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 Scotiabank reports fourth quarter and 2017 results
   Tuesday, November 28, 2017 6:03:00 AM ET
    Scotiabank's 2017 audited annual consolidated
     financial statements and accompanying
     Management's Discussion & Analysis (MD&A) are
     available at www.scotiabank.com along with the
     supplementary financial information and
     regulatory capital disclosure reports, which
     includes fourth quarter financial information.
     All amounts are in Canadian dollars and are
     based on our audited annual consolidated
     financial statements and accompanying MD&A for
     the year ended October 31, 2017 and related
     notes prepared in accordance with International
     Financial Reporting Standards (IFRS), unless
     otherwise noted.


    Additional information related to the Bank,
     including the Bank's Annual Information Form,
     can be found on the SEDAR website at
     www.sedar.com and on the EDGAR section of the
     SEC's website at www.sec.gov.
    ----------------------------------------------



Fiscal 2017 Highlights on a reported basis (versus Fiscal 2016)

    --  Net income of $8,243 million, compared to $7,368 million
    --  Diluted earnings per share of $6.49 compared to $5.77
    --  Return on equity (ROE) of 14.6%, compared to 13.8%
    --  Annual dividends per share of $3.05 compared to $2.88, an
        increase of 6%


Fiscal 2017 Highlights versus Fiscal 2016 (adjusted for the Q2/16 restructuring charge( (1)))

    --  Net income of $8,243 million, compared to $7,646 million, up 8%
    --  Diluted earnings per share of $6.49 compared to $6.00, up 8%
    --  ROE of 14.6%, compared to 14.3%


Fourth Quarter Highlights on a reported basis (versus Q4, 2016)

    --  Net income of $2,070 million, compared to $2,011 million, up 3%
    --  Diluted earnings per share of $1.64 compared to $1.57, up 4%
    --  ROE of 14.5%, compared to 14.7%


Fiscal 2017 performance versus medium-term objectives:The Bank's performance with respect to its medium-term financial and operational objectives was as follows (adjusting for the impact of the Q2, 2016 restructuring charge ((1)), is reflected in parentheses):

  1. Earn an ROE of 14%+. For the full year, Scotiabank earned an ROE
     of 14.6%.
  2. Generate growth in EPS (Diluted) of 5% to 10%. The year-over-year
     EPS growth was up 12% (8%).
  3. Maintain positive operating leverage. Scotiabank’s performance was
     positive 2.4% (negative 0.2%).
  4. Maintain strong capital ratios. Scotiabank’s capital position
     remains strong with a Common Equity Tier 1 ratio of 11.5%.


    (1)  Refer to "Non-GAAP
     Measures" section.

TORONTO, Nov. 28, 2017 /CNW/ - Scotiabank reported net income of $8,243 million in 2017, compared with net income of $7,368 million in 2016. Diluted earnings per share (EPS) were $6.49, a 12% increase from last year. Adjusting for the 2016 restructuring charge of $278 million after tax ($378 million pre-tax), net income and EPS grew 8%.

Scotiabank reported net income for the fourth quarter ended October 31, 2017 of $2,070 million, compared to $2,011 million for the same period last year. EPS was $1.64, up 4% compared to $1.57 last year. Return on equity was 14.5%. A quarterly dividend of 79 cents per common share was announced.

"During 2017, we delivered strong results in all three of our businesses," said Brian Porter, President and CEO. "As well, the Bank is making good progress on its digital strategy, with our Digital Factory Network fully operational across our five key markets of Canada, Mexico, Peru, Chile and Colombia to collaborate, innovate and strengthen our customer experience and efficiency levels.

"Canadian Banking had another strong year with earnings exceeding $4 billion, which was underpinned by solid asset growth across our businesses and margin expansion in a rising interest rate environment. We continue to invest in our digital banking capabilities to improve our customer experience, while focusing on delivering operational efficiencies.

"International Banking delivered strong results, with annual earnings growth of 15% to $2.4 billion. These results were driven by double-digit deposit and retail loan growth in the key Pacific Alliance region, complemented by strong results from the Caribbean and Central America.

"Global Banking and Markets delivered better results this year with earnings of $1.8 billion driven by higher client trading activity and significantly lower credit losses. The business remains focused on the customer and leveraging our expertise across our primary markets.

"With two dividend increases in 2017, we increased dividends paid to shareholders by 6% this year. Our capital position remained strong, and a Common Equity capital ratio of 11.5% provides us with the optionality to support investments required to execute our strategic agenda.

"In 2017, we made further progress against our strategic agenda, while also driving other key initiatives across the organization including diversity and partnerships. We are focused on building the Bank for long-term success by strengthening our core businesses and embracing a performance-oriented culture that will bring value to our shareholders, our customers and our employees."

Non-GAAP MeasuresThe Bank uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS), are not defined by GAAP and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. The Bank believes that certain non-GAAP measures are useful in assessing underlying ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-GAAP measures are used throughout this press release and are defined in the "Non-GAAP Measures" section of the Bank's 2017 Annual Report.

Adjusted diluted earnings per shareThe adjusted diluted earnings per share is calculated as follows:

                                                            As at and for the three months
                                                                           ended                             For the year ended
                                                           -------------------------------                 ------------------

                                                          October 31               July 31   October 31                  October 31     Diluted   October 31 Diluted

    (Unaudited)                                                                       2017                        2017                       2016                      2017           EPS    2016             EPS
    ----------                                                                        ----                        ----                       ----                      ----           ---    ----             ---


    Net income attributable
     to common shareholders
     (diluted)(1)                                                                   $1,994                      $2,028                     $1,925                    $7,935         $6.49   $7,070           $5.77

                              2016 Restructuring charge                                    -                          -                         -                        -            -     278            0.23


    Net income attributable
     to common shareholders
     (diluted) adjusted for

                              restructuring charge                                     1,994                       2,028                      1,925                     7,935          6.49    7,348            6.00

                               Amortization of intangible
                               assets, excluding software                                 14                          14                         18                        60          0.05       76            0.05


    Adjusted net income
     attributable to common
     shareholders (diluted)                                                         $2,008                      $2,042                     $1,943                    $7,995         $6.54   $7,424           $6.05

    Weighted average number
     of diluted common shares
     outstanding (millions)                                                          1,215                       1,219                      1,226                     1,223                 1,226
    -------------------------                                                        -----                       -----                      -----                     -----                 -----

    Adjusted diluted earnings
     per share(2)(in dollars)                                    $1.65                               $1.68                        $1.58                                       $6.54                  $6.05
    =========================                                    =====                               =====                        =====                                       =====                  =====

             (1)    Refer to Note 33 in 2017 Annual
                     Report.

             (2)    Adjusted diluted earnings per
                     share calculations are based on
                     full dollar and share amounts.

Impact of the 2016 restructuring chargeThe table below reflects the impact of the 2016 restructuring charge of $378 million pre-tax ($278 million after tax)((1)).

                              Impact of the 2016      Adjusted for the

    For the year
     ended October
     31, 2017 ($
     millions)     Reported restructuring charge  restructuring charge
    ============== ======== ====================  ====================

    Operating
     leverage          2.4%               (2.6)%                (0.2)%
    =========           ===                 =====                  =====



                              Impact of the 2016      Adjusted for the

    For the year
     ended October
     31, 2016 ($
     millions)     Reported restructuring charge  restructuring charge
    -------------- -------- --------------------  --------------------


    Net income ($
     millions)       $7,368                  $278                 $7,646

    Diluted
     earnings per
     share            $5.77                 $0.23                  $6.00

    Return on
     equity           13.8%                 0.5%                 14.3%

    Productivity
     ratio            55.2%               (1.5)%                 53.7%

    Operating
     leverage        (1.9)%                 2.9%                  1.0%
    =========         =====                   ===                    ===

             (1)    Calculated using the statutory
                     tax rates of the various
                     jurisdictions.

Core banking assets Core banking assets are average assets excluding bankers' acceptances and average trading assets within Global Banking and Markets.

Core banking marginThis ratio represents net interest income divided by average core banking assets.

Financial Highlights

                                                                                           As at and for the three months
                                                                                                          ended                              For the year ended
                                                                                              ------------------------------              ------------------

                                                                               October 31           July 31                October 31            October 31              October 31

    (Unaudited)                                                                            2017                   2017                   2016                     2017                2016
    ----------                                                                             ----                   ----                   ----                     ----                ----

    Operating results($ millions)

    Net interest income                                                                   3,831                  3,833                  3,653                   15,035              14,292

    Non-interest income                                                                   2,981                  3,061                  3,098                   12,120              12,058

    Total revenue                                                                         6,812                  6,894                  6,751                   27,155              26,350

    Provision for credit losses                                                             536                    573                    550                    2,249               2,412

    Non-interest expenses                                                                 3,668                  3,672                  3,650                   14,630              14,540

    Income tax expense                                                                      538                    546                    540                    2,033               2,030

    Net income                                                                            2,070                  2,103                  2,011                    8,243               7,368

    Net income attributable to common shareholders                                        1,986                  2,016                  1,908                    7,876               6,987
    ----------------------------------------------                                        -----                  -----                  -----                    -----               -----

    Operating performance

    Basic earnings per share ($)                                                           1.66                   1.68                   1.58                     6.55                5.80

    Diluted earnings per share ($)                                                         1.64                   1.66                   1.57                     6.49                5.77

    Adjusted diluted earnings per share ($)(1)                                             1.65                   1.68                   1.58                     6.54                6.05

    Return on equity(%)                                                                    14.5                   14.8                   14.7                     14.6                13.8

    Productivity ratio (%)                                                                 53.8                   53.3                   54.1                     53.9                55.2

    Core banking margin (%)(1)                                                             2.44                   2.46                   2.40                     2.46                2.38
    -------------------------                                                              ----                   ----                   ----                     ----                ----

    Financial position information($ millions)

    Cash and deposits with financial institutions                                  59,663             57,750                     46,344

    Trading assets                                                                 98,464            105,148                    108,561

    Loans                                                                         504,369            498,559                    480,164

    Total assets                                                                  915,273            906,332                    896,266

