Form 6-K BANK OF NOVA SCOTIA For: May 25

May 25, 2022 7:54 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

For the month of: May, 2022   Commission File Number: 002-09048

 

 

THE BANK OF NOVA SCOTIA

(Name of registrant)

 

 

44 King Street West, Scotia Plaza, Toronto, Ontario, M5H 1H1

(416) 933-4103

(Address of Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☐            Form 40-F   ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This report on Form 6-K shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form S-8 (File No. 333-199099) and Form F-3 (File No. 333-261476) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  THE BANK OF NOVA SCOTIA
Date: May 25, 2022   By:  

/s/ Roula Kataras

    Name:   Roula Kataras
    Title:   Senior Vice-President & Chief Accountant


EXHIBIT INDEX

 

Exhibit

  

Description of Exhibit

99.1    Consolidated Capitalization and Consolidated Earnings Ratios
99.2    Statement Regarding the Computation of Consolidated Ratio of Earnings

Exhibit 99.1

CONSOLIDATED CAPITALIZATION OF THE BANK

The following table sets forth the consolidated capitalization of The Bank of Nova Scotia (the “Bank”) as at April 30, 2022:

 

     As at
April 30, 2022
 
     (in millions of
Canadian dollars)
 

Subordinated Debentures

     8,447  

Equity

  

Common Equity

  

Common Shares

     18,799  

Retained Earnings

     52,209  

Accumulated Other Comprehensive Income

     (6,034

Other Reserves

     (141
  

 

 

 

Total Common Equity

     64,833  

Preferred Shares and Other Equity Instruments

     5,552  
  

 

 

 

Total Equity Attributable to Equity Holders of the Bank

     70,385  

Non-controlling Interests

  

Non-controlling Interests in Subsidiaries

     1,582  
  

 

 

 

Total Equity

     71,967  
  

 

 

 

Total Capitalization

     80,414  
  

 

 

 


CONSOLIDATED EARNINGS RATIOS

The following table provides the Bank’s consolidated ratios of earnings to fixed charges, based upon financial information calculated in accordance with International Financial Reporting Standards (“IFRS”) for the six months period ended April 30, 2022 and for each of the years in the five year period ended October 31, 2021.

 

    Six Months
Ended
April 30,
    October 31,  
    2022     2021     2020      2019      2018      2017  

Consolidated Ratios of Earnings to Fixed Charges

              

Excluding interest on deposits

    7.13       9.00       5.91        6.61        8.15        9.60  

Including interest on deposits

    2.48       2.56       1.66        1.67        1.88        2.09  

Consolidated Ratios of Earnings to Combined Fixed Charges and Preferred Dividends

              

Excluding interest on deposits

    6.28       7.55       5.16        5.88        7.02        8.42  

Including interest on deposits

    2.40       2.46       1.63        1.65        1.84        2.06  

For purposes of computing these ratios:

 

   

earnings represent income from continuing operations plus income taxes and fixed charges (excluding capitalized interest and net income from investments in associated corporations);

 

   

fixed charges, excluding interest on deposits, represent interest (including capitalized interest), estimated interest within rent, and amortization of debt issuance costs; and

 

   

fixed charges, including interest on deposits, represent all interest.

Exhibit 99.2

Computation of Consolidated Ratio of Earnings

 

($ in million)   IFRS  
    Q2, 2022      2021      2020      2019      2018      2017  
                

Excluding interest on deposits

                

Earnings

                

Income from continuing operations before income taxes

    7,168        12,826        8,396        11,270        11,106        10,276  

less: gain from investees

    175        339        242        650        559        407  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
    6,993        12,487        8,154        10,620        10,547        9,869  

Fixed charges

    1,141        1,560        1,661        1,894        1,475        1,147  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings

    8,134        14,047        9,815        12,514        12,022        11,016  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

                

Interest expense

    1,141        1,560        1,661        1,736        1,332        1,014  

Estimate of the interest within rental expense

                         158        143        133  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

    1,141        1,560        1,661        1,894        1,475        1,147  

Preference security dividend requirements(1)

    154        300        240        233        238        161  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges and preferred dividends

    1,295        1,860        1,901        2,127        1,713        1,308  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

    7.13        9.00        5.91        6.61        8.15        9.60  

Ratio of earnings to combined fixed charges and preferred dividends

    6.28        7.55        5.16        5.88        7.02        8.42  

Including interest on deposits

                

Earnings

                

Income from continuing operations before income taxes

    7,168        12,826        8,396        11,270        11,106        10,276  

less: gain from investees

    175        339        242        650        559        407  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
    6,993        12,487        8,154        10,620        10,547        9,869  

Fixed charges

    4,738        8,025        12,392        15,765        12,019        9,025  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings

    11,731        20,512        20,546        26,385        22,566        18,894  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

                

Interest expense

    4,738        8,025        12,392        15,607        11,876        8,892  

Estimate of the interest within rental expense

                         158        143        133  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

    4,738        8,025        12,392        15,765        12,019        9,025  

Preference security dividend requirements(1)

    154        300        240        233        238        161  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges and preferred dividends

    4,892        8,325        12,632        15,998        12,257        9,186  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

    2.48        2.56        1.66        1.67        1.88        2.09  

Ratio of earnings to combined fixed charges and preferred dividends

    2.40        2.46        1.63        1.65        1.84        2.06  

 

Note (1)    Preference security dividend requirements include the amount of pre-tax earnings that is required to pay the dividends on outstanding preference securities.


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