U.S.-listed shares of Bank of Nova ScotiaBNS are trading near all-time highs as the company solidifies its footprint in North America.
Also known as Scotiabank, Canada's No. 3 bank has shifted its focus to Canada, the U.S. and Mexico, while reducing its profile in other countries since Scott Thompson became CEO in 2023. Last year, its banking operations in Colombia, Costa Rica and Panama were transferred to Latin American bank Davivienda in exchange for a 20% stake in the combined company.
Scotiabank views the U.S. as an increasingly important market, accounting for 12% of total earnings in 2025. The bank now owns a 15% stake KeyCorpKEY, the Cleveland-based regional bank, giving Scotiabank a solid foothold on U.S. soil.
Canada remains Scotiabank's largest market. Broken down by 2025 net income, 43.5% came from Canada, 14.1% from the U.S., 10.3% from Mexico and the rest from the Caribbean and other countries.
In Mexico, Scotiabank has grown into the fourth-largest bank by loans. The bank sees Mexico as a growth market, although U.S. tariffs are a drag on its economy.
Scotiabank Wealth Management
Like at other major banks, wealth management is another growth driver. In the first quarter, the Global Wealth Management business delivered an 18% increase in adjusted earnings on higher mutual fund fees, brokerage revenues and net interest income in Canadian and International wealth businesses.
Net interest income, an important banking metric, rose to $5.582 billion in the first quarter from $5.173 billion in the year-ago quarter.
The stock lost 8.5% in March amid a broad stock market decline. It is now in the third week of a rebound and nearing a record high. Its prior high at 78.28 is also the potential buy point for a cup base. The Composite Rating is 84.
Bank of Nova Scotia pays a quarterly dividend of 1.10 per share in Canadian dollars, which translates to about 80 cents in U.S. currency. On an annualized basis, that's a 4.3% dividend yield. The most recent ex-dividend date was April 7. The bank has increased its dividend every year since 2022.
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On April 2, Scotiabank announced plans to repurchase up to 15 million shares, representing about 1.2% of shares outstanding. The program replaces a 20 million-share buyback begun last May that is now completed.
Moody's, Fitch Ratings, Standard & Poor's and Morningstar all give the company stable ratings.
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