A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. The lender said earnings in the 2024 fiscal year to Oct. 31 would be impacted by "slowing economic growth across its markets and increasing regulatory capital requirements" but it would also benefit from interest-earning assets. "We expect a challenging environment will persist for consumers and businesses," Chief Risk Officer Phil Thomas told analysts, citing muted Canadian economic growth, continued inflationary pressures and uncertain prospects for rate cuts. Finance chief Raj Viswanathan said deposit and loan growth were also expected to moderate from 2023 levels, noting savings levels have started coming down in Canada with inflation at multi-year highs, leaving consumers with less cash in hand. Its efforts to streamline operations resulted in a restructuring charge of C$258 million, Scotiabank said.

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Persons: Carlos Osorio, Phil Thomas, Raj Viswanathan, Mike Rizvanovic, Scott Thomson, Niket, Balu, Krishna Chandra Eluri, Tomasz Janowski Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Finance, Bank of Canada, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, Bengaluru, Toronto