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Bank of Nova Scotia

Bank of Nova Scotia is a global financial services provider. The bank has five business segments: Canadian banking, international banking, global wealth management, global banking and markets, and other. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank's international operations span numerous countries and are more concentrated in Central and South America.

Bank Nova Scotia Halifax Pfd 3 Ordinary Shares

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Bank of Nova Scotia FXDFR PRF PERPETUAL CAD 25 - Ser 40 (NVCC)

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Bank of Nova Scotia shares are trading higher after TD Securities upgraded the stock from Hold to Buy

Bank of Nova Scotia share are trading higher after TD Securities upgraded the stock from Hold to Buy and announced a price target of C$80.

TD Securities analyst Mario Mendonca upgrades Bank of Nova Scotia (TSX:<a class="ticker" href="https://www.benzinga.com/stock/BNS#TSX">BNS</a>) from Hold to Buy and announces C$80 price target.

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TSX:BNS

TD Securities Upgrades Bank of Nova Scotia to Buy, Announces C$80 Price Target

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) closed Wednesday&#8217;s trading session 1.26% lower at $47.92 as the market further digested its <a href="https://www.benzinga.com/news/earnings/24/10/41453243/freeport-mcmoran-beats-q3-estimates-gold-sales-soar-copper-production-stabilizes">third-quarter earnings results</a>.
The leading copper miner reported slightly lower earnings per share, coming at $0.36 instead of the expected $0.37, while soundly beating the consensus revenue estimates of $6.44b, with an actual $6.79.
The response from institutions has been mixed.
<ul>
<li>Raymond James raised the price target to $57 from $55, maintaining an Outperform rating.</li>
<li>RBC Capital Markets maintained a Sector Perform rating with a price target of $58.</li>
<li>Scotiabank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) maintained a Sector Perform rating with a price target of $52.</li>
</ul>
Raymond James analyst Brian MacArthur issued an optimistic view on the miner, quoting sales of 1 billion lbs of copper and 550 Koz of gold in Q3. He noted management&#8217;s expectations to reach 4.1 billion lbs and 1.8 Moz of gold for 2024 and a cash cost of $1.58 per lb of copper.
Meanwhile, the RBC Capital Market highlighted strong free cash flow (FCF), driven by higher copper and gold prices. The firm estimates Freeport can generate $4.8 billion in FCF for 2025, yielding a 7% return at current spot prices.
&#8220;Freeport continues to benefit from high copper and gold prices,&#8221; RBC noted, emphasizing the company's significant leverage to these metals, particularly with copper comprising 75% of its revenue.
While acknowledging strong financials, RBC noted some near-term risks related to Freeport&#8217;s Indonesian smelter, which suffered a fire in October. This could delay production ramp-up into 2025. Furthermore, the smelter issue could require an extension of Freeport&#8217;s concentrate export permit, which expires at the end of the year.
While RBC projects a price target of $58, the potential upside scenario goes as high as $80.
Scotiabank&#8217;s reaction to Freeport-McMoRan's (FCX) Q3 2024 earnings was neutral, though it recognized the company&#8217;s stronger-than-expected performance. Scotiabank's estimate was lower than the market consensus, at $0.30.
Despite the positive earnings, Scotiabank maintained its &#8220;Sector Perform&#8221; rating on FCX, highlighting a &#8220;relatively balanced risk-reward&#8221; profile, but slightly reduced its 12-month price target from $52 to $52.
Analyst Orest Wowkodaw noted that the multi-year production guidance remained unchanged, with copper cash cost guidance in line with prior expectations. Scotiabank pointed out that the multi-year production guidance remained unchanged, with copper cash cost guidance in line with prior expectations.
It is worth noting that Wowkodaw downgraded Freeport-McMoRan to Sector Perform from Outperform on September 30, citing recent share price appreciation and the negligible implied return to its target for the downgrade after its shares rose 28% through September.
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Commodities

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Freeport-McMoRan Scores A Solid Q3, Analysts Say: 'Benefit From High Copper And Gold Prices'