    Deposits                                                                      625,367            618,143                    611,877

    Common equity                                                                  55,454             53,365                     52,657

    Preferred shares and other equity instruments                                   4,579              3,019                      3,594

    Assets under administration                                                   470,198            481,080                    472,817

    Assets under management                                                       206,675            201,268                    192,702
    -----------------------                                                       -------            -------                    -------

    Capital and liquidity measures

    Common Equity Tier 1 (CET1) capital ratio (%)                                   11.5               11.3                       11.0

    Tier 1 capital ratio (%)                                                        13.1               12.6                       12.4

    Total capital ratio (%)                                                         14.9               14.8                       14.6

    Leverage ratio (%)                                                               4.7                4.4                        4.5

    CET1 risk-weighted assets ($ millions)(2)                                     376,379            365,411                    364,048

    Liquidity coverage ratio (LCR) (%)                                               125                125                        127
    ---------------------------------                                                 ---                ---                        ---

    Credit quality

    Net impaired loans ($ millions)(3)                                              2,243              2,273                      2,446

    Allowance for credit losses($ millions)                                         4,327              4,290                      4,626

    Net impaired loans as a % of loans and acceptances(3)                            0.43               0.44                       0.49

    Provision for credit losses as a % of average net loans and acceptances                0.42                   0.45                   0.45                     0.45                0.50
    -----------------------------------------------------------------------                ----                   ----                   ----                     ----                ----

    Common share information

    Closing share price ($) (TSX)                                                   83.28              77.67                      72.08

    Shares outstanding (millions)

                                                             Average - Basic                1,198                  1,200                  1,206                    1,203               1,204

                                                             Average - Diluted              1,215                  1,219                  1,226                    1,223               1,226

                                                             End of period                  1,199                  1,198                  1,208

    Dividends per share($)                                                                 0.79                   0.76                   0.74                     3.05                2.88

    Dividend yield (%)(4)                                                                   4.0                    4.0                    4.3                      4.0                 4.7

    Market capitalization ($ millions) (TSX)                                       99,872             93,065                     87,065

    Book value per common share($)                                                  46.24              44.54                      43.59

    Market value to book value multiple                                               1.8                1.7                        1.7

    Price to earnings multiple (trailing 4 quarters)                                 12.7               12.0                       12.4
    -----------------------------------------------                                  ----               ----                       ----

    Other information

    Employees                                                                      88,645             89,191                     88,901

    Branches and offices                                                            3,003              3,016                      3,113
    --------------------                                                            -----              -----                      -----

             (1)    Refer to Non-GAAP measures
                     section of this press release
                     for a discussion of these
                     measures.

    (2)              As at October 31, 2017, credit
                     valuation adjustment (CVA)
                     risk-weighted assets were
                     calculated using scalars of
                     0.72, 0.77 and 0.81 to compute
                     CET1, Tier 1 and Total capital
                     ratios, respectively.

    (3)              Excludes loans acquired under the
                     Federal Deposit Insurance
                     Corporation (FDIC) guarantee
                     related to the acquisition of R-
                     G Premier Bank of Puerto Rico.

             (4)    Based on the average of the high
                     and low common share price for
                     the period.

Impact of Foreign Currency TranslationThe table below reflects the estimated impact of foreign currency translation on key income statement items.

                                                                                                                                                              % Change

                                      Average exchange rate                                                  CAD appreciation /
                                                                                                               (depreciation)
                                                ---------------------                                       -------------------

                             October 31        July 31     October 31           October 31, 2017                              October 31,
                                                                                                                                     2017

    For the three months           2017            2017            2016           vs. July 31, 2017                              vs. October
     ended                                                                                                                       31, 2016
    --------------------           ----           ----           ----          -----------------                             ------------

    U.S. Dollar/Canadian
     Dollar                       0.800           0.758           0.762                                            5.5%                                              4.9%

    Mexican Peso/Canadian
     Dollar                      14.518          13.827          14.394                                            5.0%                                              0.9%

    Peruvian Sol/Canadian
     Dollar                       2.597           2.474           2.565                                            5.0%                                              1.3%

    Colombian Peso/Canadian
     Dollar                   2,358.435       2,256.369       2,238.589                                            4.5%                                              5.4%

    Chilean Peso/Canadian
     Dollar                     506.675         504.068         505.809                                            0.5%                                              0.2%
    ---------------------       -------         -------         -------                                             ---                                                ---


                                                                                                                                                   % Change

                                                                                                                                                        CAD
                                                                                                                                               appreciation
                                                                                                                                                          /

                                                                                   Average exchange rate                               (depreciation)
                                                                                   ---------------------                                -------------

                                                           October 31                                     October 31                            October 31,
                                                                                                                                                       2017

    For the year ended                                           2017                                            2016                             vs. October
                                                                                                                                                   31, 2016
    ------------------                                           ----                                           ----                           ------------

    U.S. Dollar/Canadian
     Dollar                                                     0.765                                           0.754                                               1.4%

    Mexican Peso/Canadian
     Dollar                                                    14.608                                          13.666                                               6.9%

    Peruvian Sol/Canadian
     Dollar                                                     2.513                                           2.539                                             (1.0)%

    Colombian Peso/Canadian
     Dollar                                                 2,265.416                                       2,307.178                                             (1.8)%

    Chilean Peso/Canadian
     Dollar                                                   500.108                                         514.549                                             (2.8)%
    ---------------------                                     -------                                         -------                                              -----


                                                                                For the three months ended       For the year ended
                                                                                --------------------------       ------------------

                                                              October 31, 2017                  October 31, 2017                            October 31,
                                                                                                                                                       2017

    Impact on net income ($                               vs. October 31, 2016                 vs. July 31, 2017                            vs. October
     millions except EPS)                                                                                                                          31, 2016
    -----------------------                               --------------------                 -----------------                           ------------

    Net interest income                                         $(66)                                          $(94)                                            $(112)

    Non-interest income                                             5                                            (40)                                              (65)

    Non-interest expenses                                          53                                              72                                                 99

    Other items (net of tax)                                        7                                              26                                                 18
    -----------------------                                       ---                                             ---                                                ---

    Net income                                                   $(1)                                          $(36)                                             $(60)
    ----------                                                    ---                                            ----                                               ----

    Earnings per share
     (diluted)                                       $              -                                        $(0.03)                                           $(0.05)
    ------------------                             ---            ---                                         ------                                             ------

    Impact by business line
     ($ millions)

    Canadian Banking                                             $(3)                                           $(4)                                              $(4)

    International Banking                                          11                                            (17)                                              (14)

    Global Banking and
     Markets                                                     (14)                                           (13)                                              (12)

    Other                                                           5                                             (2)                                              (30)
    -----                                                         ---                                             ---                                                ---

    Net income                                                   $(1)                                          $(36)                                             $(60)
    ==========                                                    ===                                            ====                                               ====

Group Financial Performance

Net incomeQ4 2017 vs Q4 2016Net income was $2,070 million, an increase of $59 million or 3%. Asset growth and an improved net interest margin, a lower provision for credit losses and a lower effective tax rate were partly offset by a decline in non-interest income.

Q4 2017 vs Q3 2017Net income was $2,070 million, a decrease of $33 million or 2%, due primarily to the negative impact of foreign currency translation. Lower non-interest income was partly offset by lower provision for credit losses.

Net interest incomeQ4 2017 vs Q4 2016Net interest income was $3,831 million, an increase of $178 million or 5%. Adjusting for the negative impact of foreign currency translation, net interest income grew by 7%. The increase was attributable to asset growth in retail and commercial lending in Canadian Banking and International Banking, as well as higher core banking margin.

The core banking margin improved four basis points to 2.44%, driven by higher margins in Global Banking and Markets and Canadian Banking, partly offset by lower margins in International Banking.

Q4 2017 vs Q3 2017Net interest income was $3,831 million, a decrease of $2 million. Adjusting for the negative impact of foreign currency translation, net interest income grew by 2%. Growth in retail and commercial lending in Canadian Banking was partly offset by the impact of lower margin.

The core banking margin of 2.44% was down two basis points, mainly from lower margins in International Banking, partly offset by higher margins in Global Banking and Markets.

Non-interest incomeQ4 2017 vs Q4 2016Non-interest income of $2,981 million was down $117 million or 4%. This was due mainly to lower trading revenues, lower fee and commission revenue due to the sale of HollisWealth business ("Sale of business") and lower gains on sale of real estate. Partly offsetting were higher card revenues, higher net gain on investment securities, and the gain on Sale of business.

Q4 2017 vs Q3 2017Non-interest income was $2,981 million, down $80 million or 3%. Half of the decrease was due to the negative impact of foreign currency translation. The remaining decrease was due to lower fee and commission revenue due to the Sale of business, lower banking fees and trading revenues, and lower gains on sale of real estate. Partly offsetting were higher net gains on investment securities, and the gain on Sale of business.

Provision for credit lossesQ4 2017 vs Q4 2016The provision for credit losses was $536 million, down $14 million. The decrease was due primarily to lower provisions in Global Banking and Markets, partly offset by higher provisions in International Banking. The collective allowance against performing loans of $1,562 million, held in the Other segment, remained unchanged. An increase in the allowance for exposures related to recent hurricanes in the Caribbean was primarily offset by a reduction in the amount held against energy exposures. The provision for credit losses ratio improved three basis points to 42 basis points.

Q4 2017 vs Q3 2017The provision for credit losses was $536 million, a decline of $37 million. The decrease was due primarily to lower provisions in Global Banking and Markets and lower retail provisions. The provision for credit losses ratio improved three basis points to 42 basis points.

Non-interest expensesQ4 2017 vs Q4 2016Non-interest expenses were $3,668 million, up 1%, primarily reflecting investments in technology, digital banking and other initiatives and higher employee pension and benefit costs. The growth was partly offset by savings from cost-reduction initiatives, the impact of the Sale of business and the positive impact of foreign currency translation.

The productivity ratio was 53.8% compared to 54.1%.

