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5 First Quarter 2021 Earnings Release Scotiabank reports first quarter results All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended January 31 , 2021 and related notes prepared in accordance with International Financial Reporting Standards ( IFRS ) , unless otherwise noted . Our complete First Quarter 2021 Report to Shareholders , including our unaudited interim financial statements for the period ended January 31 , 2021 , can also be found on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov . In addition , Supplementary Financial Information is also available , together with the First Quarter 2021 Report on the Investor Relations page of www.scotiabank.com . Scotiabank . First Quarter Highlights on a Reported basis ( versus Q1 2020 ) Net income of $ 2,398 million , compared to $ 2,326 million Earnings per share ( diluted ) of $ 1.86 , compared to $ 1.84 Return on equity of 14.2 % , unchanged from the previous year ● ● First Quarter Highlights on an Adjusted basis ( ¹ ) ( versus Q1 2020 ) Net income of $ 2,418 million , compared to $ 2,344 million Earnings per share ( diluted ) of $ 1.88 , compared to $ 1.83 Return on equity of 14.4 % , compared to 13.9 % TORONTO , February 23 , 2021 - Scotiabank reported first quarter net income of $ 2,398 million compared to $ 2,326 million in the same period last year . Diluted earnings per share ( EPS ) was $ 1.86 , up 1 % from $ 1.84 in the previous year . Return on equity was 14.2 % , unchanged from the previous year . Adjusted net income ( ¹ ) of $ 2,418 million and EPS of $ 1.88 , increased 3 % compared to the prior year . Return on equity was 14.4 % compared to 13.9 % a year ago . " The Bank's performance this quarter reflects the strength of our diversified business platform with all four business lines making a strong contribution to earnings . We demonstrated positive revenue growth and solid expense discipline to produce high quality earnings and generate positive operating leverage in all our businesses . Our CET1 ratio of 12.2 % provides us with additional flexibility for capital deployment in the future . We also witnessed continued strength in digital adoption across all our core markets . As we emerge from the pandemic , I am confident of continued strong performance across the Bank " said Brian Porter , President and CEO of Scotiabank . Canadian Banking generated adjusted earnings of $ 915 million . Earnings recovered to pre - COVID levels driven by solid asset and deposit growth , strong fee income , stable margins and improving credit trends . International Banking generated adjusted earnings of $ 398 million , driven by good performance in the Pacific Alliance countries and stable margins . Global Wealth Management reported adjusted earnings of $ 425 million , up 34 % from the prior year . The results were supported by seasonally higher performance fees and strong contributions from iTRADE , market appreciation , solid sales momentum and double - digit growth across our Canadian businesses . AUM and AUA increased 5 % and 10 % from the prior year , respectively . Global Banking and Markets had a strong start to the year with earnings of $ 543 million , up 20 % compared to the prior year . The results were driven by strong performance across our capital markets and investment banking businesses . The Bank reported a strong Common Equity Tier 1 capital ratio of 12.2 % , a strong position from which to continue to support its customers and drive future growth . ( 1 ) Refer to Non - GAAP Measures section on page 2 . Scotiabank First Quarter Press Release 2021 1