Offerings

Scotiabank Issues C$1.25B, Five-year Sustainability Notes On September 26

Scotiabank is helping recent immigrants to Canada settle into their new lives faster with the expansion of its <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4263945-1&amp;h=1643670796&amp;u=https%3A%2F%2Fstartright.scotiabank.com%2Fca%2Fen%2Fhigher-credit-limit-for-newcomers-to-canada.html&amp;a=partnership+with+Nova+Credit">partnership with Nova Credit</a>1, the leading cross-border credit bureau operating in Canada. Through this partnership, Scotiabank is helping newcomers from select countries2&nbsp;with the opportunity to access higher credit limits, by allowing them to use their credit history from their original home country when applying online for increased credit limits.
&nbsp;
Credit invisibility, or lack of a credit record, can be a huge barrier to credit for those entering Canada, as access to the formal credit system traditionally requires existing local credit history. According to a Statistics Canada report3&nbsp;that examined data from 2015-2019, approximately 26% of credit-invisible economic families in Canada were immigrants and those who had been in Canada for less than two years were almost twice as likely to be credit-invisible than those born in Canada.

Scotiabank and Nova Credit Partnership Eases Credit Access for New Immigrants in Canada

Historically, September has been a sluggish month for the stock market, a trend that continued this year, with the S&amp;P 500 Index declining 4.4% in the first week.
With the Federal Reserve&#39;s first interest rate cut since March 2020 in focus, investors are on the edge. This was further compounded by a significant cooling down of the job market, sparking recession fears. Hence, the market participants are now expecting a sizable rate cut at the two-day FOMC meeting on Sept.17-18.
As the broader market witnessed sustained weakness, bank stocks were not untouched. The KBW Nasdaq Bank Index and the S&amp;P 500 banks industry group index fell more than 5.5%. The three worst-performing S&amp;P 500 banks &ndash; KeyCorp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/key#NYSE">KEY</a>), Wells Fargo (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) and U.S. Bancorp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usb#NYSE">USB</a>) &ndash; recorded a steeper fall than the index and the industry they belong to. These banks currently carry a Zacks Rank of 3 (Hold). 
One-Week Price Performance
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/22/76979.jpg?v=189631355" />
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Traditionally, banks perform well in a rising rate environment, but this time it&#39;s different. Aggressive interest rate hikes by the central bank in the past four decades have weakened banks&#39; financial performance due to sluggish loan demand, rising funding/deposit costs and deteriorating asset quality.
In response, banks are diversifying revenue streams toward fee income sources, curtailing risky loan portfolios and restructuring balance sheets to maintain profitability. These efforts, combined with potential rate cuts, are expected to support banks&#39; profitability this year and beyond.
<h2>3 S&amp;P 500 Banks With Steep Weekly Dip to Watch</h2>
KeyCorp: This Cleveland, OH-based lender has a presence across 15 states through a network of almost 1,000 branches and 1,200 automated teller machines (ATMs).
On Aug. 12, KeyCorp announced a minority equity investment of $2.8 billion (in aggregate) by The Bank of Nova Scotia (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bns#NYSE">BNS</a>) in two tranches. The first phase was completed on Aug. 30, and now BNS holds a 4.9% equity stake in KEY.
The second part involves BNS making an additional $2 billion of investment, expected to close in the first quarter of 2025, pending the Fed&#39;s consent. After this, BNS will have a 14.9% equity interest in KeyCorp.
Once the capital raise is complete, KeyCorp plans to evaluate repositioning its available-for-sale (AFS) securities portfolio by divesting low-yielding, longer-duration AFS securities and investing the proceeds in higher-yielding, more liquid securities.
Though the divestiture of lower-yielding AFS securities will result in a one-time after-tax loss of almost half of the capital raised, it will lead to approximately $400 million in additional net interest income (NII) in 2025 and 2026. This will also be low single-digit accretive to KeyCorp&#39;s 2025 earnings and slightly accretive to its 2026 earnings. 
Earnings Estimates
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b9/76980.jpg?v=436428640" />
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KeyCorp is expected to benefit from the Fed&#39;s interest rate cuts. While higher interest rates led to substantial growth in NII, the rising funding costs have been straining NII and net interest margin. Last year, the company&#39;s NII declined 13.6% and NIM contracted 46 basis points to $3.91 billion and 2.17%, respectively.
