03:10 PM EST, 02/26/2025 (MT Newswires) -- Scotiabank's first-quarter operating EPS of $1.76 beat BMO/consensus of $1.67/$1.65. Relative to BMO, the beat was primarily in Global Banking & Markets and International Banking. Wealth was in line while Canadian Banking missed on higher credit provisions.

Analyst Sohrab Movahedi notes that total PCLs of 59bps included 5bps performing reserve build; CET1 ratio was down 20bps q/q to 12.9%. Scotiabank is guiding to 5-7% earnings growth in 2025 (ex. KEY and tariff-induced economic slowdown).

Reiterating Market Perform rating. Lowering target price to $79 (from $84) on lower target P/E to account for tariff uncertainty.

Price: 72.00, Change: +0.60, Percent Change: +0.84