Bank of Nova Scotia Expects C$81M Boost to 1Q Net Income From KeyCorp Stake

Dow Jones01-21 22:11

By Adriano Marchese

Bank of Nova Scotia expects its investment in KeyCorp will contribute about 81 million Canadian dollars, the equivalent of $58.5 million, to its net income in the fiscal first quarter.

The Canadian bank on Wednesday said the figure is reported with a one-month lag and reflects its funding costs as well as the effects of recent acquisitions and other accounting items.

Adjusting for the amortization of acquired intangible assets of about C$8 million, Scotiabank's adjusted net-income contribution from KeyCorp will be roughly C$89 million, it said.

Scotiabank at the end of 2024 finalized a $2.8 billion investment in KeyCorp, taking an almost-15% stake in the U.S. regional lender as part of a strategy to expand its reach and gain exposure to retail banking in the U.S.

Scotiabank is scheduled to release its fiscal first-quarter results on Feb. 24.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 21, 2026 09:11 ET (14:11 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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