Strong Financial Performance and Strategic Growth Drive Buy Rating for Bank of Nova ScotiaBNS reported adj. cash EPS of $1.88, above consensus at $1.73 (CGe: $1.77). Total revenue of $9,494M was up 11.6% y/y, above our $9,218M. Expenses were up 7.0% y/y, with consolidated adj. PTPP up 17.5% y/y (CGe +13.7%). For PTPP by segment, and GBM outperformed our expectations. BNS’s PCL ratio was down 20 bps q/q to 55 bps, below our 60 bps. Average loans and acceptances were flat y/y, while deposits were up 2% (Canadian Banking +2%). NIM was up 22 bps y/y at 2.36% primarily due to lower funding costs and higher business line margins. BNS' CET1 ratio came in at 13.3%, above CGe at 13.2% and Street at 13.2%. Along with the quarter, BNS also announced a 4% dividend increase, which we view as a positive given management’s decision to pause growth in 2024.