Investor Presentation - March 2020 - Scotiabank Global Site

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Investor Presentation - March 2020 - Scotiabank Global Site
Investor
Presentation
March 2020
Investor Presentation - March 2020 - Scotiabank Global Site
Caution Regarding Forward-Looking Statements

From time to time, our public communications often include oral or written forward-            changes to accounting standards, rules and interpretations on these estimates; global
looking statements. Statements of this type are included in this document, and may be          capital markets activity; the Bank’s ability to attract, develop and retain key executives;
included in other filings with Canadian securities regulators or the U.S. Securities and       the evolution of various types of fraud or other criminal behaviour to which the Bank is
Exchange Commission, or in other communications. In addition, representatives of the           exposed; disruptions in or attacks (including cyber-attacks) on the Bank’s information
Bank may include forward-looking statements orally to analysts, investors, the media           technology, internet, network access, or other voice or data communications systems
and others. All such statements are made pursuant to the “safe harbor” provisions of           or services; increased competition in the geographic and in business areas in which we
the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian          operate, including through internet and mobile banking and non-traditional
securities legislation. Forward-looking statements may include, but are not limited to,        competitors; exposure related to significant litigation and regulatory matters; the
statements made in this document, the Management’s Discussion and Analysis in the              occurrence of natural and unnatural catastrophic events and claims resulting from such
Bank’s 2019 Annual Report under the headings “Outlook” and in other statements                 events; and the Bank’s anticipation of and success in managing the risks implied by the
regarding the Bank’s objectives, strategies to achieve those objectives, the regulatory        foregoing. A substantial amount of the Bank’s business involves making loans or
environment in which the Bank operates, anticipated financial results, and the outlook         otherwise committing resources to specific companies, industries or countries.
for the Bank’s businesses and for the Canadian, U.S. and global economies. Such                Unforeseen events affecting such borrowers, industries or countries could have a
statements are typically identified by words or phrases such as “believe,” “expect,”           material adverse effect on the Bank’s financial results, businesses, financial condition or
“foresee,” “forecast,” “anticipate,” “intend,” “estimate,” “plan,” “goal,” “project,” and      liquidity. These and other factors may cause the Bank’s actual performance to differ
similar expressions of future or conditional verbs, such as “will,” “may,” “should,”           materially from that contemplated by forward-looking statements. The Bank cautions
“would” and “could.”                                                                           that the preceding list is not exhaustive of all possible risk factors and other factors
By their very nature, forward-looking statements require us to make assumptions and            could also adversely affect the Bank’s results, for more information, please see the “Risk
are subject to inherent risks and uncertainties, which give rise to the possibility that our   Management” section of the Bank’s 2019 Annual Report, as may be updated by
predictions, forecasts, projections, expectations or conclusions will not prove to be          quarterly reports.
accurate, that our assumptions may not be correct and that our financial performance           Material economic assumptions underlying the forward-looking statements contained
objectives, vision and strategic goals will not be achieved.                                   in this document are set out in the 2019 Annual Report under the headings “Outlook”,
We caution readers not to place undue reliance on these statements as a number of              as updated by quarterly reports. The “Outlook” sections are based on the Bank’s views
risk factors, many of which are beyond our control and effects of which can be difficult       and the actual outcome is uncertain. Readers should consider the above-noted factors
to predict, could cause our actual results to differ materially from the expectations,         when reviewing these sections. When relying on forward-looking statements to make
targets, estimates or intentions expressed in such forward-looking statements.                 decisions with respect to the Bank and its securities, investors and others should
The future outcomes that relate to forward-looking statements may be influenced by             carefully consider the preceding factors, other uncertainties and potential events. Any
many factors, including but not limited to: general economic and market conditions in          forward-looking statements contained in this document represent the views of
the countries in which we operate; changes in currency and interest rates; increased           management only as of the date hereof and are presented for the purpose of assisting
funding costs and market volatility due to market illiquidity and competition for              the Bank’s shareholders and analysts in understanding the Bank’s financial position,
funding; the failure of third parties to comply with their obligations to the Bank and its     objectives and priorities, and anticipated financial performance as at and for the
affiliates; changes in monetary, fiscal, or economic policy and tax legislation and            periods ended on the dates presented, and may not be appropriate for other purposes.
interpretation; changes in laws and regulations or in supervisory expectations or              Except as required by law, the Bank does not undertake to update any forward-looking
requirements, including capital, interest rate and liquidity requirements and guidance,        statements, whether written or oral, that may be made from time to time by or on its
and the effect of such changes on funding costs; changes to our credit ratings;                behalf.
operational and infrastructure risks; reputational risks; the accuracy and completeness        Additional information relating to the Bank, including the Bank’s Annual Information
of information the Bank receives on customers and counterparties; the timely                   Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR
development and introduction of new products and services; our ability to execute our          section of the SEC’s website at www.sec.gov.
strategic plans, including the successful completion of acquisitions and dispositions,
including obtaining regulatory approvals; critical accounting estimates and the effect of

                                                                                                                                                                                             2
Investor Presentation - March 2020 - Scotiabank Global Site
TABLE OF CONTENTS
Scotiabank Overview                                    4
   • Leading Bank in the Americas                      5
   • Economic Outlook in Core Markets                  6
   • Well-Diversified Business with Strong Returns     7
   • Business Lines                                    8
   • Why Invest in Scotiabank?                         9
   • Focused on Higher Return Markets                10
   • Increasing Banking Penetration                   11
   • Repositioning is Substantially Complete         12
   • Acquisition & Divestiture Activity              13
   • Medium-Term Financial Objectives                14
   • Q1 2020 Financial Performance                   15
   • Earnings and Dividend Growth                    16
   • Strong Capital Generation                       17
   • Technology Strategy                             18
   • Fintech                                         19
   • Growth in Digital Banking                       20
   • Environmental, Social & Governance (ESG)        21
Business Line Overview: Canadian Banking             23
Business Line Overview: International Banking        31
Business Line Overview: Global Wealth Management     42
Business Line Overview: Global Banking and Markets   46
Risk Overview                                        50
   • Risk Snapshot                                   51
   • Risk Density                                    52
   • Historical PCL Ratios on Impaired Loans         53
   • Canadian Retail: Loans and Provisions           54
   • International Retail: Loans and Provisions      55
   • Energy Exposure                                 56
Treasury and Funding                                 57
   • Funding Strategy                                58
   • Wholesale Funding                               59
   • Deposit Overview                                60
   • Wholesale Funding Utilization                   61
   • Liquidity Metrics                               62
Appendix 1: Core Markets: Economic Profiles          63
Appendix 2: Canadian Housing Market                  69
Appendix 3: Bail-in and TLAC                         78
Appendix 4: Covered Bonds                            82
Appendix 5: Additional Information                   86
Contact Information                                  88
                                                           3
• Leading bank in the Americas with
               competitive scale in high return markets

             • Repositioning of business substantially
               complete
Scotiabank
Overview     • Greater geographic focus, increased scale in
               core markets, and improved business mix

             • Strong credit quality. Stable credit metrics.

             • Positioned for higher capital ratios, ongoing
               buybacks, and sustainable long-term earnings
               growth

                                                               4
Leading Bank in the Americas1
     Core markets: Canada, US, Mexico, Peru, Chile and Colombia

      7th largest bank by assets1 in the Americas
                                                                                                                                                                 Q1          Change
                                                                                                           Full-Service,        Scotiabank2                     2020          Y/Y
                                                                              Canada                       Universal Bank
                                                                                                                                Revenue                   $7,989MM            +5%
                                                                              (AAA)
                                                                                                           Canada               Net Income                $2,344MM            +2%
                                                                              #3 Bank                      Mexico
                                                                                                           Peru
                                                                                                                                Return on Equity                13.9%        +20 bps
                                                                                                           Chile                Operating Leverage              +1.3%          n.a.
                                                                              United States                Colombia             Productivity Ratio              53.4%        (70 bps)
                                                                              (AA+)                        Caribbean
                                                                              Top 15 FBO                   Uruguay              Total Assets                    $1.2T         +12%

                                                                              Colombia                                         Ranking by Market Share3
                                                                              (BBB-)                       Wholesale
                                                                              #6 Bank                      Operations                      Canada                       #3
               Mexico                                                                                      USA                  USMCA      USA                     Top 15 FBO
               (BBB+)                                                                                      UK                              Mexico                       #5
              #5 Bank                                                                                      Singapore
                                                                                                           Australia             PAC       Peru                         #3
                                                                                                           Ireland                         Chile                        #3
                                                                                                           Hong Kong SAR                   Colombia                     #6
                 Peru                                                                                      China
               (BBB+)                                                                                      Brazil
              #3 Bank                                                         Chile                        South Korea         Earnings by                      Other
                                                                              (A+)                         Malaysia            Market2,4               C&CA
                                                                              #3 Bank                      India                                                7%
                                                                                                           Japan
                                                                                                                                                              6%

                                                                                                                                                 PAC    23%
                                                                                                                                                                         55% Canada

                                                                                                                                                              9%
1 Ranking by asset as at February 24, 2020, Bloomberg; 2 Adjusted for acquisition and divestiture-related amounts, impact of
additional pessimistic scenario in ACLs, Derivative Valuation Adjustment, and impairment charge on software asset; 3 Ranking     Americas (~95%)        U.S.A
based on market share in loans as of December 2019 for PACs (incl. M&A), as of October 2019 in Canada for publically traded
banks; 4 Adjusted net income attributable to equity holders of the Bank for the 3 months ended January 31, 2020
                                                                                                                                                                                        5
Economic Outlook in Core Markets

                                                         Real GDP Growth Forecast (2019 – 2021)

                                                                           Real GDP (Annual % Change)
                                                                 2010–18
                       Country                                                 2019f        2020f       2021f
                                                                 Average
                                           Canada                  2.2          1.6          1.5         2.0

                                                   U.S.            2.3          2.3          1.7         1.8

                                            Mexico                 3.0          0.0          1.0         1.8

                                                  Peru             4.8          2.3          3.0         3.5

                                                 Chile             3.5          1.0          1.4         3.0

                                      Colombia                     3.8          3.2          3.6         3.6

    Pacific Alliance Average                                       3.8          1.6          2.3         3.0

