Q323 Quarterly Press Release-En

Third Quarter 2023 Earnings Release
Scotiabank reports third quarter results

All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended July 31, 2023
and related notes prepared in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless
otherwise noted. Our complete Third Quarter 2023 Report to Shareholders, including our unaudited interim financial statements for the period ended July 31,
2023, can also be found on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC’s website at www.sec.gov. Supplementary Financial
Information is also available, together with the Third Quarter 2023 Report to Shareholders on the Investor Relations page at www.scotiabank.com
Third Quarter 2023 Highlights on a Reported Basis Third Quarter 2023 Highlights on an Adjusted Basis(1)
(versus Q3 2022) (versus Q3 2022)
• Net income of $2,212 million, compared to $2,594 million • Net income of $2,227 million, compared to $2,611 million
• Earnings per share (diluted) of $1.72, compared to $2.09 • Earnings per share (diluted) of $1.73, compared to $2.10
• Return on equity(2) of 12.1%, compared to 15.3% • Return on equity of 12.2%, compared to 15.4%
TORONTO, August 29, 2023 – Scotiabank reported third quarter net income of $2,212 million compared to $2,594 million
in the same period last year. Diluted earnings per share (EPS) were $1.72, compared to $2.09 in the same period a year ago.
Adjusted net income(1) for the third quarter was $2,227 million and EPS was $1.73, down from $2.10 last year. Adjusted return
on equity was 12.2% compared to 15.4% a year ago.
“The Bank delivered another quarter of stable earnings, strengthening our capital and liquidity metrics while prudently
increasing loan loss allowances and managing expense growth as we navigate this period of economic uncertainty,” said Scott
Thomson, President and CEO of Scotiabank.
Canadian Banking delivered adjusted earnings(1) of $1,063 million this quarter, as provision for credit losses continued to
increase. Strong net interest income in the quarter drove an increase in pre-tax pre-provision earnings(3).
International Banking generated adjusted earnings(1) of $654 million. Strong revenues more than offset higher non-interest
expenses resulting in higher pre-tax pre-provision earnings(3). This was offset by higher provision for credit losses.
Global Wealth Management adjusted earnings(1) were $375 million. Strong double-digit growth across our international
businesses were partly offset by challenging market conditions that continue to impact revenue growth in Canada.
Global Banking and Markets reported earnings of $434 million this quarter, an increase of 15% year-over-year. The results
reflect solid capital markets performance in a challenging market environment.
The Bank reported an increased Common Equity Tier 1 (CET1) capital ratio(4) of 12.7%, up from 11.4% last year. The Liquidity
Coverage Ratio (LCR)(5) was strong at 133%, up from 122% in the prior year.
“Our results this quarter demonstrate early progress on our deposit growth initiatives and continued focus on balance sheet
strength and stability, key priorities as we position the Bank for our next phase of growth,” said Scott Thomson.
(1)
Refer to Non-GAAP Measures section starting on page 6.
(2)
Refer to page 53 of the Management’s Discussion & Analysis in the Bank's Third Quarter 2023 Report to Shareholders, available at www.sedarplus.ca, for an explanation of
the composition of the measure. Such explanation is incorporated by reference hereto.
(3)
Pre-tax, pre-provision (PTPP) earnings are calculated as revenue net of non-interest expenses. This is a non-GAAP measure. PTPP earnings do not have a standardized
meaning under GAAP and may not be comparable to similar measures disclosed by other financial institutions. The Bank uses PTPP earnings to assess its ability to generate
earnings growth excluding the impact of credit losses and income taxes. The Bank believes that certain non-GAAP measures provide readers with a better understanding of
how management assesses performance.
(4)
This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (February 2023).
(5)
This measure has been disclosed in this document in accordance with OSFI Guideline – Public Disclosure Requirements for Domestic Systemically Important Banks on
Liquidity Coverage Ratio (April 2015).
Scotiabank Third Quarter Press Release 2023 1
Financial Highlights
Reported Results For the three months ended For the nine months ended
July 31 April 30 July 31 July 31 July 31
(Unaudited)($ millions) 2023 2023 2022 2023 2022
Net interest income $ 4,580 $ 4,466 $ 4,676 $ 13,615 $ 13,493
Non-interest income 3,510 3,463 3,123 10,384 10,297
Total revenue $ 8,090 $ 7,929 $ 7,799 $ 23,999 $ 23,790
Provision for credit losses 819 709 412 2,166 853
Non-interest expenses 4,562 4,576 4,191 13,602 12,573
Income tax expense 497 485 602 2,088 2,283
Net income $ 2,212 $ 2,159 $ 2,594 $ 6,143 $ 8,081
Net income attributable to non-controlling interests in
subsidiaries 21 26 54 87 220
Net income attributable to equity holders of the Bank $ 2,191 $ 2,133 $ 2,540 $ 6,056 $ 7,861
Preferred shareholders and other equity instrument holders 105 104 36 310 154
Common shareholders $ 2,086 $ 2,029 $ 2,504 $ 5,746 $ 7,707
Earnings per common share (in dollars)
Basic $ 1.74 $ 1.70 $ 2.10 $ 4.81 $ 6.41
Diluted $ 1.72 $ 1.69 $ 2.09 $ 4.76 $ 6.39
Business Segment Review

