Page 1

5 Third Quarter 2021 Earnings Release Scotiabank reports third quarter results All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter ended July 31 , 2021 and related notes prepared in accordance with International Financial Reporting Standards ( IFRS ) , unless otherwise noted . Our complete Third Quarter 2021 Report to Shareholders , including our unaudited interim financial statements for the period ended July 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 . Supplementary Financial Information is also available , together with the Third Quarter 2021 Report to Shareholders on the Investor Relations page of www.scotiabank.com Scotiabank . Third Quarter Highlights on a Reported basis ( versus Q3 2020 ) Net income of $ 2,542 million , compared to $ 1,304 million Earnings per share ( diluted ) of $ 1.99 , compared to $ 1.04 Return on equity of 15.0 % , compared to 8.3 % ● ● Third Quarter Highlights on an Adjusted basis ( ¹ ) ( versus Q3 2020 ) Net income of $ 2,560 million , compared to $ 1,308 million Earnings per share ( diluted ) of $ 2.01 , compared to $ 1.04 Return on equity of 15.1 % , compared to 8.3 % TORONTO , August 24 , 2021 - Scotiabank reported third quarter net income of $ 2,542 million compared to $ 1,304 million in the same period last year . Diluted earnings per share ( EPS ) were $ 1.99 , up 91 % from $ 1.04 in the previous year . Return on equity was 15.0 % , up from 8.3 % in the previous year . Adjusted net income ( ¹ ) increased 96 % to $ 2,560 million and diluted EPS of $ 2.01 , increased 93 % compared to the prior year . Return on equity was 15.1 % compared to 8.3 % a year ago . " We delivered another quarter of strong results , with contributions from all our operating segments , reflecting the benefits of a well diversified business model . While the economic recovery is unfolding at different rates across our footprint , I'm very proud of the Scotiabank team's on - going resilience and continued commitment to our customers , " said Brian Porter , President and CEO of Scotiabank . " During the quarter , the Bank was recognized as the Most Innovative in Data by The Banker's Global Innovation in Digital Banking Awards 2021. This award recognizes our commitment to data and analytics and highlights our ability to identify and support our most vulnerable customers . We are also proud to highlight the Bank's recent closing of its inaugural USD $ 1 billion 3 - year sustainability bond offering , the largest sustainability bond issued by a Canadian corporate to date . This offering is yet another example of our social responsibility initiatives in support of our commitment to making a positive impact and creating better communities for every future . " Canadian Banking generated strong earnings of $ 1,083 million , driven by higher non - interest income , lower provision for credit losses , as well as strong asset and deposit growth . Global Wealth Management's earnings of $ 397 million were supported by strong revenue growth , positive operating leverage for the seventh consecutive quarter , and a 17 % growth in AUM and AUA on higher net sales . Global Banking and Markets reported earnings of $ 513 million supported by strong performance in our advisory and capital markets businesses . International Banking generated earnings of $ 493 million demonstrating continuing growth momentum across our key markets . With a Common Equity Tier 1 capital ratio of 12.2 % the Bank remains well capitalized to support its strategic growth plans . ( 1 ) Refer to Non - GAAP Measures section on page 2 . Scotiabank Third Quarter Press Release 2021 1