Source: Scotiabank Economics. Forecasts as of January 13, 2020

                                                                                                                6
Well-Diversified Business with Strong Returns
                                  Earnings by Business Line1,2,3                                                                                              Earnings by Market1,2
                                  Wealth
                                                                                                                                                                                          Europe, Asia,
                                  Management
                                                                                                                                                                                          Brazil, Australia

                                  13%                Global
                                                                                                                                      Caribbean and
                                                                                                                                      Central America
                                                                                                                                                                              Other
                                                   Wealth                                                                                      Colombia                         7%
                                                 Management                                                                                                        C&CA*
                                                                                                                                                    1%               6%
                                                      13%
                                                                                      Canadian                  Personal &                                   Chile
                                                                                      Banking                   Commercial                                     5%
        Wholesale                 Global                                                P&C                     Banking
                                                      Q1 2020                                                                                                               Q1 2020
                                                                                                                67%
        Banking
                                Banking and                                               40%                                                             Peru
                                  Markets           EARNINGS MIX                                                                                           9%             EARNINGS MIX
        20%                           20%
                                                          $2.3B3                                                         Per                                                    $2.3B3
                                                                                                                                                                                                               Canada
                                                                                                                                                                                                                 55%
                                                                                                                                                           Mexico
                                                                                                                                                              8%
                                                    International                                                                                                     U.S.
                                                    Banking P&C                                                                                                        9%
                                                          27%

                                                                               21.9%

                                                                                                           12.7%                        13.7%                       14.0%                       13.9%

                                                                            Canadian                 International               Global Wealth               Global Banking                    All Bank
                                                                             Banking                    Banking                  Management                   and Markets

1 Net
    income attributable to equity holdersor for the 3 months ended January 31, 2020; 2 Adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLs, Derivative Valuation Adjustment, and
impairment charge on software asset; 3 Excluding Other segment                                                                                                                                                                             7
Business Lines
    Activity                               Personal & Commercial Banking             Wealth Management          Capital Markets

                                             Canadian                International         Global Wealth         Global Banking
Business Line                                Banking                    Banking            Management             and Markets

    Products                        • Mortgages                 • Mortgages          • Asset Management     •   Corporate Banking
                                    • Auto Loans                • Auto Loans         • Private Banking      •   Advisory
                                    • Commercial                • Commercial         • Private Investment   •   Equities
                                         Loans                      Loans                Counsel            •   Fixed Income
                                    •    Personal Loans         •   Personal Loans   •   Brokerage          •   Foreign Exchange
                                    •    Credit Cards           •   Credit Cards     •   Trust              •   Commodities

 NIAEH1 ($MM)                                   $908                     $615                  $318                  $451

 % All-Bank1                                     40%                     27%                   13%                   20%

    % Target                                 35-40%                    25-30%                 ~15%                  15-20%

Productivity
                                               45.4%                    52.9%                 62.4%                 51.5%
   Ratio1

          ROE1                                 21.9%                    12.7%                 13.7%                 14.0%

 Employees2                                    18,538                   55,190                7,214                 2,426
 1 Adjusted   figures for the 3 months ended January 31, 2020
 2 As   at January 31, 2020                                                                                                         8
Why Invest in Scotiabank?
    Leading bank in the            •   Six core markets: Canada, US, Mexico, Chile, Peru and Colombia
                                   •   ~95% of earnings from the Americas
    Americas
                                   •   ~85% of earnings from six core markets

                                   •   Unique Americas footprint provides diversified exposure to higher
                                       growth, high ROE banking markets
    Diversified exposure to high
                                   •   225 million people in the Pacific Alliance countries comprise the 6th
    quality growth markets             largest economy in the world

                                   •   Competitive scale and increasing market share in core markets
    Increasing scale and market    •   Competitive advantages in technology, risk management, and funding
    share in core markets              versus competitors
                                   •   Increased scale in Wealth Management and P&C businesses via M&A

                                   •   ~80% of earnings from stable P&C banking and wealth businesses
    Improved earnings quality,     •   Simplified footprint lowers operational risk and regulatory costs
    lower risk profile             •   Strong Canadian risk management culture with strong capabilities in AML
                                       and cybersecurity

    Strengthening competitive      •   High levels of technology investment supports digital banking strategy to
                                       increase digital sales and adoption
    advantages in technology
                                   •   Named “Bank of the Year” in Canada (2019)
    and talent
                                                                                                                   9
Focused on Higher Return Markets

                                                                           Banking: Average ROE by Market
                                                                                                (Latest Reporting Period)

                                             25.0%

                                            20.0%                   19.1%

                                                                                              15.3%
                                             15.0%
                                                                                                                     12.1%
                                                                                                                             11.0%
                                             10.0%
                                                                                                                                     6.7%
                                               5.0%

                                               0.0%
                                                            Pacific Alliance                 Canada                   US     Asia    Europe

                                                                  78% of all-bank
                                                                     earnings

Return on equity in latest reporting period for the leading bank by market share for loans in each country.
Canada and US figures are average for five largest and 10 largest market share banks in each country, respectively
Sources: Bloomberg LLP, Company Financial Reports.

                                                                                                                                              10
Increasing Banking Penetration

                           150
                                                                                                                              Mature Markets

                                      Growth Markets                                                                                                                                             U.S.
Banking Penetration (%)1

                                                                                                                                U.K.     Canada
                                                                                                 Spain                                                                                                       Scotia P&C
                           100                                                                                                                                                                               Markets
                                                                                  Czech
                                                                                  Republic                                                                                                                   Scotia Americas
                                                 Brazil     Chile
                                                                                                                                                                                                             Wholesale Markets

                                      Colombia             C&CA
                                                                                                                                                                                                             Other Markets
                           50                     PAC
                                                  PAC4
                                                                                                                                                                              Bubble size
                                        Peru                                                                                                                                  represents
                                                  Mexico                                                                                                                      nominal GDP
                                      Cambodia

                           0
                                 $0            $10,000              $20,000                  $30,000                   $40,000                   $50,000                   $60,000                 $70,000
                                                                                              GDP      per Capita (US$)2

     1    Source: World Bank Open Data 2018. Banking Penetration is defined as account ownership at a financial institution or with a mobile-money-service provider (% of population ages 15+)
     2     Source: World Bank Open Data 2018. GDP per capita is nominal gross domestic product divided by mid year population

                                                                                                                                                                                                                             11
Repositioning is Substantially Complete

   Simplifying the Bank          Improving Earnings Quality           De-Risking the Bank
● Exited 22 non-core (higher     ● ~85% of earnings from six core   ● Improving credit quality
  risk, low growth) countries      markets (Canada, the US and        metrics and generating
  since 2014                       Pacific Alliance)                  higher mix of earnings
                                                                      from investment grade
● Sold 10 non-core (non-                                              countries
                                 ● Targeting higher earnings
  customer facing, low return)
                                   contribution from stable P&C     ● Exits from sub-investment
  businesses since 2014
                                   Banking and Wealth                 grade, low growth
● ~95% of earnings                 Management businesses              jurisdictions
  generated from America’s
  footprint                      ● Targeting 70% from P&C           ● Gross impaired loans ratio
                                   Banking, 15% from Global           decreased from 110 bps in
                                   Wealth Management, and 15%         2017 to 77 bps in 2020
                                   from Global Banking and
                                   Markets

                                                                                                   12
Acquisition & Divestiture Activity (2018-2020)
                     Increasing Scale in Core P&C Markets and Wealth Management

          Citi Colombia              Cencosud Peru
                                                                                                  Caribbean
                                                                                                  (Leeward Islands)
Banco Dominicano                                                             Pension & Benefits
     del Progreso                                                             Administration        1%
                                    2%                          Wealth
                               5%                               Management
                          6%                                    48%                         10%

                                                                             El Salvador
                                                                                9%
                                                     MD Financial
                           ACQUISITIONS:                35%                            DIVESTITURES:
                              $7.5B                                 Per                    $5.8B
                                                                                                                Thanachart
                                                                                                                   Bank
              BBVA Chile
                                                                             Puerto                              Thailand
                    39%
                                                                             Rico &
                                                                              USVI                              56%
                                                                                      24%

                                          Jarislowsky
                                            Fraser
 International                               13%
          P&C
        52%                                                                                                                  13
Medium-Term Financial Objectives

                                                                                              All-Bank                                                                   Latest Performance
                            Metrics
                                                                                             Objectives1                                                                      (Q1/20)2

                         EPS Growth                                                                    7%+                                                                                   +5%

                                              ROE                                                     14%+                                                                                   13.9%

                              Operating
                                                                                                   Positive                                                                                  +1.3%
                               Leverage

                                      Capital                                              Strong Levels                                                                                     11.4%

1 3-5   year targets from 2020 Investor Day
2 Adjusted    for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLs, Derivative Valuation Adjustment, and impairment charge on software asset
                                                                                                                                                                                                     14
Q1 2020 Financial Performance
   Strong revenue growth and positive operating leverage

   $MM, except EPS                                       Q1/20                     Y/Y                    Q/Q                                  YEAR-OVER-YEAR HIGHLIGHTS
Reported
                                                                                                                                  •      Adjusted EPS growth up 5%2
                                Net Income                 $2,326                  +4%                     +1%
   Pre-Tax, Pre Provision Profit                            $3,723                 +8%                     +2%
                                                                                                                                  •      Adjusted Net Income up 2%2
                                Diluted EPS                  $1.84                 +8%                     +6%                                  o Excluding divestitures net income grew by 8%2
                                     Revenue                $8,141                  +7%                    +2%                                  o Pre-tax, pre-provision profit (PTPP) up 7%2
                                    Expenses                $4,418                 +6%                     +2%                    •      Adjusted Revenue up 5%2
                     Productivity Ratio                     54.3%               (60 bps)               +20 bps                                  o Net interest income up 3%
                Core Banking Margin                         2.45%                      -                 + 5bps                                 o Non-interest income up 8%2
                                  PCL      Ratio1           61 bps               +14 bps                +11 bps
                                                                                                                                  •      Adjusted Expense growth of 4%2
 PCL Ratio on Impaired                   Loans1             55 bps               +8 bps                  +6 bps
                                                                                                                                  •      Adjusted Operating leverage of +1.3%2
Adjusted2
                                Net Income                 $2,344                   +2%                    (2%)
   Pre-Tax, Pre Provision Profit                           $3,724                   +7%                    (1%)
                                Diluted EPS                  $1.83                  +5%                    +1%               ADJUSTED NET INCOME3 BY BUSINESS SEGMENT ($MM)
                                     Revenue               $7,989                   +5%                       -                            +5%
                                    Expenses               $4,265                  +4%                     +2%                             Y/Y                       -17%
                                                                                                                                                                     Y/Y4
                     Productivity Ratio                     53.4%               (70 bps)               +70 bps                                                                                             +35%
                                                                                                                                                                                               +11%
                                  PCL      Ratio1           51 bps               +4 bps                   +1 bp                                                                                 Y/Y         Y/Y
 PCL Ratio on Impaired                   Loans1             53 bps               +6 bps                  +4 bps                   865          908               743          615                                451
                                                                                                                                                                                             286   318   335

