Additional information related to the Bank, including the Bank's Annual Information Form, can be found on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov.
Fiscal 2025 Highlights on a Reported Basis (versus Fiscal 2024)
Fourth Quarter 2025 Highlights on a Reported Basis (versus Q4 2024)
• Net income of $7,758 million, compared to $7,892 million
• Earnings per share (diluted) of $5.67, compared to $5.87
• Return on equity(1) of 9.7%, compared to 10.2%
• Net income of $2,206 million, compared to $1,689 million
• Earnings per share (diluted) of $1.65, compared to $1.22
• Return on equity of 11.0%, compared to 8.3%
Fiscal 2025 Highlights on an Adjusted Basis(2)(versus Fiscal 2024)
Fourth Quarter 2025 Highlights on an Adjusted Basis(2)(versus Q4 2024)
• Net income of $9,510 million, compared to $8,627 million
• Earnings per share (diluted) of $7.09, compared to $6.47
• Return on equity of 11.8%, compared to 11.3%
• Net income of $2,558 million, compared to $2,119 million
• Earnings per share (diluted) of $1.93, compared to $1.57
• Return on equity of 12.5%, compared to 10.6%
Fiscal 2025 Performance versus Medium-Term Financial Objectives
The following table provides a summary of our 2025 performance against our medium-term financial objectives:
Medium-Term Objectives
Fiscal 2025 Results
Reported
Adjusted(2)
Diluted earnings per share growth of 7%+
(3.4) %
9.6 %
Return on equity of 14%+
9.7 %
11.8 %
Achieve positive operating leverage(1)
Negative 2.2%
Positive 3.0%
Maintain strong capital ratios
CET1 capital ratio(3) of 13.2%
N/A
TORONTO, Dec. 2, 2025 /CNW/ - Scotiabank reported net income of $7,758 million for the fiscal year 2025, compared with net income of $7,892 million in 2024. Diluted earnings per share (EPS) were $5.67, compared to $5.87 in the previous year. Return on equity was 9.7%, compared to 10.2% in the previous year.
Reported net income for the fourth quarter ended October 31, 2025 was $2,206 million compared to $1,689 million in the same period last year. Diluted EPS was $1.65, compared to $1.22 in the same period a year ago. Return on equity was 11.0% compared to 8.3% a year ago.
This quarter's net income included adjusting items of $352 million after-tax. These included a restructuring charge and severance provisions related to actions taken to simplify the organizational structure in Canadian Banking, restructure and right-size Asia operations in Global Banking and Markets and regionalize activities across the international footprint, in line with the Bank's enterprise strategy, as well as legal provisions.
Adjusted net income(2) was $9,510 million for the fiscal year 2025, up from $8,627 million in the previous year. Adjusted diluted EPS was $7.09 versus $6.47 in the previous year. Adjusted return on equity was 11.8% compared to 11.3% in the previous year.
Adjusted net income(2) for the fourth quarter ended October 31, 2025 was $2,558 million, up from $2,119 million in the previous year. Adjusted diluted EPS was $1.93, compared to $1.57 last year. Adjusted return on equity was 12.5% compared to 10.6% a year ago.
"2025 was a very positive year for the Bank," said Scott Thomson, President and Chief Executive Officer of Scotiabank. "We delivered improving results through the year as we strengthened our balance sheet, improved our loan-to-deposit ratio, and increased return on equity. This quarter all our business lines reported year-over-year earnings growth with particular strength in Global Wealth Management and Global Banking and Markets and improving results in Canadian Banking".
Canadian Banking delivered adjusted earnings(2) of $3,428 million in 2025, down 9% from the prior year due primarily to a significant increase in provision for credit losses and a lower margin reflecting the impact of Bank of Canada's recent rate cuts.
International Banking generated adjusted earnings(2) of $2,809 million in 2025, up 2% year-over-year. Revenue growth combined with disciplined expense management was partly offset by the impact of global minimum tax (GMT). Continued portfolio optimization resulted in improved profitability with ROE(2) of 14.7%, up from 13.6% last year.
Global Wealth Management adjusted earnings(2) were $1,706 million, up 17% year-over-year driven by strong revenue growth from higher mutual fund fees, brokerage revenues, and net interest income across the Canadian and International wealth businesses. Additionally, assets under management of $432 billion grew 16% year-over-year and average fourth quarter deposits of $50 billion grew 32% from last year.
Global Banking and Markets reported earnings of $1,921 million in 2025, up 30% year-over-year. Results were driven by strong performance in our capital markets business as well as higher underwriting and advisory fees, partly offset by higher expenses to support business growth.
"We are making clear progress towards achieving our key priorities, including being disciplined in our capital allocation, prioritizing value over volume, earning primary clients, and seeking out ways to work better, faster, safer, and at a lower cost," continued Mr. Thomson. "I would like to thank all our Scotiabankers for their contributions in 2025. We enter 2026 with significant momentum, focused on achieving our medium-term objectives."
The Bank reported a Common Equity Tier 1 (CET1) capital ratio(3) of 13.2%, up from 13.1% last year and continued to maintain strong liquidity metrics.
____________________________________
(1)
Refer to page 136 of the Management's Discussion & Analysis in the Bank's 2025 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto.
(2)
Refer to Non-GAAP Measures section starting on page 21.
(3)
The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2023).
