|Over a week ago|
Bank of Nova Scotia upgraded to Buy from Hold at TD Securities » 07:3103/2003/20/20
TD Securities analyst…
TD Securities analyst Mario Mendonca upgraded Bank of Nova Scotia to Buy from Hold with a C$66 price target.
Canadian banks to provide financial relief for Canadians amid COVID-19 pandemic » 19:1903/1703/17/20
BMO, CM, NTIOF, RY, BNS, TD
Canada's six largest…
Canada's six largest banks announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19. Effective immediately, Bank of Montreal (BMO), CIBC (CM), National Bank of Canada (NTIOF), RBC Royal Bank (RY), Scotiabank (BNS) and TD Bank (TD) have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19. This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products. Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.
Scotiabank cuts prime lending rate to 2.95% from 3.45% » 16:2703/1603/16/20
Scotiabank announced that…
Scotiabank announced that it is decreasing its Canadian dollar prime lending rate to 2.95% from 3.45%, effective March 17, 2020.
Bank of Nova Scotia downgraded to Neutral from Buy at BofA » 06:4103/1303/13/20
BofA analyst Ebrahim…
BofA analyst Ebrahim Poonawala downgraded Bank of Nova Scotia to Neutral from Buy. His constructive view on the banks was previously based on an outlook for stabilizing interest rates, a housing rebound, a resolution on the trade war and accelerating capital returns, but the events of the last few weeks "have thrown each of these assumptions into question," Poonawala tells investors. Though he admits he "could be downgrading these stocks near trough levels," the analyst said the unknown fundamentals warrants caution.
Bank of Nova Scotia price target lowered to C$72 from C$82 at Barclays » 14:0603/0903/09/20
Barclays analyst John…
Barclays analyst John Aiken lowered the firm's price target on Bank of Nova Scotia to C$72 from C$82 and keeps an Overweight rating on the shares. The direct impact of the 50bp rate cuts by both the Bank of Canada and the Federal Reserve Bank, as well as what this implies for economic activity going forward, significantly alters the analyst's outlook on the Canadian Banking sector. Consequently, Aiken has lowered his target multiples by over 1.0x.
|Over a month ago|
Scotiabank cuts prime lending rate to 3.45% from 3.95% » 17:5903/0403/04/20
Scotiabank announced that…
Scotiabank announced that it is decreasing its Canadian dollar prime lending rate to 3.45% from 3.95%, effective March 5, 2020.
Bank of Nova Scotia reports Q1 adj. EPS $1.83, consensus $1.34 » 05:4802/2502/25/20
Reports Q1 CET1 capital…
Reports Q1 CET1 capital ratio 11.4%. Return on equity was 13.9% compared to 13.7% a year ago. "We are pleased with our balanced performance this quarter having delivered solid results across all our businesses, and our asset quality remains strong," said Brian Porter, President and CEO of Scotiabank.
|Over a quarter ago|
RBC Capital to hold a conference » 07:5801/0701/07/20
Canadian Bank CEO…
Canadian Bank CEO Conference will be held in Toronto on January 7.
Scotiabank announces certain items impacting Q1 reported results » 16:1901/0601/06/20
Scotiabank provided an…
Scotiabank provided an update on certain items that will cumulatively benefit its first quarter reported results by approximately $175M after-tax. As previously announced, the Bank sold its 49% interest in Thanachart Bank Public Company Limited in Thailand in exchange for cash and an approximately 6% ownership interest in the form of common shares in TMB Bank Public Company Limited, Thailand. The Bank realized a net gain of approximately $410M after-tax on the sale that will be recorded in the income statement in Q1 2020. The Bank determines its allowance for credit losses using three probability-weighted forward-looking scenarios. The "base case" represents the most likely outcome and the other two scenarios represent more optimistic and more pessimistic outcomes, to which relative probabilities are assigned. Consistent with developing practice among major international banks in applying IFRS 9, and the Bank's prudent approach to expected credit loss provisioning, the Bank has added an additional, more severe pessimistic scenario, effective this quarter. The Bank currently estimates that the addition of this fourth scenario will increase the ACL of $5.1B by approximately $150M or approximately $110M after-tax. Together with the implementation of a new derivatives valuation platform, the Bank has enhanced its fair value methodology primarily relating to uncollateralized OTC derivatives. This enhancement will result in an after-tax charge of approximately $90M that will be recorded in the income statement in Q1 2020. The Bank has identified one software asset that depends on embedded third-party software which will be discontinued, and vendor support will subsequently cease to be available at the end of 2020. This asset must be replaced, and the Bank has already developed plans in this regard. The Bank will record an after-tax impairment charge of approximately $35M, in the income statement in Q1 2020.
Bank of Nova Scotia downgraded to Neutral from Buy at Citi » 06:5112/1712/17/19
Citi analyst Maria…
Citi analyst Maria Semikhatova downgraded Bank of Nova Scotia to Neutral from Buy with an unchanged price target of C$80. The analyst downgraded the Canadian Banks sector to Neutral to reflect "muted" earnings growth expectations, further pressure on profitability and valuation.