Canadian Banking
Q3 2023 vs Q3 2022
Net income attributable to equity holders was $1,062 million, compared to $1,213 million. Adjusted net income attributable to
equity holders was $1,063 million, down $154 million or 13%. The decline was due primarily to higher provision for credit losses
and non-interest expenses, partly offset by higher revenue.
Q3 2023 vs Q2 2023
Net income attributable to equity holders and adjusted net income attributable to equity holders increased by $2 million.
Higher revenue and lower non-interest expenses were largely offset by higher provision for credit losses.
Year-to-date Q3 2023 vs Year-to-date Q3 2022

equity holders was $3,212 million, down $393 million or 11%. The decline was due primarily to higher provision for credit losses
and non-interest expenses, partly offset by higher revenue.
International Banking
Q3 2023 vs Q3 2022
Net income attributable to equity holders of $628 million and adjusted net income attributable to equity holders at $635
million were in line with the prior period. Higher net interest income and non-interest income, and the positive impact of
foreign currency translation, were mostly offset by higher non-interest expenses, provision for credit losses and provision for
income taxes.
Q3 2023 vs Q2 2023
Net income attributable to equity holders decreased by $14 million or 2%. Adjusted net income attributable to equity holders
decreased by $15 million or 2%. The decrease was due primarily to higher provision for credit losses, provision for income
taxes and non-interest expenses, and lower non-interest income, partly offset by higher net interest income and the positive
impact of foreign currency translation.

Net income attributable to equity holders was $1,924 million, an increase of 8% from $1,775 million. Adjusted net income
attributable to equity holders was $1,946 million, an increase of $150 million or 8%. The increase was driven by higher net
interest income and non-interest income, and the positive impact of foreign currency translation, partly offset by higher non-
interest expenses, provision for credit losses and provision for income taxes.
2 Scotiabank Third Quarter Press Release 2023

Financial Performance on a Constant Dollar Basis
The discussion below on the results of operations is on a constant dollar basis. Under the constant dollar basis, prior period
amounts are recalculated using current period average foreign currency rates, which is a non-GAAP financial measure (refer to
Non-GAAP Measures starting on page 6). The Bank believes that constant dollar is useful for readers in assessing ongoing
business performance without the impact of foreign currency translation and is used by management to assess the
performance of the business segment.
Q3 2023 vs Q3 2022
Net income attributable to equity holders was $628 million, down $57 million or 8%. Adjusted net income attributable to
equity holders was $635 million, down $58 million or 8%. The decrease was driven by higher provision for credit losses, non-
interest expenses and provision for income taxes, partly offset by higher net interest income and non-interest income.
Q3 2023 vs Q2 2023
Net income attributable to equity holders decreased by $39 million or 6%. Adjusted net income attributable to equity holders
decreased by $40 million or 6%. The decrease was due primarily to higher provision for credit losses, lower non-interest
income, and higher provision for income taxes, partly offset by higher net interest income and lower non-interest expenses.

Net income attributable to equity holders was $1,924 million, an increase of 3% from $1,871 million. Adjusted net income
attributable to equity holders was $1,946 million, an increase of $52 million or 3%. The increase was driven by higher net
interest income and non-interest income, partly offset by higher provision for credit losses, non-interest expenses and
provision for income taxes.
Global Wealth Management
Q3 2023 vs Q3 2022
Net income attributable to equity holders was $366 million, compared to $376 million. Adjusted net income attributable to
equity holders was $373 million, down $10 million or 3%. The decline was due primarily to higher non-interest expenses, partly
offset by strong revenue growth in the international businesses and higher brokerage revenues in Canada.
Q3 2023 vs Q2 2023
Net income attributable to equity holders increased $13 million or 4%. Adjusted net income attributable to equity holders
increased $14 million or 4%, due primarily to higher brokerage revenues and mutual fund fees, partly offset by higher non-
interest expenses.

equity holders was $1,124 million, down $91 million or 7%. The decline was due primarily to lower brokerage revenues and
mutual fund fees, partly offset by higher net interest income.
Global Banking and Markets
Q3 2023 vs Q3 2022
Net income attributable to equity holders was $434 million, an increase of $56 million or 15% due to higher revenue and the
positive impact of foreign currency translation, partly offset by higher non-interest expenses.
Q3 2023 vs Q2 2023
Net income attributable to equity holders increased by $33 million or 8% due mainly to lower provision for credit losses.

