UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

For the month of: December, 2024   Commission File Number: 002-09048

 

 

THE BANK OF NOVA SCOTIA

(Name of registrant)

 

 

40 Temperance Street, Toronto, Ontario, M5H 0B4

(416) 933-4103

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐   Form 40-F  ☒

This report on Form 6-K shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form S-8 (File No. 333-177640) and Form F-3 (File No. 333-282565) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  THE BANK OF NOVA SCOTIA
Date: December 3, 2024   By:  

/s/ Roula Kataras

    Name:   Roula Kataras
    Title:   Senior Vice-President & Chief Accountant

EXHIBIT INDEX

 

Exhibit

   

Description of Exhibit

99.1    Consolidated Capitalization and Consolidated Earnings Ratios
99.2    Statement Regarding the Computation of Consolidated Ratio of Earnings

Exhibit 99.1

CONSOLIDATED CAPITALIZATION OF THE BANK

The following table sets forth the consolidated capitalization of The Bank of Nova Scotia (the “Bank”) as at October 31, 2024:

 

     As at
October 31, 2024		  
     (in millions of
Canadian dollars)		  

Subordinated Debentures

      7,833  

Equity

   

Common Equity

   

Common Shares

      22,054  

Retained Earnings

      57,751  

Accumulated Other Comprehensive Income

      (6,147 ) 

Other Reserves

      (68 ) 
  

 

 

  

Total Common Equity

      73,590  

Preferred Shares and Other Equity Instruments

      8,779  
  

 

 

  

Total Equity Attributable to Equity Holders of the Bank

      82,369  

Non-controlling Interests

   

Non-controlling Interests in Subsidiaries

      1,707  
  

 

 

  

Total Equity

      84,076  
  

 

 

  

Total Capitalization

      91,909  
  

 

 

  

CONSOLIDATED EARNINGS RATIOS

The following table provides the Bank’s consolidated ratios of earnings to fixed charges, based upon financial information calculated in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) for each of the years in the five year period ended October 31, 2024.

 

    October 31,  
    2024     2023     2022     2021     2020  

Consolidated Ratios of Earnings to Fixed Charges

          

Excluding interest on deposits

     4.32       4.27       5.78       9.00       5.91  

Including interest on deposits

     1.23       1.25       1.82       2.56       1.66  

Consolidated Ratios of Earnings to Combined Fixed Charges and Preferred Dividends

          

Excluding interest on deposits

     3.59       3.60       5.14       7.55       5.16  

Including interest on deposits

     1.21       1.23       1.78       2.46       1.63  

For purposes of computing these ratios:

 

  •  

earnings represent income from continuing operations plus income taxes and fixed charges (excluding capitalized interest and net income from investments in associated corporations);

 

  •  

fixed charges, excluding interest on deposits, represent interest (including capitalized interest), and amortization of debt issuance costs;

 

  •  

fixed charges, including interest on deposits, represent all interest; and

 

  •  

preferred dividends include dividends from preferred shares and other equity instruments.

 

  •  

On November 1, 2023, the Bank adopted IFRS 17 Insurance Contracts, which replaces IFRS 4, the previous accounting standard for insurance contracts. The Bank adopted IFRS 17 on a retrospective basis, restating the results from the transition date of November 1, 2022. Accordingly, results for fiscal 2023 have been restated to reflect the IFRS 17 basis of accounting for insurance contracts. Results for periods prior to November 1, 2022 continue to be presented under the IFRS 4 basis of accounting and have not been restated.

Exhibit 99.2

Computation of Consolidated Ratio of Earnings

 

($ in million)   IFRS  
    2024     2023      2022      2021      2020  
            

Excluding interest on deposits

             

Earnings

             

Income from continuing operations before income taxes

     9,924       9,671        12,932        12,826        8,396  

less: gain from investees

     198       153        268        339        242  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
    9,726       9,518        12,664        12,487        8,154  

Fixed charges

     2,927       2,912        2,649        1,560        1,661  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Earnings

     12,653       12,430        15,313        14,047        9,815  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges

             

Interest expense

     2,927       2,912        2,649        1,560        1,661  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges

     2,927       2,912        2,649        1,560        1,661  

Preference security dividend requirements(1)

     594       544        330        300        240  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges and preferred dividends

     3,521       3,456        2,979        1,860        1,901  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

     4.32       4.27        5.78        9.00        5.91  

Ratio of earnings to combined fixed charges and preferred dividends

     3.59       3.60        5.14        7.55        5.16  

Including interest on deposits

             

Earnings

             

Income from continuing operations before income taxes

     9,924       9,671        12,932        12,826        8,396  

less: gain from investees

     198       153        268        339        242  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
    9,726       9,518        12,664        12,487        8,154  

Fixed charges

     42,407       38,562        15,443        8,025        12,392  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Earnings

     52,133       48,080        28,107        20,512        20,546  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges

             

Interest expense

     42,407       38,562        15,443        8,025        12,392  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges

     42,407       38,562        15,443        8,025        12,392  

Preference security dividend requirements(1)

     594       544        330        300        240  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges and preferred dividends

     43,001       39,106        15,773        8,325        12,632  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges

     1.23       1.25        1.82        2.56        1.66  

Ratio of earnings to combined fixed charges and preferred dividends

     1.21       1.23        1.78        2.46        1.63  

 

Note (1)    Preference security dividend requirements include the amount of pre-tax earnings that is required to pay the dividends on outstanding preferred shares and other equity instruments.
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