Q4 2017 vs Q3 2017Non-interest expenses were in line with last quarter or up 2% adjusting for the positive impact of foreign currency translation. Higher technology, professional and marketing expenses were partly offset by decreases from the impact of the Sale of business, as well as lower employee benefit and shared-based compensation expenses.

The productivity ratio was 53.8% compared to 53.3%.

Income taxesQ4 2017 vs Q4 2016The effective tax rate was 20.6% compared to 21.2% due primarily to higher tax-exempt income and lower taxes on the gain on Sale of business.

Q4 2017 vs Q3 2017The effective tax rate was in line with the prior quarter. Higher taxes in foreign jurisdictions and lower tax-exempt income in the quarter were offset by lower taxes on the gain on Sale of business.

Common DividendThe Board of Directors at its meeting approved the quarterly dividend of 79 cents per common share. This quarterly dividend applies to shareholders of record as of January 2, 2018 and is payable January 29, 2018.

Capital RatiosThe Bank continues to maintain strong, high quality capital levels which position it well for future business growth. The Basel III all-in Common Equity Tier 1 (CET1) ratio as at October 31, 2017 was 11.5%. The CET1 ratio grew by 50 basis points in 2017 primarily from strong internal capital generation.

The Bank's Basel III all-in Tier 1 and Total capital ratios were 13.1% and 14.9%, respectively, as at October 31, 2017. In addition, the Leverage ratio also improved to 4.7%. The Tier 1, Total capital ratios and the Leverage ratio also benefited from the US$1.25 billion issuance of subordinated NVCC additional Tier 1 capital during the fourth quarter.

The Bank's capital ratios continue to be well in excess of OSFI's minimum capital ratio requirements for 2017 (including the 1% D-SIB surcharge) of 8%, 9.5% and 11.5% for CET1, Tier 1 and Total Capital, respectively. The Bank was well above the OSFI prescribed minimum Leverage ratio as at October 31, 2017.

The Bank estimates that the IFRS 9 transition impact will reduce the Common Equity Tier 1 capital ratio by approximately 15 basis points as at November 1, 2017. Refer to "Future Accounting Developments" on page 99 in the Bank's 2017 Annual Report for further details regarding the IFRS 9 transition impact.

Event after the Consolidated Statement of Financial Position date On November 27, 2017 the Bank submitted a binding offer to Banco Bilbao Vizcaya Argentaria, S.A.'s (BBVA) to acquire its 68.19% ownership in BBVA Chile, which BBVA is willing to accept if the minority partner does not exercise its Right of First Refusal under the shareholders agreement between BBVA and the minority partner. BBVA owns 68.19% of BBVA Chile and the minority partner owns 31.62% of BBVA Chile. The Bank has offered to acquire BBVA's interests in BBVA Chile, and its interests in certain subsidiaries, for approximately US$2.2 billion (approximately CAD$2.9 billion). If the transaction is completed, the Bank's Common Equity Tier 1 capital ratio will be impacted by approximately 100 basis points.

Pursuant to the mandatory tender offer for all the shares of BBVA Chile required under Chilean law or the minority partner's tag along rights under the shareholders agreement of BBVA Chile, the minority partner has the right to sell its shares of BBVA Chile on the same basis to the Bank. The Bank's Common Equity Tier 1 capital ratio would be impacted by approximately 135 basis points, if the Bank acquires 100% of BBVA Chile.

Business Segment Review

Canadian Banking

                            For the three months ended    For the year ended
                            --------------------------    ------------------

    (Unaudited) ($
     millions)                                 October 31                    July 31    October 31     October 31      October 31

    (Taxable equivalent
     basis)(1)                                       2017                        2017           2016            2017             2016
    -------------------                              ----                        ----           ----            ----             ----

    Business segment
     income

    Net interest income                            $1,915                      $1,876         $1,798          $7,363           $7,024

    Non-interest
     income(2)                                      1,350                       1,390          1,314           5,488            5,164
                                                    -----                       -----          -----           -----            -----

    Total revenue                                   3,265                       3,266          3,112          12,851           12,188

    Provision for credit
     losses                                           218                         224            217             913              832

    Non-interest expenses                           1,629                       1,633          1,612           6,487            6,324

    Income tax expense                                351                         364            329           1,387            1,296
    ------------------                                ---                         ---            ---           -----            -----

    Net income                                     $1,067                      $1,045           $954          $4,064           $3,736
    ==========                                     ======                      ======           ====          ======           ======

    Net income
     attributable to non-
     controlling interest
     in subsidiaries      $                             -  $                       -  $          -   $          -    $          -

    Net income
     attributable to
     equity holders of
     the Bank                                      $1,067                      $1,045           $954          $4,064           $3,736
    ------------------                             ------                      ------           ----          ------           ------

    Other measures

    Return on equity                                23.1%                      23.0%         22.4%          22.8%           22.0%

    Assets under
     administration ($
     billions)                                       $315                        $331           $318            $315             $318

    Assets under
     management ($
     billions)                                       $155                        $153           $145            $155             $145

    Average assets ($
     billions)                                       $332                        $325           $313            $323             $309

    Average liabilities
     ($ billions)                                    $246                        $245           $237            $244             $232
    ===================                              ====                        ====           ====            ====             ====

    (1)              Results are
                     presented on
                     a taxable
                     equivalent
                     basis. Refer
                     to Business
                     Line
                     Overview
                     section of
                     the Bank's
                     2017 Annual
                     Report.

    (2)              Includes net income from
                     investments in associated
                     corporations for the three
                     months ended October 31, 2017 -
                     $16 (July 31, 2017 -$21;
                     October 31, 2016 -$25) and for
                     the year ended October 31, 2017
                     -$66 (October 31, 2016 -$78).

Net incomeQ4 2017 vs Q4 2016Net income attributable to equity holders was $1,067 million, an increase of $113 million or 12%. The gain on the sale of HollisWealth business ("Sale of business") in the current quarter contributed 7% to net income growth. Strong loan growth and margin expansion were partially offset by lower non-interest income and higher non-interest expenses.

Q4 2017 vs Q3 2017Net income attributable to equity holders increased $22 million or 2%. The increase in net income was due primarily to the gain on Sale of business, and higher net interest income driven by strong asset growth. These increases were partly offset by lower gains on sale of real estate.

Average assetsQ4 2017 vs Q4 2016Average assets grew $19 billion or 6% to $332 billion. Growth of $12 billion or 6% in residential mortgages, $5 billion or 13% in business loans and acceptances, and $3 billion or 4% in personal loans was partly offset by the Tangerine broker-originated and white label mortgage run-off portfolios.

Q4 2017 vs Q3 2017Average assets rose $7 billion or 2%. Growth of $5 billion or 2% in residential mortgages, $1 billion or 2% in business loans and acceptances, and $1 billion or 2% in personal loans was partly offset by the Tangerine broker-originated and white label mortgage run-off portfolios.

Average liabilitiesQ4 2017 vs Q4 2016Average liabilities increased $9 billion or 4%, including strong growth of $5 billion or 7% in retail banking savings deposits, and $2 billion or 10% in chequing accounts. As well, there was growth of $4 billion or 9% in small business and commercial banking operating accounts. This was partially offset by a decline in GICs of $2 billion or 3%.

Q4 2017 vs Q3 2017Average liabilities increased $1 billion, primarily driven by growth in small business and commercial banking operating accounts.

Assets under administration (AUA) and assets under management (AUM)Q4 2017 vs Q4 2016AUA of $315 billion decreased $3 billion or 1%. Growth due primarily to market appreciation was more than offset by the 12% decrease due to the Sale of business.AUM of $155 billion increased $10 billion or 6% driven by market appreciation and net sales. The Sale of business reduced the AUM growth by 4%.

Q4 2017 vs Q3 2017AUA decreased $16 billion or 5%. Growth due primarily to market appreciation was more than offset by the 11% decrease due to the Sale of business.AUM increased $2 billion or 1% due to market appreciation and net sales. The Sale of business impacted the AUM growth by 3%.

Net interest incomeQ4 2017 vs Q4 2016Net interest income of $1,915 million was up $117 million or 7%. This was driven by strong growth in assets, and an increase in net interest margin. The margin improved two basis points to 2.41% primarily due to the impact of the run-off of lower spread Tangerine mortgages and the recent interest rate increases by the Bank of Canada.

Q4 2017 vs Q3 2017Net interest income increased $39 million or 2% due mainly to solid asset growth.

Non-interest incomeQ4 2017 vs Q4 2016Non-interest income of $1,350 million increased $36 million or 3%. The increase was negatively impacted by 2%, as lower fee and commission revenue due to the Sale of business was only partly offset by the gain on Sale of business. The remaining growth was due to increases in deposit and payment fees, higher brokerage fees and investment gains in the current quarter.

Q4 2017 vs Q3 2017Non-interest income decreased $40 million or 3% as lower fee and commission revenue due to the Sale of business was only partly offset by the gain on Sale of business. The remaining decrease was due to lower gains on sale of real estate that was partly offset by higher brokerage fees.

Provision for credit lossesQ4 2017 vs Q4 2016The provision for credit losses was in line with the prior year. The provision for credit losses ratio decreased one basis point to 27 basis points.

Q4 2017 vs Q3 2017The provision for credit losses was $218 million, a decrease of $6 million or 3%. The decrease was due to lower provisions in both retail and commercial portfolios. The provision for credit losses ratio was down one basis point to 27 basis points.

Non-interest expensesQ4 2017 vs Q4 2016Non-interest expenses were $1,629 million, an increase of $17 million or 1% reflecting higher investments in digital and technology to support business growth. These increases were partly offset by benefits realized from cost-reduction initiatives and lower expenses as a result of the Sale of business.

Q4 2017 vs Q3 2017Non-interest expenses decreased $4 million primarily reflecting cost-reduction initiatives and lower expenses as a result of the Sale of business, offset partly by higher investments in digital and technology to support business growth.

TaxesQ4 2017 vs Q4 2016The effective tax rate of 24.8% was down from 25.6% due largely to the lower taxes on the gain on Sale of business.

Q4 2017 vs Q3 2017The effective tax rate of 24.8% declined from 25.8% due largely to the lower taxes on the gain on Sale of business.