                                                                                                                                         CB                              IB                     GWM            GBM
                                                                                                                                                                           Q1/19             Q1/20
   1 Provision for credit losses on certain assets – loans, acceptances and off-balance sheet exposures
   2 Adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLs, Derivative Valuation Adjustment, and impairment charge on software asset
   3 After non-controlling interest
   4 Y/Y growth rate is on a constant dollars basis

                                                                                                                                                                                                                       15
Earnings and Dividend Growth
Strong track record of stable and predictable earnings and growing dividends

     Earnings per share (C$)1,2                                                                                                      Total shareholder return3
                                                                                                                                                Scotiabank                      Big 5 Peers (ex. Scotiabank)
                                                       +8%
                                                      CAGR                                     $7.14                                                                                                               12.6%
                                                                                                                                                        11.1%                              11.6%                                 11.9%
                                                                                                                                                                                9.4%
                                                                                                                                             8.2%
       $3.31
                                                                                                        $1.83

         09       10        11      12       13       14       15      16       17       18        19     Q1
                                                                                                          20                                      5 Year                            10 Year                            20 Year

     Dividend per share (C$)
                                                                                                                                                                                                                    $3.49
                                                                                                                       +6%
                                                                                                                      CAGR

          $1.96

                                                                                                                                                                                                                                      $0.90

            09                   10                  11                  12                   13                 14                   15                  16                  17                   18                  19                Q1
                                                                                                                                                                                                                                         20
1Reflects adoption of IFRS in Fiscal 2011. 2 Excludes notable items for years prior to 2016. For 2016 onwards, results adjusted for acquisition and divestiture-related amounts, impact of additional pessimistic scenario in ACLs,
Derivative Valuation Adjustment, and impairment charge on software asset. 3 As of January 31, 2020

                                                                                                                                                                                                                                              16
Strong Capital Generation
Clear path to higher capital ratio

 CET1 Ratio
                                                                                                                  +49 bps               11.4%
                       +26 bps            -19 bps
   11.1%
                                                             -6 bps           -6 bps        -18 bps
                                                                                                        +4 bps

   Q4/19             Earnings Less     RWA Growth        Share Buybacks      Pension      Regulatory     Other    Non-core           Q1/20
  Reported             Dividends        (ex. FX)        (Net of Issuances)                 Changes       (net)   Divestitures       Reported

                          Internal Generation

 Strong Capital Levels
             14.6%                              14.7%                         14.8%                    14.2%                    14.6%
             2.1%                               2.2%                          2.5%                     2.0%                     2.1%
             1.4%                               1.4%                          1.1%                     1.1%                     1.1%

             11.1%                              11.1%                         11.2%                    11.1%                    11.4%

             Q1/19                              Q2/19                         Q3/19                    Q4/19                    Q1/20

                                                                CET1         Tier 1    Tier 2

                                                                                                                                                17
Technology Strategy

                                                                                     $
● Build a strong and    ● Cloud-first strategy     ● Rebalance core          ● Maintain consistent
  scalable platform       for automation and        technology spending        investment in
  foundation              speed                     towards modernization      technology

      Technology Investment                              Technology Investment
      Growth Rate (YoY Change)                           ~11% of revenue ($3.6B)
                                                   ● Common systems
         21%
                                Moderating to      ● Software re-use, best practice-sharing
   12%                 14%   steady-state growth
                                     rate          ● Consistent software design
               11%
                              9%
                                                   ● Customer-focused micro-services
                                       7%
                                                   ● Analytics on real-time data
                                                   ● Strong cyber-security foundation
   2014 2015 2016 2017 2018 2019                                                                 18
Fintech

              Partnerships                                 Focus Areas           Proof of Concepts1

                                                       •   Credit adjudication
                                                       •   Accessibility
                                                       •   Natural language
                                                           processing
                                                       •   Personal financial
                                                           management
                                                       •   Customer experience
                                                           and self-service
                                                       •   Machine-learning
                                                           modelling
                                                       •   Data collaboration
                                                       •   Cybersecurity
1   Selected proof of concepts with fintech partners
                                                                                                  19
Growth in Digital Banking
Steady progress against 2018 Investor Day digital targets

                Digital Retail Sales1                                                      Digital Adoption2          In-Branch Financial Transactions3

                           +19%                                                                   +15%                                  -12%
                                                    30                                                   39    41         26
                                          28                                                                                      23
                                                                                                   33                                    20
                               22                                                           29
                                                                                    26                                                          16
                     15                                                                                                                              14
           11

        2016       2017      2018       2019 Q1/20                                  2016   2017   2018   2019 Q1/20      2016    2017   2018   2019 Q1/20

                            Goal                                                                  Goal                                  Goal
                            >50%                                                                  >70%
Environmental, Social & Governance (ESG)

           Scotiabank’s Climate Commitments include:
        Mobilize $100 billion by 2025
             to reduce the impacts of climate change.

          Memberships, Associations and Partnerships

                                                        21
Environmental, Social & Governance (ESG)
    Highlights from 2019

•   Committed to mobilize $100 billion by 2025 to       •   Nearly $100 million invested globally in            •   Top 1% of global financial institutions for
    reduce the impacts of climate change                    communities where we operate as part of our             Corporate Governance in Dow Jones
                                                            global philanthropy program                             Sustainability Index
•   Issued USD$500 million Green Bond. Proceeds
    fund assets under the Scotiabank Green Bond         •   $3 billion in funding committed over the first      •   38% of our directors are female. We first
    Framework, including renewable energy, clean            three years of The Scotiabank Women InitiativeTM        established a Board diversity policy in 2013
    transportation and green buildings                      to advance women-led businesses in Canada
                                                                                                                •   Appointed third independent Chairman in 2019.
•   Achieved 17% greenhouse gas (GHG) reduction         •   Signed the UN Women’s Empowerment                       Separate CEO and Chairman roles since 2004
    from a 2016 baseline, achieving our 10% target          Principles and UN LGBTI Codes for Business
    two years early; set new target of 25% by 2025          Conduct                                             •   Dedicated significant Board time to
                                                                                                                    cybersecurity, anti-money laundering, conduct
•   Internal price on carbon of $15/tonne invested in   •   $250 million committed over 10 years to help            and culture issues, keeping the Bank safe
    GHG reduction initiatives; increased to                 employees adapt to the digital economy
    $30/tonne for 2020; to $60/tonne by 2022
                                                        •   Lead bank in Canada in the Finance Against
•   Implemented a Climate Change Risk                       Slavery and Trafficking initiative, the Financial
    Assessment tool in corporate & commercial               Access Project, to open accounts for survivors of
    lending to assess clients’ physical & transition        modern slavery
    climate risks
                                                                                                                                                                    22
Business
Line       Canadian Banking
Overview

                              23
Canadian Banking
Top 3 bank in personal & commercial banking in Canada

 •       Canadian Banking provides a full suite of financial advice and banking solutions, supported by an excellent customer
         experience, to Retail, Small Business, Commercial Banking customers. Canadian Banking also provides an alternative self-
         directed banking solution to over 2 million Tangerine Bank customers.

            Retail                                                      Residential
                                                                        Mortgages                 62%                                                MEDIUM-TERM FINANCIAL OBJECTIVES
                                 76%

                                                                                                                                                                           Target2
                                                                                              AVERAGE
              REVENUE MIX1                                                                   LOAN MIX1                                                    NIAT Growth3      5%+

                     $2.7B                                                                    $351B
                                                                                  2%                                                                  Productivity Ratio
Canadian Banking
  Financial Performance

                      $MM                                    Q1/20                     Y/Y                  Q/Q                YEAR-OVER-YEAR HIGHLIGHTS
Reported                                                                                                               •     Adjusted Net Income up 5%3
                 Net Income1                                  $852                    (1%)                    (5%)            o Solid volume growth and higher fee income
 Pre-Tax, Pre Provision Profit                               $1,474                  +6%                      +1%               offsetting margin pressure
                     Revenue                                 $2,707                   +5%                     +1%             o Stable PCL ratio
                    Expenses                                 $1,233                  +4%                      +1%      •     Revenue up 5%
                        PCLs                                  $321                   +39%                    +30%            o Net interest income up 4%
           Productivity Ratio                                45.6%                 (30 bps)                +20 bps           o Non-interest income up 7%
          Net Interest Margin                                2.36%                  (3 bps)                 (5 bps)    •     Loan growth of 6%
                   PCL Ratio2                                0.36%                  +8 bps                 +8 bps            o Residential mortgages up 5%; credit cards up 5%
  PCL Ratio Impaired Loans2                                  0.30%                  +2 bps                   +1 bp
                                                                                                                             o Business loans up 12%
Adjusted3
                                                                                                                       •     Deposit growth of 5%
                 Net Income1                                  $908                   +5%                     +1%
                                                                                                                             o Personal up 5%; Non-Personal up 6%
 Pre-Tax, Pre Provision Profit                                $1,479                 +5%                     +1%
                    Expenses                                  $1,228                 +4%                     +1%       •     NIM down 3 bps
                        PCLs                                   $250                  +8%                     +1%       •     Positive operating leverage of +0.9%3
           Productivity Ratio                                 45.4%                (30 bps)                +20 bps     •     Improved productivity ratio
                  PCL Ratio2                                  0.28%                    -                      -                                         1,3
                                                                                                                           ADJUSTED NET INCOME ($MM) AND NIM (%)
  PCL Ratio Impaired Loans2                                   0.29%                  +1 bp                    -                                  2.44%
                                                                                                                      2.39%         2.40%                     2.41%
                                                                                                                                                                        2.36%

