servis:
  • Vente au détail
  • Fabrication
  • Services professionnels
  • Technologie

GRANDES clients d'entreprise

La banque dessert environ 3 200 grands clients de grandes entreprises ayant des besoins financiers complexes.

Segment de l'entreprise	Valeur totale de la relation bancaire
Portefeuille de services bancaires d'entreprise	245 milliards de dollars
Valeur du client moyen de l'entreprise	76,5 millions de dollars

Individus à haute nette

BNS gère la richesse pour environ 350 000 individus à haute teneur.

• Actifs totaux de gestion de patrimoine: 387 milliards de dollars
• Valeur du portefeuille moyen: 1,1 million de dollars
• Tiers de service de gestion de patrimoine:
  • Banque privée
  • Avis d'investissement
  • Planification de la richesse

Clients bancaires internationaux

La Banque de Nouvelle-Écosse opère dans 50 pays, desservant des clients bancaires internationaux.

Région géographique	Nombre de clients internationaux
l'Amérique latine	1,2 million
Caraïbes	850,000
Autres marchés internationaux	650,000

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Au cours de l'exercice 2023, BNS a dépensé 1,2 milliard de dollars pour les investissements technologiques et d'infrastructures numériques. Les coûts annuels de maintenance technologique étaient d'environ 487 millions de dollars.

Catégorie de coûts technologiques	Dépenses annuelles
Plate-forme bancaire numérique	276 millions de dollars
Infrastructure de cybersécurité	112 millions de dollars
Services de cloud computing	99 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2023 était de 4,8 milliards de dollars, ce qui représente 32% des dépenses d'exploitation.

• Salaire moyen des employés: 95 600 $
• Total de main-d'œuvre: 92 119 employés
• Attribution des prestations: 18% de la rémunération totale

Dépenses opérationnelles du réseau de succursales

Les coûts opérationnels du réseau de succursales en 2023 ont totalisé 1,3 milliard de dollars, avec 1 100 succursales physiques dans plusieurs pays.

Catégorie de dépenses opérationnelles	Coût annuel
Loyer et installations	612 millions de dollars
Services publics	214 millions de dollars
Maintenance des succursales	474 millions de dollars

Compliance réglementaire et gestion des risques

Les dépenses de conformité et de gestion des risques pour 2023 étaient de 689 millions de dollars.

• Personnel juridique et de conformité: 1 247 employés
• Systèmes de rapports réglementaires: 156 millions de dollars
• Infrastructure anti-blanchiment d'argent: 87 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 ont atteint 342 millions de dollars, avec des coûts d'acquisition des clients en moyenne de 187 $ par nouveau client.

Canal de marketing	Dépenses annuelles
Marketing numérique	124 millions de dollars
Médias traditionnels	86 millions de dollars
Parrainages et événements	132 millions de dollars

The Bank of Nova Scotia (BNS) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts et hypothèques

Pour l'exercice 2023, la Banque de Nouvelle-Écosse a déclaré un revenu net des intérêts nets de 12,7 milliards de CAD. Répartition du portefeuille de prêts:

Catégorie de prêt	Valeur totale (CAD milliards)
Hypothèques résidentielles	228.4
Prêts personnels	87.6
Prêts commerciaux	195.3

Banques d'investissement et frais de conseil

Les revenus de la banque d'investissement pour 2023 ont totalisé 1,2 milliard de CAD, avec des segments clés, notamment:

• Conseil des fusions et acquisitions: CAD 412 millions
• Services de souscription: 538 millions de CAD
• Conseil du financement des entreprises: 250 millions de CAD

Revenus de transaction de carte de crédit

Les revenus des transactions par carte de crédit pour 2023 ont atteint 876 millions de CAD, avec la ventilation suivante:

Source de revenus	Montant (CAD Millions)
Frais d'échange	523
Frais de carte annuels	203
Frais de paiement en retard	150

Frais de service de gestion de patrimoine

Les revenus des services de gestion de patrimoine pour 2023 ont totalisé 1,5 milliard de CAD, notamment:

• Frais de gestion des actifs: CAD 892 millions
• Services de planification financière: 348 millions de CAD
• Frais de conseil en investissement: 260 millions de CAD

Frais de transaction bancaire internationaux

Les revenus des transactions bancaires internationales pour 2023 s'élevaient à 1,1 milliard de CAD, distribués à travers:

