Latest news with #ScottThomson
Mint
18-07-2025
- Business
- Mint
CIBC Overtakes Scotiabank in Market Value After Stock's 47% Run
Canadian Imperial Bank of Commerce has inched past Bank of Nova Scotia in market capitalization to become Canada's fourth-most valuable bank, as investor sentiment shifts in favor of lenders with more exposure to the domestic market. CIBC has been the top-performing major Canadian bank over the past year, with its shares soaring 47%, giving it a market value of C$94.6 billion as of Friday's close. It hadn't outranked Scotiabank since the early 2000s, until this month. Scotiabank has been the worst performer of the group, with its shares rising 17% over the past 12 months. That's largely due to underwhelming earnings as the bank executes a long-term strategy of trying to shrink the capital it allocates to Latin America. 'I think there's been a decent culture shift now' at CIBC, said Dan Rohinton, a portfolio manager at iA Global Asset Management. 'It's been long enough and consistent enough that you can give them credit for the sustainability and durability of the work that they've put forward.' With borrowing costs stabilizing and the Canadian housing market showing signs of resilience, investors have turned toward lenders with heavier exposure to domestic retail banking. CIBC has emerged as a relative safe haven amid global market volatility. The bank derived 63% of its earnings from Canadian personal, business and commercial banking and wealth management in the first six months of the fiscal year. Investors and analysts have also pointed to improvements in CIBC's technology, costs and productivity as factors that have allowed the bank to outperform peers. Scotiabank is also pushing to win a bigger share of the Canadian market under CEO Scott Thomson, who took over the top job in 2023. But it's still in the middle stages of a strategic overhaul that has seen the firm shift investments away from Latin America — where political instability and inflation have cut into profitability — and toward Canada, the US and Mexico. 'The fact that Scotia's differentiating factor really was a focus on international and Latin America, with the region not performing very well over the last few years, has obviously negatively impacted investors' view of their outlook,' Jefferies analyst John Aiken said in an interview. After the most recent earnings report, RBC Capital Markets analyst Darko Mihelic wrote that Scotiabank's international banking segment is still in 'transition mode,' and the stock is trading at a low valuation in part because of struggles in growing its Canadian franchise. A representative for Scotiabank declined to comment. This article was generated from an automated news agency feed without modifications to text.
Cision Canada
18-07-2025
- Business
- Cision Canada
Scotiabank named Canada's Best Bank by Euromoney Français
TORONTO, July 18, 2025 /CNW/ - Scotiabank has been named Canada's Best Bank at the 2025 Euromoney Awards for Excellence, marking the second consecutive year the Bank has received this notable recognition. "We are proud that Scotiabank has, once again, been recognized as Canada's Best Bank by Euromoney—a testament to our continued momentum as we focus on enhancing our offering and deepening our client relationships in Canada and across our global footprint," said Scott Thomson, President and CEO of Scotiabank. "As we continue to execute on our strategic priorities, we are deeply focused on driving more value for our clients and bringing the full strength of a connected Bank to every interaction." Euromoney's annual awards program celebrates the achievements of banks and bankers from across the globe. Canada's Best Bank is determined based on a review of financial performance, ability to meet strategic goals, and key initiatives that set a bank apart from its peers. Scotiabank is also proud to have been recognized with the following Euromoney recognitions: North America's Best Bank for ESG Latin America's Best Investment Bank for Financing Latin America's Best Bank for Sustainable Finance For more information about the Euromoney Awards for Excellence 2025, please visit: About Scotiabank Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit and follow us on X @Scotiabank.