                                                                                                                       865            823         914          902       908

  1 Attributable   to equity holders of the Bank
                                                                                                                      Q1/19          Q2/19       Q3/19        Q4/19     Q1/20
  2 Provision   for credit losses on certain assets – loans, acceptances and off-balance sheet exposures
  3 Adjusted    for Acquisition-related costs and impact of additional pessimistic scenario
                                                                                                                                                                                 25
Canadian Banking: Financial Performance
High quality retail loan portfolio: ~93% secured

        • High quality residential mortgage portfolio
                                                                                                                                                                  80%
             o 37% insured; remaining 63% uninsured has a LTV of 54%1                                                                                            Real Estate
                                                                                                                                                               Secured Lending
        • Market leader in auto loans
             o $39.1 billion retail auto loan portfolio with 7 OEM relationships (3 exclusive)
             o Prime Auto and Leases (~91%)
             o Stable lending tenor with contractual terms for new originations averaging 78
               months (6.5 years) with projected effective terms of 54 months (4.5 years)                                                       DOMESTIC RETAIL
        • Growth opportunity in credit cards                                                                                                      LOAN BOOK2
             o $7.7 billion credit card portfolio represents ~3% of domestic retail loan book                                                      $302.6B
               and 1.2% of the Bank’s total loan book
             o Organic growth strategy focused on payments and deepening customer
               relationships
             o Upside potential from existing customers: over 80% of growth is from existing
               customers (penetration rate mid-30s and trending up versus peers in the low-
               40s)
             o Strong risk management culture with specialized credit card teams, customer                                           4%                         13%
               analytics and collections focus                                                                                      Unsecured
                                                                                                                                                               Automotive
                                                                                                                                                  3%
                                                                                                                                                Credit Cards

1   LTV calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data
2 Spot   Balance as of January 31, 2020

                                                                                                                                                                             26
Canadian Banking: Residential Mortgages
   High quality, diversified portfolio

           • Residential mortgage portfolio of $230 billion: 37% insured; LTV 54% on the uninsured book1
             o Mortgage business model is “originate to hold”
             o New originations2 in Q1/20 had average LTV of 64.4%
             o Majority is freehold properties; condominiums represent approximately 13.9% of the portfolio
           • Three distinct distribution channels: all adjudicated under the same standards
             o 1. Broker (~61%); 2. Branch (~19%); and 3. Mobile Salesforce (~20%)
             o Our recently launched Scotiabank eHOME digital mortgage solution is emerging as our 4th distribution channel. Since the
               launch of eHOME, we have processed more than 2,800 mortgage applications. Most recently, we launched the ability for
               Canadians to get pre-approved online with a credit decision and a pre-approval letter in just minutes – another first for the
               industry. Over 1,200 preapproval applications have already been processed. We have also partnered with the Canadian Real
               Estate Association (CREA) to enable customers to search for a home directly within eHOME, making the entire home-buying
               journey digital

           CANADIAN MORTGAGE PORTFOLIO: $230B (SPOT BALANCES AS AT Q1/20, $B)                                                                                                                  37%
                                                                                                                                           Freehold - $198B                 Condos - $32B
                                                                                                                                                                                               Insured
                      $119.4
                      $14.8

                                                                                                                                                                                                Total
                                                                                                                                                                                              Portfolio:
                                                                                                                                                                                             $230 billion
                     $104.6                             $43.0
                                                       $11.0                           $30.7
                                                                                                        $3.7
                                                                                                                        $16.4
                                                       $32.0                           $27.0                                             $1.9              $11.1              $9.4
                                                                                                                                                                   $0.2
                                                                                                                                                                                                63%
                                                                                                                        $14.5                              $10.8              $8.7    $0.7

                     Ontario                   BC & Territories                       Alberta                         Quebec                  Atlantic Provinces           Manitoba &          Uninsured
  % of                                                                                                                                                                    Saskatchewan
portfolio             51.9%                            18.7%                           13.4%                             7.1%                              4.8%                4.1%
   1 LTV  calculated based on the total outstanding balance secured by the property. Property values indexed using Teranet HPI data
   2 New originations defined as newly originated uninsured residential mortgages and have equity lines of credit, which include mortgages for purchases
                                                                                                                                                                                                            27
     refinances with a request for additional funds and transfer from other financial institutions
Canadian Residential Mortgages – LTVs*
Credit fundamentals remain strong

    NEW ORIGINATIONS UNINSURED LTV* DISTRIBUTION
                                                                                                                                                      Q1/19     Q4/19      Q1/20
                                                                                                                         Canada
                                                                                                                            Total Originations ($B)    9.3       13.3       11.2
                          GVA
                                                                                                                                   Uninsured LTV      64%        65%        64%
                          63%
                                                                                      GTA                                GTA
                                                                                      63%                                   Total Originations ($B)    3.2       4.2        3.7
             BC &
           Territories                                                                                                             Uninsured LTV      63%        64%        63%
              64%                                                                                                        GVA
                                                                                                             Atlantic
                                           Prairies 67%                                                     Provinces       Total Originations ($B)    1.0       1.6        1.4
                                                                          ON                        QC
                                                                          64%                       67%       66%                  Uninsured LTV      59%        64%        63%

     *Average LTV ratios for our uninsured residential mortgages originated during the quarter

     FICO® DISTRIBUTION – CANADIAN UNINSURED PORTFOLIO2
                                                                                                                        59%
        Average FICO® Score
           Canada             790
               GTA            792
               GVA            796
                                                                                                                                       •   Only  788
      FICO is a registered trademark of Fair Isaac Corporation
      2 FICO ® distribution for Canadian uninsured portfolio based on score ranges at origination
      3 Percentage is based on Total Mortgages

*Above figures include Wealth Management
                                                                                                                                                                                     28
Tangerine
Canada’s leading digital Bank

Medium
Term                   15%+                                6%+                               10%+
                    Earnings CAGR                     Deposits CAGR                       Assets CAGR
Objectives

                          No.1                         A+® Award                               No.1
                                                                                             Credit Card
Recent                Mid-Sized Bank                     By Fundgrade

Accolades
                  Ranked No. 1 in Client         Awarded for performance of           Ranked highest in Credit
              Satisfaction by J.D. Power for     Balanced Income Portfolio in         Card Satisfaction by J.D.
                   the 8th year in a row                    2019                               Power

                Client Experience                 Product Innovation               Strategic Partnerships
Our             Maintain industry-leading      Broadening asset and payments         Leverage partnerships with
Approach     position in customer experience   portfolios to double earnings and   Raptors, MLSE, and Cineplex to
                  through best-in-class           meet evolving client needs           drive client growth and
               onboarding and innovation                                                     satisfaction

                                                                                                                    29
Automotive Finance
  Canada’s leader in automotive finance

   • Provide personal and commercial dealer financing solutions, in partnership with seven leading global
      automotive manufacturers in Canada
   • Portfolio grew 5%1 year-over-year
              o Personal up 6%, Commercial up 1%

                                                                                          Exclusive Relationships
 Commercial

                  13%                                                                            MAZDA                                      VOLVO                            JAGUAR/LAND ROVER
Near-Prime
                           AVERAGE
  Retail
              8%           ASSET MIX
                                                                                          Semi-Exclusive Relationships*
                           $44.8B1                     79%
                            100% Secured
                                                                                                  HYUNDAI                                          CHRYSLER                               GM                     TESLA
                                                             Prime Retail

                                                                                            *   1 to 2 other financial institutions comprise Semi-Exclusive relationships

 Market Share
     Prime Retail Market Share2                                                              Near-Prime Retail Market Share3                                                      Commercial Floorplan Market Share4

                                                                                                                              24%                                                                                    28%
                               37%

                63%
                                                                                                                  76%                                                                                   72%

     1 For the three months ended January 31, 2020; 2 CBA data as of July 2019, includes RBC, CIBC, Canadian Western Bank, National Bank, TD, Scotiabank, Laurentian Bank; 3 DealerTrack Portal data, includes all Near-Prime Retail

     providers on DealerTrack Portal, data for January 2020 originations; 4 Includes BMO, CIBC, RBC, Scotiabank, TD, HSBC, Canadian Western Bank, Laurentian Bank, data as of June 2019                                                30
Business
Line       International Banking
Overview

                                   31
International Banking
  Leading P&C bank focused on high quality growth markets in Latin America and the Caribbean

      •    International Banking operates primarily in Latin America and the Caribbean with a full range of personal and
           commercial financial services. Core markets are the Pacific Alliance countries of Mexico, Peru, Chile and Colombia

          Asia                                                                                                             Business
                   2%                                                                                           52%         Loans     MEDIUM-TERM FINANCIAL OBJECTIVES

          24%         REVENUE1                                     Credit
                                                                                             LOAN MIX1                                                      Target2
C&CA                  $3.0B                    74%
                                                                   Cards
                                                                                 7%
                                                                                              $151B
                                                    Latin                                                                                  NIAT Growth3      9%+
                                                   America                           15%
                                                                         Personal                            26%
                                                               25%
                                  28%                          Peru       Loans                                     Residential
                                 Mexico                                                                                                Productivity Ratio
International Banking
  Financial Performance