International Banking

                      For the three months ended    For the year ended
                      --------------------------    ------------------

    (Unaudited) ($
     millions)                           October 31                    July 31  October 31   October 31    October 31

    (Taxable
     equivalent
     basis)(1)                                 2017                        2017         2016          2017           2016
    -----------                                ----                        ----         ----          ----           ----

    Business segment
     income

    Net interest
     income                                  $1,667                      $1,735       $1,615        $6,726         $6,359

    Non-interest
     income(2)                                  898                         910          883         3,688          3,482
                                                ---                         ---          ---         -----          -----

    Total revenue                             2,565                       2,645        2,498        10,414          9,841

    Provision for
     credit losses                              310                         325          294         1,294          1,281

    Non-interest
     expenses                                 1,395                       1,442        1,413         5,664          5,523

    Income tax
     expense                                    200                         206          172           828            707
    ----------                                  ---                         ---          ---           ---            ---

    Net income                                 $660                        $672         $619        $2,628         $2,330
    ==========                                 ====                        ====         ====        ======         ======

    Net income
     attributable to
     non-controlling
     interest in
     subsidiaries                               $55                         $58          $72          $238           $251

    Net income
     attributable to
     equity holders
     of the Bank                               $605                        $614         $547        $2,390         $2,079
    ----------------                           ----                        ----         ----        ------         ------

    Other measures

    Return on equity                          15.0%                      14.7%       13.5%        14.7%         12.8%

    Average assets ($
     billions)                                 $146                        $152         $142          $148           $143

    Average
     liabilities ($
     billions)                                 $117                        $117         $109          $115           $109
    ===============                            ====                        ====         ====          ====           ====

    (1)              Results are
                     presented on
                     a taxable
                     equivalent
                     basis. Refer
                     to Business
                     Line
                     Overview
                     section of
                     the Bank's
                     2017 Annual
                     Report.

    (2)              Includes net income from
                     investments in associated
                     corporations for the three
                     months ended October 31, 2017 -
                     $115 (July 31, 2017 -$131;
                     October 31, 2016 -$130) and
                     for the year ended October 31,
                     2017 -$482 (October 31, 2016 -
                      $473).

Net incomeQ4 2017 vs Q4 2016International Banking reported net income attributable to equity holders of $605 million, up $58 million or 11% reflecting solid revenues, from strong loan and deposit growth in Latin America, good expense control and the positive impact of foreign currency translation, partly offset by lower tax benefits, lower contribution from associated corporations and higher provisions for credit losses. The impact of the hurricanes this quarter was mostly offset by a gain on sale of a retail loan portfolio in the Caribbean region.

Q4 2017 vs Q3 2017Net income attributable to equity holders decreased by $9 million or 1%. The negative impact of foreign currency translation reduced net income attributable to equity holders by 2%. Solid retail and commercial loan growth and higher fees, were partly offset by a lower contribution from associated corporations, and higher expenses.

Average assetsQ4 2017 vs Q4 2016Average assets of $146 billion increased $4 billion or 3% driven by strong retail and commercial loan growth, primarily in Latin America. Adjusting for the impact of foreign currency translation, retail loan growth was 8% and commercial loan growth was 12%.

Q4 2017 vs Q3 2017Average assets decreased 4%. Adjusting for the impact of foreign currency translation, retail and commercial loan growth was 2%, driven by Latin America.

Average liabilitiesQ4 2017 vs Q4 2016Average liabilities of $117 billion increased $8 billion due largely to growth in demand, savings and term deposits, particularly in Latin America partly offset by the impact of foreign currency translation.

Q4 2017 vs Q3 2017Average liabilities were in line with the previous quarter as growth in deposits, largely in commercial deposits in Latin America, was offset by the negative impact of foreign currency translation.

Net interest incomeQ4 2017 vs Q4 2016Net interest income was $1,667 million, up 3% or 6% adjusting for the impact of foreign currency translation, driven by strong retail and commercial loan growth, partly offset by a lower net interest margin. The net interest margin decreased 10 basis points to 4.67% largely due to changes in business mix, as commercial loan growth outpaced retail loan growth, and the impact of lower inflation.

Q4 2017 vs Q3 2017Net interest income decreased $68 million or 4%. Adjusting for the negative impact of foreign currency translation, net interest income increased 1%. Retail and commercial loan growth was partly offset by a lower margin. The net interest margin declined 10 basis points to 4.67% largely due to changes in business mix, and lower inflation.

Non-interest incomeQ4 2017 vs Q4 2016Non-interest income increased $15 million or 2%. Adjusting for the positive impact of foreign currency translation, non-interest income was in line with the prior year. Growth in net fees and commissions, driven primarily by higher card revenues in Latin America, was offset mainly by the impact of the hurricanes in the Caribbean and a lower contribution from investments in associated corporations, primarily in Asia.

Q4 2017 vs Q3 2017Non-interest income decreased $12 million or 1% to $898 million. Adjusting for the negative impact of foreign currency translation, non-interest income was in line with the prior quarter. Strong fee and commission revenue growth, primarily driven by seasonally higher fees in Latin America, was mostly offset by a lower contribution from investments in associated corporations, and the impact of the hurricanes in the Caribbean.

Provision for credit lossesQ4 2017 vs Q4 2016The provision for credit losses was $310 million, up $16 million or 5% primarily in retail due to portfolio growth. The provision for credit losses ratio improved one basis point to 1.14%.

Q4 2017 vs Q3 2017The provision for credit losses was $310 million, a decrease of $15 million or 5% driven mainly by lower retail provisions in Colombia. The provision for credit losses ratio improved two basis points from 1.16%.

Non-interest expensesQ4 2017 vs Q4 2016Non interest expenses decreased 1%. Adjusting for the positive impact of foreign currency translation, non-interest expenses increased 2%, driven by business volume growth and higher technology costs, partly offset by benefits realized from cost-reduction initiatives.

Q4 2017 vs Q3 2017Non-interest expenses decreased $47 million or 3%. Adjusting for the positive impact of foreign currency translation, non-interest expenses grew 1%, driven by business volume growth and higher technology costs, partly offset by benefits realized from cost-reduction intiatives.

TaxesQ4 2017 vs Q4 2016The effective tax rate increased to 23.2% compared to 21.7% last year due to lower tax benefits this year in Latin America.

Q4 2017 vs Q3 2017The effective tax rate decreased slightly to 23.2% from 23.5%.

Global Banking and Markets

                        For the three months ended    For the year ended
                        --------------------------    ------------------

    (Unaudited) ($
     millions)                             October 31                    July 31    October 31     October 31      October 31

    (Taxable
     equivalent
     basis)(1)                                   2017                        2017           2016            2017             2016
    -----------                                  ----                        ----           ----            ----             ----

    Business segment
     income

    Net interest
     income                                      $351                        $340           $345          $1,336           $1,293

    Non-interest
     income                                       738                         777            830           3,288            3,139
                                                  ---                         ---            ---           -----            -----

    Total revenue                               1,089                       1,117          1,175           4,624            4,432

    Provision for
     credit losses                                  8                          24             39              42              249

    Non-interest
     expenses                                     569                         530            533           2,160            2,040

    Income tax
     expense                                      121                         122            142             604              572
    ----------                                    ---                         ---            ---             ---              ---

    Net income                                   $391                        $441           $461          $1,818           $1,571
    ==========                                   ====                        ====           ====          ======           ======

    Net income
     attributable to
     non-controlling
     interest in
     subsidiaries     $                             -  $                       -  $          -   $          -    $          -

    Net income
     attributable to
     equity holders
     of the Bank                                 $391                        $441           $461          $1,818           $1,571
    ----------------                             ----                        ----           ----          ------           ------

    Other measures

    Return on equity                            14.9%                      14.9%         15.5%          16.0%           12.6%

    Average assets ($
     billions)                                   $322                        $338           $351            $336             $351

    Average
     liabilities ($
     billions)                                   $268                        $274           $273            $267             $270
    ===============                              ====                        ====           ====            ====             ====

    (1)               Results are presented on a
                       taxable equivalent basis.
                          Refer to Business Line
                         Overview section of the
                      Bank's 2017 Annual Report.

Net incomeQ4 2017 vs Q4 2016Net income attributable to equity holders was $391 million, a decrease of $70 million or 15%. Higher income from the equities business and corporate banking in Canada, were more than offset by lower contributions from fixed income and precious metals businesses and the negative impact of foreign currency translation.

Q4 2017 vs Q3 2017Net income attributable to equity holders decreased by $50 million or 11%. This was mainly due to lower results across the capital markets and lending businesses, a higher effective tax rate, and the negative impact of foreign currency translation.

Average assetsQ4 2017 vs Q4 2016Average assets were $322 billion, a decrease of $29 billion or 8%. Reductions in securities purchased under resale agreements, trading assets, as well as derivative-related assets were partly offset by the impact of foreign currency translation.

Q4 2017 vs Q3 2017Average assets decreased by $16 billion or 5% due to lower trading assets and the impact of foreign currency translation.

Average liabilitiesQ4 2017 vs Q4 2016Average liabilities of $268 billion decreased by $5 billion or 2%, due primarily to the negative impact of foreign currency translation, that was partly offset by growth in securities sold under repurchase agreements.

Q4 2017 vs Q3 2017Average liabilities decreased by $6 billion or 2% mainly driven by declines in bullion deposits and derivative instruments and the negative impact of foreign currency translation.

Net interest incomeQ4 2017 vs Q4 2016Net interest income of $351 million was up $6 million or 2%. This was due mainly to higher deposit volumes, and higher lending margins in Canada, partly offset by lower lending volumes, lower loan origination fees and the negative impact of foreign currency translation. The net interest margin was up 10 basis points to 1.88%.

Q4 2017 vs Q3 2017Net interest income was up $11 million or 3%. This was due mainly to higher loan origination fees and higher lending margins in Canada, the U.S. and Europe. This was partly offset by lower lending volumes and the negative impact of foreign currency translation.