Type de transaction	Revenus (CAD Millions)
Transactions transfrontalières	456
Services de change	387
Transferts métalliques internationaux	257

The Bank of Nova Scotia (BNS) - Canvas Business Model: Value Propositions

Full-service banking for retail, commercial, and corporate clients

• Canadian Banking provides a full suite of financial advice and banking solutions to over 11 million customers.
• Retail deposits and investments have grown at a 6% compound annual growth rate over the last two years.
• The Mortgage+ program saw 30% of new clients open a Scotiabank credit card.
• 95% of new Mortgage+ clients retained their day-to-day accounts after one year.

North American trade and payment corridor expertise

• Half of Global Banking & Markets earnings now come from the United States in fiscal 2025.
• A new cash-management platform brought in 15,000 corporate clients in 2025.

Specialized wealth management and private banking advice

• Global Wealth Management earnings increased 17% for the full fiscal year 2025.
• Assets under management grew 16% to $430 billion for the full year 2025.
• Assets under administration rose 13% to almost $800 billion for the full year 2025.
• In Q3 2025, assets under management climbed to $407 billion, a 12% year-over-year increase.

Digital-first, low-cost banking through Tangerine

• Tangerine Bank ranks highest among midsize banks for customer satisfaction in the JD Power 2025 Canada Retail Banking Satisfaction Study.
• Tangerine's Loan-to-Deposit Ratio (LDR) decreased to 21% in FY2023.

Global Banking and Markets access for large-scale projects

The performance of the Global Banking and Markets segment in fiscal 2025 shows significant growth, particularly in the fourth quarter.

Metric	Full Year 2025 Value	Q4 2025 Value	Year-over-Year Growth
Earnings	$1.9 billion	$519 million	30% (Full Year); 50% (Q4)
Revenue	N/A	N/A	24% (Revenue); 49.5% (Revenue Jump)
Q2 2025 Earnings	N/A	$412 million	10%

• The revenue increase was thanks to a 43% jump in trading and advisory fees.

The Bank of Nova Scotia (BNS) - Canvas Business Model: Customer Relationships

You're looking at how The Bank of Nova Scotia (BNS) connects with its clients as of late 2025, focusing on deep engagement over sheer numbers.

Dedicated Relationship Managers for commercial and wealth clients

Global Wealth Management (GWM) is explicitly growing the number of relationship managers across its Private Bank and ScotiaMcLeod operations to build deeper, more advice-driven client relationships. This segment serves over 2 million investment fund and advisory clients across 12 countries. GWM saw strong momentum, with adjusted earnings up 17% year-over-year in the second quarter of 2025, and assets under management (AUM) growing 16% year-over-year to $430 billion by the end of the fourth quarter of 2025. In the first quarter of 2025, GWM adjusted earnings were up 22% year-over-year, with AUM at $396 billion.

Metric	Value (Late 2025)	Context
Global Wealth Management AUM	$430 billion	As of Q4 2025
Global Wealth Management Clients	Over 2 million	Across 12 countries
GWM Adjusted Earnings Growth (Q2 2025 YoY)	17%	Reflecting strong revenue growth
Internal Referrals (Retail to Wealth, Full Year)	$8.1 billion	Up 20% year-over-year

Self-service digital platforms and mobile apps

The Bank of Nova Scotia is executing a strategy to be a 'digitally forward bank' that blends its branch network with mobile service capabilities. Industry-wide, 72% of global banking customers prefer using mobile apps for core banking services as of 2025. In the United States, approximately 83% of adults used digital banking services by late 2025. The bank's Tangerine Bank is its established digital-only offering, and the broader bank is focused on delivering innovative digital client experiences.

• Mobile apps are the main entry point for all banking services for forward-thinking banks in 2025.
• The most valued mobile banking feature to users is the ability to lock a lost or stolen card, with 83% considering it critical or important.
• The digital banking market size in the US is projected to reach nearly 216.8 million users by 2025.

Focus on earning primary client relationships (value over volume)

The Bank of Nova Scotia is explicitly prioritizing 'value over volume' in its business mix shift. Since its Q4 2023 Investor Day, the bank has added 400,000 new primary clients. Total closed referrals across the entire bank (retail, commercial, and wealth) reached CAD 15 billion for the year, marking an 18% increase over the prior year. This shows a clear metric for deepening relationships, as the bank gets better at converting new clients into actual investors.