                  $MM1                                    Q1/20                     Y/Y                    Q/Q                      YEAR-OVER-YEAR HIGHLIGHTS1
Reported
                                                                                                                           •      Adjusted Net Income ex. divestitures down 4%2,5
                 Net Income2                               $518                   (29%)                  (23%)
                                                                                                                                     o Tax benefits in Mexico last year
 Pre-Tax, Pre Provision Profit                            $1,321                  (10%)                  (11%)
                                                                                                                           •      Revenues ex. divestitures up 4%
                     Revenue                              $2,985                   (2%)                   (5%)
                    Expenses                              $1,664                   +6%                      -
                                                                                                                                     o Margin compression in Mexico and Chile
                        PCLs                               $580                   +30%                   +17%                        o Gain from foreclosed asset sale last year
           Productivity Ratio                             55.7%                 +360 bps               +270 bps                      o Strong loan growth - Pacific Alliance up 10%
        Net Interest Margin3                              4.51%                  (3 bps)                    -              •      NIM down 3 bps3
                                                                                                                                                                            5
                  PCL Ratio4                              1.57%                  +28 bps                +22 bps            •      Adjusted Expenses ex. divestitures up 5%
  PCL Ratio Impaired Loans4                               1.45%                  +21 bps                +18 bps                      o Impact of acquisitions in Peru and Dominican
Adjusted5                                                                                                                                Republic
                 Net Income2                                $615                   (17%)                   (15%)           •      Adjusted Operating leverage of -0.8%5 ex.
   Net Income – Ex Divested                                                                                                       divestitures
                                                            $560                    (4%)                    (1%)
                        Ops.2
                                                                                                                                                                2,5                    3
 Pre-Tax, Pre Provision Profit                            $1,404                 (7%)                    (10%)                 ADJUSTED NET INCOME                    ($MM) AND NIM (%)
                                                                                                                           4.54%          4.62%          4.51%             4.51%           4.51%
                    Expenses                              $1,581                 +3%                      (1%)
                        PCLs                               $503                  +12%                     +2%               743           723             762               725             615
           Productivity Ratio                             52.9%                +200 bps                +250 bps             159            156            141               154
                                                                                                                                                                                            55
                  PCL Ratio4                              1.36%                 +7 bps                   +1 bp
                                                                                                                            584            567            621               571
  PCL Ratio Impaired Loans4                               1.37%                 +13 bps                 +10 bps                                                                            560

                                                                                                                           Q1/19          Q2/19          Q3/19             Q4/19       Q1/20
 1 Y/Y and Q/Q growth rates (%) are on a constant dollars basis, while metrics and change in bps are on a reported basis
 2 Attributable to equity holders of the Bank
 3 Net Interest Margin is on a reported basis
                                                                                                                                           Ex. Divested Ops             Divested Ops
 4 Provision for credit losses on certain assets – loans, acceptances and off-balance sheet exposures
 5 Adjusted for Acquisition and Divestiture-related amounts and impact of additional pessimistic scenario

                                                                                                                                                                                                   33
The Bank of the Pacific Alliance (PAC)

                       Only universal bank with full presence in all Pacific Alliance countries

                       Well-established bank with 30+ years of experience in the region

                       Competitive scale in each market

                       8 million1 Retail and ~30,000 Corporate & Commercial customers
                       >100 multi-national corporate customers within the Pacific Alliance

1   10 million customers in PAC including affiliates

                                                                                                  34
PAC Fundamentals Driving Growth

        Strong                 Sound Macro                 Favourable
      Governance               Environment                Demographics

● Democratic countries    ● Diversified economies    ● 225 million people with
  with open economies       with strong GDP            median age of 30 years
                            growth
● Independent central                                ● Strong domestic
  banks with inflation    ● Resilience to economic     consumption
  targets                   and political cycles
                                                     ● Much lower banking
● Free trade agreements   ● Investment Grade-          penetration compared to
  and free-floating         rated                      Canada
  currencies
                          ● Low Debt/GDP ratios      ● Among the fastest
● Business-friendly         with lower fiscal          growing smartphone
  environments              deficits compared to       markets in the world
                            G7
                                                     ● Considerable growth in
                          ● Increasing adoption of     middle class
                            banking services

                                                                                 35
Resilience of the Pacific Alliance

 Average Annual                                 +2.9%                         +3.0%                                                                                            +3.1%
                                                                                                              +2.7%
 GDP Growth                                                                                                                                     +1.8%                                             +2.3%
                                                                                                                                                                                          +1.6%

Notable
Events
(by country)                                                                  Low Oil                      Election &                     Election                                       Social
                                            Election                                                                                                                         No events
                                                                               Prices                      Odebrecht                  & Trade Dispute                                    Unrest

Approximate GDP                             -2.2%1                          -2.6%2                            -1.5%3                         -1.5%4                                      -1.8%5
Impact on country

                                                                                                                           +13%
                                                                                                                           CAGR
                                                                                                                                                                               $2.8      $3.2
   International
      Banking                                                                                                   $2.1                           $2.4
                                               $1.7                            $1.9
     Earnings
       (C$B)
                                               2014                             2015                            2016                            2017                            2018     2019F    2020F

NOTE: Pacific Alliance GDP growth calculated based on mean average of the four PAC countries
1 2013 GDP growth rate vs. 2014 – 2017 average; 2 2014 vs. 2015 – 2017 average; 3 2016 vs. 2017; 4 2016 vs. 2017 – 2019 average; 5 Estimated impact in 2020F due to social unrest;

Source: Past GDP data from IMF; forecast from Scotiabank Economics
                                                                                                                                                                                                          36
Scotiabank in Mexico
    Including all Business Segments

         Footprint               Customers                    Employees                     Branches1                     Market Position by Loans4
                                                                                                        23.0%
                                     ~3.5                     ~12,900                        ~592
                                    million
                                                                                                                14.1%
   Balance and                 Loan Market                                                  Average                      13.2%    12.1%
Market Position                                            Average Loans
                                  Share4                                                    Deposits
                                                                                                                                            7.7%    7.4%
                                    7.7%                          $33                         $26                                                           4.6%
                                                                 billion                     billion                                                                  3.4%
                                                                                                                                                                              2.0%
      Financial
                               Total NIAT2, 5                     ROE3                  Productivity3
  Performance
                                   $574                          18.8%                      54.1%       BBVA    Banorte Santander Banamex Scotiabank HSBC   Inbursa   Bajio   Regio
                                   million

                                                    NIAT5                                                Productivity Ratio                         Operating Leverage
                                                    +20%                                                63.0
                                                    CAGR                                                 %                                                  7.5%
                                                                                                                                                                       6.9%
                                                                    666
                                                                                               579
                                         465                                                                                                       1.5%
           337                                                                                                   58.6%                                                          -0.9%

                                                                                                                                    55.4%
                                                                                                                            55.0%

          2016                           2017                      2018                       2019
    All figures in CAD$
    Constant currency
                                                                                                        2016    2017      2018       2019          2016     2017      2018      2019
                                                                                                                                                                                 2019
    1   Includes bank and wealth branches; does not include 177 Credito Familiar branches
    2   Adjusted; for the LTM ended January 31, 2020 not adjusted for currency
    3   Adjusted; for the LTM ended January 31, 2020
    4   Source: CNBV as of December 2019
    5   After NCI on an adjusted basis                                                                                                                                            37
Scotiabank in Peru
    Including all Business Segments

         Footprint               Customers1                  Employees1                Branches1                            Market Position by Loans4
                                                                                                              31.5%
                                         4.0                   12,000                     314
                                    million
                                                                                                                               19.5%           18.1%
   Balance and                   Loan Market                                            Average
Market Position                                            Average Loans                                                                                        12.0%
                                    Share4                                              Deposits

                                   18.1%                          $22                     $19
                                                                 billion                 billion

      Financial
                                 Total NIAT2,5                    ROE 3               Productivity3
  Performance                                                                                                                                  Scotia
                                                                                                              BCP              BBVA                            Interbank
                                   $795                        24.5%                    36.0%
                                   million

                                                   NIAT5                                               Productivity Ratio                       Operating Leverage
                                                    +12%
                                                    CAGR                                              40.0%
                                                                                          810                                                  7.9%
                                                                                                                    39.3%                                                  6.8%
                                                                   688
            572                          604
                                                                                                                              37.5%                               5.0%

                                                                                                                                                        1.8%

           2016                          2017                     2018                    2019                                         35.2%
    All figures in CAD$
    Constant currency
                                                                                                      2016      2017         2018       2019   2016     2017     2018      2019
    1   Including subsidiaries
    2   Adjusted; for the LTM ended January 31, 2020 not adjusted for currency
    3   Adjusted; for the LTM ended January 31, 2020
    4   Market share as of December 2019. Scotiabank includes SBP, CSF and Caja CAT
    5   After NCI on an adjusted basis                                                                                                                                      38
Scotiabank in Chile
    Including all Business Segments

         Footprint               Customers1                   Employees                     Branches1
                                                                                                                             Market Position by Loans4
                                                                                                                 18.3         17.1
                                       >3                      ~9,000                         162
                                     million                                                                                              14.4         14.1      13.7
   Balance and                  Loan Market                                                 Average
                                                           Average Loans                                                                                                        10
Market Position                    Share4                                                   Deposits

                                   14.4%                          $44                         $23
                                                                 billion                     billion

      Financial
                                Total NIAT2,5                     ROE 3                 Productivity3
  Performance
                                    $507                        8.6%                        43.2%               Santander     Chile     Scotiabank   Estado      BCI           Itaú
                                    million

                                                      NIAT5                                               Productivity Ratio                          Operating Leverage
                                                      +28%                                              53.6%
                                                      CAGR
                                                                                                                                                                        13.3%
                                                                                               718
                                                                   515                                               49.5%                                    8.5%
            339                         381
                                                                                                                                                                                      4.3%

                                                                                                                                44.7%    43.4%
                                                                                                                                                     -2.3%
           2016                        2017                        2018                       2019
    All figures in CAD$
    Constant currency
                                                                                                         2016     2017       2018       2019         2016     2017      2018          2019
    1   Includes affiliates & consumer microfinance
    2   Adjusted; for the LTM ended January 31, 2020 not adjusted for currency
    3   Adjusted; for the LTM ended January 31, 2020
    4   Market share as of December 2019. Local view, exclude offshore loans. Source: CMF
    5   NIAT Before NCI                                                                                                                                                                39
Scotiabank in Colombia
    Including all Business Segments

         Footprint               Customers                   Employees                   Branches1
                                                                                                                                                            Market Position by Loans4
                                                                                                                                       26.0%
                                         3.1                  ~9,000                         188
                                    million

   Balance and                                                                                                                                         16.0%
                               Loan Market                                                Average
Market Position                                            Average Loans                                                                                                12.2%
                                  Share4                                                  Deposits                                                                                     10.4%
                                                                                                                                                                                                     5.9%       5.9%
                                    5.9%                          $12                        $10                                                                                                                           4.3%
                                                                 billion                    billion

      Financial
                                Total NIAT2,6                     ROE 3                Productivity3
  Performance
                                                                                                                                 Bancolombia          Davivienda        Bogotá5        BBVA      Occidente5 Scotiabank Corpbanca
                                    $121                         8.1%                     56.7%                                                                                                              Colpatria
                                   million