Financial Highlights
As at and for the three months ended
As at and for the year ended
(Unaudited)
October 31
July 31
October 31
October 31
October 31
2025
2025
2024
2025
2024
Operating results ($ millions)
Net interest income
5,586
5,493
4,923
21,522
19,252
Non-interest income
4,217
3,993
3,603
16,219
14,418
Total revenue
9,803
9,486
8,526
37,741
33,670
Provision for credit losses
1,113
1,041
1,030
4,714
4,051
Non-interest expenses
5,828
5,089
5,296
22,518
19,695
Income tax expense
656
829
511
2,751
2,032
Net income
2,206
2,527
1,689
7,758
7,892
Net income attributable to common shareholders
2,104
2,313
1,521
7,283
7,286
Operating performance
Basic earnings per share ($)
1.70
1.84
1.23
5.84
5.94
Diluted earnings per share ($)
1.65
1.84
1.22
5.67
5.87
Return on equity (%)(1)
11.0
12.2
8.3
9.7
10.2
Return on tangible common equity (%)(2)
13.5
15.0
10.1
11.9
12.6
Productivity ratio (%)(1)
59.4
53.7
62.1
59.7
58.5
Operating leverage (%)(1)
(2.2)
1.5
Net interest margin (%)(2)
2.40
2.36
2.15
2.33
2.16
Financial position information ($ millions)
Cash and deposits with financial institutions
65,967
69,701
63,860
Trading assets
152,223
136,485
129,727
Loans
771,045
761,560
760,829
Total assets
1,460,042
1,414,686
1,412,027
Deposits
966,279
946,842
943,849
Common equity
76,927
75,258
73,590
Preferred shares and other equity instruments
9,939
8,544
8,779
Assets under administration(1)
868,347
825,070
771,454
Assets under management(1)
432,375
407,017
373,030
Capital and liquidity measures
Common Equity Tier 1 (CET1) capital ratio (%)(3)
13.2
13.3
13.1
Tier 1 capital ratio (%)(3)
15.3
15.2
15.0
Total capital ratio (%)(3)
17.1
16.9
16.7
Total loss absorbing capacity (TLAC) ratio (%)(4)
29.1
29.0
29.7
Leverage ratio (%)(5)
4.5
4.5
4.4
TLAC Leverage ratio (%)(4)
8.5
8.6
8.8
Risk-weighted assets ($ millions)(3)
474,453
463,484
463,992
Liquidity coverage ratio (LCR) (%)(6)
128
126
131
Net stable funding ratio (NSFR) (%)(6)
116
120
119
Credit quality
Net impaired loans ($ millions)
4,903
4,656
4,685
Allowance for credit losses ($ millions)(7)
7,654
7,386
6,736
Gross impaired loans as a % of loans and acceptances(1)
0.93
0.90
0.88
Net impaired loans as a % of loans and acceptances(1)
0.63
0.61
0.61
Provision for credit losses as a % of average net loans and acceptances (annualized)(1)(8)
0.58
0.55
0.54
0.62
0.53
Provision for credit losses on impaired loans as a % of average net loans
and acceptances (annualized)(1)(8)
0.54
0.51
0.55
0.54
0.52
Net write-offs as a % of average net loans and acceptances (annualized)(1)
0.51
0.50
0.51
0.50
0.46
Adjusted results(2)
Adjusted net income ($ millions)
2,558
2,518
2,119
9,510
8,627
Adjusted diluted earnings per share ($)
1.93
1.88
1.57
7.09
6.47
Adjusted return on equity (%)
12.5
12.4
10.6
11.8
11.3
Adjusted return on tangible common equity (%)
15.2
15.1
12.8
14.3
13.7
Adjusted productivity ratio (%)
54.3
53.7
56.1
54.5
56.1
Adjusted operating leverage (%)
3.0
2.3
Common share information
Closing share price ($)(TSX)
91.99
77.09
71.69
Shares outstanding (millions)
Average, Basic
1,239
1,244
1,238
1,244
1,226
Average, Diluted
1,245
1,245
1,243
1,248
1,232
End of period
1,236
1,242
1,244
Dividends paid per share ($)
1.10
1.10
1.06
4.32
4.24
Dividend yield (%)(1)
5.2
6.0
6.3
5.6
6.5
Market capitalization ($ millions) (TSX)
113,728
95,781
89,214
Book value per common share ($)(1)
62.22
60.57
59.14
Market value to book value multiple(1)
1.5
1.3
1.2
Price to earnings multiple (trailing 4 quarters)(1)
15.8
14.4
12.0
Other information
Employees (full-time equivalent)
86,431
87,317
88,488
Branches and offices
2,128
2,135
2,236
(1) Refer to page 136 of the Management's Discussion & Analysis in the Bank's 2025 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto.
(2) Refer to Non-GAAP Measures section starting on page 21.
(3) The regulatory capital ratios are based on Basel III requirements as determined in accordance with the Office of the Superintendent of Financial Institutions (OSFI) OSFI Guideline, Capital Adequacy Requirements.
(4) This measure has been disclosed in this document in accordance with OSFI Guideline, Total Loss Absorbing Capacity.
(5) The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline, Leverage Requirements.
(6) The LCR and NSFR are calculated in accordance with OSFI Guideline, Liquidity Adequacy Requirements (LAR).
(7) Includes allowance for credit losses on all financial assets - loans, acceptances, off-balance sheet exposures, debt securities, and deposits with financial institutions.
(8) Includes provision for credit losses on certain financial assets - loans, acceptances, and off-balance sheet exposures.
Impact of Foreign Currency Translation
Average exchange rate
% Change
October 31
July 31
October 31
October 31, 2025
October 31, 2025
For the three months ended
2025
2025
2024
vs. July 31, 2025
vs. October 31, 2024
U.S. dollar/Canadian dollar
0.721
0.728
0.732
(1.0)
%
(1.5)
%
Mexican Peso/Canadian dollar
13.365
13.862
14.257
(3.6)
%
(6.3)
%
Peruvian Sol/Canadian dollar
2.512
2.624
2.748
(4.3)
%
(8.6)
%
Colombian Peso/Canadian dollar
2,843.332
2,997.961
3,056.235
(5.2)
%
(7.0)
%
Chilean Peso/Canadian dollar
691.582
687.720
681.854
0.6
%
1.4
%
Average exchange rate
% Change
October 31
October 31
October 31, 2025
For the year ended
2025
2024
vs. October 31, 2024
U.S. dollar/Canadian dollar
0.714
0.735
(2.9)
%
Mexican Peso/Canadian dollar
13.950
13.091
6.6
%
Peruvian Sol/Canadian dollar
2.593
2.757
(5.9)
%
Colombian Peso/Canadian dollar
2,964.017
2,943.081
0.7
%
Chilean Peso/Canadian dollar
685.697
682.082
0.5
%
For the three months ended
For the year ended
October 31, 2025
October 31, 2025
October 31, 2025
Impact on net income(1) ($ millions except EPS)
vs. October 31, 2024
vs. July 31, 2025
vs. October 31, 2024
Net interest income
$
85
$
50
$
(11)
Non-interest income(2)
39
(19)
(70)
Total revenue
124
31
(81)
Non-interest expenses
(86)
(49)
(45)
Other items (net of tax)(2)
(24)
(5)
41
Net income
$
14
$
(23)
$
(85)
Earnings per share (diluted)
$
0.01
$
(0.02)
$
(0.07)
Impact by business line ($ millions)
Canadian Banking
$
2
$
–
$
4
International Banking(2)
8
(8)
1
Global Wealth Management
3
2
(2)
Global Banking and Markets
3
2
24
Other(2)
(2)
(19)
(112)
Net income
$
14
$
(23)
$
(85)
(1) Includes the impact of all currencies.