Net income attributable to equity holders was $1,354 million, a decrease of $73 million or 5% due to higher non-interest
expenses and higher provision for credit losses, partly offset by higher revenue and the positive impact of foreign currency
translation.
Other
Q3 2023 vs Q3 2022
Net income attributable to equity holders was a net loss of $299 million, compared to a $52 million net loss in the prior year.
The decline was due mainly to lower revenues primarily related to higher funding costs and lower income from investment
gains. This was partly offset by lower non-interest expenses and provision for income taxes.

Q3 2023 vs Q2 2023
Net income attributable to equity holders improved $24 million from the prior quarter, due to lower non-interest expenses
and lower provision for income taxes, partly offset by lower revenues primarily related to higher funding costs.

Net income attributable to equity holders was a net loss of $1,535 million, compared to a net loss of $129 million. Adjusted net
income attributable to equity holders was a net loss of $956 million, due mainly to lower revenues, partly offset by lower
provision for income taxes and non-interest expenses. Lower revenues were due primarily to treasury activities related to
higher funding costs and lower income from hedges. This was partly offset by higher income from liquid assets. Also
contributing to the lower revenue was lower income from associated corporations.
Credit risk
Provision for credit losses
Q3 2023 vs Q3 2022
The provision for credit losses was $819 million, compared to $412 million, an increase of $407 million. The provision for credit
losses ratio increased 20 basis points to 42 basis points.
The provision for credit losses on performing loans was $81 million, compared to $23 million. The provision this period was
driven primarily by the continued unfavourable macroeconomic outlook, challenging market conditions in Chile and Colombia
driven by higher inflation, and by retail portfolio growth.
The provision for credit losses on impaired loans was $738 million, compared to $389 million, an increase of $349 million due
primarily to higher formations in Canadian Banking and International retail portfolios. The provision for credit losses ratio on
impaired loans was 38 basis points, an increase of 17 basis points.
Q3 2023 vs Q2 2023
The provision for credit losses was $819 million, compared to $709 million, an increase of $110 million or 16%. The provision
for credit losses ratio increased five basis points to 42 basis points.
The provision for credit losses on performing loans was $81 million, compared to $88 million, a decrease of $7 million. The
provision this period was driven primarily by the continued unfavourable macroeconomic outlook, challenging market
conditions in Chile and Colombia driven by higher inflation, and retail portfolio growth.
The provision for credit losses on impaired loans was $738 million, compared to $621 million, an increase of $117 million or
19% due primarily to higher formations in the Canadian Banking and International retail portfolios. The provision for credit
losses ratio on impaired loans was 38 basis points, an increase of five basis points.

The provision for credit losses was $2,166 million, compared to $853 million, an increase of $1,313 million. The provision for
credit losses ratio increased 21 basis points to 37 basis points.
Provision for credit losses on performing loans was $245 million, compared to a net reversal of $347 million. The provision this
period was driven primarily by the continued unfavourable macroeconomic outlook and retail portfolio growth across
markets.
Provision for credit losses on impaired loans was $1,921 million compared to $1,200 million, an increase of $721 million or 60%
due primarily to higher formations in the Canadian and International retail portfolios. The provision for credit losses ratio on
impaired loans increased 10 basis points to 33 basis points.
Allowance for credit losses

The total allowance for credit losses as at July 31, 2023 was $6,094 million compared to $5,931 million last quarter. The
allowance for credit losses ratio was 78 basis points, an increase of three basis points. The allowance for credit losses on loans
was $5,893 million, up $157 million from the prior quarter. The increase was due to the impact of the continued unfavourable
macroeconomic outlook and higher provisions on retail portfolios.
The allowance against performing loans was higher at $4,073 million compared to $3,985 million as at April 30, 2023. The
allowance for performing loans ratio was 55 basis points, an increase of three basis points. The increase was due primarily to
the continued unfavourable macroeconomic outlook.
The allowance on impaired loans increased to $1,820 million from $1,751 million last quarter. The allowance for impaired loans
ratio was 23 basis points, unchanged from the prior quarter. The increase was due primarily to higher retail provisions.

