false2024-01-31Q10000009631--10-31Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position. Excludes allowance for credit losses of $269 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Excludes allowance for credit losses of $257 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Balances are net of allowances, which are $1 (October 31, 2023 – $1).Interest income recognized on impaired loans during the three months ended January 31, 2024 was $18 (October 31, 2023 – $15).Excludes debt investment securities measured at amortized cost of $34,106 (October 31, 2023 – $31,984).Stage 3 includes purchased or originated credit-impaired loans.The amounts for the period ended January 31, 2024 have been prepared in accordance with IFRS 17. As required under the new accounting standard, prior period amounts have been restated. Refer to Note 4.Includes undistributed retained earnings of $70 (January 31, 2023 – $66) related to a foreign associated corporation, which is subject to local regulatory restriction.Represents amounts on account of share-based payments (refer to Note 14).Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts.Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 6).Net of allowances of $6 (October 31, 2023 – $7).The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $14,898 for the three months ended January 31, 2024 (October 31, 2023 – $14,603; January 31, 2023 – $12,710).Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.Excludes allowance for credit losses of $155 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Business line revenues and provision for income taxes are reported on a taxable equivalent basis.Commencing with the dividend declared on February 28, 2023 and paid on April 26, 2023, the Bank issued to participants of the Shareholder Dividend and Share Purchase Plan (the Plan), common shares from treasury with a discount of 2% to the average market price (as defined in the Plan). Prior to the dividend paid on April 26, 2023, common shares received by participants under the Plan were shares purchased from the open market at prevailing market prices.Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $43 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments.Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $115 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments.Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $120 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments.Includes impairment charge of software and other intangible assets in the Other segment.The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of January 31, 2024, these reserves amounted to $70 (October 31, 2023 – $71).Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $513 (October 31, 2023 – $529). The market value of the investment has remained below the carrying amount. The Bank performed an impairment test as at January 31, 2024 using a value in use (VIU) discounted cash flow model. The Bank concluded that there is no impairment as at January 31, 2024 (October 31, 2023 – $185).Represents the date of the most recent financial statements made available to the Bank by the associates’ management.The majority of foreign term deposits are in excess of $100,000. Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due.For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period.Deposits payable on demand include all deposits for which the Bank does not have the right to notice of withdrawal, generally chequing accounts.Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.Deposits denominated in U.S. dollars amount to $306,198 (October 31, 2023 – $320,088), deposits denominated in Chilean pesos amount to $18,559 (October 31, 2023 – $20,200), deposits denominated in Mexican pesos amount to $38,651 (October 31, 2023 – $38,127) and deposits denominated in other foreign currencies amount to $116,160 (October 31, 2023 – $116,926). Deposits payable after notice include all deposits for which the Bank requires notice of withdrawal, generally savings accounts.Includes $123 (October 31, 2023 – $123) of non-interest-bearing deposits.The interest income/expense on financial assets/liabilities are calculated using the effective interest method. Includes dividend income on equity securities. The fair value of the transferred assets is $19,658 (October 31, 2023 – $20,264) and the fair value of the associated liabilities is $18,692 (October 31, 2023 – $19,265) for a net position of $966 (October 31, 2023 – $999). These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of the principal reinvestment account that the Bank is required to maintain in order to participate in the programs. Earnings per share calculations are based on full dollar and share amounts. Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets.Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $15, International Banking – $63, Global Wealth Management – $3, and Other – $(65).All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.The cumulative change in fair value is measured from the instruments’ date of initial recognition. Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest income – trading revenues. The offsetting fair value changes from associated derivatives is also recorded in non-interest income – trading revenues. These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income.Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.Change in the difference between the contractual maturity amount and the carrying value. These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.Excludes amounts associated with other assets of $(1). The provision for credit losses, net of these amounts, is $962. Represents principal amount owed net of write-offs.All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral. The fair value of transferred assets is $197,427 (October 31, 2023 – $196,470) and the fair value of the associated liabilities is $162,115 (October 31, 2023 – $160,007) for a net position of $35,312 (October 31, 2023 – $36,463). Does not include over-collateralization of assets pledged. Includes income (on a taxable equivalent basis) from associated corporations for International Banking – $60, Global Wealth Management – $4, and Other – $(18).Includes income (on a taxable equivalent basis) from associated corporations for Canadian Banking – $24, International Banking – $56, Global Wealth Management – $5, Global Banking and Markets – $1, and Other – $(68).Retail includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail. After credit risk mitigation and excludes equity securities and other assets.Non-retail drawn exposures include government guaranteed and privately insured mortgages and retail loans.Non-retail drawn includes loans, bankers’ acceptances, deposits with financial institutions and FVOCI debt securities.Includes off-balance sheet lending instruments such as letters of credit, letters of guarantee, securitizations, over-the-counter derivatives and repo-style transactions net of related collateral.Includes interest on lease liabilities for the three months ended January 31, 2024 – $30 (October 31, 2023 – $30; January 31, 2023 – $26) and insurance finance expense for the three months ended January 31, 2024 – $7 (October 31, 2023 – $6; January 31, 2023 – $6). 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UN
I
TED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form
6-K
Report of Foreign Private Issuer
Pursuant to Rule
13a-16
or
15d-16
of
the Securities Exchange Act of 1934
For the month of: February, 2024
Commission File Number:
002-09048
THE BANK OF NOVA SCOTIA
(Name of registrant)
40 Temperance Street, Toronto, Ontario, M5H 0B4
(416)
933-4103
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
Form
20-F ☐     Form
40-F ☒
This report on Form
6-K
shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form
S-8
(File
No. 333-199099)
and Form
F-3
(File
No. 333-261476)
and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
    THE BANK OF NOVA SCOTIA
Date: February 27, 2024     By:  
/s/ Roula Kataras
      Name: Roula Kataras
      Title: Senior Vice-President and Chief Accountant

EXHIBIT INDEX
 
Exhibit
  
Description of Exhibit
99.1
  
2024 First Quarter Report to Shareholders
101
  
Interactive Data File (formatted as Inline XBRL)
104
  
Cover Page Interactive Data File (formatted as In
line
XBRL and contained in Exhibit 101)