(2) Includes the impact of foreign currency hedges.
Group Financial Performance
Net income
Q4 2025 vs Q4 2024
Net income was $2,206 million compared to $1,689 million, an increase of 31%. Adjusted net income also increased 21% from $2,119 million to $2,558 million. The increase was driven primarily by higher net interest income and non-interest income, partly offset by higher non-interest expenses and income taxes.
Q4 2025 vs Q3 2025
Net income was $2,206 million compared to $2,527 million, a decrease of 13%. The decrease was driven primarily by higher non-interest expenses from the restructuring charge, partly offset by lower income taxes and higher net interest income and non-interest income. Adjusted net income was $2,558 million compared to $2,518 million, an increase of 2%. The increase was driven primarily by higher net interest income, non-interest income and lower income taxes, partly offset by higher non-interest expenses and provision for credit losses.
Total revenue
Q4 2025 vs Q4 2024
Revenues were $9,803 million compared to $8,526 million, an increase of 15%.
Net interest income was $5,586 million compared to $4,923 million, an increase of $663 million or 13%. The increase was due primarily to a higher net interest margin, loan growth and the positive impact of foreign currency translation. The net interest margin was 2.40%, an increase of 25 basis points mainly from significantly lower funding costs driven by central bank rate cuts, and higher margins in International Banking and Global Banking and Markets.
Non-interest income was $4,217 million, an increase of $614 million or 17%. Adjusted non-interest income was $4,181 million, an increase of $578 million or 16%. The increase was due mainly to higher income from associated corporations primarily related to the KeyCorp investment, as well as higher wealth management revenues, underwriting and advisory fees, trading-related revenues, and banking fees.
Q4 2025 vs Q3 2025
Revenues were $9,803 million compared to $9,486 million, an increase of 3%.
Net interest income increased $93 million or 2%, due primarily to a higher net interest margin, and the positive impact of foreign currency translation. The net interest margin increased four basis points, mainly driven by higher business line margins.
Non-interest income increased $224 million or 6%. Adjusted non-interest income was up $180 million or 4%. The increase was due mainly to higher wealth management revenues, other fee and commission revenues, and underwriting and advisory fees.
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was $1,113 million, compared to $1,030 million, an increase of $83 million. The provision for credit losses ratio was 58 basis points compared to 54 basis points.
Provision for credit losses on performing loans was $71 million compared to a reversal of $13 million. The provision this period was primarily related to business growth, mainly in the International retail portfolio, as well as credit migration impacting Canadian Banking and Corporate loan book, partly offset by the impact of the improving macro economic outlook.
The provision for credit losses on impaired loans was $1,042 million, compared to $1,043 million. The provision for credit losses ratio on impaired loans was 54 basis points compared to 55 basis points. The decrease was due primarily to lower provisions in the retail portfolio, partly offset by higher provisions in the Canadian commercial portfolio.
Q4 2025 vs Q3 2025
The provision for credit losses was $1,113 million, compared to $1,041 million, an increase of $72 million. The provision for credit losses ratio was 58 basis points compared to 55 basis points.
Provision for credit losses on performing loans was $71 million compared to $66 million. The provision this period was primarily related to business growth, mainly in the International retail portfolio, as well as credit migration impacting Canadian Banking and Corporate loan book, partly offset by the impact of the improving macro economic outlook.
The provision for credit losses on impaired loans was $1,042 million, compared to $975 million, an increase of $67 million or 7% mainly in retail. The provision for credit losses ratio on impaired loans was 54 basis points compared to 51 basis points.
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were $5,828 million compared to $5,296 million, an increase of $532 million or 10%. Adjusted non-interest expenses were $5,308 million compared to $4,784 million, an increase of $524 million or 11%, driven mainly by higher personnel costs including performance-based compensation, higher technology and advertising and business development costs to support strategic and regulatory initiatives, as well as the negative impact of foreign currency translation.
The productivity ratio was 59.4% compared to 62.1%. The adjusted productivity ratio was 54.3% compared to 56.1%. Year-to-date operating leverage was negative 2.2% and positive 3.0% on adjusted basis.
Q4 2025 vs Q3 2025
Non-interest expenses were up $739 million or 14%. Adjusted non-interest expenses were $5,308 million, an increase of $213 million or 4%, driven by higher personnel costs including performance-based compensation, higher technology and advertising and business development costs to support strategic and regulatory initiatives, and the negative impact of foreign currency translation. This was partly offset by lower professional fees and depreciation and amortization.
The productivity ratio was 59.4% compared to 53.7%. The adjusted productivity ratio was 54.3% compared to 53.7%.
Provision for income taxes
Q4 2025 vs Q4 2024
The effective tax rate was 22.9% compared to 23.2%. On an adjusted basis the effective tax rate was 23.6% compared to 21.8% due primarily to lower income in lower tax jurisdictions and the implementation of the GMT.
Q4 2025 vs Q3 2025
The effective tax rate was 22.9% compared to 24.7% and on an adjusted basis the effective tax rate was 23.6% compared to 25.0% due primarily to higher income in lower tax jurisdictions and withholding taxes paid in the prior quarter.
Capital Ratios
The Bank continues to maintain strong, high quality capital levels which position it well for future business growth and opportunities. The CET1 ratio as at October 31, 2025 was 13.2%, an increase of approximately 10 basis points from the prior year. The ratio benefited from strong internal capital generation, revaluation gains on FVOCI securities, partly offset by the completion of the Bank's investment in KeyCorp, the impairment loss related to the announced sale of banking operations in Colombia, Costa Rica and Panama to Davivienda, the impact of Q4 adjustment items, and share repurchases under the Bank's Normal Course Issuer Bid.