Impaired loans
Gross impaired loans increased to $5,487 million as at July 31, 2023, from $5,305 million last quarter. The increase was due
primarily to the net formations in retail portfolios. The gross impaired loan ratio was 70 basis points, an increase of three basis
points from last quarter.
Net impaired loans in Canadian Banking were $872 million, an increase of $148 million from last quarter, due primarily to
higher commercial and retail formations. International Banking’s net impaired loans were $2,704 million, a decrease of $11
million from last quarter, due to lower commercial impaired loans due primarily to repayment on one account in the utility
sector, partly offset by higher retail formations. In Global Banking and Markets, net impaired loans were $79 million, a decrease
of $21 million from last quarter, due mainly to repayment on one account in the mining sector. In Global Wealth Management,
net impaired loans were $12 million, a decrease of $3 million from last quarter. Net impaired loans as a percentage of loans
and acceptances were 0.47%, an increase of two basis points from 0.45% last quarter.
Capital Ratios
The Bank’s Common Equity Tier 1 (CET1) capital ratio(1) was 12.7% as at July 31, 2023, an increase of approximately 40 basis
points from the prior quarter, due primarily to internal capital generation, lower risk-weighted assets including the benefit of a
risk transfer transaction, and share issuances from the Bank’s Shareholder Dividend and Share Purchase Plan.
The Bank’s Tier 1 capital ratio(1) was 14.6% as at July 31, 2023, an increase of approximately 50 basis points from the prior
quarter, due primarily to the above noted impacts to the CET1 ratio.
The Bank’s Total capital ratio(1) was 16.9% as at July 31, 2023, an increase of approximately 70 basis points from the prior
quarter, mainly due to the above noted impacts to the Tier 1 capital ratio and a $1 billion issuance of subordinated debentures.
The Leverage ratio(2) was 4.1% as at July 31, 2023, a decrease of approximately 10 basis points from the prior quarter, due
primarily to growth in on-balance sheet assets.
The Total loss absorbing capacity (TLAC) ratio(3) was 30.5% as at July 31, 2023, an increase of approximately 220 basis points
from the prior quarter, mainly from TLAC issuances during the quarter and the above noted impacts to the Total capital ratio.
The TLAC Leverage ratio(3) was 8.7%, an increase of approximately 30 basis points, due primarily to TLAC issuances during the
quarter.
As at July 31, 2023, the CET1, Tier 1, Total capital, Leverage, TLAC and TLAC Leverage ratios were well above OSFI’s minimum
capital ratios.
(1)
This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (February 2023).
(2)
This measure has been disclosed in this document in accordance with OSFI Guideline – Leverage Requirements (February 2023).
(3)
This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).

Non-GAAP Measures
The Bank uses a number of financial measures to assess its performance, as well as the performance of its operating
segments. Some of these financial measures are presented on a non-GAAP basis and are not calculated in accordance with
Generally Accepted Accounting Principles (GAAP), which are based on IFRS Accounting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB), are not defined by GAAP and do not have standardized meanings and
therefore might not be comparable to similar financial measures disclosed by other issuers. The Bank believes that non-GAAP
measures are useful as they provide readers with a better understanding of how management assesses performance. These
non-GAAP measures are used throughout this press release and defined below.
Adjusted results and diluted earnings per share

The following tables present a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results.
Management considers both reported and adjusted results and measures useful in assessing underlying ongoing business
performance. Adjusted results and measures remove certain specified items from revenue, non-interest expenses, income
taxes and non-controlling interest. Presenting results on both a reported basis and adjusted basis allows readers to assess the
impact of certain items on results for the periods presented, and to better assess results and trends excluding those items that
may not be reflective of ongoing business performance. Net income and diluted earnings per share have been adjusted for the
following:
Adjustments impacting current and prior periods:

Amortization of acquisition-related intangible assets: These costs relate to the amortization of intangibles recognized upon
the acquisition of businesses, excluding software, and are recorded in the Canadian Banking, International Banking and
Global Wealth Management operating segments.
Canada Recovery Dividend, recorded in Q1 2023: The Bank recognized an additional income tax expense of $579 million
reflecting the present value of the amount payable for the Canada Recovery Dividend (CRD). The CRD is a Canadian federal
tax measure which requires the Bank to pay a one-time tax of 15% on taxable income in excess of $1 billion, based on the
average taxable income for the 2020 and 2021 taxation years. The CRD is payable in equal amounts over five years; however,
the present value of these payments must be recognized as a liability in the quarter enacted. The charge was recorded in the
Other operating segment.

