The Bank of Nova Scotia (NYSE:BNS) Q3 2024 Earnings Conference Call August 27, 2024 8:15 AM ET
Company Participants
John McCartney - Head of IR
Scott Thomson - President and CEO
Raj Viswanathan - CFO
Phil Thomas - Chief Risk Officer
Travis MacHen - Global Banking and Markets
Francisco Aristeguieta - Group Head of International Banking
Aris Bogdaneris - Group Head of Canadian Banking
Conference Call Participants
Ebrahim Poonawala - Bank of America
Gabriel Dechaine - National Bank Financial
Paul Holden - CIBC
Jill Shea - UBS
Mario Mendonca - TD Securities
Darko Mihelic - RBC Capital Markets
Lemar Persaud - Cormark Securities
Nigel D'Souza - Veritas Investment Research
Sohrab Movahedi - BMO Capital Markets
Doug Young - Desjardins Capital Markets
Operator
Good morning, and welcome to Scotiabank's 2024 Third Quarter Results Presentation. My name is John McCartney, and I'm 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 your questions are the following Scotiabank's executives: Aris Bogdaneris from Canadian Banking; Jackie Allard from Global Wealth Management; Francisco Aristeguieta from International Banking; and Travis MacHen from Global Banking and Markets.
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 now turn the call over to Scott.
Scott Thomson
Thank you, John, and good morning, everyone.
We are pleased to share our Q3 results, which demonstrate another quarter of progress and focused execution against our strategy. Through a challenging market environment, we achieved quarter-over-quarter EPS growth and continued positive operating leverage.
Our results reflect the strength of our balance sheet while demonstrating revenue acceleration led by performance in our Canadian Banking business and ongoing positive momentum in Global Wealth. Importantly, we are seeing the profitability benefits of our shifting focus from volume to value.
Let me take a moment to recap a few key enterprise initiatives. Personal and commercial deposit growth. We remain laser-focused on developing primary client relationships. And while we expect this to be an ongoing and incremental journey, we are well underway with P&C deposit growth across our Canadian and international retail businesses up 7% on a year-over-year basis.