On May 28, BMO Capital analyst Sohrab Movahedi maintained a Hold rating on The Bank of Nova Scotia (NYSE:BNS) and kept the price target at C$79. The update comes after the company released its fiscal second-quarter results for 2025.
The bank released its second-quarter results on May 27, missing analyst estimates as credit loss provision continued to rise. The Bank of Nova Scotia delivered revenue of $6.57 billion, reflecting a 7.37% year-over-year increase, exceeding analyst consensus by $83.95 million. However, the EPS of $1.10 missed the consensus by $0.03.
A businessman’s hand pointing to a graph on a projector screen illustrating economic trends.
The provision for credit losses increased from $1.007 billion a year ago to $1.398 billion. Canadians are not spending as much as expected because of tariffs imposed by the United States, said the executives of the bank. Therefore, the bank kept a higher amount of money on the side to cover these losses.
The Bank of Nova Scotia also known as Scotiabank is a Canadian chartered bank that provides banking, global wealth management, global banking and markets, and other related services.
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