Reconciliation of reported and adjusted results and diluted earnings per share
For the three months ended For the nine months ended
July 31 April 30 July 31 July 31 July 31
($ millions) 2023 2023 2022 2023 2022
Reported Results
Total revenue 8,090 7,929 7,799 23,999 23,790
Income before taxes 2,709 2,644 3,196 8,231 10,364
Net income $ 2,212 $ 2,159 $ 2,594 $ 6,143 $ 8,081
Net income attributable to non-controlling interests in subsidiaries (NCI) 21 26 54 87 220
Net income attributable to equity holders 2,191 2,133 2,540 6,056 7,861
Net income attributable to preferred shareholders and other equity
instrument holders 105 104 36 310 154
Net income attributable to common shareholders $ 2,086 $ 2,029 $ 2,504 $ 5,746 $ 7,707
Diluted earnings per share (in dollars) $ 1.72 $ 1.69 $ 2.09 $ 4.76 $ 6.39
Weighted average number of diluted common shares
outstanding (millions) 1,214 1,197 1,203 1,201 1,221
Adjustments
Adjusting items impacting non-interest expenses (Pre-tax)
Amortization of acquisition-related intangible assets $ 20 $ 21 $ 24 $ 62 $ 73
Total non-interest expense adjusting items (Pre-tax) 20 21 24 62 73
Total impact of adjusting items on net income before taxes 20 21 24 62 73
Impact of adjusting items on income tax expense
Canada recovery dividend - - - 579 -
Amortization of acquisition-related intangible assets (5) (6) (7) (17) (20)
Total impact of adjusting items on income tax expense (5) (6) (7) 562 (20)
Total impact of adjusting items on net income $ 15 $ 15 $ 17 $ 624 $ 53
Impact of adjusting items on NCI - - - - -
Total impact of adjusting items on net income attributable to equity
holders and common shareholders $ 15 $ 15 $ 17 $ 624 $ 53
Adjusted Results
Total revenue 8,090 7,929 7,799 23,999 23,790
Income before taxes 2,729 2,665 3,220 8,293 10,437
Net income $ 2,227 $ 2,174 $ 2,611 $ 6,767 $ 8,134
Net income attributable to NCI 21 26 54 87 220
Net income attributable to equity holders 2,206 2,148 2,557 6,680 7,914
Net income attributable to preferred shareholders and other equity
instrument holders 105 104 36 310 154
Net income attributable to common shareholders $ 2,101 $ 2,044 $ 2,521 $ 6,370 $ 7,760
Diluted earnings per share (in dollars) $ 1.73 $ 1.70 $ 2.10 $ 5.28 $ 6.43
Impact of adjustments on diluted earnings per share (in dollars) $ 0.01 $ 0.01 $ 0.01 $ 0.52 $ 0.04
Weighted average number of diluted common shares
outstanding (millions) 1,214 1,197 1,203 1,212 1,221

Reconciliation of reported and adjusted results by business line
For the three months ended July 31, 2023(1)
Global
Canadian International Global Wealth Banking and
($ millions) Banking Banking Management Markets Other Total
Reported net income (loss) $ 1,062 $ 647 $ 368 $ 434 $ (299) $ 2,212
Net income attributable to non-controlling interests in subsidiaries (NCI) - 19 2 - - 21
Reported net income attributable to equity holders 1,062 628 366 434 (299) 2,191
Reported net income attributable to preferred shareholders and
other equity instrument holders 2 1 - 1 101 105
Reported net income attributable to common shareholders $ 1,060 $ 627 $ 366 $ 433 $ (400) $ 2,086
Adjustments
Amortization of acquisition-related intangible assets 1 10 9 - - 20
Total non-interest expenses adjustments (Pre-tax) 1 10 9 - - 20
Total impact of adjusting items on net income before taxes 1 10 9 - - 20
Impact of adjusting items on income tax expense - (3) (2) - - (5)
Total impact of adjusting items on net income 1 7 7 - - 15
Total impact of adjusting items on net income attributable to
equity holders and common shareholders 1 7 7 - - 15
Adjusted net income (loss) $ 1,063 $ 654 $ 375 $ 434 $ (299) $ 2,227
Adjusted net income attributable to equity holders $ 1,063 $ 635 $ 373 $ 434 $ (299) $ 2,206
Adjusted net income attributable to common shareholders $ 1,061 $ 634 $ 373 $ 433 $ (400) $ 2,101
(1) Refer to Business Segment Review section of the Bank's Q3 2023 Quarterly Report to Shareholders.
For the three months ended April 30, 2023(1)
Global
other equity instrument holders 1 1 1 1 100 104
Adjustments
Impact of adjusting items on income tax expense - (3) (3) - - (6)

