Scotiabank (TSX:BNS) started the 2026 Big Five Canadian bank earnings season on a strong note, reporting broad-based growth across its domestic and international operations.
For the first quarter, Scotiabank posted net income of C$2.3 billion, up from C$993 million in the same period last year. Diluted earnings per share (EPS) were C$1.73, compared with C$0.66 a year earlier.
On an adjusted basis, which excludes a C$1.4 billion charge from last year tied to international divestitures, EPS came in at C$2.05, beating analyst expectations of C$1.95.
Adjusted net income rose to C$2.7 billion from C$2.36 billion, while adjusted return on equity increased to 13% from 11.8%.
Total revenue for the quarter reached C$10.08 billion, above the C$9.7 billion expected by analysts. The bank reported a Common Equity Tier 1 (CET1) capital ratio of 13.3%, reflecting a solid capital position.
“2026 is off to a strong start for Scotiabank,” CEO and president Scott Thomson said in a statement.
“We saw earnings growth across all of our business lines this quarter, including in Canadian Banking, where we delivered another quarter of sequential margin expansion, accelerating fee income growth, and positive operating leverage.”
Canadian Banking earned C$960 million, up 5% year-over-year, supported by revenue growth and disciplined expense management, partially offset by higher credit loss provisions.
International Banking generated earnings of C$737 million, a 7% increase, while Global Wealth Management reported adjusted earnings of C$491 million, up 18%, driven by higher mutual fund fees, brokerage revenues, and net interest income.
Global Banking and Markets contributed C$544 million in earnings, a 5% year-over-year increase.
Thomson added that the bank remains on track to achieve its medium-term objectives, including a return on equity above 14% by 2027, one year ahead of previously outlined targets.
Scotiabank’s Toronto-listed shares traded down 1% at about C$103 following the report, while its US-listed were down 0.9% at US$75.