Advisory-led model for complex financial needs

The advisory focus is evident in the cross-segment referrals, which are a direct result of clients engaging for complex needs. Global Banking and Markets saw earnings increase by 30% for the full year 2025, supported by a 28% year-to-date growth in underwriting advisory fees. The bank's vision is to be its clients' most trusted financial partner, which is supported by the fact that 78% of first-time homebuyers say a lender's reputation and trustworthiness are critical when choosing a mortgage. Also, 72% of first-time homebuyers believe having all banking products in one place is important.

Automated, personalized digital outreach

The strategy includes building out data and personalization capabilities to accelerate client acquisition. Industry trends for 2025 point to banks introducing AI assistants that serve personalized financial insights and advice through web and mobile apps. Furthermore, 59% of people want digital banking to offer simple tools and resources for learning how to manage money, which aligns with the bank's stated purpose, 'for every future,' translating societal commitment into measurable business drivers.

The Bank of Nova Scotia (BNS) - Canvas Business Model: Channels

You're looking at how The Bank of Nova Scotia (BNS) gets its products and services to its 25 million+ clients worldwide as of late 2025.

The strategy clearly emphasizes the North American corridor-Canada, the US, and Mexico-while maintaining a presence in key international spots, though with increased scrutiny on less profitable Latin American markets.

Physical branch network in Canada and key international markets

The physical footprint in Canada remains substantial, though the bank is clearly prioritizing digital and its North American focus areas.

The Bank of Nova Scotia operates in 20+ countries across the globe. Within Canada, the bank operates in all provinces and territories except Nunavut.

Market/Region	Number of Locations (as of late 2025/latest data)	Percentage of Canadian Locations
Total Scotiabank Locations in Canada	895	100%
Ontario (Canada)	412	46%
British Columbia (Canada)	130	15%
Alberta (Canada)	126	14%
U.S. Ranking (International Market)	Top 10 Foreign Bank Organization (as of Q3 2025)	N/A

The Global Wealth Management segment delivers solutions across 13 countries worldwide.

Digital and mobile banking applications

Digital channels are a core component, evidenced by the growth in user metrics, even if the latest figures are from earlier in 2025 or late 2024.

• Active mobile users reached 4.3 million, showing a 10% year-over-year increase (data as of Q2 2024).
• The digital adoption rate in Canada was 64.5% (data as of Q2 2024).
• The bank offers a self-directed banking solution through its digital-only subsidiary, Tangerine Bank.
• The bank is investing in digital capabilities to grow deposits, funds, cards, and insurance.

Automated Teller Machines (ATMs)

The Bank of Nova Scotia leverages a significant proprietary and alliance-based ATM network for convenient cash access.

Network Type	Number of Machines	Geographic Scope/Notes
Scotiabank ABMs in Canada	Nearly 3,600	Used for cash withdrawal, balance checks, etc.
Global ATM Alliance Partners	Over 44,000	Avoids surcharge fees when travelling outside Canada
ATMs in Mexico	1,800	Part of the priority North American corridor
ATMs in the Caribbean	503	Part of International Banking footprint
ATMs in Central America, Chile, Peru, and Guyana	410	These markets face increased scrutiny for capital allocation

The Bank of Nova Scotia is introducing Intelligent Deposit Machines (IDMs) in 2025 to allow for no-envelope cash and cheque deposits with immediate credit.

Contact centers and specialized advisory teams

Service delivery mixes centralized support with specialized, high-value advice.

• International Banking utilizes a robust network of contact centres.
• Global Wealth Management has industry-leading investment expertise, with its investment teams recognized with 24 awards (latest metric found).
• The bank aims to lead with tailored financial plans and follow with the right products, emphasizing advice over just transactions.

Third-party broker-dealers and financial advisors

Distribution extends beyond direct employees through established networks.

• The bank mentions a 'powerful advisory and distribution network across Canada and Latin America'.
• This network includes channels like Full-Service Brokerage and partnerships related to capital markets activities.
• The bank notes risks associated with the failure of third parties to comply with their obligations.

Finance: draft 13-week cash view by Friday.

The Bank of Nova Scotia (BNS) - Canvas Business Model: Customer Segments

You're looking at the core groups The Bank of Nova Scotia serves across its global footprint as of late 2025. It's a mix, from everyday banking clients to massive institutional players.

