02:41 PM EDT, 05/29/2024 (MT Newswires) -- Scotiabank reported an inline second-quarter result, notes BMO. Adjusted cash EPS of $1.58 compares with BMO/consensus estimates of $1.57/$1.56,with better markets-related results offsetting a larger drag from asset/liability positioning in Corporate/Other.

Overall PCL ratio of 54bps was as expected. CET1 ratio +30bps q/q to 13.2% (without capital floor add-on; DRIP discount likely to be eliminated in H2/24). Scotiabank will review common dividend for increase next in Q2/25.

Maintain Market Perform, target of $74.

Price: 63.79, Change: -1.25, Percent Change: -1.92