Thx
EPS of $1.52 missed estimates of $1.56; revenue of $9.08B was marginally better than estimates. Scotiabank's transition is advancing, driving overall adjusted operating leverage and international segment efficiency improvement, aided by progress toward C$800 million in cost savings this year and primacy expansion. The bank may reach 5-7% 2025 EPS growth. Trade risks still weigh on domestic and Latin America economies, reflected in a higher-performing provisions ratio. Slower activity in domestic banking might extend as clients face uncertainty. Canadian net interest margin eased. Wealth growth is exposed to market volatility, while Capital Market's M&A fees could ease, despite a healthy pipeline. The bank expects 2H impaired provisions at or over 2Q's 57 bps, above prior guidance and expected 2H moderation. Performing reserves in 2Q may help. Scotiabank is set to buy back 20 million shares. All-in, we would be comfortable here. The bank is managing a difficult and uncertain time fairly well so far.