                                                   NIAT6                                                                          Productivity Ratio                                           Operating Leverage
                                                    +53%
                                                    CAGR                                                                                                                       54.5%
                                                                                              139                                                52.6%            53.4%
                                                                                                                              50.3%
                                          73                        85                                                                                                                        1.6%
            38
                                                                                                                                                                                                                   -1.8%     -2.4%
                                                                                                                                                                                                        -6.4%

          2016                           2017                     2018                       2019
    All figures in CAD$
    Constant currency
    1   As of November 2019                                                                                                    2016         2017             2018            2019             2016      2017      2018       2019
    2   Adjusted; for the LTM ended January 31, 2020 not adjusted for currency
    3   Adjusted; for the LTM ended January 31, 2020
    4 Market   share as of November 2019
    5   Members of AVAL Group: Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas. AVAL is 2nd in market share in terms of Loans (25%) and 1st in Deposits (27%)
    6   After NCI on an adjusted basis                                                                                                                                                                                            40
Other Regions
Leading Caribbean & Central American franchise

     Caribbean & Central America                                      Asia

 • Leading bank serving retail, commercial, and         Thailand: 6% interest in TMB Bank
   corporate customers
                                                          • Reduced investment in Thailand in
 • Major markets include the Dominican Republic,            Q1/20 resulting ~6% minority interest
   Jamaica, Trinidad & Tobago, Costa Rica,                  in TMB Bank
   Panama and The Bahamas

 • Sharpened geographic footprint by exiting            China: ~18% interest in Bank of Xi’an
   higher risk, low growth jurisdictions including
   Haiti, El Salvador, Puerto Rico, US Virgin Islands     • CAD $855MM carrying value as of
   and 7 of the Leeward Islands                             January 31, 2020

       Dominican Republic: #4 bank                        • CAD $496MM of net income for
                                                            twelve months ended October 31,
      • Acquired Banco Dominicano del Progreso              2019
       in 2019

                                                                                                    41
Business   Global Wealth
Line
Overview   Management

                           42
Global Wealth Management
Profitable, High Growth, Strong Momentum

 • Global Wealth Management is focused on delivering comprehensive wealth management advice and
        solutions to clients across Scotiabank’s footprint

         Customers1                                        Employees1                           Countries1
                                                                                                                    MEDIUM-TERM FINANCIAL OBJECTIVES

              2.5                                            7,200                                   14                                  Target3
            million

   Assets Under Administration1                                                   Assets Under Management1           Earnings Growth      8%+

                        $497                                                               $298
                          billion                                                          billion                  Productivity Ratio
Global Wealth Management
   Financial Performance

 $MM, except AUM/AUA                                           Q1/20                      Y/Y      Q/Q                  YEAR-OVER-YEAR HIGHLIGHTS
Reported                                                                                                      •      Adjusted Net Income up 11%2
                                 Net Income1                    $306                    +12%       +2%        •      Revenue up 5%
  Pre-Tax, Pre Provision Profit                                 $420                    +12%       +4%
                                                                                                                     o Up 7% excluding impact of divestitures
                                       Revenue                 $1,157                    +5%       +1%
                                                                                                                     o Strong AUA/AUM growth
                                      Expenses                  $737                     +2%       (1%)
                                              PCLs                $1                     (50%)      N/A              o Solid brokerage revenue growth
                      Productivity Ratio                       63.7%                 (210 bps)   (110 bps)    •      Adjusted Expenses up 2%2
                                     AUM ($B)                   $298                     +6%       (1%)               o Volume related expense growth
                                       AUA($B)                  $497                     +7%         -
                                                                                                              •      Positive adjusted operating leverage of 3%2
Adjusted2
                                 Net Income1                    $318                     +11%      +1%        •      Improved industry leading productivity ratio2
  Pre-Tax, Pre Provision Profit                                 $435                     +11%     +3%         •      Strong AUM growth of 6% and AUA growth of 7%
                                      Expenses                  $722                      +2%        -                o Market appreciation
                                              PCLs                  -                     N/A      N/A
                                                                                                                      o Positive net sales in Mutual Funds
                      Productivity Ratio                       62.4%                 (180 bps)   (70 bps)
                                                                                                                                                1,2                2
                                                                                                               ADJUSTED NET INCOME ($MM) AND ROE (%)
                                                                                                              12.3%          13.5%       13.5%        13.6%        13.7%

                                                                                                             286             303          313          314             318

   1   Attributable to equity holders of the Bank
   2   Adjusted for Acquisition-related costs and impact of additional pessimistic scenario                  Q1/19          Q2/19       Q3/19         Q4/19        Q1/20
                                                                                                                                                                             44
Global Wealth Management:
                  Profitable, High Growth, Strong Momentum

                                                                     1st          2nd        3rd       4th       5th         6th
                                     Private Investment Counsel

                                     Private Banking
                  Advisory

                                     Trust
  Canada

                                     Full Service Brokerage

                                     Discount Brokerage

                                     Retail Mutual Funds
                  Asset Management

                                     Institutional Funds
  International

                                     Mexico AUM                                Blackrock

                                                                                                                 BANCO
                                     Chile AUM                                                                  SECURITY

                                     Peru AUM                     Credifondo   Continental         Interfondos Fondos Sura

Sources: IFIC, Strategic Insight Reports
                                                                                                                                   45
Business
Line       Global Banking
Overview   and Markets

                            46
Global Banking and Markets
  Second-largest Canadian wholesale banking and capital markets business

   •       Full-service wholesale bank the Americas, with operations in 21 countries, serving clients across Canada, the United
           States, Latin America, Europe and Asia-Pacific

                                                                                                                     MEDIUM-TERM FINANCIAL OBJECTIVES
              Asia                               Canada
                                                                   Global                                 Business                         Target2
                    6%                                            Equities                                Banking
                                                  44%                                               52%
Europe
             10%                                                            16%        REVENUE BY
                       GEOGRAPHIC                                                                                          NIAT Growth      ~5%
                        REVENUE1                                                      BUSINESS LINE1
                          $1.3B                                                             $1.3B
                                                                                                                      Productivity Ratio    ~50%

                         40%                                                              32%
                       US                                                     FICC                                   Operating Leverage    Positive

       STRATEGIC OUTLOOK
 • Client Focus: Increase our relevance to our corporate clients and drive alignment of resources with the most significant revenue
       opportunities, to capture more of the non-lending wallet
 • Strengthen our capital markets offering: Enhance distribution and product capabilities and deepen institutional relationships
 • Build on our presence in the Americas: Enhance our franchise in Canada, continue to pursue targeted, phased growth in the U.S., create a
       top-tier local and cross-border Pacific Alliance business, and leverage Europe and Asia for distribution of our Americas product in support
       of our corporate clients

  1 For   the 3 months ended January 31, 2020; 2 3-5 year target from 2020 Investor Day                                                                 47
Global Banking and Markets
   Financial Performance

                     $MM                                      Q1/20                      Y/Y                 Q/Q                 YEAR-OVER-YEAR HIGHLIGHTS
Reported                                                                                                                 •     Adjusted Net Income up 35% Y/Y3
                                Net Income1                     $372                     +11%                (8%)                 o Strong growth in trading-related revenue
  Pre-Tax, Pre Provision Profit                                  $513                   +19%                 (5%)        •     Adjusted Revenue up 18%3
                                      Revenue                  $1,167                    +9%                   -                  o Adjusted Non-interest income up 34%3
                                     Expenses                   $654                      +1%                +4%         •     Loans grew 6%
                                             PCLs                $24                      N/A               +500%        •     Deposits up a strong 21%
                     Productivity Ratio                        56.0%                 (400 bps)             +200 bps
                                                                                                                         •     Expenses up 1%
                                   PCL     Ratio2              0.09%                  +16 bps               +7 bps
                                                                                                                                  o Higher performance-related compensation
   PCL Ratio Impaired Loans2                                   0.14%                  +15 bps               +9 bps
Adjusted3                                                                                                                •     Improved adjusted productivity ratio by 850 bps3
                                Net Income1                    $451                    +35%                  +11%        •     Positive adjusted operating leverage of 17%3
  Pre-Tax, Pre Provision Profit                                $615                    +43%                 +14%         •     Adjusted PCL ratio2,3 of 7 bps
                                      Revenue                 $1,269                    +18%                 +8%
                                             PCLs               $18                      N/A                +350%
                                                                                                                                                          1,3             3
                     Productivity Ratio                       51.5%                 (850 bps)              (250 bps)     ADJUSTED NET INCOME ($MM) AND ROE (%)
                                   PCL Ratio2                  0.07%                 +14 bps                 +5 bps
                                                                                                                                      15.2%                     13.8%     14.0%
                                                                                                                       11.5%                      12.8%

                                                                                                                                                                              451
                                                                                                                                       420
                                                                                                                       335                         374           405

   1 Attributable  to equity holders of the Bank
   2 Provision  for credit losses on certain assets – loans, acceptances and off-balance sheet exposures               Q1/19          Q2/19       Q3/19         Q4/19     Q1/20
   3   Adjusting for the derivative valuation adjustment and impact of additional pessimistic scenario
                                                                                                                                                                                    48
Scotiabank in the U.S.
 • Wholesale bank in the US: Corporate & Investment Banking, Capital Markets, Cash Management and
         Trade Finance
 • Top 15 foreign bank organization (FBO) in the US

                                Clients1                              Employees1          Offices1
                                >4,000                                   ~700                5

                              Revenue1                               Average Loans1   Average Deposits1
                                 $1,896                                   $43               $57
                                 million                                 billion           billion

                            Total NIAT1                                  ROE1           Productivity1
                                 $777                                    18.7%             46.2%
                                 million

• Client focus is on S&P 500, investment grade corporates
• Current sectors of strength include: Power & Utilities and Energy. Focus areas for growth include Real
       Estate, Technology, and Healthcare
1 As   presented in the 2020 Investor Day; figures for fiscal 2019                                         49
Risk
Overview

           50
Risk Snapshot

RWA Breakdown1                                         Credit Exposure by Country2,3                          Credit Exposure by Sector1,2
                                                                                    Canada