Non-interest incomeQ4 2017 vs Q4 2016Non-interest income was $738 million, a decrease of $92 million or 11%. Stronger equities trading revenue and a securities gain in Canada, were more than offset by lower revenues in fixed income trading, investment banking advisory fees and the negative impact of foreign currency translation.

Q4 2017 vs Q3 2017Non-interest income was down $39 million or 5%. This was mainly due to lower trading revenues in capital markets, lower banking fees, and the negative impact of foreign currency translation partly offset by higher underwriting and advisory fees and a securities gain in Canada.

Provision for credit lossesQ4 2017 vs Q4 2016The provision for credit losses decreased $31 million to $8 million due to lower provisions in the U.S., Asia and Canada partly offset by higher provisions in Europe. The provision for credit losses ratio improved 15 basis points to four basis points.

Q4 2017 vs Q3 2017The provision for credit losses was $8 million this quarter, down $16 million due to lower provisions in Asia and the U.S., offset by higher provisions in Europe. The provision for credit losses ratio improved seven basis points.

Non-interest expensesQ4 2017 vs Q4 2016Non-interest expenses of $569 million up $36 million or 7%. This was due to higher regulatory, compliance and technology costs, partly offset by lower performance-related and share-based compensation and the positive impact of foreign currency translation.

Q4 2017 vs Q3 2017Non-interest expenses increased $39 million or 7%. This was mainly driven by higher technology, and regulatory costs, partly offset by lower share-based compensation and the positive impact of foreign currency translation.

TaxesQ4 2017 vs Q4 2016The effective tax rate for the quarter was 23.8% compared to 23.5% mainly due to higher taxes in certain foreign jurisdictions.

Q4 2017 vs Q3 2017The effective tax rate for the quarter was 23.8% compared to 21.5% due to lower taxes in certain foreign operations in the previous quarter.

Other((1))

                       For the three months ended For the year ended
                       -------------------------- ------------------

    (Unaudited) ($
     millions)                        October 31                  July 31    October 31     October 31      October 31

    (Taxable
     equivalent
     basis)(2)                              2017                      2017           2016            2017             2016
    -----------                             ----                      ----           ----            ----             ----

    Business segment
     income

    Net interest
     income(3)                            $(102)                   $(118)        $(105)         $(390)          $(384)

    Non-interest
     income(3)(4)                            (5)                     (16)            71           (344)             273
                                             ---                       ---            ---            ----              ---

    Total revenue                          (107)                    (134)          (34)          (734)           (111)

    Provision for
     credit losses                             -                        -             -              -              50

    Non-interest
     expenses(5)                              75                        67             92             319              653

    Income tax
     expense(3)                            (134)                    (146)         (103)          (786)           (545)
    -----------                             ----                      ----           ----            ----             ----

    Net income                             $(48)                    $(55)         $(23)         $(267)          $(269)
    ==========                              ====                      ====           ====           =====            =====

    Net income
     attributable to
     non-
     controlling
     interest        $                         -    $                   -  $          -   $          -    $          -

    Net income
     attributable to
     equity holders
     of the Bank                           $(48)                    $(55)         $(23)         $(267)          $(269)
    ----------------                        ----                      ----           ----           -----            -----

    Other measures

    Average assets
     ($ billions)                           $108                      $107           $113            $106             $111

    Average
     liabilities ($
     billions)                              $218                      $227           $244            $228             $247
    ===============                         ====                      ====           ====            ====             ====

    (1)              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, non-interest
                     income and provision for income
                     taxes and differences in the
                     actual amount of costs incurred
                     and charged to the operating
                     segments.

    (2)              Results are presented on a taxable
                     equivalent basis. Refer to
                     Business Line Overview section of
                     the Bank's 2017 Annual Report.

    (3)              Includes the elimination of the
                     tax-exempt income gross-up
                     reported in net interest income,
                     non-interest income and provision
                     for income taxes for the three
                     months ended October 31, 2017 $81,
                     July 31, 2017 $95, October 31,
                     2016 $47, and the years ended
                     October 31, 2017 $562 and October
                     31, 2016 $299 to arrive at the
                     amounts reported in the
                     Consolidated Statement of Income.

    (4)              Includes net income from
                     investments in associated
                     corporations for the three months
                     ended October 31, 2017 -$(34)
                     (July 31, 2017 -$(39); October
                     31, 2016 -$(38)) and for the
                     year ended October 31, 2017 -
                     $(141) (October 31, 2016 -
                     ($137)).

    (5)              Includes restructuring charge of
                     $378 recorded in Q2 2016.


The Other segment includes Group Treasury, smaller operating segments, business line elimination items and other corporate items which are not allocated to a business line.

Net interest income, other operating income, and the provision for income taxes in each period include the elimination of tax-exempt income gross-up. This amount is included in the operating segments, which are reported on a taxable equivalent basis. The elimination was $81 million in the fourth quarter, compared to $47 million in the same period last year and $95 million last quarter.

Net income from investments in associated corporations and the provision for income taxes in each period include the tax normalization adjustments related to the gross-up of income from associated companies. This adjustment normalizes the effective tax rate in the divisions to better present the contribution of the associated companies to the divisional results.

Q4 2017 vs Q4 2016Net loss attributable to equity holders was $48 million compared to a net loss of $23 million in the prior year. Lower net gains on sale of real estate and lower net gain on investment securities, were partly offset by a decrease in non-interest expenses.

Q4 2017 vs Q3 2017Net loss attributable to equity holders was $48 million compared to a net loss of $55 million last quarter. The improvement was mainly due to higher contributions from asset/liability management activities and higher net gain on investment securities. Partly offsetting were the negative impact of foreign currency translation (including hedges) and higher non-interest expenses.

Consolidated Statement of Financial Position

                                                                                                                                                                                       As at
                                                                                                                                                                                       -----

                                                                                                                                         October 31          July 31           October 31

    (Unaudited) ($ millions)                                                                                                                   2017              2017                  2016
    -----------------------                                                                                                                    ----              ----                  ----

    Assets

    Cash and deposits with financial institutions                                                                                           $59,663           $57,750               $46,344

    Precious metals                                                                                                                           5,717             7,621                 8,442

    Trading assets

                                                                                           Securities                                                 78,652            86,090                 87,287

                                                                                           Loans                                                      17,312            16,965                 19,421

                                                                                           Other                                                       2,500             2,093                  1,853
                                                                                           -----                                                       -----             -----                  -----

                                                                                                                                             98,464           105,148               108,561
                                                                                                                                             ------           -------               -------

    Financial instruments designated at fair value through profit or loss                                                                        13               231                   221

    Securities purchased under resale agreements and securities borrowed                                                                     95,319            85,901                92,129

    Derivative financial instruments                                                                                                         35,364            37,255                41,657

    Investment securities                                                                                                                    69,269            68,501                72,919

    Loans

                                                                                           Residential mortgages                                     236,916           231,737                222,888

                                                                                           Personal and credit cards                                 103,331           102,167                 99,502

                                                                                           Business and government                                   168,449           168,945                162,400
                                                                                           -----------------------                                   -------           -------                -------

                                                                                                                                            508,696           502,849               484,790

                                                                                           Allowance for credit losses                                 4,327             4,290                  4,626
                                                                                           ---------------------------                                 -----             -----                  -----

                                                                                                                                            504,369           498,559               480,164

    Other

    Customers' liability under acceptances                                                                                                   13,560            11,810                11,978

    Property and equipment                                                                                                                    2,381             2,228                 2,520

    Investments in associates                                                                                                                 4,586             4,382                 4,299

    Goodwill and other intangible assets                                                                                                     12,106            11,931                12,141

    Deferred tax assets                                                                                                                       1,713             1,728                 2,021

    Other assets                                                                                                                             12,749            13,287                12,870
    ------------                                                                                                                             ------            ------                ------

                                                                                                                                             47,095            45,366                45,829
                                                                                                                                             ------            ------                ------

    Total assets                                                                                                                           $915,273          $906,332              $896,266
    ============                                                                                                                           ========          ========              ========

    Liabilities

    Deposits

                                                                                           Personal                                                 $200,030          $197,914               $199,302

                                                                                           Business and government                                   384,988           377,883                372,303

                                                                                           Financial institutions                                     40,349            42,346                 40,272
                                                                                           ----------------------                                     ------            ------                 ------

                                                                                                                                            625,367           618,143               611,877

    Financial instruments designated at fair value through profit or loss                                                                     4,663             3,373                 1,459

    Other

    Acceptances                                                                                                                              13,560            11,810                11,978

    Obligations related to securities sold short                                                                                             30,766            32,740                23,312

    Derivative financial instruments                                                                                                         34,200            39,919                42,387

    Obligations related to securities sold under repurchase agreements and securities lent                                                   95,843            92,008                97,083

    Subordinated debentures                                                                                                                   5,935             7,376                 7,633

    Other liabilities                                                                                                                        43,314            43,045                42,716
    -----------------                                                                                                                        ------            ------                ------

                                                                                                                                            223,618           226,898               225,109
                                                                                                                                            -------           -------               -------

    Total liabilities                                                                                                                       853,648           848,414               838,445
    -----------------                                                                                                                       -------           -------               -------


    Equity

    Common equity

                                                                                           Common shares                                              15,644            15,584                 15,513

                                                                                           Retained earnings                                          38,117            37,092                 34,752

                                                                                           Accumulated other comprehensive income (loss)               1,577               566                  2,240

                                                                                           Other reserves                                                116               123                    152
                                                                                           --------------                                                ---               ---                    ---

    Total common equity                                                                                                                      55,454            53,365                52,657

    Preferred shares and other equity instruments                                                                                             4,579             3,019                 3,594
    ---------------------------------------------                                                                                             -----             -----                 -----

    Total equity attributable to equity holders of the Bank                                                                                  60,033            56,384                56,251

    Non-controlling interests in subsidiaries                                                                                                 1,592             1,534                 1,570
    -----------------------------------------                                                                                                 -----             -----                 -----

    Total equity                                                                                                                             61,625            57,918                57,821
    ------------                                                                                                                             ------            ------                ------