The Bank's Tier 1 capital ratio was 15.3% as at October 31, 2025, an increase of approximately 30 basis points from the prior year, due primarily to the above noted impacts to the CET1 ratio and issuances of U.S. $1 billion of Limited Recourse Capital Notes in each of the first and fourth quarters of 2025 partly offset by a redemption of U.S. $1.25 billion of subordinated Additional Tier 1 Capital Notes in the third quarter.
The Bank's Total capital ratio was 17.1% as at October 31, 2025, an increase of approximately 40 basis points from 2024, due primarily to the above noted redemptions, issuances and impacts to the Tier 1 capital ratio.
The TLAC ratio was 29.1% as at October 31, 2025, a decrease of approximately 60 basis points from the prior year, primarily from higher RWA.
The Leverage ratio was 4.5% as at October 31, 2025, an increase of approximately 10 basis points from the prior year, with growth in Tier 1 capital due to the above noted Additional Tier 1 Capital issuances, partly offset by increases in leverage exposure amounts.
The TLAC Leverage ratio was 8.5%, a decrease of approximately 30 basis points from 2024, primarily due to increased leverage exposures partly offset by higher available TLAC.
The Bank's capital, leverage and TLAC ratios continue to be in excess of OSFI's minimum capital ratio requirements for 2025. In 2026, the Bank will continue to maintain strong capital ratios, continuing to optimize capital deployment in line with its strategic plans.
Business Segment Review
Effective the first quarter of 2025, the Bank made voluntary changes to its allocation methodology impacting business segment presentation. The new methodology includes updates related to the Bank's funds transfer pricing (FTP), head office expense allocations, and allocations between business segments. Prior period results and ratios for each segment have been revised to conform with the current period's methodology. Further details on the changes are as follows:
FTP methodology was updated, primarily related to the allocation of substantially all liquidity costs to the business lines from the Other segment, reflecting the Bank's strategic objective to maintain higher liquidity ratios.
Periodically, the Bank updates its allocation methodologies. This includes a comprehensive update to the allocation of head office expenses across countries within International Banking, updates to the allocation of clients and associated revenue, expenses, and balances between International Banking, Global Banking and Markets, and Global Wealth Management to align with the strategy, as well as updates to the allocation of head office expenses and income taxes from the Other segment to the business segments.
To be consistent with the reporting of its recent minority investment in KeyCorp, the Bank has also made changes to the reporting of certain minority investments in International Banking (Bank of Xi'an Co. Ltd.) and Global Wealth Management (Bank of Beijing Scotia Asset Management), which are now reported in the Other segment.
Canadian Banking
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)(1)
2025
2025
2024(2)
2025
2024(2)
Reported Results
Net interest income
$
2,672
$
2,641
$
2,635
$
10,484
$
10,185
Non-interest income(3)
735
730
684
2,941
2,848
Total revenue
3,407
3,371
3,319
13,425
13,033
Provision for credit losses
494
456
450
2,293
1,691
Non-interest expenses
1,617
1,596
1,578
6,405
6,125
Income tax expense
355
361
357
1,302
1,440
Net income
$
941
$
958
$
934
$
3,425
$
3,777
Net income attributable to equity holders of the Bank
$
941
$
958
$
934
$
3,425
$
3,777
Other financial data and measures
Return on equity(4)
17.8
%
18.4
%
17.5
%
16.3
%
18.3
Net interest margin(4)
2.30
%
2.29
%
2.32
%
2.29
%
2.38
Effective tax rate(5)
27.4
%
27.3
%
27.7
%
27.5
%
27.6
Average assets ($ billions)
$
466
$
463
$
457
$
463
$
449
Average liabilities ($ billions)
$
379
$
381
$
385
$
382
$
389
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.
(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(3) Includes net income from investments in associated corporations for the three months ended October 31, 2025 - $(1) (July 31, 2025 - $(2); October 31, 2024 - $(2)) and for the year ended October 31, 2025 - $19 (October 31, 2024 - $(9)).
(4) Refer to Non-GAAP Measures starting on page 21.
(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure.
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)
2025
2025
2024(1)
2025
2024(1)
Adjusted Results(2)
Net interest income
$
2,672
$
2,641
$
2,635
$
10,484
$
10,185
Non-interest income
735
730
684
2,941
2,848
Total revenue
3,407
3,371
3,319
13,425
13,033
Provision for credit losses
494
456
450
2,293
1,691
Non-interest expenses(3)
1,616
1,595
1,577
6,401
6,121
Income tax expense
355
361
357
1,303
1,441
Net income
$
942
$
959
$
935
$
3,428
$
3,780
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(2) Refer to Non-GAAP Measures starting on page 21 for the reconciliation of reported and adjusted results.
(3) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended October 31, 2025, $1 (July 31, 2025, $1; October 31, 2024, $1) and for the year ended October 31, 2025, $4 (October 31, 2024, $4).
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was $941 million compared to $934 million, an increase of 1%. Adjusted net income attributable to equity holders was $942 million compared to $935 million, an increase of 1%. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher provision for credit losses and non-interest expenses.
Q4 2025 vs Q3 2025
Net income attributable to equity holders was $941 million compared to $958 million, a decrease of 2%. Adjusted net income attributable to equity holders was $942 million compared to $959 million, a decrease of 2%. The decrease was driven primarily by higher provision for credit losses and non-interest expenses, partly offset by higher net interest income.
Total revenue
Q4 2025 vs Q4 2024
Revenues were $3,407 million compared to $3,319 million, an increase of 3%.
Net interest income was $2,672 million compared to $2,635 million, an increase of 1%. The increase was due primarily to loan growth, partly offset by a two basis points reduction in net interest margin driven by changes in business mix.
Non-interest income was $735 million compared to $684 million, an increase of 8%. The increase was due primarily to private equity gains, higher mutual fund distribution fees, and insurance income.
Q4 2025 vs Q3 2025
Revenues were $3,407 million compared to $3,371 million, an increase of 1%.
Net interest income was $2,672 million compared to $2,641 million, an increase of 1%, due primarily to higher net interest margin and asset growth. The net interest margin increased one basis point to 2.30%, driven by an increase in both asset and deposit margins, partly offset by changes in business mix.
Non-interest income was $735 million compared to $730 million, an increase of 1%, due primarily to higher insurance income and mutual fund distribution fees, partly offset by lower banking revenue.
