Scotiabank Expects C$71 Million Contribution to Net Income From KeyCorp Stake in Second Quarter

Published: 2025-04-28 09:26:10 ET KEY

By Robb M. Stewart

Bank of Nova Scotia expects its stake in KeyCorp will contribute about 62 million Canadian dollars ($44.7 million) in net income contribution for the fiscal second quarter.

The figure includes acquisition-related and other accounting impacts, is net of Scotiabank's associated funding costs and is reported on a one-month lag. Adjusting for the amortization of acquired intangible assets of roughly C$9 million, the Canadian lender's adjusted net income contribution from KeyCorp is forecast at about C$71 million for the quarter.

Scotiabank, which is scheduled to release its second-quarter financial results May 27, in late December completed a deal to secure an almost 15% interest in KeyCorp in an effort to strengthen its foothold in the U.S. and position itself for new commercial opportunities.

Scotiabank recorded net income of C$933 million in the three months to Jan. 31, and first-quarter revenue of C$9.37 billion.

Write to Robb M. Stewart at [email protected]

(END) Dow Jones Newswires

04-28-25 0925ET