Positive Outlook on Bank of Nova Scotia: Strong Financial Performance and Strategic Positioning Drive Buy RatingBNS reported adj. cash EPS of $1.93, above consensus at $1.85 (CGe: $1.80). Total revenue of $9,767M was up 15% y/y, above our $9,387M. Expenses were up 11% y/y, with consolidated adj. PTPP up 19% y/y (CGe +14.4%). For PTPP by segment, and GBM outperformed our expectations, with Canadian Banking in line. BNS’s PCL ratio was up 3 bps q/q to 58 bps, above our 57 bps. Average loans and acceptances were up 1% y/y, while deposits were up 3% (Canadian Banking -1%). NIM was up 25 bps y/y to 2.40% primarily due to higher business line margins. BNS's CET1 ratio came in at 13.2%, in line with CGe at 13.2% and Street at 13.3%.