For 2024, KeyCorp expects NII to decline 2-5% because of higher funding costs and subdued loan demand.
The minority equity investment by BNS, interest rate cuts and the company&#39;s efforts to strengthen fee income sources will support top-line growth. So, investors should keep an eye on the stock. Last week, KEY stock was down 8%.
Wells Fargo: As one the biggest American lenders, the company operates through 4,227 retail bank branches.
Once one of the biggest mortgage lenders, the company is now gradually moving away from this business. On Aug. 20, WFC announced a definitive agreement to divest its non-agency third-party servicing segment of its Commercial Mortgage Servicing business to Trimont. The transaction is expected to close in early 2025, subject to customary closing conditions.
In 2023, the company announced its exit from the Correspondent business and reduction of its mortgage servicing portfolio. 
Earnings Estimates
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/e5/76981.jpg?v=2020480856" />
Image Source: Zacks Investment Research
Wells Fargo&#39;s prudent expense management initiatives support its financials. Since third-quarter 2020, the company has been actively engaging in cost-cutting measures, including streamlining its organizational structure, closure of branches and reduction in headcount. Hence, non-interest expenses witnessed a negative CAGR of 1.1% over the last four years (ended 2023). The bank delivered gross expense savings aggregating $10 billion in 2021-2023 and expects to continue with these efficiency initiatives in 2024.
Nonetheless, the asset cap placed by the Fed after the 2016 account scandal remains the biggest concern for WFC. Though the company is striving hard to meet the regulatory requirements, it is limiting loan growth and hurting NII expansion.
Considering the subdued loan demand and other factors like high interest rates, asset repricing, competitive market conditions, and the broader economic environment, the company expects 2024 NII to be down approximately 8-9%.
Like all banks, interest rate cuts will be a boon for WFC. This, along with its solid fundamentals, should offer investors robust returns over time. The stock was down 7.7% last week. Investors interested in investing in WFC should keep track of the company&#39;s financials and make informed decisions.
U.S. Bancorp: Headquartered in Minneapolis, MN, the company operates in the Midwest and West regions of the United States.
Diverse revenue sources and inorganic growth moves will support U.S. Bancorp&#39;s financials. Last month, the company, through its lead banking division, U.S. Bank, expanded its focus on the healthcare industry and acquired Salucro Healthcare Solutions LLC. It will be integrated into Elavon, one of the largest global payments processing firms.
Further, U.S. Bank announced a partnership with Edward Jones to offer co-branded banking and credit card solutions to Edward Jones&#39; U.S. clients. Starting in late 2025, Edward Jones&#39; 19,000+ financial advisors, managing $2 trillion in assets, will introduce these products to their 8 million clients across North America.
These expansion initiatives, combined with the ongoing investments in innovative product enhancements and services, will strengthen the company&#39;s fee-based businesses. 
Earnings Estimates
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/db/76984.jpg?v=637812274" />
Image Source: Zacks Investment Research
On the other hand, high rates and weak loan demand are hurting its NII because of rising funding costs. Hence, as the central bank cuts interest rates, deposit costs are likely to stabilize gradually. Also, USB&#39;s investment portfolio repositioning efforts and less deposit migration will support the metric. For 2024, management expects NII to be in the range of $16.1-$16.4 billion, down from the 2023 level.
Also, solid loan pipelines in the commercial and credit card space will drive loan growth, while stabilizing deposit trends will support deposit growth. U.S. Bancorp has made several strategic acquisitions in the past years, which have opened new markets and fortified existing ones.
Last week, shares of USB lost 5.8%. Investors should keep a note of the company&#39;s latest developments and financial strength to make the right investment decision.
<a href="https://www.zacks.com/stock/news/2333339/keep-an-eye-on-3-s-p-500-bank-stocks-with-biggest-weekly-declines?cid=CS-BENZ-FT-analyst_blog|investment_ideas-2333339">To read this article on Zacks.com click here.</a>

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Keep an Eye on 3 S&P 500 Bank Stocks With Biggest Weekly Declines

RBC Capital analyst Darko Mihelic maintains Bank of Nova Scotia (NEOE: BNS) with a Sector Perform and raises the price target from C$62 to C$65.