Mass-market retail customers (including Tangerine clients)

The Bank of Nova Scotia focuses on building primary client relationships, having added 400,000 new primary clients since launching its new strategy. The Canadian Banking unit, which includes these retail clients, generated adjusted earnings of $3.4 billion for the full year 2025, a decrease of 9%.

• Retail day-to-day and savings deposits grew approximately 6% year-over-year in 2025.
• The Mortgage+ program saw 30% of new clients open a Scotiabank credit card.
• 95% of new Mortgage+ clients retained their day-to-day accounts after one year.
• The bank is acquiring clients in the Small Business segment at approximately twice the market rate.

Small and medium-sized enterprises (SME) and commercial businesses

The commercial side is deeply integrated with the retail segment, evidenced by $15 billion in combined referrals between Retail, Commercial, and Wealth in 2025, an increase of 18% year-over-year.

The overall Canadian Banking segment saw its Q2 2025 adjusted earnings drop to $613 million, down 31% year-over-year, largely due to higher provision for credit losses. Still, the bank is focused on value over volume in these relationships.

High-net-worth individuals and families (Global Wealth Management)

This segment showed strong growth in 2025, with full-year earnings increasing 17% to $1.7 billion. International Wealth specifically saw earnings jump 30% year-over-year in Q4 2025.

You can see the asset scale here:

Metric	Value as of Late 2025 Data Point	Year-over-Year Growth
Spot Assets Under Management (AUM)	$430 billion	16%
Assets Under Administration (AUA)	Almost $800 billion	13%
Q1 2025 AUM	$396 billion	16%

The Q1 2025 adjusted earnings for Global Wealth Management were $416 million, up 22% year-over-year.

Large corporations and institutional investors (Global Banking and Markets)

This business line had a standout year for revenue generation. Full-year earnings were up 30%. The Q4 2025 earnings hit $519 million, a 50% increase compared to the prior year.

Key performance drivers for this segment in fiscal 2025 included:

• Underwriting and advisory fee income: up 37% versus fiscal 2024.
• Trading income: increased 21%.
• Capital markets revenues (Q4 2025): up 43%.

Customers in the North American corridor (Canada, US, Mexico)

The strategic focus on the North American corridor, encompassing Canada, the US, and Mexico, is a key driver for deposit growth. The Canadian Banking unit represents about 40% of The Bank of Nova Scotia's income.

Credit quality in the corridor shows some pressure points, reflected in the overall fiscal 2025 impaired Provision for Credit Losses (PCL) ratio of 54 basis points, which is attributed partly to pressure in parts of Mexico.

The bank also supported 49,700+ women entrepreneurs through its Scotiabank Women Initiative® programs across Canada, Chile, Jamaica, Mexico, Costa Rica, and Peru in 2025.

Finance: draft 13-week cash view by Friday.

The Bank of Nova Scotia (BNS) - Canvas Business Model: Cost Structure

You're looking at the major outflows for The Bank of Nova Scotia (BNS) in its 2025 fiscal year, which is where the rubber meets the road for profitability. The cost structure is dominated by operational expenses and provisions set aside for potential loan defaults.

High non-interest expenses represent a significant drag, totaling C$22.52 billion in 2025. This figure reflects the scale of running a multinational bank across multiple complex jurisdictions.

The cost base is heavily influenced by ongoing strategic spending. You see significant technology and digital investment costs baked into the operating expenses. In the fourth quarter of 2025, overall expenses grew 11% year-over-year, with personnel costs and technology spending explicitly cited as key drivers for that increase.

Personnel costs are a major component, and management signaled a push for efficiency with a C$373 million restructuring charge taken in the fourth quarter of 2025. This charge was tied directly to layoffs across the Canadian banking business and within Global Banking and Markets operations in Asia, showing a clear move to streamline the workforce.

Risk management costs are substantial. The Provision for Credit Losses (PCL) for the full year 2025 reached C$4.71 billion. This was driven by higher impaired PCLs, with the fiscal 2025 impaired PCL ratio landing at 54 basis points of average loans. Management is cautiously optimistic, projecting PCLs to normalize into the high-40s to mid-50s basis-point range for 2026.