For the three months ended July 31, 2022(1)
Global
other equity instrument holders 1 - 1 1 33 36
Adjustments
Impact of adjusting items on income tax expense (1) (4) (2) - - (7)
For the nine months ended July 31, 2023(1)
Global
Reported net income (loss) $ 3,209 $ 2,004 $ 1,111 $ 1,354 $ (1,535) $ 6,143
Reported net income attributable to equity holders 3,209 1,924 1,104 1,354 (1,535) 6,056
Reported net income attributable to common shareholders $ 3,206 $ 1,920 $ 1,102 $ 1,351 $ (1,833) $ 5,746
Adjustments
Impact of adjusting items on income tax expense
Canada recovery dividend - - - - 579 579
Impact of other adjusting items on income tax expense (1) (9) (7) - - (17)
Total impact of adjusting items on income tax expense (1) (9) (7) - 579 562
Total impact of adjusting items on net income 3 22 20 - 579 624
equity holders and common shareholders 3 22 20 - 579 624
Adjusted net income (loss) $ 3,212 $ 2,026 $ 1,131 $ 1,354 $ (956) $ 6,767
Adjusted net income attributable to equity holders $ 3,212 $ 1,946 $ 1,124 $ 1,354 $ (956) $ 6,680
Adjusted net income attributable to common shareholders $ 3,209 $ 1,942 $ 1,122 $ 1,351 $ (1,254) $ 6,370

For the nine months ended July 31, 2022(1)
Global
Reported net income (loss) $ 3,593 $ 1,988 $ 1,202 $ 1,427 $ (129) $ 8,081
Reported net income attributable to equity holders 3,593 1,775 1,195 1,427 (129) 7,861
Reported net income attributable to common shareholders $ 3,588 $ 1,770 $ 1,192 $ 1,423 $ (266) $ 7,707
Adjustments
Impact of adjusting items on income tax expense (4) (9) (7) - - (20)
Adjusted net income (loss) $ 3,605 $ 2,009 $ 1,222 $ 1,427 $ (129) $ 8,134
Adjusted net income attributable to equity holders $ 3,605 $ 1,796 $ 1,215 $ 1,427 $ (129) $ 7,914
Adjusted net income attributable to common shareholders $ 3,600 $ 1,791 $ 1,212 $ 1,423 $ (266) $ 7,760

Reconciliation of International Banking’s reported, adjusted and constant dollar results
International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure. Under
the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The
following table presents the reconciliation between reported, adjusted and constant dollar results for International Banking for
prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the
impact of foreign currency translation and is used by management to assess the performance of the business segment.
Reported Results For the three months ended For the nine months ended
($ millions) April 30, 2023 July 31, 2022 July 31, 2022
Foreign Constant Foreign Constant Foreign Constant
(Taxable equivalent basis) Reported exchange dollar Reported exchange dollar Reported exchange dollar
Net interest income $ 2,007 $ (22) $ 2,029 $ 1,759 $ (194) $ 1,953 $ 5,094 $ (436) $ 5,530
Non-interest income 745 (44) 789 660 (27) 687 2,129 (12) 2,141
Total revenue 2,752 (66) 2,818 2,419 (221) 2,640 7,223 (448) 7,671
Provision for credit losses 436 (10) 446 325 (31) 356 875 (63) 938
Non-interest expenses 1,479 (25) 1,504 1,295 (122) 1,417 3,848 (268) 4,116
Income tax expense 172 (8) 180 122 (4) 126 512 (10) 522
Net income $ 665 $ (23) $ 688 $ 677 $ (64) $ 741 $ 1,988 $ (107) $ 2,095
Net income attributable to non-controlling
interest in subsidiaries (NCI) $ 23 $ 2 $ 21 $ 52 $ (4) $ 56 $ 213 $ (11) $ 224
Net income attributable to equity holders of the Bank $ 642 $ (25) $ 667 $ 625 $ (60) $ 685 $ 1,775 $ (96) $ 1,871
Other measures
Average assets ($ billions) $ 239 $ (1) $ 240 $ 209 $ (20) $ 229 $ 203 $ (16) $ 219
Average liabilities ($ billions) $ 181 $ (1) $ 182 $ 155 $ (17) $ 172 $ 149 $ (13) $ 162
Adjusted Results For the three months ended For the nine months ended
($ millions) April 30, 2023 July 31, 2022 July 31, 2022
Constant Constant Constant
Foreign dollar Foreign dollar Foreign dollar
(Taxable equivalent basis) Adjusted exchange adjusted Adjusted exchange adjusted Adjusted exchange adjusted
Net interest income $ 2,007 $ (22) $ 2,029 $ 1,759 $ (194) $ 1,953 $ 5,094 $ (436) $ 5,530
Non-interest income 745 (44) 789 660 (27) 687 2,129 (12) 2,141
Total revenue 2,752 (66) 2,818 2,419 (221) 2,640 7,223 (448) 7,671
Provision for credit losses 436 (10) 446 325 (31) 356 875 (63) 938
Non-interest expenses 1,468 (25) 1,493 1,285 (122) 1,407 3,818 (267) 4,085
Income tax expense 175 (9) 184 126 (3) 129 521 (9) 530
Net income $ 673 $ (22) $ 695 $ 683 $ (65) $ 748 $ 2,009 $ (109) $ 2,118
Net income attributable to NCI $ 23 $ 3 $ 20 $ 52 $ (3) $ 55 $ 213 $ (11) $ 224
Net income attributable to equity holders of the Bank $ 650 $ (25) $ 675 $ 631 $ (62) $ 693 $ 1,796 $ (98) $ 1,894
Return on equity
Return on equity is a profitability measure that presents the net income attributable to common shareholders (annualized) as
a percentage of average common shareholders’ equity.
The Bank attributes capital to its business lines on a basis that approximates 10.5% of Basel III common equity capital
requirements which includes credit, market and operational risks and leverage inherent within each business segment.
Return on equity for the business segments is calculated as a ratio of net income attributable to common shareholders
(annualized) of the business segment and the capital attributed.
Adjusted return on equity is a non-GAAP ratio which represents adjusted net income attributable to common
shareholders (annualized) as a percentage of average common shareholders’ equity.

