Scotiabank Expects C$77 Million Contribution to Net Income From KeyCorp Stake in 2Q

Published: 2026-04-17 09:15:38 ET KEY

Published on 04/17/2026 at 09:15 am EDT

By Adriano Marchese

Bank of Nova Scotia expects its investment in KeyCorp will contribute about 77 million Canadian dollars, the equivalent of US$56.2 million, to its net income in the fiscal second quarter.

The contribution doesn't include Scotiabank's associated funding costs and is reported on a one-month lag, the bank said Friday.

Adjusting for the amortization of acquired intangible assets of roughly C$8 million, the Canadian bank's adjusted net-income contribution from KeyCorp is forecast to be about C$85 million for the quarter.

Scotiabank, which is scheduled to release its second-quarter financial results on May 27, at the end of 2024 finalized a US$2.8 billion investment in KeyCorp in which it took an almost-15% stake in the U.S. regional lender as part of a move to expand its reach and gain exposure to retail banking in the country.

Write to Adriano Marchese at [email protected]

(END) Dow Jones Newswires

04-17-26 0914ET