The Sun
21-06-2025
- The Sun
Murderer caught after cops follow trail of blood from victim, 47, who was stabbed in TV remote row as son pays tribute
A MURDERER was caught after cops followed a trail of blood from the victim after he was stabbed in a TV remote row. James Murray, 47, died in Wythenshawe, Manchester, after being fatally knifed by his flatmate Scott Thomson, 57. 2 2 The pair of pals had moved in together after initially meeting at a hostel. But as the months went by the "co-dependent" relationship soured as Thomson became increasingly suspicious of his flatmate. Tensions surrounding a new TV bought for the flat began to flare, with Thomson claiming that Murray was hogging the remote. On December 4 last year, an argument over the TV remote escalated, with tragic consequences. Thomson grabbed a 19cm blade and lashed out at his flatmate with the large knife causing fatal damage. The weapon caused an 8cm wound, penetrating through Murray's ribcage and going "straight into his heart". He manage to stagger outside bleeding but Murray then collapsed and died in the street despite the efforts of paramedics to save him. A trail of blood led officers to Thomson's flat, where further evidence of the violent altercation was discovered. Thomson fled the scene but was arrested the next day after approaching cops and admitting his involvement. Thomson was handed a life sentence with a minimum term of 18 years for killing Murray in a hearing at Manchester Crown Court yesterday. In a powerful victim impact statement read out in court, James' son said: 'I would like to pass on thanks to my family liaison officer for all the help and support they have provided to me and my family throughout this process. "There is no way to fully express the depth of pain and loss that my father's murder has caused. 'My dad, James, was funny, laid back, and incredibly personable. He had a gift for making people laugh, often by winding us up in a way that only he could. "That was his way—he brought joy and light into every room he entered. He may not have been an angel, he may not have lived the best life, but he was my dad. 'Since the day he was taken from us, my life has changed completely. I am constantly reminded of what has happened. I consistently feel the pain of his murder, there is not a day that goes by that I don't feel the weight of his absence. "I struggle to sleep. I struggle to have a 'normal' day. Even the simplest things have become difficult without him here. 'What hurts the most is knowing that due to Scott Thompson taking my dad's life, I no longer have the opportunity to create new memories with my dad or share my life with him. No milestones, no quiet chats, no laughter, no future together. "The loss of his life is greater than just the loss of a person—it's the loss of time, connection, and a relationship that can never be replaced. 'No sentence can bring him back, but I hope justice can reflect the seriousness of the pain inflicted on our family, and the irreplaceable life that was taken from us. 'The way in which James was taken from the world is a constant memory, a constant image for which I will never be able to unsee and this being solely due to Scott Thomson's actions on December 4 2024. 'I want Scott Thomson to know his actions will never be forgotten or forgiven.' If he is ever released from prison Thomson will be subject to licence for the rest of his life. Senior Investigating Officer Duncan Thorpe said: 'Firstly, our thoughts remain with James' family and friends at this time. 'This was a tragic and totally avoidable incident that highlights the devastating impact knife crime can have. There is no doubt that this issue could have been resolved without weapons. 'Today's sentencing should be a strong deterrent for those carrying and using a knife.'
Toronto Star
27-05-2025
- Business
- Toronto Star
Scotiabank profit dips as it prepares for potential turbulence ahead
TORONTO - Cautious borrowers and a worsening economic outlook pushed Scotiabank earnings slightly down in the second quarter from last year as the bank put aside more money for potentially bad loans ahead. The bank reported a net income of $2.03 billion, compared with $2.09 billion a year earlier, as its provisions for credit losses rose by $391 million from last year to $1.4 billion. 'While we have not seen a meaningful deterioration in credit, our base-case forward looking indicators have worsened,' said chief executive Scott Thomson on an earnings call Tuesday. ARTICLE CONTINUES BELOW He said deposits are rising and mortgage growth is slowing as consumers become more cautious, while capital markets activity slowed in April as tariff uncertainty escalated. But Thomson said he was optimistic about the Canadian election being over, granting some political stability that will help the country focus on growth and productivity issues. 