Bank Nova Scotia Halifax Pfd 3 Ordinary Shares
BNS · NYSE
Next quarter
Expected to report Dec 1, 2026 — estimated from last year’s reporting date.
Consensus is $1.59 EPS for Oct 2026 across 3 estimates, ranging $1.58 to $1.61.
BNS Jul 2026
- 7.19%
- $1.53
- $1.64
- —
- —
Highlights
- EPS beat: Reported EPS was $1.64, $0.11 above the $1.53 consensus estimate, a 7.19% surprise.
- Nine-month earnings: Income from continuing operations before taxes was $10.502 billion for the nine months ended July 31, 2026, versus $10.509 billion in the supplied October 31, 2025 comparison period.
- Investee gains: Gain from investees was $633 million, up from $608 million in the comparison period; excluding that gain, earnings were $9.869 billion versus $9.901 billion.
- Lower fixed charges: Fixed charges excluding deposit interest were $1.809 billion, compared with $2.655 billion in the comparison period.
- Preferred dividends: Preference security dividend requirements were $518 million, down from $685 million in the comparison period.
- Coverage improved: The ratio of earnings to combined fixed charges and preferred dividends was 5.02x, versus 3.76x in the comparison period.
- Deposit-interest coverage: Including interest on deposits, the ratio of earnings to combined fixed charges and preferred dividends was 1.39x, versus 1.25x in the comparison period.
Analysis
BNS’s reported EPS of $1.64 exceeded the $1.53 consensus estimate by $0.11, or 7.19%, making the headline result a clear beat. The supplied material does not provide the quarter’s revenue, net income, segment results, year-ago quarter, or prior-quarter figures, so the quarterly operating trend cannot be established from this release alone.
The available filing is chiefly a nine-month earnings-coverage exhibit. For the nine months ended July 31, 2026, income from continuing operations before taxes was $10.502 billion, essentially unchanged from the $10.509 billion shown for the October 31, 2025 comparison period. Excluding gains from investees, earnings were $9.869 billion versus $9.901 billion, while investee gains increased to $633 million from $608 million. The more notable movement was below operating earnings: fixed charges excluding deposit interest fell to $1.809 billion from $2.655 billion, and preferred dividend requirements declined to $518 million from $685 million. Consequently, coverage of fixed charges and preferred dividends improved to 5.02x from 3.76x, or to 1.39x from 1.25x when deposit interest is included.
EPS against expectations
The quarter’s only directly identified headline measure is EPS. BNS reported $1.64 per share against consensus of $1.53, producing a $0.11 beat and a 7.19% upside surprise. The supplied material does not identify the year-ago or immediately preceding quarter EPS, so the earnings trajectory cannot be quantified beyond the estimate comparison.
- Reported EPS: $1.64.
- Consensus EPS: $1.53.
- Surprise: $0.11 per share, or 7.19%.
Nine-month earnings base
The exhibit shows broadly stable pre-tax earnings for the nine months ended July 31, 2026, but a slightly lower underlying result after removing investee gains. Income from continuing operations before taxes was $10.502 billion, compared with $10.509 billion in the supplied October 31, 2025 comparison column. Gain from investees rose to $633 million from $608 million, leaving earnings excluding that gain at $9.869 billion versus $9.901 billion.
- Pre-tax continuing earnings: $10.502 billion versus $10.509 billion.
- Gain from investees: $633 million versus $608 million.
- Earnings excluding investee gains: $9.869 billion versus $9.901 billion.
Fixed-charge coverage
The clearest improvement in the supplied filing was in financial-coverage metrics. Excluding interest on deposits, fixed charges declined to $1.809 billion from $2.655 billion and preferred dividend requirements fell to $518 million from $685 million. The ratio of earnings to combined fixed charges and preferred dividends therefore increased to 5.02x from 3.76x.
- Fixed charges excluding deposit interest: $1.809 billion versus $2.655 billion.
- Preferred dividend requirements: $518 million versus $685 million.
- Combined coverage: 5.02x versus 3.76x.
Deposit-interest view
Including interest on deposits produces a lower but improved coverage measure, reflecting the much larger interest-cost base. Fixed charges were $23.484 billion for the nine months ended July 31, 2026, versus $36.080 billion in the comparison column. Including preferred dividends, total fixed charges and preferred dividends were $24.002 billion versus $36.765 billion, lifting coverage to 1.39x from 1.25x.
- Fixed charges including deposit interest: $23.484 billion versus $36.080 billion.
- Fixed charges plus preferred dividends: $24.002 billion versus $36.765 billion.
- Combined coverage including deposit interest: 1.39x versus 1.25x.