                                                                                    Chile                 Real Estate and Construction                   5.7%

                                         Credit Risk                         64%    U.S.
                                                                                                                     Financial Services                  5.5%
 2%                                                         2%                                                   Wholesale and Retail               4.4%
                                                            4%                      C&CA
11%           $421B                87%   Operational Risk
                                                            5%
                                                                    $611B1          Other International
                                                                                                                                Other             3.0%
                                                             5%                                                                Energy             2.7%
                                                                                    Mexico
                                         Market Risk          5%                                                Technology and Media          2.5%
                                                                   7% 8%            Peru
                                                                                                                          Automotive          2.2%
                                                                                    Colombia
                                                                                                                           Agriculture        2.2%

                             Personal & Commercial Lending                                                                     Utilities     2.1%
                                                                                                                       Transportation       1.5%
Canadian               Banking1,2                           International Banking1,2                               Food and Beverage        1.4%
                                                                                                                                Mining      1.1%
                                                                                                                          Health Care      1.0%
                                                                             66%   Secured
                                         Secured                                                                            Sovereign      0.9%
7%
              $312B                                                  $70B                                      Hospitality and Leisure     0.7%
                                   93%
                                                                                   Unsecured                          Forest Products      0.5%
                                         Unsecured
                                                              34%                                                               Metals     0.5%
                                                                                                                            Chemicals      0.4%

1   As at January 31, 2020
2%    of total loans and acceptances
3   As at October 31, 2019                                                                                                                                      51
Risk Density

 •    Risk density has declined over the past 5 years
 •    Major acquisitions have been successfully integrated with no adverse impact on risk density

                                                 Credit RWA Density
                              (Credit Risk-Weighted Assets/Credit Exposure at Default)

40%

38%

                                35.82%                 35.56%
36%   35.13%

34%                                                                         33.65%
                                                                                                     34.78%
                                                                                                                             33.31%
32%

30%
      Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

                                                                                                                                  52
Historical PCL Ratios on Impaired Loans
   Credit fundamentals remain strong; PCLs on impaired loans in line with long-term average

                                                                                                                                     1
        ALL BANK: HISTORICAL PCL RATIO ON IMPAIRED LOANS

2.00%               2002: Included $454
                                                                                                      2009: Higher PCLs driven
                    million related to the
                                                                                                      by economic conditions,
                    Bank’s exposure to
                                                                                                      event distributed across
                    Argentina
                                                                                                      business lines. Higher
1.50%                                                                                                 general allowance and                                                                    Average: 45 bps
                                                                                                      sectoral allowance
                                                                                                      (automotive related)
1.00%

0.50%

0.00%
             2001

                            2002

                                       2003

                                                   2004

                                                               2005

                                                                           2006

                                                                                       2007

                                                                                                  2008

                                                                                                             2009

                                                                                                                       2010

                                                                                                                                  2011

                                                                                                                                          2012

                                                                                                                                                 2013

                                                                                                                                                            2014

                                                                                                                                                                   2015

                                                                                                                                                                          2016

                                                                                                                                                                                 2017

                                                                                                                                                                                        2018

                                                                                                                                                                                               2019

                                                                                                                                                                                                        Q120
                                                     PCL Ratio on Impaired Loans                                                 Historical Average - PCL Ratio on Impaired Loans (45 bps)

                                                                                                                                                        1
        CANADIAN BANKING: HISTORICAL PCL RATIO ON IMPAIRED LOANS
2.00%

1.50%

1.00%                                                                                                                                                                                            Average: 26 bps

0.50%

0.00%
             2001

                            2002

                                       2003

                                                   2004

                                                               2005

                                                                           2006

                                                                                       2007

                                                                                                  2008

                                                                                                             2009

                                                                                                                       2010

                                                                                                                                  2011

                                                                                                                                          2012

                                                                                                                                                 2013

                                                                                                                                                            2014

                                                                                                                                                                   2015

                                                                                                                                                                          2016

                                                                                                                                                                                 2017

                                                                                                                                                                                        2018

                                                                                                                                                                                               2019

                                                                                                                                                                                                        Q120
                                                     PCL Ratio on Impaired Loans                                                 Historical Average - PCL Ratio on Impaired Loans (26 bps)

   1 Provision   for credit losses on certain assets – loans, acceptances and off-balance sheet exposures
                                                                                                                                                                                                                   53
Canadian Retail: Loans and Provisions                                                                                                                                     1

                                          MORTGAGES                                                                            PERSONAL LOANS2
                                                                                                                                95                       91
                                                                                                                          80            85       84
                                                                                                                                88      78       81      90
                     2                 21                                                                                 69
                                                         1 1             1 1            00
                         1

                  Q1/19            Q2/19           Q3/19            Q4/19              Q1/20                            Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

                                    LINES OF CREDIT3                                                                            CREDIT CARDS

                                                     96                                                                         458
                             81         86                                         80                                                   402     381       385
                                                                   72                                                    349
                                                                                                                                415
                             75          70          73             70             73                                                   339     379       377
                                                                                                                        241

                       Q1/19 Q2/19 Q3/19 Q4/19 Q1/20                                                                    Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

                                  PCL as a % of avg. net loans (bps)                                              PCLs on Impaired Loans as a % of avg. net loans (bps)

        Loan Balances Q1/20                                    Mortgages                  Personal Loans2   Lines of Credit3     Credit Cards                 Total
                  Spot ($B)                                         $230                       $41                $34                  $8                     $3124
                 % Secured                                         100%                        99%               61%                   3%                     93%5
1 Includes Wealth Management. PCL excludes impact of additional pessimistic scenario
2 95%  are automotive loans
3 Includes Home Equity Lines of Credit and Unsecured Lines of Credit
4 Includes Tangerine balances of $6 billion
5 80% secured by real estate; 13% secured by automotive                                                                                                                       54
International Retail: Loans and Provisions
                                                               MEXICO                                                                              PERU
                                                                                  246           251                          517                    545
                                         233           231           208                                                                                   473      471
                                                                                                                                        402
                                                                                  163           228
                                                       218            203                                                                           491             470
                                         199                                                                                                                424
                                                                                                                            364         372

                                                                                                       2                                      1                         2
                                      Q1/19 Q2/19 Q3/19 Q4/19 Q1/20                                                         Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

                   CARIBBEAN &
                   CENTRAL AMERICA                                                                           CHILE                                         COLOMBIA
                                                                                                                            191                   554     549     531
          170                                        187            178                                               160                                                   471     439
                                                                                          155          159    155
                       157              141
                                                     165           170                                                       175                  485
                        156                                                                            148    150     154                                 455               420     406
          138                           138                                               120                                                                     377

                                1                                           2                                                      2                                                      2
       Q1/19 Q2/19 Q3/19 Q4/19 Q1/20                                                    Q1/19 Q2/19 Q3/19 Q4/19 Q1/20                         Q1/19 Q2/19 Q3/19 Q4/19 Q1/20

                                      PCL as a % of avg. net loans (bps)                                                     PCLs on Impaired Loans as a % of avg. net loans (bps)

            Loan Balances
                                                           Mexico                          Peru               Chile         Colombia                      C&CA                Total3
               Q1/20
                  Spot ($B)                                   $14                           $10                $24                 $7                     $14                     $70

 1   Adjusted for acquisition-related costs, including Day 1 PCL impact on acquired performing loans
 2   PCL excludes impact of additional pessimistic scenario
 3   Total includes other smaller portfolios                                                                                                                                                  55
Energy Exposure1
High quality energy portfolio, reduced exposure to 2.7% of total loans from 3.6% in Q1/16

                                                                                           Loans and       % of Total % of Total Loans and
                                                                                                                                           % Investment
                                                                                         Acceptances        Energy       Acceptances
                                                                                                                                               Grade
                                                                                        Outstanding ($B)   Exposure       Outstanding
 Total Exploration and Production                                                             6.9            41%                  1.1%                    53%

       Canadian E&P                                                                           3.4            20%                  0.6%                    74%

       U.S. E&P                                                                               0.9             6%                  0.2%                    34%4

 Midstream                                                                                    5.8            34%                  0.9%                    58%

 Services                                                                                     1.5             9%                  0.2%                    17%

 Downstream                                                                                   2.6            16%                  0.4%                    72%

    Total Energy Exposure2                                                                    16.8           100%                 2.7%                    54%

                                                                                                                    Canada                                     C&CA
                                                                                                                     (57%)        6.9                          (34%)
•        Energy portfolio represents 2.7% of loans and                                                                                                 0.4       Europe
         acceptances outstanding, down from 3.6% in Q1 2016.                                                                                                      (44%)
                                                                                                                                     Energy              0.7
                                                                                                                                   Exposure by
•        54% is rated Investment Grade (IG)
                                                                                                                                   Geography2
         Watchlist3 reduced to 3.9% of total Energy outstandings                                                                                                    Latin
•
         from a high of 13.6% as of Q4/16                                                                        Asia   1.0         $16.8B               3.3      America
                                                                                                                (95%)                    (%IG)                     (44%)

                                                                                                                                  3.2            1.3
1 As of January 31, 2020                                                                                                       U.S.                    Mexico
                                                                                                                              (50%)                    (59%)
2 May not add due to rounding
3 Includes Impaired accounts
4 Reduction in IG from previous quarter a function of a material repayment on an IG account
                                                                                                                                                                            56
Treasury
and
Funding

           57
Funding Strategy
Flexible, well-balanced and diversified funding sources

                                                                                                                         Funding Programs1
                               Funding Strategy
                                                                                                                      US Debt & Equity Shelf
                                                                                                                      (senior / subordinated debt, preferred and common shares)
 • Build customer deposits in all of our key                                                                          Limit – USD 40 billion

     markets                                                                                                          Global Registered Covered Bond Program
                                                                                                                      (uninsured Canadian mortgages)
                                                                                                                      Limit – CAD 38 billion
 • Continue to reduce wholesale funding (WSF)
     while focusing on TLAC eligible debt                                                                             EMTN Shelf
                                                                                                                      Limit – USD 20 billion

 • Achieve appropriate balance between                                                                                CAD Debt & Equity Shelf
     efficiency and stability of funding including                                                                    (senior / subordinated debt, preferred and common shares)
                                                                                                                      Limit – CAD 15 billion
     maintaining pricing relative to peers
                                                                                                                      START ABS program (indirect auto loans)
                                                                                                                      Limit – CAD 15 billion
 • Diversify funding by type, currency, program,
     tenor and markets                                                                                                Australian MTN program
                                                                                                                      Limit – AUD 8 billion

