Bank of Nova Scotia

beat analysts’ first-quarter expectations after posting higher profits across all its business segments on Tuesday.

Scotiabank’s net income was almost $2.3 billion in the three months ending Jan. 26, 2026, up from $993 million a year earlier. Net earnings per share came in at $1.73.

Its adjusted net income, which removes the impact of one-time or unusual items, was about $2.7 billion, compared to $2.36 billion a year ago. Adjusted earnings per share were $2.05, which was above analysts’ expectations of about $1.95 per share and higher than $1.76 a year ago.

“We saw earnings growth across all of our business lines this quarter, including in Canadian Banking, where we delivered another quarter of sequential margin expansion, accelerating fee income growth and positive operating leverage,” chief executive Scott Thomson said in a release.

Scotiabank’s global wealth management segment generated adjusted earnings of $491 million, up 18 per cent year over year, while global banking and markets grew five per cent to $544 million.

Earnings in its international banking segment grew 10 per cent to $737 million. The Canadian banking segment generated earnings of $960 million, up five per cent from a year ago, driven by revenue growth and expense management and partially offset by a higher provision for credit losses (PCLs), the money banks set aside to cover potential loan defaults.

Total PCLs increased $14 million to $1.18 billion in the first quarter, compared to $1.16 billion a year ago.

Scotiabank repurchased 4.9 million shares during the quarter under its 20-million share normal course issuer bid.

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Scotiabank is the first of Canada’s

Big Six banks

to report quarterly earnings this week. Bank of Montreal and National Bank of Canada are set to report on Wednesday, followed by Canadian Imperial Bank of Commerce,

Royal Bank of Canada

and Toronto-Dominion Bank on Thursday.

• Email: jswitzer@postmedia.com