Forward-looking statements
From time to time, our public communications include oral or written forward-looking statements. Statements of this type are included in this
document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission (SEC), or
in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the
media and others. All such statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of
1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in
this document, the Management’s Discussion and Analysis in the Bank’s 2022 Annual Report under the headings “Outlook” and in other
statements regarding the Bank’s objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates,
anticipated financial results, and the outlook for the Bank’s businesses and for the Canadian, U.S. and global economies. Such statements are
typically identified by words or phrases such as “believe,” “expect,” “foresee,” “forecast,” “anticipate,” “intend,” “estimate,” “plan,” “goal,”
“target,” “project,” “commit,” “objective,” and similar expressions of future or conditional verbs, such as “will,” “may,” “should,” “would,”
“might,” “can” and “could” and positive and negative variations thereof.
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which
give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our
assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved.
We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and
effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or
intentions expressed in such forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general
economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and
market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank
and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in
supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such
changes on funding costs; changes to our credit ratings; the possible effects on our business of war or terrorist actions and unforeseen
consequences arising from such actions; operational and infrastructure risks; reputational risks; the accuracy and completeness of information
the Bank receives on customers and counterparties; the timely development and introduction of new products and services, and the extent to
which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their
origination; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining
regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these
estimates; global capital markets activity; the Bank’s ability to attract, develop and retain key executives; the evolution of various types of
fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber-attacks) on the Bank's information
technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and
business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to
significant litigation and regulatory matters; climate change and other environmental and social risks, including sustainability that may arise,
including from the Bank’s business activities; the occurrence of natural and unnatural catastrophic events and claims resulting from such
events; inflationary pressures; Canadian housing and household indebtedness; the emergence of widespread health emergencies or
pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial market
conditions and the Bank’s business, results of operations, financial condition and prospects; and the Bank’s anticipation of and success in
managing the risks implied by the foregoing. A substantial amount of the Bank’s business involves making loans or otherwise committing
resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a
material adverse effect on the Bank’s financial results, businesses, financial condition or liquidity. These and other factors may cause the
Bank’s actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding
list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results, for more information, please see
the “Risk Management” section of the Bank’s 2022 Annual Report, as may be updated by quarterly reports.
Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2022 Annual Report
under the headings “Outlook”, as updated by quarterly reports. The “Outlook” and “2023 Priorities” sections are based on the Bank’s views
and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on
forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the
preceding factors, other uncertainties and potential events.
Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented
for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and
anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes.
Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made
from time to time by or on its behalf.
Additional information relating to the Bank can be located on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the
SEC’s website at www.sec.gov.