RBC Capital Maintains Sector Perform on Bank of Nova Scotia, Raises Price Target to C$65

Bank of Nova Scotia shares are trading higher after the company reported better-than-expected Q3 adjusted EPS results.

Earnings Beats

Earnings Misses

Bank of Nova Scotia Q3 2024 Adj. EPS C$1.72 Beats C$1.62 Estimate, Sales C$8.364B Miss C$8.543B Estimate

Stronghold Digital Mining, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sdig#NASDAQ">SDIG</a>) came out with a quarterly loss of $0.74 per share versus the Zacks Consensus Estimate of a loss of $0.41. This compares to loss of $2.40 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -80.49%. A quarter ago, it was expected that this company would post a loss of $0.09 per share when it actually produced earnings of $0.35, delivering a surprise of 488.89%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Stronghold Digital Mining, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $19.1 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 5.19%. This compares to year-ago revenues of $18.23 million. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
Stronghold Digital Mining shares have lost about 63.8% since the beginning of the year versus the S&amp;P 500&#39;s gain of 13.9%.
<h2>What&#39;s Next for Stronghold Digital Mining?</h2>
While Stronghold Digital Mining has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Stronghold Digital Mining: unfavorable. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.47 on $19.3 million in revenues for the coming quarter and -$0.94 on $86.4 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Finance sector, Bank of Nova Scotia (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bns#NYSE">BNS</a>), is yet to report results for the quarter ended July 2024. The results are expected to be released on August 27.
This bank is expected to post quarterly earnings of $1.18 per share in its upcoming report, which represents a year-over-year change of -9.2%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.
Bank of Nova Scotia&#39;s revenues are expected to be $6.2 billion, up 2.4% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2322083/stronghold-digital-mining-inc-sdig-reports-q2-loss-lags-revenue-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2322083">To read this article on Zacks.com click here.</a>

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Stronghold Digital Mining, Inc. Reports Q2 Loss, Lags Revenue Estimates

RBC Capital analyst Darko Mihelic reiterates Bank of Nova Scotia (TSX:<a class="ticker" href="https://www.benzinga.com/stock/BNS#TSX">BNS</a>) with a Sector Perform and maintains C$62 price target.

RBC Capital Reiterates Sector Perform on Bank of Nova Scotia, Maintains C$62 Price Target

Bank of Nova Scotia shares are trading lower. The company announced it acquired a 14.9% stake in KeyCorp worth $2.8 billion.

KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) shares are trading higher after the company disclosed a strategic minority investment agreement with The Bank of&nbsp;Nova Scotia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>).
As per the deal, Scotiabank will invest approximately $2.8 billion in KeyCorp, acquiring about <a href="https://www.benzinga.com//node/40307888">14.9% of common stock at $17.17 per share.</a>
The investment is expected to boost KeyCorp&#8217;s CET1 capital ratio by 195 basis points to 12.4% and increase tangible book value per share by over 10% as of June 30, 2024.
KeyCorp plans to reposition its available-for-sale securities portfolio to enhance profitability and capital strength after the capital raise. This is expected to increase the CET1 capital ratio to 11.3%-11.6%, be accretive to <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">2025 EPS, and slightly accretive to 2026 EPS</a>.
The pro forma CET1 ratio, including AOCI, should reach 9.1%-9.4%, a 185 to 210 basis point improvement from June 30, 2024, providing a solid buffer for Basel III regulations.
Scotiabank will buy about 163 million shares of KeyCorp in two stages: an initial $0.8 billion investment, giving Scotiabank a 4.9% stake after the Hart-Scott-Rodino (HSR) Act waiting period, followed by an additional $2.0 billion investment, increasing its stake to approximately 14.9% upon Federal Reserve approval.
The initial purchase is expected to close by the end of August, with the additional purchase, contingent on customary closing conditions and Federal Reserve approval, anticipated in the&nbsp;first quarter of 2025.
&#8220;Scotiabank approached us with a unique opportunity to raise capital on attractive terms. While we continue to be comfortable with our current capital position, we determined that the&nbsp;investment&nbsp;enables Key&nbsp;to accelerate our well-communicated capital and earnings improvement while bolstering our strategic position,&#8221;&nbsp;said&nbsp;KeyCorp Chairman and Chief Executive Officer&nbsp;Chris Gorman.
In July, KeyCorp&nbsp;reported second quarter EPS&nbsp;of $0.25, in line with the consensus, and sales&nbsp;of $1.526 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39833831/keycorp-reports-second-quarter-2024-net-income-of-237-million-or-25-per-diluted-common-share" rel="noreferrer noopener">surpassing the consensus of&nbsp;$1.525 billion</a>.
Price Action: KEY shares are up 17.9% at $17.24 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
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Why Is KeyCorp Stock Shooting Higher Today?

