Analyst Consensus ?
ConsensusHold19 ratings
Bullish1052.6%
Neutral842.1%
Bearish15.3%
The Bank of Nova Scotia · BNS · FY2026 Q3 · Calendar Q3 2026
BNS Q3 FY2026: Record EPS and ROE Above Target
The supplied analysis supports a constructive but conditional view: broad-based earnings growth, resilient loan and fee-income activity, capital-markets strength, and AI investment support momentum, while credit quality, capital impacts, expense leverage, and macro risks remain important tests.
Reported Before market openNYSEFinancial Services
$114.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.64
Consensus $1.53
EPS surprise
+7.2%
Reported versus consensus
Reported revenue
$7.52B
Consensus $7.11B
Revenue surprise
+5.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+7.2%
Event window
SPY move
+0.3%
Same window
Abnormal move
+6.9%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+1.0%
Up to 20 sessions
BNSSPY benchmark
Ask FN2 about BNS FY2026 Q3
Transcript, numbers and history already loaded
Why did BNS rise 7.2% after beating EPS estimates in FY2026 Q3?What changed in BNS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for BNS after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior quarter, BNS moved from strong Q2 execution to record Q3 earnings and ROE above target. The current analysis adds the MapleMark acquisition, an AI Consortium, AIRB conversion, record Canadian debt-capital-markets participation, and continued share repurchases as notable developments.
Guidance delta
Management maintained its outlook and expressed confidence in sustaining momentum into FY2027; no new quantified guidance change is supplied.
Key takeaways
- BNS reported record Q3 FY2026 earnings, with EPS up 21% year over year to $2.28.
- ROE reached 14.2%, above management’s 14% target.
- Growth was broad-based across Canadian Banking, Global Wealth Management, International Banking, and Global Banking & Markets.
- Mid-market and small-business lending, fee income, deposits, capital-markets activity, and AI-enabled productivity were highlighted as growth drivers.
- Management plans to scale its AI platform, pursue selective tuck-in acquisitions, and continue share repurchases.
Management priorities
- Expand mid-market and small-business lending.
- Scale Scotia Intelligence and the AI Consortium collaboration.
- Pursue strategic tuck-in acquisitions, including small U.S. commercial banks.
- Deepen North American cross-border capabilities.
- Continue capital deployment alongside organic growth and share repurchases.
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Try FN2 freeEarnings History
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Beat
Miss
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Analyst 52W Price Targets
$94.07Previous close
$67Low
$72.15Average
$75.6High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | May 28, 2026 |
| Scotiabank | Hold | Hold | Maintain | Aug 30, 2023 |
| Barclays | Underweight | Underweight | Maintain | Aug 21, 2023 |
| CIBC | Outperform | Neutral | Upgrade | Mar 2, 2021 |
| B of A Securities | Neutral | Neutral | Maintain | May 13, 2020 |
| CFRA | Buy | Buy | Maintain | Mar 18, 2020 |
| Credit Suisse | Neutral | Outperform | Downgrade | Dec 13, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Sep 24, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 28, 2019 |
| Canaccord Genuity | Hold | Buy | Downgrade | Aug 29, 2018 |
| Dundee | Buy | Buy | Maintain | Sep 21, 2016 |
| Macquarie | Neutral | Outperform | Downgrade | Jun 9, 2016 |
| Cormark Securities | Buy | Market Perform | Upgrade | Jun 1, 2015 |
| Citigroup | Neutral | Neutral | Maintain | Mar 6, 2015 |
| TD Securities | Buy | Buy | Maintain | Aug 27, 2014 |
| National Bank Financial Inc | Outperform | Sector Perform | Upgrade | May 15, 2014 |
| National Bank Financial | Outperform | Sector Perform | Upgrade | May 15, 2014 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 28, 2012 |
| Bank oferica | Buy | Buy | Maintain | May 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $94.07. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Darko Mihelic | $74 | $55.38 | -21.3% | Dec 4, 2024 |
| BMO Capital | Sohrab Movahedi | $72 | $48.98 | -23.5% | Aug 28, 2024 |
| UBS | Jill Shea | $67 | $45.46 | -28.8% | Jul 2, 2024 |
| Bank of America Securities | Ebrahim Poonawala | $75.6 | $62.51 | -19.6% | May 19, 2021 |
Track every rating change on BNS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments. The company offers financial advice and solutions, and banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and insurance to individuals; and retail automotive financing solutions. It also provides business banking solutions comprising lending, deposit, cash management, and trade finance solutions to small, medium, and large businesses. In addition, it provides wealth management advice and solutions, including online brokerage, mobile investment, full-service brokerage, trust, private banking, and private investment counsel services; and retail mutual funds, exchange traded funds, liquid alternatives, and institutional funds. The company was founded in 1832 and is headquartered in Toronto, Canada.
Financial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the BNS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-25T22:15:06.910550+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T09:00:52.042029+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T09:00:52.039358+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.