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was $494 million compared to $450 million, an increase of $44 million. The provision for credit losses ratio was 43 basis points compared to 40 basis points.
The provision for credit losses on performing loans was $22 million compared to a reversal of $11 million. The provision this period related primarily to the impact of credit migration in retail unsecured portfolios, partly offset by the impact of the improving macroeconomic outlook.
The provision for credit losses on impaired loans was $472 million compared to $461 million. This was due primarily to higher commercial provisions, partly offset by reductions in the retail portfolio. The provision for credit losses ratio on impaired loans was 41 basis points, unchanged from prior period.
Q4 2025 vs Q3 2025
The provision for credit losses was $494 million compared to $456 million, an increase of $38 million. The provision for credit losses ratio was 43 basis points compared to 40 basis points.
The provision for credit losses on performing loans was $22 million compared to $9 million. The increase related primarily to the impact of credit migration in retail unsecured portfolios, partly offset by the impact of the improving macroeconomic outlook.
The provision for credit losses on impaired loans was $472 million compared to $447 million. This was driven primarily by higher retail formations and higher commercial provisions. The provision for credit losses ratio on impaired loans was 41 basis points compared to 39 basis points.
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were $1,617 million compared to $1,578 million, an increase of 2%. The increase was due primarily to higher technology costs related to new systems and infrastructure implemented, increased project spend supporting key strategic and regulatory initiatives, as well as general inflationary increases. The productivity ratio was 47.5% in line with the prior year.
Q4 2025 vs Q3 2025
Non-interest expenses were $1,617 million compared to $1,596 million, an increase of 1%. The increase was due primarily to higher technology costs and project spend supporting key strategic and regulatory initiatives. The productivity ratio was 47.5% compared to 47.3%.
Provision for income taxes
The effective tax rate was 27.4% compared to 27.7% in the prior year and 27.3% in the prior quarter.
Average assets
Q4 2025 vs Q4 2024
Average assets were $466 billion compared to $457 billion. The growth included $12 billion or 4% in residential mortgages, partly offset by a decline of $2 billion or 2% in business loans and $1 billion or 1% in personal loans.
Q4 2025 vs Q3 2025
Average assets were $466 billion compared to $463 billion. The increase was driven by $3 billion or 1% growth in residential mortgages.
Average liabilities
Q4 2025 vs Q4 2024
Average liabilities were $379 billion compared to $385 billion. The decrease included a $3 billion or 2% reduction in non-personal deposits and $1 billion in personal deposits, both in term products, partly offset by growth in personal chequing and savings products.
Q4 2025 vs Q3 2025
Average liabilities were $379 billion compared to $381 billion. The decrease was due primarily to a decline of $2 billion or 1% in personal deposits, mainly in term products, partly offset by an increase in personal chequing and savings products.
International Banking
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)(1)
2025
2025
2024(2)
2025
2024(2)
Reported Results
Net interest income
$
2,273
$
2,245
$
2,147
$
8,866
$
8,867
Non-interest income(3)
778
758
712
3,177
2,999
Total revenue
3,051
3,003
2,859
12,043
11,866
Provision for credit losses
595
562
556
2,309
2,285
Non-interest expenses
1,577
1,511
1,491
6,164
6,170
Income tax expense
201
219
168
781
705
Net income
$
678
$
711
$
644
$
2,789
$
2,706
Net income attributable to non-controlling interest in subsidiaries
$
44
$
41
$
44
$
158
$
125
Net income attributable to equity holders of the Bank
$
634
$
670
$
600
$
2,631
$
2,581
Other financial data and measures
Return on equity(4)
13.9
%
14.9
%
12.7
%
14.6
%
13.5
%
Net interest margin(4)
4.54
%
4.54
%
4.42
%
4.50
%
4.41
%
Effective tax rate(5)
22.8
%
23.6
%
20.6
%
21.9
%
20.6
%
Average assets ($ billions)
$
226
$
223
$
224
$
227
$
231
Average liabilities ($ billions)
$
178
$
173
$
171
$
175
$
179
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.
(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(3) Includes net income from investments in associated corporations for the three months ended October 31, 2025 - $40 (July 31, 2025 - $39; October 31, 2024 - $36) and for the year ended October 31, 2025 - $152 (October 31, 2024 - $130). This income from associated corporations includes a tax normalization adjustment for the three months ended October 31, 2025 - $9 (July 31, 2025 - $8; October 31, 2024 - $8) and for the year ended October 31, 2025 - $34 (October 31, 2024 - $27).
(4) Refer to Non-GAAP Measures starting on page 21.
(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure.
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)
2025
2025
2024(1)
2025
2024(1)
Adjusted Results(2)
Net interest income
$
2,273
$
2,245
$
2,147
$
8,866
$
8,867
Non-interest income
778
758
712
3,177
2,999
Total revenue
3,051
3,003
2,859
12,043
11,866
Provision for credit losses
595
562
556
2,309
2,285
Non-interest expenses(3)
1,571
1,504
1,482
6,136
6,138
Income tax expense
203
221
171
789
714
Net income
$
682
$
716
$
650
$
2,809
$
2,729
Net income attributable to non-controlling interest in subsidiaries
$
44
$
41
$
44
$
158
$
125
Net income attributable to equity holders of the Bank
$
638
$
675
$
606
$
2,651
$
2,604
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(2) Refer to Non-GAAP Measures starting on page 21 for the reconciliation of reported and adjusted results.
(3) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended October 31, 2025, $6 (July 31, 2025– $7; October 31, 2024, $9) and for the year ended October 31, 2025, $28 (October 31, 2024, $32).
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was $634 million compared to $600 million, an increase of 6%. Adjusted net income attributable to equity holders was $638 million compared to $606 million, an increase of 5%. The increase was driven primarily by higher net interest income, non-interest income and the positive impact of foreign currency translation, partly offset by higher non-interest expenses, provision for credit losses and income taxes.
Q4 2025 vs Q3 2025
Net income attributable to equity holders was $634 million compared to $670 million, a decrease of 5%. Adjusted net income attributable to equity holders was $638 million compared to $675 million, a decrease of 5%. The decrease was driven primarily by higher non-interest expenses and provision for credit losses, partly offset by higher net interest income, non-interest income and lower income taxes, and the positive impact of foreign currency translation.