Shareholders Information
Dividend and Share Purchase Plan
Scotiabank’s Shareholder Dividend and Share Purchase Plan allows common and preferred shareholders to purchase
additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees. As well,
eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. All
administrative costs of the plan are paid by the Bank. For more information on participation in the plan, please contact the
transfer agent.
Website
For information relating to Scotiabank and its services, visit us at our website: www.scotiabank.com.
Conference Call and Web Broadcast

The quarterly results conference call will take place on August 29, 2023, at 8:15 am ET and is expected to last approximately
one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone at 416-641-6104 or toll-free, at
1-800-952-5114 using ID 2672535# (please call shortly before 8:15 am ET). In addition, an audio webcast, with accompanying
slide presentation, may be accessed via the Investor Relations page at www.scotiabank.com/investorrelations.
Following discussion of the results by Scotiabank executives, there will be a question and answer session. A telephone replay
of the conference call will be available from August 29, 2023, to October 5, 2023, by calling 905-694-9451 or 1-800-408-3053
(North America toll-free) and entering the access code 1127377#.
Additional Information
Investors:
Financial Analysts, Portfolio Managers and other Institutional Investors requiring financial information, please contact Investor
Relations, Finance Department:
Scotiabank
40 Temperance Street, Toronto, Ontario
Canada M5H 0B4
Telephone: (416) 775-0798
E-mail: investor.relations@scotiabank.com
Global Communications:
Scotiabank
40 Temperance Street, Toronto, Ontario
Canada M5H 0B4
E-mail: corporate.communications@scotiabank.com
Shareholders:
For enquiries related to changes in share registration or address, dividend information, lost share certificates, estate transfers,
or to advise of duplicate mailings, please contact the Bank’s transfer agent:
Computershare Trust Company of Canada
100 University Avenue, 8th Floor
Toronto, Ontario, Canada M5J 2Y1
Telephone: 1-877-982-8767
E-mail: service@computershare.com
Co-Transfer Agent (U.S.A.)

Computershare Trust Company, N.A.
Overnight Mail Delivery:

Computershare
C/O: Shareholder Services
462 South 4th Street, Suite 1600
Louisville, KY 40202
First Class, Registered or Certified Mail Delivery:

Computershare
C/O: Shareholder Services
P.O. Box 505000

Louisville, KY 40233-5000
Tel: 1-800-962-4284
E-mail: service@computershare.com
For other shareholder enquiries, please contact the Corporate Secretary’s Department:
Scotiabank
40 Temperance Street
Toronto, Ontario, Canada M5H 0B4
Telephone: (416) 866-3672
E-mail: corporate.secretary@scotiabank.com
Rapport trimestriel disponible en français

Le rapport trimestriel et les états financiers de la Banque sont publiés en français et en anglais et distribués aux actionnaires
dans la version de leur choix. Si vous préférez que la documentation vous concernant vous soit adressée en français, veuillez
en informer Relations avec les investisseurs, La Banque de Nouvelle-Écosse, 40 rue Temperance, Toronto (Ontario), Canada
M5H 0B4, en joignant, si possible, l’étiquette d’adresse, afin que nous puissions prendre note du changement.
Contact Information
John McCartney
Scotiabank Investor Relations
(416) 863-7579
Sophia Saeed
Scotiabank Investor Relations
(416) 933-8869

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Third Quarter 2023 Earnings Release

Scotiabank reports third quarter results

Business Segment Review

Year-to-date Q3 2023 vs Year-to-date Q3 2022

Year-to-date Q3 2023 vs Year-to-date Q3 2022

2 Scotiabank Third Quarter Press Release 2023

Year-to-date Q3 2023 vs Year-to-date Q3 2022

Global Wealth Management

Year-to-date Q3 2023 vs Year-to-date Q3 2022

Global Banking and Markets

Year-to-date Q3 2023 vs Year-to-date Q3 2022

Scotiabank Third Quarter Press Release 2023 3

Year-to-date Q3 2023 vs Year-to-date Q3 2022

Year-to-date Q3 2023 vs Year-to-date Q3 2022

Allowance for credit losses

4 Scotiabank Third Quarter Press Release 2023

Scotiabank Third Quarter Press Release 2023 5

Adjusted results and diluted earnings per share

Adjustments impacting current and prior periods:

6 Scotiabank Third Quarter Press Release 2023

Scotiabank Third Quarter Press Release 2023 7

For the three months ended July 31, 2023(1)

For the three months ended April 30, 2023(1)

8 Scotiabank Third Quarter Press Release 2023

For the three months ended July 31, 2022(1)

For the nine months ended July 31, 2023(1)

Scotiabank Third Quarter Press Release 2023 9

For the nine months ended July 31, 2022(1)

10 Scotiabank Third Quarter Press Release 2023

Scotiabank Third Quarter Press Release 2023 11

12 Scotiabank Third Quarter Press Release 2023

Conference Call and Web Broadcast

Co-Transfer Agent (U.S.A.)

Overnight Mail Delivery:

First Class, Registered or Certified Mail Delivery:

Scotiabank Third Quarter Press Release 2023 13

Rapport trimestriel disponible en français

14 Scotiabank Third Quarter Press Release 2023

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