 • Centralized funding strategy and associated                                                                        Singapore MTN program
     risk management                                                                                                  Limit – USD 7.5 billion

                                                                                                                      Halifax ABS shelf (unsecured lines of credit)
                                                                                                                      Limit – CAD 7 billion

                                                                                                                      Principal at Risk (PAR) Note shelf
                                                                                                                      Limit – CAD 6 billion

                                                                                                                      Trillium ABS shelf (credit cards)
                                                                                                                      Limit – CAD 5 billion

                                                                                                                      USD Bank CP Program
 1In addition to the programs listed, there are also CD programs in the following currencies: Yankee/USD, EUR, GBP,   Limit – USD 35 billion
 AUD, HKD                                                                                                                                                                         58
Wholesale Funding
    Wholesale funding diversity by instrument and maturity1,6,7

                                                     7%                                                                                         MATURITY TABLE (EX-SUB DEBT)
        24%
                                                Bail-inable Notes                                                                               (CANADIAN DOLLAR EQUIVALENT, $B)

        Senior Notes

                                                                                                                    2%
                                                                                                                Asset-Backed
                                                                                                                                                  $26

                                                                                                                                                   $4
                                                                                                                                                                   $25

  Asset-Backed                                                                                                    Securities                                                                                                       $21
Commercial Paper3                                                                                                                                                                    $21

        2%                                                                                                      10%
                                                                                                                                                   $4
                                                                                                                                                                                      $3                                           $3
                                                                                                                                                                    $11
                                                                                                                                                                                      $1

                                                     $271B                                                    Covered Bonds
                                                                                                                                                                     $1
                                                                                                                                                                                                      $14

                                                                                                                      9%
                                                                                                                    Mortgage                      $18                                $17
                                                                                                                                                                                                       $6
                                                                                                                                                                                                                         $9
                                                                                                                                                                                                                         $1        $18
                                                                                                                  Securitization4
                                                                                                                                                                    $13

                42%                                                                                           3%
                                                                                                                                                                                                       $9                $8

        Bearer Deposit Notes,
         Commercial Paper &
        Short-Term Certificate
                                                                     1%
                                                          Deposits from Banks2
                                                                                                           Subordinated
                                                                                                              Debt5
                                                                                                                                             < 1 Year 2 Years 3 Years 4 Years 5 Years 5 Years >
             of Deposits
                                                                                                                                                               Senior Debt                    ABS                Covered Bonds

    1 Excludes repo transactions and bankers acceptances, which are disclosed in the contractual maturities table in the MD&A of the Interim Consolidated Financial Statements. Amounts are based on remaining term to maturity.
    2 Only includes commercial bank deposits raised by Group Treasury.
    3 Excludes asset-backed commercial paper (ABCP) issued by certain ABCP conduits that are not consolidated for financial reporting purposes.

    4 Represents residential mortgages funded through Canadian Federal Government agency sponsored programs. Funding accessed through such programs does not impact the funding capacity of the Bank in its own name.

    5 Although subordinated debentures are a component of regulatory capital, they are included in this table in accordance with EDTF recommended disclosures.

    6 As per Wholesale Funding Sources Table in MD&A, as of Q1/20.

    7 May not add to 100% due to rounding.

                                                                                                                                                                                                                                         59
Deposit Overview
Stable trend in personal & business and government deposits

     PERSONAL DEPOSITS                                                                                                                       PERSONAL DEPOSITS
     (SPOT, CANADIAN DOLLAR EQUIVALENT, $B)
                                                                                   $222              $223              $224              • Important for both relationship purposes
                                                                                            $225              $225                           and regulatory value
                                                                $211
                                                                         $215                                                            •   Good momentum with 4.0% CAGR over
                                              $201
      $199                  $198                                                                                                             the last 3 years
                  $202                                 $204
                                     $200                                                   3Y CAGR – 4.0%
        Q1/17

                             Q3/17

                                               Q1/18

                                                                 Q3/18

                                                                                    Q1/19

                                                                                                      Q3/19
                    Q2/17

                                                        Q2/18

                                                                                             Q2/19

                                                                                                                        Q1/20
                                      Q4/17

                                                                           Q4/18

                                                                                                               Q4/19
     BUSINESS & GOVERNMENT DEPOSITS1
     (SPOT, CANADIAN DOLLAR EQUIVALENT, $B)
                                                                                                                                             BUSINESS & GOVERNMENT
                                                                                                     $221
                                                                                                                       $227              • Gaining share of deposits through
                                                                                   $197                       $223
                                                                                                                                             leveraging of relationships
                            $172                                $179                        $211
                                              $170
      $156                                                               $197                                                            • 13.3% CAGR over the last 3 years
                  $169               $174
                                                       $168
                                                                                            3Y CAGR – 13.3%
                                                                                                                                         • Focusing on operational, regulatory
                                                                                                                                             friendly deposits
        Q1/17

                             Q3/17

                                               Q1/18

                                                                 Q3/18

                                                                                    Q1/19

                                                                                                      Q3/19
                    Q2/17

                                                        Q2/18

                                                                                             Q2/19

                                                                                                                        Q1/20
                                      Q4/17

                                                                           Q4/18

                                                                                                               Q4/19

1 Calculated   as Bus& Gov’t deposits less wholesale funding as per Wholesale Funding Sources table in the MD&A, adjusted for Sub Debt

                                                                                                                                                                                  60
Wholesale Funding Utilization
Managing reliance on wholesale funding and growing deposits

 WHOLESALE FUNDING / TOTAL ASSETS                                                                                  REDUCED RELIANCE ON
                                                                                                                   WHOLESALE FUNDING
                                                                                                                 • Operating in line with peers
                                                                                                                   o Reduced reliance on wholesale funding
 24.5%                            24.6%
                                                                   23.9%                               23.5%       o Sustained focus on deposits as an alternate to wholesale
                                                                                                                     funding
  Q1/17

                  Q3/17

                                   Q1/18

                                                   Q3/18

                                                                    Q1/19

                                                                                     Q3/19
          Q2/17

                                           Q2/18

                                                                            Q2/19

                                                                                                        Q1/20
                          Q4/17

                                                           Q4/18

 MONEY MARKET WHOLESALE FUNDING /                                                             Q4/19                FOCUS ON TERM FUNDING
 TOTAL WHOLESALE FUNDING
                                                                                                                 • Prudently using money market funding to
                                                                                                       44.7%       absorb short term funding requirements
                                                                                                                   o Primarily driven by increases in certificate of deposits,
                                  39.9%                                                                              commercial paper and bearer notes
 38.7%                                                              38.4%
  Q1/17

                  Q3/17

                                   Q1/18

                                                   Q3/18

                                                                    Q1/19

                                                                                      Q3/19
          Q2/17

                                           Q2/18

                                                                             Q2/19

                                                                                                         Q1/20
                          Q4/17

                                                           Q4/18

                                                                                               Q4/19

                                                                                                                                                                                 61
Liquidity Metrics
Well funded Bank with strong liquidity

 • Liquidity Coverage Ratio (LCR)
   o Stable and sound management of liquidity
   o Net Stable Funding Ratio (NSFR) disclosure to commence Q1/20

               128%        127%                              128%                            127%
    125%                              125%          124%             125%            125%
                                                                             123%

    Q4/17      Q1/18      Q2/18       Q3/18         Q4/18    Q1/19   Q2/19   Q3/19   Q4/19   Q1/20

 • High Quality Liquid Assets (HQLA)
   o Efficiently managing LCR and optimizing HQLA

                                                                                     $165    $168
                                                              $158   $158    $160
                           $140                     $144
               $132                   $138
    $127

    Q4/17      Q1/18      Q2/18       Q3/18         Q4/18    Q1/19   Q2/19   Q3/19   Q4/19   Q1/20

                                                                                                     62
Appendix 1

Core Markets:
Economic Profiles
Canadian Economy
             Diverse sources of growth with a strong balance sheet

                       19.5%                                                      12.5%                   REAL GDP GROWTH
                   Finance, Insurance,                                     Health & Education
                      & Real Estate                                                                                        3
                                                                                        10.3%

                                                                                                         ANNUAL % CHANGE
                15.8%                                                                   Wholesale &
                                                                                                                           2
                    Other                                                               Retail Trade
                                                  CANADIAN GDP
                                                   BY INDUSTRY
               4.5%                                 (Nov 2019)                          10.0%                              1
            Transportation                                                              Manufacturing
            & Warehousing

               6.1%                                                                       7.3%                             0
                                                                                     Mining and Oil
             Professional,                                                          & Gas Extraction                                  U.S.             Canada         Eurozone               U.K.          Japan
              Scientific,
                                                                                                                                     2010–2018                   2019e–2021f
             & Technical
               Services               6.8%                               7.2%                                                   Sources: Scotiabank Economics, Haver Analytics, Statistics Canada.
                                Public Administration                 Construction                                              Forecasts as of January 13, 2020.

GENERAL GOVERNMENT NET FINANCIAL LIABILITIES                                                              GOVERNMENT FINANCIAL DEFICITS
                                                                                                                           2
                                                                                                                            1
                                                                                                                                    1.0
                                                                                                                           0
% OF GDP

                                                                                                                                               (0.7)
                                                                                                         % OF GDP

                                                                                                                           -1                               (1.6)       (1.5)
                                                                                                                                                                                     (2.2)
                                                                                                 125.7                     -2                                                                     (2.4)    (2.5)
                                                                                        122.5
                                                                                                                           -3
                                                              80.9        88.0
                                                 78.2
                                     66.6                                                                                  -4
                         29.0                                                                                              -5                                                                                      (5.5)
            22.8
                                                                                                                           -6
           Canada Germany OECD                  France        U.K.         U.S.          Italy   Japan                          Germany Canada OECD*                     UK        Japan          France   Italy   US
                                                                                                                                * Arithmetic mean of all OECD financial deficits as a % of GDP.
           Sources: Scotiabank Economics, OECD (2020 estimates). As of February 2020.                                           Sources: Scotiabank Economics, IMF (2020 estimates).
                                                                                                                                As of February 2020.                                                                 64
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