The Bank of Nova Scotia (NYSE:BNS) Q1 2024 Earnings Conference Call February 27, 2024 7:15 AM ET
Company Participants
John McCartney - Head of IR
Scott Thomson - President and CEO
Raj Viswanathan - CFO
Phil Thomas - Chief Risk Officer
Francisco Aristeguieta - Group Head of International Banking
Aris Bogdaneris - Group Head of Canadian Banking
Conference Call Participants
Paul Holden - CIBC
Doug Young - Desjardins Capital Markets
Mario Mendonca - TD Securities
Nigel D'Souza - Veritas Investment Research
Gabriel Dechaine - National Bank Financial
Darko Mihelic - RBC Capital Markets
Ebrahim Poonawala - Bank of America
Sohrab Movahedi - BMO Capital Markets
John McCartney
Good morning, and welcome to Scotiabank's 2024 First Quarter Results Presentation. My name is John McCartney, and I am Head of Investor Relations here at Scotiabank.
Presenting to you this morning are Scott Thomson, Scotiabank's President and Chief Executive Officer; Raj Viswanathan, our Chief Financial Officer; and Phil Thomas, our Chief Risk Officer. Following our comments, we will be glad to take your questions. Also present to take questions are the following Scotiabank Executives: Aris Bogdaneris from Canadian Banking; Jacque Allard, from Global Wealth Management; and Francisco Aristeguieta from International Banking.
Before we start, and on behalf of those speaking today, I'll refer you to Slide 2 of our presentation, which contains Scotiabank's caution regarding forward-looking statements.
With that, I will turn the call over to Scott.
Scott Thomson
Thank you, John, and good morning, everyone. Welcome to our first call of 2024, and importantly, our first set of results since we shared our refresh strategy at our Investor Day in December. We're off to an encouraging start to the year and our results are consistent with our expectations. It's still early in the execution of our strategy. But we are realizing benefits our enterprise wide efforts by way of discipline capital allocation, focusing on investments that deliver returns, maintaining a strong balance sheet, a focus on deposit growth and building primary client relationships that enhanced profitability and cost efficiency.
The bank reported adjusted earnings of $2.2 billion or $1.69 per share in the quarter. Strong revenue growth coupled with disciplined cost performance across our businesses allowed us to improve profitability quarter-over-quarter despite higher credit provisions. We further strengthened our balance sheet and liquidity profile in keeping with our commitment to build capital over time. Our CET1 ratio at 12.9% reflects our efforts to extend our balance sheet thoughtfully to business segments and clients where we see the opportunity to build holistic and profitable long term relationships.