'While weaker consumer and business confidence is impacting near-term loan growth and capital markets activity, the future looks bright for Canada.' In a show of confidence in the bank's own finances, Scotiabank boosted its dividend to $1.10 per share, up from $1.06 — its first raise in two years. With a common equity capital ratio of 13.2 per cent, well above the mandated minimum of 11.5 per cent, the bank has also launched a buyback program of up to 20 million shares to help boost its stock price and return cash to shareholders. The increased payment to shareholders came as Scotiabank says its profit amounted to $1.48 per diluted share for the quarter ended April 30 compared with a profit of $1.57 per diluted share in the same quarter last year. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Revenue totalled $9.08 billion, up from $8.35 billion. On an adjusted basis, Scotiabank says it earned $1.52 per diluted share, down from an adjusted profit of $1.58 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $1.56 per share, according to data provided by LSEG Data & Analytics. Jefferies analyst John Aiken said the miss was largely from the higher provisions build, while otherwise the results were solid. 'While there are still some headwinds to underlying growth, we believe that this is a result of the operating environment and not necessarily Scotia specific,' he said in a note. National Bank analyst Gabriel Dechaine said there were some areas of concern in Scotiabank's Canadian banking division as it showed negative earnings growth and flat loan volumes, but also pointed to provisions as the reason for the earnings miss. 'The reason BNS missed expectations was entirely due to a larger than expected addition to performing allowances, which is a conservative approach that we believe is appropriate in the current economic climate.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Scotiabank's said its build in provisions will help it navigate the uncertainties ahead and that its impaired provisions — the segment that it doesn't reliably expect to get paid back — should be high enough to remain stable through the year. 'We're not seeing any major pockets of strain in any of our portfolios, and we're feeling quite confident as I look at the Canadian book that mortgage delinquencies have stabilized. I'm seeing auto delinquencies stabilized,' said Phil Thomas, chief risk officer. 'So as we look out the next two quarters and with our forecast, we're seeing things relatively stable at the current rates.' Credit agencies are showing consumers are finding it harder to pay bills, including an Equifax report out Tuesday showing delinquency rates for non-mortgage holders were up 8.9 per cent year-over-year and up 6.5 per cent for mortgage holders. Thomas said the consumer strain is showing up at the bank less on delinquencies and more in cautious spending. He said they're seeing less foreign travel, more budget-focused groceries and greater hesitancy on putting bids on houses given uncertainty about jobs. 'You do see some of that slowing down, but it's not showing up in the day to day impact,' said Thomas. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Bottom line is this is why we just did an 18 basis point performing allowance build to make sure that we're prepared for an eventuality if it does come about that, you know, unemployment continues to spike up and we do see layoffs and and and it does significantly impact the Canadian consumer.' This report by The Canadian Press was first published May 27, 2025. Companies in this story: (TSX:BNS)
Free Malaysia Today
27-05-2025
- Business
- Free Malaysia Today
Scotiabank misses profit estimates as tariff concerns pile on loan loss reserves
Scotiabank's Canadian banking unit recorded a 31% fall in net income largely due to a build in loan loss reserves. (Global news pic) TORONTO : Bank of Nova Scotia missed quarterly earnings estimates today, burdened by a larger-than-expected sum of money kept aside to shield against bad loans in a challenging environment riddled with trade uncertainties. Scotiabank's Canadian banking unit, its biggest income generator, recorded a 31% fall in net income largely due to a build in loan loss reserves as US tariffs weigh on Canadian retail and commercial portfolios. 'Amidst the continuously evolving economic outlook, we are focused on what we can control,' CEO Scott Thomson said. While trade negotiations are ongoing, analysts have still projected a recession or stagflation in Canada, but are optimistic that newly elected Prime Minister Mark Carney could implement pro-business policies that will drive private sector investment. 'This quarter we increased our performing allowances to reflect the impact of an uncertain macroeconomic outlook,' Thomson said. Since taking charge in 2023, Thomson has led the company in a new direction focusing on the US$1.5 trillion North American trade corridor by selling troubled assets in Colombia, Panama and Costa Rica and instead investing in regional US lender KeyCorp. Its international business reported a 6% increase in adjusted earnings and its global banking and markets segment recorded a 10% rise. The lender reported adjusted earnings of C$1.52 (US$1.10) per share, compared with analysts' average estimate of C$1.56, according to LSEG data. Loan loss provisions, the money lenders set aside to cover for souring loans, rose to C$1.40 billion, from C$1 billion a year ago. Analysts had projected C$1.22 billion.