    Total liabilities and equity                                                                                                           $915,273          $906,332              $896,266
    ============================                                                                                                           ========          ========              ========

Consolidated Statement of Income

                                                                                                  For the three months ended                   For the year ended
                                                                                                  --------------------------                   ------------------

                                                                                       October 31                            July 31                    October 31           October 31            October 31

    (Unaudited) ($ millions)                                                                            2017                           2017                          2016                  2017                  2016
    -----------------------                                                                             ----                           ----                          ----                  ----                  ----

    Revenue

    Interest income

    Loans                                                                                             $5,628                         $5,545                        $5,220               $21,719               $20,419

    Securities                                                                                           363                            350                           334                 1,403                 1,237

    Securities purchased under resale agreements
     and securities borrowed                                                                              86                             70                            46                   283                   158

    Deposits with financial institutions                                                                 170                            153                            99                   522                   394
    ------------------------------------                                                                 ---                            ---                           ---                   ---                   ---

                                                                                                       6,247                          6,118                         5,699                23,927                22,208
                                                                                                       -----                          -----                         -----                ------                ------

    Interest expense

    Deposits                                                                                           2,173                          2,005                         1,786                 7,878                 6,793

    Subordinated debentures                                                                               51                             59                            57                   226                   232

    Other                                                                                                192                            221                           203                   788                   891
    -----                                                                                                ---                            ---                           ---                   ---                   ---

                                                                                                       2,416                          2,285                         2,046                 8,892                 7,916
                                                                                                       -----                          -----                         -----                 -----                 -----

    Net interest income                                                                                3,831                          3,833                         3,653                15,035                14,292
    -------------------                                                                                -----                          -----                         -----                ------                ------

    Non-interest income

    Banking                                                                                              957                            982                           957                 3,855                 3,669

    Wealth management                                                                                    775                            847                           837                 3,318                 3,282

    Underwriting and other advisory                                                                      165                            150                           170                   598                   594

    Non-trading foreign exchange                                                                         136                            131                           136                   557                   540

    Trading revenues                                                                                     219                            356                           377                 1,259                 1,403

    Net gain on sale of investment securities                                                            129                             84                            96                   380                   534

    Net income from investments in associated
     corporations                                                                                         97                            113                           117                   407                   414

    Insurance underwriting income, net of claims                                                         150                            163                           150                   626                   603

    Other                                                                                                353                            235                           258                 1,120                 1,019
    -----                                                                                                ---                            ---                           ---                 -----                 -----

                                                                                                       2,981                          3,061                         3,098                12,120                12,058
                                                                                                       -----                          -----                         -----                ------                ------

    Total revenue                                                                                      6,812                          6,894                         6,751                27,155                26,350

    Provision for credit losses                                                                          536                            573                           550                 2,249                 2,412
    ---------------------------                                                                          ---                            ---                           ---                 -----                 -----

                                                                                                       6,276                          6,321                         6,201                24,906                23,938
                                                                                                       -----                          -----                         -----                ------                ------

    Non-interest expenses

    Salaries and employee benefits                                                                     1,809                          1,849                         1,747                 7,375                 7,025

    Premises and technology                                                                              621                            618                           600                 2,436                 2,238

    Depreciation and amortization                                                                        195                            191                           183                   761                   684

    Communications                                                                                       108                            104                           111                   437                   442

    Advertising and business development                                                                 176                            144                           184                   581                   617

    Professional                                                                                         252                            192                           214                   775                   693

    Business and capital taxes                                                                            98                            107                            97                   423                   403

    Other                                                                                                409                            467                           514                 1,842                 2,438
    -----                                                                                                ---                            ---                           ---                 -----                 -----

                                                                                                       3,668                          3,672                         3,650                14,630                14,540
                                                                                                       -----                          -----                         -----                ------                ------

    Income before taxes                                                                                2,608                          2,649                         2,551                10,276                 9,398

    Income tax expense                                                                                   538                            546                           540                 2,033                 2,030
    ------------------                                                                                   ---                            ---                           ---                 -----                 -----

    Net income                                                                                        $2,070                         $2,103                        $2,011                $8,243                $7,368
    ==========                                                                                        ======                         ======                        ======                ======                ======


    Net income attributable to non-controlling
     interests in subsidiaries                                                                           $55                            $58                           $72                  $238                  $251

    Net income attributable to equity holders of
     the Bank                                                                                         $2,015                         $2,045                        $1,939                $8,005                $7,117

                                               Preferred shareholders and other equity
                                               instrument holders                                            29                             29                            31                   129                   130

                                              Common shareholders                                        $1,986                         $2,016                        $1,908                $7,876                $6,987
                                              -------------------                                        ------                         ------                        ------                ------                ------

    Earnings per common share (in dollars)

                                              Basic                                                       $1.66                          $1.68                         $1.58                 $6.55                 $5.80

                                              Diluted                                                     $1.64                          $1.66                         $1.57                 $6.49                 $5.77

    Dividends per common share (in dollars)                                                            $0.79                          $0.76                         $0.74                 $3.05                 $2.88
    ======================================                                                             =====                          =====                         =====                 =====                 =====

Consolidated Statement of Comprehensive Income

                                                                                           For the three months ended                                  For the year ended
                                                                                           --------------------------                                  ------------------

                                                                                        October 31      July 31   October 31               October 31   October 31

    (Unaudited) ($ millions)                                                                  2017          2017          2016                      2017          2016
    -----------------------                                                                   ----          ----          ----                      ----          ----

    Net income                                                 $2,070                $2,103                     $2,011                                 $8,243               $7,368

    Other comprehensive income (loss)

    Items that will be reclassified subsequently
     to net income

                                   Net change in
                                    unrealized foreign
                                    currency
                                    translation gains
                                    (losses):

                                    Net unrealized
                                    foreign currency
                                    translation gains
                                    (losses)                    1,402    (4,011)       1,176                    (1,564)          614

                                    Net gains (losses)
                                    on hedges of net
                                    investments in
                                    foreign operations          (462)     1,278       (434)                       404         (300)

                                    Income tax expense
                                    (benefit):

                                    Net unrealized foreign currency
                                    translation gains (losses)                      15          (27)            6                       (8)          (3)

                                    Net gains (losses) on hedges of net
                                    investments in foreign operations            (122)          336         (115)                      107          (79)
                                   ------------------------------------           ----           ---          ----                       ---           ---

                                                                                             1,047       (3,042)          851                   (1,259)          396

                                   Net change in
                                    unrealized gains
                                    (losses) on
                                    available-for-
                                    sale securities:

                                    Net unrealized gains
                                    (losses) on
                                    available-for-
                                    sale securities                83      (238)      (111)                     (217)          308

                                    Reclassification of
                                    net (gains) losses
                                    to net income(1)            (113)       119          49                        143         (549)

                                    Income tax expense
                                    (benefit):

                                    Net unrealized gains (losses) on
                                    available-for-sale securities                   16          (65)         (32)                     (61)           82

                                    Reclassification of net (gains) losses
                                    to net income                                 (24)           35            13                        42         (151)
                                   ---------------------------------------         ---           ---           ---                       ---          ----

                                                                                              (22)         (89)         (43)                     (55)        (172)

                                   Net change in gains
                                    (losses) on
                                    derivative
                                    instruments
                                    designated as cash
                                    flow hedges:

                                   Net gains (losses)
                                    on derivative
                                    instruments
                                    designated as cash
                                    flow hedges                   731        294       (279)                     1,722           (7)

                                    Reclassification of
                                    net (gains) losses          (754)      (72)         29                    (1,761)          357

                                    Income tax expense
                                    (benefit):

                                    Net gains (losses) on derivative
                                    instruments designated as cash flow
                                    hedges                                         194            79          (73)                      454             9

                                   Reclassification of net (gains) losses        (199)         (22)            7                     (465)           83
                                   --------------------------------------         ----           ---           ---                      ----           ---

                                                                                              (18)          165         (184)                     (28)          258
                                                                                               ---           ---          ----                       ---           ---

                                    Other comprehensive
                                    income (loss) from
                                    investments in
                                    associates                     19         16           8                         56            31
                                   --------------------           ---        ---         ---                        ---           ---


    Items that will not be reclassified
     subsequently to net income

                                   Net change in
                                    remeasurement of
                                    employee benefit
                                    plan asset and
                                    liability:

                                    Actuarial gains
                                    (losses) on
                                    employee benefit
                                    plans                          49        302         190                        805         (972)

                                    Income tax expense
                                    (benefit)                       9         80          51                        213         (256)
                                   -------------------            ---        ---         ---                        ---          ----

                                                                                                40           222           139                       592         (716)

                                   Net change in fair
                                    value due to change
                                    in own credit risk
                                    on financial
                                    liabilities
                                    designated

                                   under the fair value option:

                                   Change in fair value
                                    due to change in
                                    own credit risk on
                                    financial
                                    liabilities
                                    designated

                                   under the fair value option                    (10)          (4)          (4)                     (28)         (23)

                                    Income tax expense
                                    (benefit)                     (2)       (2)        (1)                       (7)          (7)
                                   -------------------            ---        ---         ---                        ---           ---

                                                                                               (8)          (2)          (3)                     (21)         (16)
                                                                                               ---           ---           ---                       ---           ---

                                    Other comprehensive
                                    income (loss) from
                                    investments in
                                    associates                      5          -          -                         6          (10)
                                   --------------------           ---        ---        ---                       ---           ---

    Other comprehensive income (loss)                                                        1,063       (2,730)          768                     (709)        (229)
    ================================                                                         =====        ======           ===                      ====          ====


    Comprehensive income (loss)                                $3,133                $(627)                    $2,779                                 $7,534               $7,139
    --------------------------                                 ------                 -----                     ------                                 ------               ------

    Comprehensive income (loss) attributable to
     non-controlling interests                                                                 107          (97)          131                       192           237
    -------------------------------------------                                                ---           ---           ---                       ---           ---

    Comprehensive income (loss) attributable to
     equity holders of the Bank                                                              3,026         (530)        2,648                     7,342         6,902

                                    Preferred
                                    shareholders and
                                    other equity
                                    instrument holders             29         29          31                        129           130

                                   Common shareholders                   $2,997                   $(559)                    $2,617                                 $7,213          $6,772
                                   ===================                   ======                    =====                     ======                                 ======          ======

                    Includes
                     amounts
                     related
                     to
                     qualifying
    (1)              hedges.