The physical footprint remains a cost factor, though less detailed in the latest reports. You still have the baseline costs associated with branch network maintenance and real estate expenses across the Canadian and international footprints, which contribute to the overall non-interest expense base.

Here's a quick look at the key cost line items from the 2025 results:

Cost Component	Fiscal 2025 Amount (C$)	Driver/Context
Total Non-Interest Expenses	22.52 billion	Overall operating scale
Provision for Credit Losses (PCL)	4.71 billion	Impaired loan provisioning
Restructuring Charge (Q4 2025)	373 million	Layoffs and streamlining efforts
Q4 Expense Growth (YoY)	11%	Personnel and technology spending

The bank achieved positive operating leverage for the full year, which is a key metric showing revenue growth outpaced expense growth:

• Full Year Revenue Growth: 12% year-over-year.
• Full Year Expense Growth: 9% year-over-year.
• Resulting Positive Operating Leverage: 3% for the year.

The focus on efficiency is clear, especially when you look at the segment performance driving the expense management narrative. The Global Banking & Markets segment delivered an ROE between 11.3% and 14.1% across the four quarters of 2025, which is considered above a normalized return level, suggesting high-cost, high-return activities are currently carrying the load.

You should track the impact of the Q4 restructuring charge on the upcoming quarters, as that C$373 million is a one-time hit meant to lower the recurring expense base going forward. Finance: draft 13-week cash view by Friday.

The Bank of Nova Scotia (BNS) - Canvas Business Model: Revenue Streams

You're looking at how The Bank of Nova Scotia (BNS) actually brings in the money across its global operations as of late 2025. It's a mix of traditional lending income and fees from advisory and trading services. Honestly, the story this year is how much the capital markets and wealth arms are contributing alongside the core lending business.

The two largest components of revenue for The Bank of Nova Scotia for the full fiscal year 2025 were Net Interest Income and Non-interest income. Total revenue for the full year 2025 reached $\text{C}\$37.74 \text{ billion}$, a solid increase from $\text{C}\$33.67 \text{ billion}$ the prior year.

Here's a quick look at the main revenue drivers for the full year 2025:

Revenue Stream Component	Fiscal Year 2025 Amount (C$)
Net Interest Income (NII) from loans and mortgages	$\text{21.52 billion}$
Non-interest income from fees, commissions, and trading	$\text{16.22 billion}$

That Net Interest Income (NII) is the difference between what The Bank of Nova Scotia earns on its assets, like loans and mortgages, and what it pays out on its liabilities, like deposits. For the fourth quarter ending October 31, 2025, NII was $\text{C}\$5.59 \text{ billion}$, which was up from $\text{C}\$4.92 \text{ billion}$ in the same quarter last year. The full-year Net Interest Margin expanded to $\text{2.33\%}$ from $\text{2.16\%}$.

Non-interest income is where you see the fee-based services really shine. For the full year 2025, this category was $\text{C}\$16.22 \text{ billion}$, marking a $\text{12\%}$ increase year-over-year. This stream is fed by several key areas, showing where The Bank of Nova Scotia is focusing its growth efforts:

• Wealth management fees (mutual fund and brokerage revenues)
• Investment banking and underwriting fees (Global Banking and Markets)
• Foreign exchange and cross-border transaction fees

You can see the strength in the fee-based segments when you look at the segment results. For instance, in the first quarter of 2025, Global Wealth Management adjusted earnings were $\text{C}\$416 \text{ million}$, up $\text{22\%}$ year-over-year, directly citing growth from higher mutual fund fees and brokerage revenues.

The Global Banking and Markets division was a major revenue generator from fees in 2025. The bank reported a record year in underwriting and advisory fee income, which was up $\text{37\%}$ compared with fiscal 2024. Trading income also saw a lift, increasing $\text{21\%}$ in fiscal 2025. This robust performance meant the Global Banking and Markets segment earnings grew by $\text{50\%}$ year-over-year in the fourth quarter.

When you check the Q4 2025 numbers, non-interest income hit $\text{C}\$4.22 \text{ billion}$. The increase in that quarter was attributed mainly to higher income from associated corporations, like the KeyCorp investment, plus those higher wealth management revenues and underwriting/advisory fees. It definitely shows you that the non-lending side of the business is becoming a more significant part of the overall revenue picture for The Bank of Nova Scotia.

Finance: draft 13-week cash view by Friday.