KeyCorp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) today announced it has reached an agreement under which The Bank of Nova Scotia ("Scotiabank") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/BNS#TSX">BNS</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) will make a&nbsp;strategic&nbsp;minority investment in KeyCorp of&nbsp;approximately $2.8 billion, representing approximately 14.9% pro forma common&nbsp;stock ownership, for&nbsp;a fixed price of $17.17 per share.
"Scotiabank approached us with a unique opportunity to raise capital on attractive terms. While we continue to be comfortable with our current capital position, we determined that the&nbsp;investment&nbsp;enables Key&nbsp;to accelerate our well-communicated capital and earnings improvement while bolstering our strategic position,"&nbsp;said&nbsp;KeyCorp Chairman and Chief Executive Officer, Chris Gorman. "Further, this transaction creates greater capacity for growth by enabling additional investments in targeted scale across our franchise and increases Key's strategic agility as we navigate an uncertain environment from a position of strength. We have a proven track record of driving growth in areas such as investment banking, payments, and wealth management, and we expect to leverage our strengthened financial position to lean into these areas more aggressively."
Transaction Details The approximately $2.8 billion minority investment is estimated to increase KeyCorp's June 30, 2024, CET1 capital ratio by 195 basis points to 12.4% and increase tangible book value per share by more than 10%.
In conjunction with completion of the capital raise, KeyCorp intends to evaluate a potential repositioning of the available-for-sale securities portfolio with the objective of accelerating the timing of expected profitability, liquidity and capital improvements, and generally increasing resiliency. The capital raise, along with the contemplated repositioning, are estimated to result in a strong net CET1 capital ratio in the range of 11.3% to 11.6%,1 while being low single-digit accretive to 2025 earnings per share and slightly accretive to 2026 earnings per share. The estimated CET1 capital ratio, pro forma for the capital raise and balance sheet repositioning, inclusive of AOCI&nbsp;is expected to be in the range of 9.1% to 9.4%,1 a 185 to 210 basis point improvement from June 30, 2024, providing a substantial cushion&nbsp;as Basel III rules are eventually finalized.&nbsp;Such future actions would be subject to market conditions and other factors.
As part of the transaction, KeyCorp and Scotiabank plan to explore commercial opportunities to partner together in the future to best serve their respective client bases.
Timing and Approvals Scotiabank&nbsp;will purchase approximately 163 million shares&nbsp;of KeyCorp's common stock in two tranches: an initial investment of $0.8 billion, after which Scotiabank will own 4.9% of KeyCorp's common stock, will occur upon expiration of the antitrust waiting period under the Hart-Scott-Rodino (HSR) Act, followed by an additional investment of $2.0 billion, after which Scotiabank will own approximately 14.9% of KeyCorp's common stock, upon approval by the Federal Reserve.

Scotiabank Acquires 14.9% Stake in KeyCorp With $2.8B Strategic Investment

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Shares of banking companies are trading lower amid overall market weakness on US economic concerns.

Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading lower today. Visa has partnered with Amazon.Com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) to offer Canadian consumers more <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39522174/visa-expands-payment-options-for-amazon-customers-with-installments-plans" rel="noreferrer noopener">flexible payment options at checkout.</a>
Eligible Royal Bank Of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) and The Bank of Nova Scotia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) credit cardholders can now select Installments enabled by Visa for qualifying purchases on Amazon.ca or the Amazon app.
This new option allows consumers to convert purchases into smaller, fixed payments over a set period.
&#8220;We are excited to offer our installments solution on Amazon through two of Canada&#8217;s leading issuers, granting more consumers access to diversified payment methods and greater financial control with one of the world&#8217;s largest online merchants,&#8221; said Dan Sanford, Head of Product for North America at Visa.
Installments are becoming a popular payment method among Canadians. Visa&#8217;s research indicates that 58% of Canadians are interested in using installments, and by 2026, this method is expected to account for nearly a quarter of all global e-commerce transactions.
Related Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39502281/judge-tosses-the-card-visa-mastercard-swipe-fee-settlement-reportedly-rejected" rel="noreferrer noopener">Judge Tosses The Card: Visa-Mastercard Swipe Fee Settlement Reportedly Rejected</a>
This collaboration with Amazon aims to meet this growing consumer demand.
Tyler Aldrich, Director of Amazon Payment Products, said, &#8220;Together with Visa, we&#8217;re pleased to offer customers greater choice, enabling customers to pay for their online purchases in ways that are convenient for them.&#8221;
Installments enabled by Visa provide issuers, processors, and merchants with a better payment option to meet customers where they are.
Visa and Amazon plan to extend this payment option to more consumers globally, enhancing the convenience and flexibility of online shopping.
Visa stock has gained more than 18% in the last 12 months. Investors can gain exposure to Visa and Mastercard stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are trading lower by 1.64% at $269.12 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a target="_blank" href="https://www.benzinga.com/markets/asia/24/06/39428693/china-calls-on-visa-and-mastercard-to-slash-bank-card-transaction-fees-by-up-to-half-report" rel="noreferrer noopener">China Calls On Visa And Mastercard To Slash Bank Card Transaction Fees By Up To Half: Report</a>
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Shop Smart: Visa And Amazon Bring Flexible Payment Plans To Canadian Shoppers

Bank of Nova Scotia&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) reported second-quarter fiscal 2024 revenue growth of 5.5% year-over-year to C$8.347 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n39034196/scotiabank-reports-second-quarter-results" rel="noreferrer noopener">beating the consensus of C$8.256 billion.</a>
For the quarter, net interest income was C$4.694 billion, and non-interest income was $3.653 billion.
Adjusted EPS of C$1.58 declined from C$1.69 a year ago and above the consensus of C$1.56.
BNS reported a Common Equity Tier 1 (CET1) capital ratio of 13.2%, up from 12.3% last year.
Canadian Banking&#8217;s net income declined 4%&nbsp;year over year&nbsp;to C$1.01 billion, with revenue growth outpacing expenses, leading to positive operating leverage. Credit loss provisions rose, and deposits increased by 7% year over year.
International Banking&#8217;s adjusted net income rose C$33 million YoY, driven by higher net interest income and the positive impact of foreign currency translation.
Global Wealth Management&#8217;s adjusted net income increased 8%&nbsp;Y/Y&nbsp;to C$387 million, reflecting higher mutual fund fees and brokerage revenues.
Global Banking and Markets earnings stood at C$428 million, up 7% YoY, reflecting higher fee-based revenue and lower provision for credit losses.
The provision for credit losses stood at C$1.007 billion vs. C$709 million a year ago, and the ratio increased from 17&nbsp;basis points&nbsp;to 54 basis points.
Gross impaired loans increased to C$6.399 billion&nbsp;as&nbsp;at&nbsp;April 30, from C$6.119 billion last quarter, reflecting new formations in the International retail portfolios, mainly Chile and Mexico, and International commercial.
Adjusted return on equity stood at 11.3% vs. 12.3% the prior year.
&#8220;The Bank delivered solid results this quarter against a backdrop of ongoing macroeconomic uncertainty, reporting positive operating leverage driven by revenue growth and continued expense discipline.&nbsp;We are executing on our commitment to balanced growth as our deposit momentum continues, while maintaining strong capital and liquidity metrics,&#8221;&nbsp;commented Scott Thomson, President and CEO of Scotiabank.
Price Action: BNS shares are trading higher by 1.51% at $48.50 premarket at the last check Tuesday.
Image: Unsplash/ Alexander Grey

Scotiabank Beats The Odds: Solid Revenue Growth & Capital Strength Highlight Q2 Earnings

CORRECTION: Bank of Nova Scotia Q2 2024 Adj EPS C$1.58 Beats C$1.56 Estimate, Sales C$8.347B Beat $8.256B Estimate

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