Consolidated Statement of Changes in Equity

                                                                     Accumulated other comprehensive income (loss)
                                                                     --------------------------------------------

                                                                                                                                                               Preferred          Total

                                                                         Foreign   Available-                                                       Total     shares and   attributable           Non-
                                                                                                                                                                                           controlling

                                               Common Retained          currency     for-sale    Cash flow                        Other            common   other equity      to equity    interest in

    (Unaudited) ($ millions)                   shares earnings  (1)  translation   securities       hedges      Other    (2)   reserves     (3)    equity    instruments        holders   subsidiaries               Total
    -----------------------                    ------ --------  ---   -----------   ----------       ------      -----    ---    --------     ---     ------    -----------        -------   ------------               -----

    Balance as at November 1, 2016                     $15,513            $34,752                                $3,055                $14               $264                       $(1,093)                               $152       $52,657    $3,594     $56,251    $1,570      $57,821

    Net income                                      -    7,876                  -            -            -          -                 -             7,876             129           8,005             238                8,243

    Other comprehensive income (loss)               -        -           (1,194)         (60)         (29)        620                  -             (663)              -          (663)           (46)               (709)
    --------------------------------              ---      ---            ------           ---           ---         ---                ---              ----             ---           ----             ---                 ----

    Total comprehensive income                      $        -            $7,876                              $(1,194)             $(60)             $(29)                          $620                         $         -       $7,213      $129      $7,342      $192       $7,534

    Shares issued and other equity instruments    313         -                 -            -            -          -              (44)               269           1,560           1,829               -               1,829

    Shares repurchased/redeemed                 (182)    (827)                 -            -            -          -                 -           (1,009)           (575)        (1,584)              -             (1,584)

    Common dividends paid                           -  (3,668)                 -            -            -          -                 -           (3,668)               -        (3,668)              -             (3,668)

    Preferred dividends paid                        -        -                 -            -            -          -                 -                 -          (129)          (129)              -               (129)

    Distributions to non-controlling interests      -        -                 -            -            -          -                 -                 -              -              -          (133)               (133)

    Share-based payments                            -        -                 -            -            -          -                 8                  8               -              8               -                   8

    Other                                           -     (16)                 -            -            -          -                 -              (16)              -           (16)           (37)       (4)      (53)
    -----                                         ---      ---                ---          ---          ---        ---               ---               ---             ---            ---             ---        ---        ---

    Balance as at October 31, 2017                     $15,644            $38,117                                $1,861              $(46)              $235                         $(473)                               $116       $55,454    $4,579     $60,033    $1,592      $61,625
    ==============================                     =======            =======                                ======               ====               ====                          =====                                ====       =======    ======     =======    ======      =======


    Balance as at November 1, 2015                     $15,141            $31,316                                $2,633               $194                 $7                         $(379)                               $173       $49,085    $2,934     $52,019    $1,460      $53,479

    Net income                                      -    6,987                  -            -            -          -                 -             6,987             130           7,117             251                7,368

    Other comprehensive income (loss)               -        -               422         (180)          257       (714)                 -             (215)              -          (215)           (14)               (229)
    --------------------------------              ---      ---               ---          ----           ---        ----                ---              ----             ---           ----             ---                 ----

    Total comprehensive income                      $        -            $6,987                                  $422             $(180)              $257                         $(714)                        $         -       $6,772      $130      $6,902      $237    #  $7,139

    Shares issued                                 391         -                 -            -            -          -                 -               363           1,350           1,713               -               1,713

    Shares repurchased/redeemed                  (19)     (61)                 -            -            -          -              (28)              (80)          (690)          (770)              -               (770)

    Common dividends paid                           -  (3,468)                 -            -            -          -                 -           (3,468)               -        (3,468)              -             (3,468)

    Preferred dividends paid                        -        -                 -            -            -          -                 -                 -          (130)          (130)              -               (130)

    Distributions to non-controlling interests      -        -                 -            -            -          -                 -                 -              -              -          (116)               (116)

    Share-based payments                            -        -                 -            -            -          -                 7                  7               -              7               -                   7

    Other                                           -     (22)                 -            -            -          -                 -              (22)              -           (22)           (11)       (4)      (33)
    -----                                         ---      ---                ---          ---          ---        ---               ---               ---             ---            ---             ---        ---        ---

    Balance as at October 31, 2016                     $15,513            $34,752                                $3,055                $14               $264                       $(1,093)                               $152       $52,657    $3,594     $56,251    $1,570      $57,821
    ==============================                     =======            =======                                ======                ===               ====                        =======                                ====       =======    ======     =======    ======      =======


    Balance as at November 1, 2014                     $15,231            $28,609                                  $700               $664              $(48)                        $(367)                               $176       $44,965    $2,934     $47,899    $1,312      $49,211

    Net income                                      -    6,897                  -            -            -          -                 -             6,897             117           7,014             199                7,213

    Other comprehensive income (loss)               -        -             1,933         (470)           55         (7)                 -             1,511               -          1,511            (75)               1,436
    --------------------------------              ---      ---             -----          ----           ---         ---                ---             -----             ---          -----             ---                -----

    Total comprehensive income                      $        -            $6,897    #                           $1,933             $(470)               $55                           $(7)                        $         -       $8,408      $117      $8,525      $124       $8,649

    Shares issued                                 104         -                 -            -            -          -              (17)                87               -             87               -                  87

    Shares repurchased/redeemed                 (194)    (761)                 -            -            -          -                 -             (955)              -          (955)              -               (955)

    Common dividends paid                           -  (3,289)                 -            -            -          -                 -           (3,289)               -        (3,289)              -             (3,289)

    Preferred dividends paid                        -        -                 -            -            -          -                 -                 -          (117)          (117)              -               (117)

    Distributions to non-controlling interests      -        -                 -            -            -          -                 -                 -              -              -           (86)                (86)

    Share-based payments                            -        -                 -            -            -          -                14                 14               -             14               -                  14

    Other                                           -    (140)  (5)            -            -            -        (5)    (6)          -             (145)              -          (145)            110        (4)      (35)
    -----                                         ---     ----   ---           ---          ---          ---        ---     ---         ---              ----             ---           ----             ---        ---        ---

    Balance as at October 31, 2015                     $15,141            $31,316                                $2,633               $194                 $7                         $(379)                               $173       $49,085    $2,934     $52,019    $1,460      $53,479
    ==============================                     =======            =======                                ======               ====                ===                          =====                                ====       =======    ======     =======    ======      =======

              (1)    Includes undistributed retained
                      earnings of $61 (2016 -$63; 2015
                      -$61) related to a foreign
                      associated corporation, which is
                      subject to local regulatory
                      restriction.

              (2)    Includes Share from associates,
                      Employee benefits and Own credit
                      risk.

              (3)    Represents amounts on account of
                      share-based payments.

              (4)    Includes changes to non-
                      controlling interests arising from
                      business combinations and others.

              (5)    Includes retrospective adjustments
                      primarily related to foreign
                      currency translation on Allowance
                      for Credit Losses with respect to
                      periods prior to 2013 ($152).

              (6)    Represents retrospective
                      adjustments to reflect the
                      adoption of the own credit risk
                      provisions of IFRS 9 pertaining to
                      financial liabilities designated
                      at fair value through profit or
                      loss.

Consolidated Statement of Cash Flows

    (Unaudited) ($ millions)                                                                                                       For the three months ended                       For the year ended
    -----------------------                                                                                                        --------------------------                       ------------------

                                                                                                                         October 31                   October 31                          October 31                 October 31

    Sources (uses) of cash flows                                                                                                           2017                        2016                                  2017                         2016
    ----------------------------                                                                                                           ----                        ----                                  ----                         ----


    Cash flows from operating activities

    Net income                                                                                                                            $2,070                      $2,011                                $8,243                       $7,368

    Adjustment for:

                                                                 Net interest income                                                       (3,831)                    (3,653)                             (15,035)                    (14,292)

                                                                 Depreciation and amortization                                                 195                         183                                   761                          684

                                                                 Provisions for credit losses                                                  536                         550                                 2,249                        2,412

                                                                 Equity-settled share-based payment expense                                      2                           -                                    8                            7

                                                                 Net gain on sale of investment securities                                   (129)                       (96)                                (380)                       (534)

                                                                 Net gain on disposition of business                                          (62)                          -                                 (62)                       (116)

                                                                 Net income from investments in associated corporations                       (97)                      (117)                                (407)                       (414)

                                                                 Income tax expense                                                            538                         540                                 2,033                        2,030

                                                                 Restructuring charge                                                            -                          -                                    -                         378

    Changes in operating assets and liabilities:

                                                                 Trading assets                                                              8,783                     (3,830)                                8,377                     (10,044)

                                                                  Securities purchased under resale agreements and
                                                                  securities borrowed                                                      (7,355)                      1,239                               (4,631)                     (5,363)

                                                                 Loans                                                                     (1,945)                    (3,615)                             (32,589)                    (20,355)

                                                                 Deposits                                                                    (114)                   (26,509)                               27,516                        6,702

                                                                 Obligations related to securities sold short                              (2,532)                      2,528                                 7,533                        4,007

                                                                  Obligations related to
                                                                  assets sold under
                                                                  repurchase agreements and
                                                                  securities lent                                             1,447                         1,844                                  849                      20,865

                                                                 Net derivative financial instruments                                      (3,624)                    (2,331)                                (391)                     (3,806)

                                                                 Other, net                                                                  2,294                       5,276                               (1,997)                       2,293

    Dividends received                                                                                                                      230                         135                                 1,600                          873

    Interest received                                                                                                                     6,078                       5,480                                23,649                       21,099

    Interest paid                                                                                                                       (2,180)                    (1,875)                              (8,730)                     (7,787)

