CommercialBanking News & Analysis

Bank of Nova Scotia Reports 10% Growth in Small-Business Lending

Bank of Nova Scotia (NYSE:BNS) reported a 10% year-over-year growth in small-business lending and has experienced five consecutive quarters of declining commercial credit-loss provisions. The bank's fee revenue increased by more than 20% over the past two quarters, showcasing improved revenue diversification. Scotiabank is focused on deepening customer relationships and diversifying revenue sources, with digital channels accounting for 40% of third-quarter sales. The commitment of CAD 100 billion to Canadian industry indicates a strategic focus on growth sectors such as oil and gas and defense, which could enhance the bank's revenue potential.