Financial Performance on a Constant Dollar Basis
International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure (refer to Non-GAAP Measures starting on page 21). Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment. The tables below are computed on a basis that is different than the "Impact of foreign currency translation" table on page 4. Ratios are on a reported basis.
The discussion below on the results of operations is on a constant dollar basis.
Reported results on a constant dollar basis
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)
2025
2025
2024(1)
2025
2024(1)
Constant dollars, Reported
Net interest income
$
2,273
$
2,293
$
2,227
$
8,866
$
8,856
Non-interest income(2)
778
770
728
3,177
2,980
Total revenue
3,051
3,063
2,955
12,043
11,836
Provision for credit losses
595
574
582
2,309
2,293
Non-interest expenses
1,577
1,542
1,544
6,164
6,121
Income tax expense
201
223
171
781
704
Net income
$
678
$
724
$
658
$
2,789
$
2,718
Net income attributable to non-controlling interest in subsidiaries
$
44
$
42
$
44
$
158
$
128
Net income attributable to equity holders of the Bank
$
634
$
682
$
614
$
2,631
$
2,590
Other financial data and measures
Average assets ($ billions)
$
226
$
228
$
230
$
227
$
232
Average liabilities ($ billions)
$
178
$
176
$
177
$
175
$
178
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(2) This includes net income from investments in associated corporations for the three months ended October 31, 2025 - $40 (July 31, 2025 - $39; October 31, 2024 - $38) and for the year ended October 31, 2025 - $152 (October 31, 2024 - $132).
Adjusted results on a constant dollar basis
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)
2025
2025
2024(1)
2025
2024(1)
Constant dollars, Adjusted
Net interest income
$
2,273
$
2,293
$
2,227
$
8,866
$
8,856
Non-interest income
778
770
728
3,177
2,980
Total revenue
3,051
3,063
2,955
12,043
11,836
Provision for credit losses
595
574
582
2,309
2,293
Non-interest expenses(2)
1,571
1,535
1,536
6,136
6,089
Income tax expense
203
225
173
789
713
Net income
$
682
$
729
$
664
$
2,809
$
2,741
Net income attributable to non-controlling interest in subsidiaries
$
44
$
42
$
44
$
158
$
128
Net income attributable to equity holders of the Bank
$
638
$
687
$
620
$
2,651
$
2,613
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(2) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended October 31, 2025, $6 (July 31, 2025– $7; October 31, 2024, $8) and for the year ended October 31, 2025, $28 (October 31, 2024, $32).
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was $634 million compared to $614 million, an increase of 3%. Adjusted net income attributable to equity holders was $638 million compared to $620 million. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher non-interest expenses, income taxes and provision for credit losses.
Q4 2025 vs Q3 2025
Net income attributable to equity holders was $634 million compared to $682 million, a decrease of 7%. Adjusted net income attributable to equity holders was $638 million compared to $687 million. The decrease was driven primarily by higher non-interest expenses and provision for credit losses and lower net interest income, partly offset by lower income taxes.
Total revenue
Q4 2025 vs Q4 2024
Revenues were $3,051 million compared to $2,955 million, an increase of 3%.
Net interest income was $2,273 million compared to $2,227 million, an increase of 2%, driven by lower funding costs mainly in Mexico. Net interest margin increased by 12 basis points to 4.54%, driven mainly by lower funding costs due to declines in central bank rates.
Non-interest income was $778 million compared to $728 million, an increase of 7%, driven by higher capital markets revenues in Chile and Brazil.
Q4 2025 vs Q3 2025
Revenues were $3,051 million compared to $3,063 million.
Net interest income was $2,273 million compared to $2,293 million, a decrease of 1%, driven mainly by higher funding costs. Net interest margin was in line with last quarter at 4.54%.
Non-interest income was $778 million compared to $770 million, an increase of 1%, driven by higher capital markets revenues in Brazil and Mexico.
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was $595 million compared to $582 million, an increase of $13 million. The provision for credit losses ratio was 144 basis points compared to 137 basis points.
The provision for credit losses on performing loans was $38 million compared to a reversal of $22 million. The provision this period was driven by retail portfolio growth, primarily in Mexico, along with credit quality migration in the retail portfolio, mainly in Chile, and in the commercial portfolio.
The provision for credit losses on impaired loans was $557 million compared to $604 million, driven by lower retail formations, primarily in Colombia and Peru, due in part to the CrediScotia divestiture. The provision for credit losses ratio on impaired loans was 135 basis points, compared to 142 basis points.
Q4 2025 vs Q3 2025
The provision for credit losses was $595 million compared to $574 million, an increase of $21 million. The provision for credit losses ratio was 144 basis points compared to 139 basis points.
The provision for credit losses on performing loans was $38 million compared to $37 million. The provision this period was driven by retail portfolio growth, primarily in Mexico, along with credit quality migration in the retail portfolio, mainly in Chile, and in the commercial portfolio.
The provision for credit losses on impaired loans was $557 million compared to $537 million due primarily to higher retail provisions mainly in Chile and Peru. The provision for credit losses ratio on impaired loans was 135 basis points compared to 129 basis points.
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were $1,577 million compared to $1,544 million, an increase of 2%, driven by higher personnel cost mainly in Chile and Brazil, and higher technology expenses in Chile and Mexico. The productivity ratio was 51.7% compared to 52.2%.
Q4 2025 vs Q3 2025
Non-interest expenses were $1,577 million compared to $1,542 million, an increase of 2%, driven by higher technology and advertising costs mainly in Mexico and Peru. The productivity ratio was 51.7% compared to 50.3%.
Provision for income taxes
Q4 2025 vs Q4 2024
The effective tax rate was 22.8% compared to 20.6%. On an adjusted basis, the effective tax rate was 22.9% compared to 20.7%. The increase was due primarily to the impact of GMT and changes in earnings mix.
Q4 2025 vs Q3 2025
The effective tax rate was 22.8% compared to 23.6%. On an adjusted basis, the effective tax rate was 22.9% compared to 23.6%. The decrease was due primarily to higher benefits from inflationary adjustment in the current quarter.
Average assets
Q4 2025 vs Q4 2024
Average assets were $226 billion compared to $230 billion. Total loans decreased $3 billion or 2%, primarily in Brazil, Mexico and Peru. The decrease was driven by a 7% reduction in business loans, partly offset by an increase of 4% in retail loans.