    Income tax paid                                                                                                                       (395)                         47                               (2,012)                     (1,471)
    ---------------                                                                                                                        ----                         ---                                ------                       ------

    Net cash from/(used in) operating activities                                                                                           (91)                   (22,193)                               16,584                        4,536
    --------------------------------------------                                                                                            ---                     -------                                ------                        -----


    Cash flows from investing activities

    Interest-bearing deposits with financial institutions                                                                                   555                      23,659                              (14,006)                      28,447

    Purchase of investment securities                                                                                                  (16,786)                   (16,306)                             (64,560)                    (94,441)

    Proceeds from sale and maturity of investment securities                                                                             17,146                      14,305                                66,179                       65,069

    Acquisition/sale of subsidiaries, associated corporations
     or business units, net of cash acquired                                                                         229                          -                                 229                      (1,050)

    Property and equipment, net of disposals                                                                                              (187)                       (54)                                    3                        (348)

    Other, net                                                                                                                            (287)                      (306)                                (385)                       (431)
    ----------                                                                                                                             ----                        ----                                  ----                         ----

    Net cash from/(used in) investing activities                                                                                            670                      21,298                              (12,540)                     (2,754)
    --------------------------------------------                                                                                            ---                      ------                               -------                       ------


    Cash flows from financing activities

    Proceeds from issue of subordinated debentures                                                                     -                         -                                   -                       2,465

    Redemption/repayment of subordinated debentures                                                              (1,500)                         -                             (1,500)                     (1,035)

    Proceeds from common shares issued                                                                                                       61                         199                                   313                          391

    Proceeds from preferred shares and other equity instruments
     issued                                                                                                                               1,560                         500                                 1,560                        1,350

    Redemption of preferred shares                                                                                     -                         -                               (575)                       (690)

    Common share purchased for cancellation                                                                            -                         -                             (1,009)                        (80)

    Cash dividends paid                                                                                                                   (976)                      (924)                              (3,797)                     (3,598)

    Distributions to non-controlling interests                                                                                             (12)                       (11)                                (133)                       (116)

    Other, net                                                                                                                            1,101                         410                                 2,209                        (320)
    ----------                                                                                                                            -----                         ---                                 -----                         ----

    Net cash from/(used in) financing activities                                                                                            234                         174                               (2,932)                     (1,633)
    --------------------------------------------                                                                                            ---                         ---                                ------                       ------

    Effect of exchange rate changes on cash and cash equivalents                                                                            154                         121                                 (142)                        (18)
    ------------------------------------------------------------                                                                            ---                         ---                                  ----                          ---

    Net change in cash and cash equivalents                                                                                                 967                       (600)                                  970                          131

    Cash and cash equivalents at beginning of period(1)                                                                                   6,858                       7,455                                 6,855                        6,724
    --------------------------------------------------                                                                                    -----                       -----                                 -----                        -----

    Cash and cash equivalents at end of year(1)                                                                                           $7,825                      $6,855                                $7,825                       $6,855
    ==========================================                                                                                            ======                      ======                                ======                       ======

    (1)                     Represents cash and non-
                      interest bearing deposits with
                             financial institutions.

Basis of preparationThese unaudited consolidated financial statements were prepared in accordance with IFRS as issued by International Accounting Standards Board (IASB) and accounting requirements of OSFI in accordance with Section 308 of the Bank Act, except for certain required disclosures. Therefore, these unaudited consolidated financial statements should be read in conjunction with the Bank's audited consolidated financial statements for the year ended October 31, 2017 which will be available today at Scotiabank.com.

Forward looking statementsOur public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in this document, the Management's Discussion and Analysis in the Bank's 2017 Annual Report under the headings "Outlook" and in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates, anticipated financial results (including those in the area of risk management), and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would" and "could."

By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity and funding; significant market volatility and interruptions; the failure of third parties to comply with their obligations to the Bank and its affiliates; changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes to, and interpretations of tax laws and risk-based capital guidelines and reporting instructions and liquidity regulatory guidance; changes to the Bank's credit ratings; operational (including technology) and infrastructure risks; reputational risks; the risk that the Bank's risk management models may not take into account all relevant factors; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services; the Bank's ability to expand existing distribution channels and to develop and realize revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its other growth strategies; critical accounting estimates and the effects of changes in accounting policies and methods used by the Bank as described in the Bank's annual financial statements (See "Controls and Accounting Policies--Critical accounting estimates" in the Bank's 2017 Annual Report) and updated by quarterly reports; global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending and saving habits; technological developments; fraud by internal or external parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers; increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information or operational disruption; anti-money laundering; consolidation in the financial services sector in Canada and globally; competition, both from new entrants and established competitors; judicial and regulatory proceedings; natural disasters, including, but not limited to, earthquakes and hurricanes, and disruptions to public infrastructure, such as transportation, communication, power or water supply; the possible impact of international conflicts and other developments, including terrorist activities and war; the effects of disease or illness on local, national or international economies; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the "Risk Management" section of the Bank's 2017 Annual Report.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2017 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. The preceding list of factors is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events. The forward-looking statements contained in this document are presented for the purpose of assisting the holders of the Bank's securities and financial analysts in understanding the Bank's financial position and results of operations as at and for the periods ended on the dates presented, as well as the Bank's financial performance objectives, vision and strategic goals, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.

Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov.

November 28, 2017

Shareholder and investor information

Direct deposit serviceShareholders may have dividends deposited directly into accounts held at financial institutions which are members of the Canadian Payments Association. To arrange direct deposit service, please write to the transfer agent.

Dividend and Share Purchase PlanScotiabank's dividend reinvestment and share purchase plan allows common and preferred shareholders to purchase additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees. As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. All administrative costs of the plan are paid by the Bank. For more information on participation in the plan, please contact the transfer agent.

Dividend dates for 2018Record and payment dates for common and preferred shares, subject to approval by the Board of Directors.

    Record Date                                             Payment Date

    January 2, 2018                                         January 29, 2018

    April 3, 2018                                           April 26, 2018

    July 3, 2018                                            July 27, 2018

    October 2, 2018                                         October 29, 2018

Annual Meeting date for fiscal 2017Shareholders are invited to attend the 186th Annual Meeting of Holders of Common Shares, to be held on April 10, 2018, at Scotiabank Centre, Scotia Plaza, 40 King Street West, 2nd Floor, Toronto, Ontario beginning at 9:00 a.m. local time. The record date for determining shareholders entitled to receive notice of and to vote at the meeting will be the close of business on February 13, 2018.

Duplicated communicationIf your shareholdings are registered under more than one name or address, multiple mailings will result. To eliminate this duplication, please write to the transfer agent to combine the accounts.

Normal Course Issuer BidA copy of the Notice of Intention to commence the Normal Course Issuer Bid is available without charge by contacting the Secretary's Department at (416) 866-3672.

Annual Financial StatementsShareholders may obtain a hard copy of Scotiabank's 2017 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis on request and without charge by contacting the Secretary's Department at (416) 866-3672.

WebsiteFor information relating to Scotiabank and its services, visit us at our website: www.scotiabank.com.

Conference call and Web broadcastThe quarterly results conference call will take place on November 28, 2017, at 8:00 a.m. ET and is expected to last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone, toll-free, at (416) 640-5944 or 1-800-274-0251 (please call five to 15 minutes in advance). In addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations page of www.scotiabank.com. Following discussion of the results by Scotiabank executives, there will be a question and answer session.

A telephone replay of the conference call will be available from November 28, 2017, to December 13, 2017, by calling (647) 436-0148 or 1-888-203-1112 (North America toll-free) and entering the identification code 6751615#. The archived audio webcast will be available on the Bank's website for three months.

Contact information

    Investors:

    Scotiabank

    Scotia Plaza, 44 King Street West

    Toronto, Ontario, Canada M5H 1H1

    Telephone: (416) 775-0798

    Fax: (416) 866-7867

    E-mail: investor.relations@scotiabank.com


    Media:

    Contact the Public, Corporate and Government Affairs Department

    Scotia Plaza, 44 King Street West

    Toronto, Ontario, Canada M5H 1H1

    Telephone: (416) 866-6806

    Fax: (416) 866-4988

    E-mail: corporate.communications@scotiabank.com


    Shareholders:

    For enquiries related to changes in share registration or
    address, dividend information, lost share certificates,
    estate transfers, or to advise of duplicate mailings,
    please contact the Bank's transfer agent:


    Computershare Trust Company of Canada

    100 University Avenue, 8th Floor

    Toronto, Ontario, Canada M5J 2Y1

    Telephone: 1-877-982-8767

    Fax: 1-888-453-0330

    E-mail: service@computershare.com



    Co-Transfer Agent (U.S.A.)

    Computershare Trust Company N.A.

    250 Royall Street

    Canton, MA 02021 U.S.A.

    Telephone: 1-800-962-4284


    For other shareholder enquiries, please contact the Finance Department:

    Scotiabank

    Scotia Plaza, 44 King Street West

    Toronto, Ontario, Canada M5H 1H1

    Telephone: (416) 866-4790

    Fax: (416) 866-4048

    E-mail: corporate.secretary@scotiabank.com

Rapport trimestriel disponible en francaisLe Rapport annuel et les ?tats financiers de la Banque sont publi?s en francais et en anglais et distribu?s aux actionnaires dans la version de leur choix. Si vous pr?f?rez que la documentation vous concernant vous soit adress?e en francais, veuillez en informer Relations publiques, Affaires de la soci?t? et Affaires gouvernementales, La Banque de Nouvelle-Écosse, Scotia Plaza, 44, rue King Ouest, Toronto (Ontario), Canada M5H 1H1, en joignant, si possible, l'?tiquette d'adresse, afin que nous puissions prendre note du changement.

SOURCE Scotiabank

View original content: http://www.newswire.ca/en/releases/archive/November2017/28/c3659.html

SOURCE: Scotiabank

Adam Borgatti, Scotiabank Investor Relations, (416) 866-5042; Heather Armstrong,
Scotiabank Public, Corporate and Government Affairs, (416) 933-3250


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