Q4 2025 vs Q3 2025
Average assets were $226 billion compared to $228 billion. Other assets decreased $2 billion, mainly securities purchased under resale agreements in Brazil. Total loans were in line with the prior quarter, and growth in retail loans was offset by a reduction in business loans.
Average liabilities
Q4 2025 vs Q4 2024
Average liabilities were $178 billion compared to $177 billion. Total deposits increased by 4% primarily in Colombia and Peru. Non-personal deposits increased by 5% and personal deposits increased by 1%.
Q4 2025 vs Q3 2025
Average liabilities were $178 billion compared to $176 billion. Total deposits increased by 1% primarily in Mexico and Brazil. Non-personal deposits increased by 2% and personal deposits increased by 1%.
Global Wealth Management
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)(1)
2025
2025
2024(2)
2025
2024(2)
Reported Results
Net interest income
$
281
$
266
$
207
$
1,025
$
786
Non-interest income
1,423
1,338
1,259
5,403
4,803
Total revenue
1,704
1,604
1,466
6,428
5,589
Provision for credit losses
4
4
5
14
27
Non-interest expenses
1,095
1,030
949
4,144
3,655
Income tax expense
155
150
130
590
479
Net income
$
450
$
420
$
382
$
1,680
$
1,428
Net income attributable to non-controlling interest in subsidiaries
$
3
$
3
$
2
$
10
$
10
Net income attributable to equity holders of the Bank
$
447
$
417
$
380
$
1,670
$
1,418
Other financial data and measures
Return on equity(3)
16.7
%
15.7
%
14.8
%
16.0
%
13.9
%
Effective tax rate(4)
25.6
%
26.4
%
25.4
%
26.0
%
25.1
%
Assets under administration ($ billions)
$
797
$
754
$
704
$
797
$
704
Assets under management ($ billions)
$
432
$
407
$
373
$
432
$
373
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.
(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(3) Refer to Non-GAAP Measures starting on page 21.
(4) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure.
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)
2025
2025
2024(1)
2025
2024(1)
Adjusted Results(2)
Net interest income
$
281
$
266
$
207
$
1,025
$
786
Non-interest income
1,423
1,338
1,259
5,403
4,803
Total revenue
1,704
1,604
1,466
6,428
5,589
Provision for credit losses
4
4
5
14
27
Non-interest expenses(3)
1,086
1,021
940
4,108
3,619
Income tax expense
158
152
133
600
489
Net income
$
456
$
427
$
388
$
1,706
$
1,454
Net income attributable to non-controlling interest in subsidiaries
$
3
$
3
$
2
$
10
$
10
Net income attributable to equity holders of the Bank
$
453
$
424
$
386
$
1,696
$
1,444
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(2) Refer to Non-GAAP Measures starting on page 21 for the reconciliation of reported and adjusted results.
(3) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended October 31, 2025, $9 (July 31, 2025, $9; October 31, 2024, $9) and for the year ended October 31, 2025, $36 (October 31, 2024, $36).
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was $447 million compared to $380 million, an increase of 18%. Adjusted net income attributable to equity holders was $453 million compared to $386 million, an increase of 17%. The increase was driven primarily by higher non-interest income and net interest income, partly offset by higher non-interest expenses.
Q4 2025 vs Q3 2025
Net income attributable to equity holders was $447 million compared to $417 million, an increase of 7%. Adjusted net income attributable to equity holders was $453 million compared to $424 million, an increase of 7%. The increase was driven primarily by higher non-interest income, partly offset by higher non-interest expenses.
Total revenue
Q4 2025 vs Q4 2024
Revenues were $1,704 million compared to $1,466 million, an increase of 16%.
Net interest income was $281 million compared to $207 million, an increase of 37%, driven by strong loan and deposit growth and improved margins. Non-interest income was $1,423 million compared to $1,259 million, an increase of 13%, due primarily to higher brokerage revenues, mutual fund fees, and investment management fees, driven by growth in assets under management and assets under administration.
Q4 2025 vs Q3 2025
Revenues were $1,704 million compared to $1,604 million, an increase of 6%.
Net interest income was $281 million compared to $266 million, an increase of 6%, driven by loan and deposit growth and improved margins. Non-interest income was $1,423 million compared to $1,338 million, an increase of 6%, due primarily to higher mutual fund and brokerage revenues driven by growth in assets under management and assets under administration.
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit loss was $4 million compared to $5 million, a decrease of $1 million. The provision for credit losses ratio was seven basis points, in line with the prior year.
The provision for credit losses on performing loans was $1 million, a decrease of $4 million from prior year.
The provision for credit losses on impaired loans was $3 million, compared to nil in the prior year.
Q4 2025 vs Q3 2025
The provision for credit losses was $4 million compared to $4 million, in line with the prior period. The provision for credit losses ratio was seven basis points compared to five basis points.
The provision for credit losses on performing loans was $1 million, a decrease of $3 million from the prior quarter.
The provision for credit losses on impaired loans was $3 million, compared to nil in the prior quarter.
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were $1,095 million compared to $949 million, an increase of 15%, due primarily to higher volume-related expenses, technology costs, and sales force expansion to support business growth. The productivity ratio was 64.2% compared to 64.7%.
Q4 2025 vs Q3 2025
Non-interest expenses were $1,095 million compared to $1,030 million, an increase of 6%, due primarily to higher volume-related expenses. The productivity ratio was 64.2% compared to 64.2%.
Provision for income taxes
The effective tax rate was 25.6%, compared to 25.4% in the prior year, and 26.4% in the prior quarter.
Assets under management (AUM) and assets under administration (AUA)
Q4 2025 vs Q4 2024
Assets under management were $432 billion compared to $373 billion, an increase of 16%, driven by market appreciation and higher net sales. Assets under administration were $797 billion compared to $704 billion, an increase of 13%, driven by market appreciation and higher net sales.
Q4 2025 vs Q3 2025
Assets under management were $432 billion compared to $407 billion, an increase of 6%, driven by market appreciation and higher net sales. Assets under administration were $797 billion compared to $754 billion, an increase of 6%, driven by market appreciation and higher net sales.
Global Banking and Markets
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)(1)
2025
2025
2024(2)
2025
2024(2)
Reported Results
Net interest income(3)
$
363
$
350
$
280
$
1,400
$
1,102
Non-interest income(3)
1,221
1,180
-
992
4,766
3,959
Total revenue
1,584
1,530
-
1,272
6,166
5,061
Provision for credit losses
20
19
-
19
97
47
Non-interest expenses
900
894
-
807
3,563
3,122
Income tax expense
145
144
-
99
585
414
Net income
$
519
$
473
$
347
$
1,921
$
1,478
Net income attributable to non-controlling interest in subsidiaries
$
–
$
–
$
–
$
(1)
$
–
Net income attributable to equity holders of the Bank
$
519
$
473
$
347
$
1,922
$
1,478
Other financial data and measures
Return on equity(4)
14.1
%
12.6
%
-
9.0
%
12.8
%
9.6
%
Net interest margin(4)
1.91
%
1.77
%
1.62
%
1.77
%
1.55
%
Effective tax rate(5)
21.8
%
23.4
%
22.1
%
23.3
%
21.9
%
Average assets ($ billions)
$
531
$
493
$
486
$
509
$
495
Average liabilities ($ billions)
$
541
$
513
$
478
$
520
$
475
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders.
(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(3) Includes the gross-up of tax-exempt income earned on certain securities reported in either net interest income or non-interest income for the three months ended October 31, 2025, nil (July 31, 2025, nil; October 31, 2024, $2) and for the year ended October 31, 2025, nil (October 31, 2024, $52).
(4) Refer to Non-GAAP Measures starting on page 21.
(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure.
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was $519 million compared to $347 million, an increase of 50%. The increase was due primarily to higher non-interest income and higher net interest income, partly offset by higher non-interest expenses and higher income taxes.
Q4 2025 vs Q3 2025
Net income attributable to equity holders was $519 million compared to $473 million, an increase of 10%. The increase was due primarily to higher non-interest income and higher net interest income, partly offset by higher non-interest expenses.
Total revenue
Q4 2025 vs Q4 2024
Revenues were $1,584 million compared to $1,272 million, an increase of 24%.
Net interest income was $363 million compared to $280 million, an increase of 29%. The increase was due primarily to higher net interest income from corporate lending margins, higher deposit volumes, and capital market activities and the positive impact of foreign currency translation.
Non-interest income was $1,221 million compared to $992 million, an increase of 23%. The increase was due primarily to higher fee and commission revenues and higher underwriting and advisory fees.
Q4 2025 vs Q3 2025
Revenues were $1,584 million compared to $1,530 million, an increase of 3%.
Net interest income was $363 million compared to $350 million, an increase of 4%. The increase was due primarily to higher net interest income from higher deposit volumes and margins, partly offset by lower net interest income from capital market activities.
Non-interest income was $1,221 million compared to $1,180 million, an increase of 3%. The increase was due primarily to higher fee and commission revenues and higher underwriting and advisory fees, partly offset by lower trading revenues.
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was $20 million compared to $19 million, an increase of $1 million. The provision for credit losses ratio was seven basis points compared to six basis points.
The provision for credit losses on performing loans was $10 million compared to $13 million. The provision this period was driven by credit quality migration.
The provision for credit losses on impaired loans was $10 million compared to $6 million driven mainly by one account. The provision for credit losses ratio on impaired loans was four basis points, compared to two basis points.
Q4 2025 vs Q3 2025
The provision for credit losses was $20 million compared to $19 million, an increase of $1 million. The provision for credit losses ratio was seven basis points, in line with the prior quarter.
The provision for credit losses on performing loans was $10 million compared to $16 million. The provision this period was driven by credit quality migration.
The provision for credit losses on impaired loans was $10 million compared to $3 million driven mainly by one account. The provision for credit losses ratio on impaired loans was four basis points, compared to one basis point.
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were $900 million compared to $807 million, an increase of 11%. The increase was due primarily to higher personnel costs, including performance-based compensation, higher technology costs to support business growth and the negative impact of foreign currency translation.
Q4 2025 vs Q3 2025
Non-interest expenses were $900 million compared to $894 million, an increase of 1%. The increase was due primarily to higher personnel costs, including performance-based compensation and higher technology costs to support business growth.
Taxes
Effective tax rate was 21.8% compared to 22.1% in the prior year, and 23.4% in the prior quarter, due primarily to the change in earnings mix across jurisdictions.
Average assets
Q4 2025 vs Q4 2024
Average assets were $531 billion compared to $486 billion, an increase of 9%. The increase was due primarily to higher securities purchased under resale agreements, higher trading securities and the impact of foreign currency translation. This was partly offset by lower loans and acceptances of $8 billion or 8%.
Q4 2025 vs Q3 2025
Average assets were $531 billion compared to $493 billion, an increase of 8%. The increase was due primarily to higher securities purchased under resale agreements and higher trading securities.
Average liabilities
Q4 2025 vs Q4 2024
Average liabilities were $541 billion compared to $478 billion, an increase of 13%. The increase was due primarily to higher securities sold under repurchase agreements, higher deposit volumes of $6 billion or 4% and the impact of foreign currency translation.
Q4 2025 vs Q3 2025
Average liabilities were $541 billion compared to $513 billion, an increase of 5%. The increase was due primarily to higher securities sold under repurchase agreements and higher deposit volumes of $6 billion or 4%.
Other
For the three months ended
For the year ended
(Unaudited) ($ millions)
October 31
July 31
October 31
October 31
October 31
(Taxable equivalent basis)(1)
2025
2025
2024(2)
2025
2024(2)
Reported Results
Net interest income
$
(3)
$
(9)
$
(346)
$
(253)
$
(1,688)
Non-interest income(3)(4)(5)
60
(13)
(44)
(68)
(191)
Total revenue(3)
57
(22)
(390)
(321)
(1,879)
Provision for credit losses
–
–
–
1
1
Non-interest expenses(5)
639
58
471
2,242
623
Income tax expense(3)
(200)
(45)
(243)
(507)
(1,006)
Net income (loss)
$
(382)
$
(35)
$
(618)
$
(2,057)
$
(1,497)
Net income (loss) attributable to non-controlling interest in subsidiaries
$
(60)
$
36
$
1
$
(198)
$
(1)
Net income (loss) attributable to equity holders
$
